The net income ranges for 2005, 2006 and 2007 exclude special items, as well as the impact of the new accounting rules for employee stock options that go into effect July 1, 2005.
Sales for 2005 are expected to range between $6.4 billion and $6.7 billion (including worldwide drug-eluting stent sales of between $2.7 billion and $3.0 billion), as compared to net sales of approximately $5.6 billion in 2004, an increase of 14 to 20 percent. Net income for 2005 is expected to range between $2.00 per share (diluted) and $2.20 per share (diluted) as compared to net income for 2004 of $1.63 per share (diluted), an increase of 23 to 35 percent.
2006 AND 2007 GOALS
Sales goals for 2006 range between $6.9 billion and $7.5 billion (including worldwide drug-eluting stent sales of between $2.7 billion and $3.2 billion). Net income goals for 2006 range between $2.17 per share (diluted) and $2.50 per share (diluted).
Sales goals for 2007 range between $7.7 billion and $8.9 billion (including worldwide drug-eluting stent sales of between $2.8 billion and $3.4 billion). Net income goals for 2007 range between $2.43 per share (diluted) and $3.01 per share (diluted).
"The TAXUS® Express2™ stent system has proved to be a revolutionary technology that has made an enormous difference in the treatment of coronary artery disease," said Jim Tobin, President and Chief Executive Officer of Boston Scientific. "We believe our current and next-generation versions of this technology will keep us firmly at the forefront of the drug-eluting stent market. In addition, we expect to see ongoing success with our pipeline of emerging technologies. Over the next three years, we will continue to invest aggressively -- both internally and externally -- to expand our new product offerings."
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
The Company discloses non-GAAP or pro forma measures that exclude certain items. Non-GAAP measures may exclude such items as charges related to purchased in-process research and development and certain litigation. Management uses these measures to establish operational goals, and believes that non-GAAP measures may assist investors in analyzing the underlying trends in the Company's business over time. Investors should consider these non-GAAP measures in addition to, not as a substitute for, or as superior to, financial reporting measures prepared in accordance with GAAP.
This press release contains forward-looking statements. The Company wishes to caution the reader of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, risks associated with new product development and introduction, clinical trials, regulatory approvals, integration of strategic alliances, competitive offerings, litigation, operational improvements, the Company's overall business strategy, and other factors described in the Company's filings with the Securities and Exchange Commission.