Boston Scientific

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Boston Scientific
Public
Traded as NYSE: BSX
S&P 500 Component
Industry Medical equipment
Founded 1979
Headquarters Marlborough, Massachusetts, United States
Key people
 John Abele, Founder & Director
Peter Nicholas, Founder & Chairman
Michael Mahoney, President, CEO
Revenue Increase $ 7.38 billion (2014) [1]
Increase $ 299 million (2014)[1]
Increase $ 267 million (2014)[2]
Total assets Decrease $ 16.83 billion (2014)[1]
Total equity Increase $ 16.83 billion (2014)[1]
Number of employees
 24,000 (December 2011)[2]
Website www.bostonscientific.com

The Boston Scientific Corporation (abbreviated BSC) is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.

Boston Scientific is well known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries.[3]

Boston Scientific's main competitors are Johnson and Johnson, Medtronic, St. Jude Medical, and the Abbott Vascular division of Abbott Laboratories.[citation needed]

History

Boston Scientific was formed June 29, 1979 as a holding company for a medical products company called Medi-Tech, and to position the company for growth in interventional medicine.[4]

The company went public through an IPO on May 19, 1992.[4]

The Taxus Stent was approved in 2003 in Europe and other countries and approved in the United States by the FDA in March 2004. It was the second drug-eluting stent approved in the United States.[3]

On April 21, 2006, the company acquired longtime competitor Guidant for $27.2 billion. The former Guidant was split between BSC and Abbott Laboratories.[5][6]

Navilyst Medical was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units.[7]

In October 2010, the company was fined $600,000 by the US Department of Justice for paying a US Army doctor to use their devices and recommend them to others.[8]

In March 2015, the company announced it would acquire Endo International Plcs urology business for at least $1.6 billion, expanding the company's health and prostate treatments.[9]

Lawsuits

Johnson & Johnson lawsuits

Beginning in 2003, Boston Scientific and Johnson & Johnson were involved in a series of litigations involving patents covering heart stent medical devices. Both parties claimed that the other had infringed upon their patents. The litigation was settled once Boston Scientific agreed to pay $716 million to Johnson & Johnson in September 2009 and an additional $1.73 billion in February 2010.[10]

It was announced in November 2014 that Johnson & Johnson would have another chance for payback after a multibillion dollar trial was set for 20 November 2014. A New York federal court judge would hear the case without a jury to decide whether Boston Scientific should be held liable for the contract breach.[11]

Restatement

On Nov 3,1998, Boston Scientific restated its financial results for 1997, as well as its quarterly results for the first three quarters of 1998, due to the occurrence of business irregularities in the operations of its Japanese subsidiary.[12]

Notes

  1. ↑ 1.0 1.1 1.2 1.3 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ 2.0 2.1 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ 3.0 3.1 Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ 4.0 4.1 Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found. Boston Scientific's press release on the acquisition.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Bernton, Hal, "Army Whistle-Blower Fights To Clear Name", Seattle Times, 14 August 2011, p. 1.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Boston Scientific to Pay J&J $1.73B to Settle Stent Patent Disputes, The Wall Street Journal, February 2, 2010
  11. ↑ J&J seeks over $5 billion in damages from Boston Scientific at trial. Reuters, 19 November 2014
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

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