Boston Scientific Corp. (BSX) said Thursday it expects first-quarter revenue growth to be flat to up slightly versus the year-earlier period, after the COVID-19 pandemic caused many elective procedures to be delayed. The company said business trends were in line with expectations in January and February but took a downturn in March. "The company is currently conducting financial closing procedures for the first quarter and is unable to provide a more precise reported sales estimate at this time," the biotech said in a statement. Boston Scientific is expecting to report first-quarter earnings on April 29. In the meantime, the company is reining in costs, cutting the salaries of its CEO, board and executive committee memebers and temporarily reducing worker's work weeks. The company is working to supply some of the urgent equipment and supplies needed by health care workers, and is working with the University of Minnesota Bakken Medical Device Center and industry collaborators to bring a ventilator alternative to market. The company is making face shields at three of its U.S. plants and is working to develop a reusable personal respirator. Shares were not yet active premarket but have fallen 27% in the year to date, while the S&P 500 has fallen 24%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 02, 2020 06:41 ET (10:41 GMT)
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