Boston Scientific net rises on cost cuts

CHICAGO (Reuters) - Medical device maker Boston Scientific Corp said on Monday quarterly net earnings more than doubled, boosted by cost-reduction measures and a tax benefit.

First-quarter net income was $322 million (162 million pounds), or 21 cents a share, compared with $120 million, or 8 cents a share, a year ago.

Excluding special items, Boston Scientific earned $357 million, or 24 cents a share, compared with $262 million, or 17 cents a share, in the year-ago period.

Analysts on average had forecast 19 cents a share in the latest quarter, according to Reuters Estimates.

Net sales in the first quarter were $2.05 billion, including sales from divested businesses of $32 million, compared with $2.09 billion in the year-ago quarter, which included $135 million in sales from divested businesses.

The Natick, Massachusetts-based company said worldwide sales of its drug-releasing heart stents declined to $428 million in the first quarter from $468 million a year ago. U.S. sales of drug-eluting stents were $218 million, down from $293 million.

Boston Scientific's shares closed on Monday up 38 cents, or 3 percent, at $13.03 on the New York Stock Exchange. The stock is up 12 percent for the year to date, but off 70 percent from its mid-2004 peak.

(Reporting by Susan Kelly; editing by Carol Bishopric/Andre Grenon)