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Earnings

Boston Scientific reports loss as COVID-19 slams demand for medical devices

(Reuters) - Boston Scientific Corp BSX.N swung to a loss in the third quarter from profit a year ago, as demand for its medical devices was hurt by the ongoing COVID-19 pandemic.

The Marlborough, Massachusetts-based company said on Wednesday its sales of medical devices dropped 3.7% to $2.58 billion.

Earlier this year, the company withdrew its 2020 profit forecast, citing uncertainties due to the COVID-19 pandemic.

Rival Abbott Laboratories ABT.N, however, raised its 2020 profit forecast last week on strong COVID-19 testing revenue and a recovery in its medical device business.

Excluding items, Boston Scientific earned 37 cents per share in the third quarter.

Net sales fell 1.8% to $2.66 billion.

Net loss attributable to Boston Scientific was $169 million, or 12 cents per share, in the quarter ended Sept 30, compared with net earnings of $126 million, or 9 cents per share, last year.

Reporting by Trisha Roy and Mrinalika Roy in Bengaluru; Editing by Shinjini Ganguli

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