Boston Scientific Corporation (Boston Scientific) is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.
|Traded as||NYSE: BSX
S&P 500 Component
|Founders||John Abele, Founder & Director Emeritus
Peter Nicholas, Founder & Director Emeritus
|Headquarters||Marlborough, Massachusetts, United States|
|Michael Mahoney, President, Chairman and CEO
Daniel Brennan, CFO
|Revenue||$ 8.386 billion (2016)|
|$ (447 million) (2016)}}|
|$ (142 million) (2016)}}|
Number of employees
|27,000 (December 2016)}}|
Boston Scientific is primarily known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries. With the full acquisition of Cameron Health in June 2012, the company also became notable for offering a minimally invasive implantable cardioverter-defibrillator (ICD) which they call the EMBLEM Subcutaneous Implantable Defibrillator (S-ICD).
Boston Scientific was formed June 29, 1979 as a holding company for a medical products company called Medi-Tech, and to position the company for growth in interventional medicine.
The company went public through an IPO on May 19, 1992.
The Taxus Stent was approved in 2003 in Europe and other countries and approved in the United States by the FDA in March 2004. It was the second drug-eluting stent approved in the United States.
In October 2010, the company was fined $600,000 by the US Department of Justice for paying a US Army doctor to use their devices and recommend them to others.
In June 2012, Boston Scientific officially acquired Cameron Health for a total sum of $1.3 billion, paid out incrementally as various revenue milestones were achieved.
Johnson & Johnson lawsuitsEdit
Beginning in 2003, Boston Scientific and Johnson & Johnson were involved in a series of litigations involving patents covering heart stent medical devices. Both parties claimed that the other had infringed upon their patents. The litigation was settled once Boston Scientific agreed to pay $716 million to Johnson & Johnson in September 2009 and an additional $1.73 billion in February 2010.
It was announced in November 2014 that Johnson & Johnson would have another chance for payback after a multibillion dollar trial was set for 20 November 2014. A New York federal court judge would hear the case without a jury to decide whether Boston Scientific should be held liable for the contract breach.
On Nov 3,1998, Boston Scientific restated its financial results for 1997, as well as its quarterly results for the first three quarters of 1998, due to the occurrence of business irregularities in the operations of its Japanese subsidiary.
Profits rose to €887 million in 2015 in the Irish-based plant. In 2014 the profits were €766.65 million. Profits increased by 13.57% in one year.
- "Boston Scientific 2016 Annual Report" (PDF).
- Shelley Wood (4 Mar 2004). "FDA approves Taxus paclitaxel-eluting stent". www.medscape.com/. Retrieved 20 Feb 2015.
- "Boston Scientific Closes Cameron Health Acquisition". PR Newswire. UBM PLC. 8 June 2012. Retrieved 26 February 2016.
- "EMBLEM S-ICD System". Boston Scientific. Archived from the original on 26 February 2016. Retrieved 26 February 2016.
- "About Us - History". www.bostonscientific.com/en-US/about-us/history. Retrieved 20 Feb 2015.
- "Guidant battle ends in favor of Boston Scientific". Associated Press. January 25, 2006. Retrieved 2008-02-11.
- "Boston Scientific Completes Combination with Guidant". April 21, 2006. Archived from the original on April 16, 2008. Retrieved 2008-02-11. Boston Scientific's press release on the acquisition.
- "Boston Scientific Spin-off Aiming to Tap Veins Without Causing Infections". August 5, 2008. Retrieved 2009-02-23.
- Bernton, Hal, "Army Whistle-Blower Fights To Clear Name", Seattle Times, 14 August 2011, p. 1.
- McLaughlin, Kim (March 2, 2015). "Boston Scientific Buys Endo Men's Health Unit for .6 Billion". Bloomberg.
- Boston Scientific to Pay J&J $1.73B to Settle Stent Patent Disputes, The Wall Street Journal, February 2, 2010
- J&J seeks over $5 billion in damages from Boston Scientific at trial. Reuters, 19 November 2014
- "Boston Scientific Addresses Japan Business Irregularities".
- "Irish subsidiary of Boston Scientific sees profits jump". The Irish Times. Retrieved 2016-11-16.