Summary
Boston Scientific Corporation (BSX) filed an 8-K on January 10, 2007, primarily to disclose preliminary net sales for the fourth quarter and full year 2006. While specific sales figures are not detailed within the 8-K itself, it references an accompanying press release (Exhibit 99.1) for this information. The filing also includes commentary from the CFO at the JP Morgan Healthcare Conference, indicating a belief that the drug-eluting stent market is undergoing a correction, with an expectation that U.S. penetration rates will recover to over 80% from a current estimate below 75%.
Key Highlights
- 1Disclosure of preliminary net sales for Q4 and full year 2006 via an accompanying press release (Exhibit 99.1).
- 2CFO commentary at JP Morgan Healthcare Conference regarding a 'correction' in the drug-eluting stent market.
- 3Expectation of U.S. drug-eluting stent penetration rates to return above 80%.
- 4Correction of a previously misstated mid-point for worldwide drug-eluting stent revenue in 2006 from $2.3 billion to $2.4 billion.
- 5The information furnished is not considered 'filed' for legal liability purposes under Section 18 of the Exchange Act.
Frequently Asked Questions
The 8-K filing references a press release (Exhibit 99.1) issued on January 10, 2007, for preliminary, unaudited net sales for the fourth quarter and full year ended December 31, 2006. The specific figures are not detailed within the body of the 8-K but can be found in the referenced press release.
The Chief Financial Officer expressed a belief that the drug-eluting stent market is experiencing a 'correction.' Despite this, he anticipates that U.S. penetration rates for these devices, currently estimated below 75%, are expected to rebound to levels exceeding 80%.
Yes, the filing notes an error in slide 26 of the Company's presentation at the JP Morgan Healthcare Conference. The estimated mid-point for worldwide drug-eluting stent revenue for 2006 was incorrectly presented as $2.3 billion instead of the correct figure of $2.4 billion.