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.
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).
History
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.
On April 21, 2006, the company acquired longtime competitor Guidant for $27.2 billion. The former Guidant was split between BSC and Abbott Laboratories.
Navilyst Medical was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units.
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.
In March 2015, the company announced it would acquire Endo International Plc's urology business for at least $1.6 billion, expanding the company's health and prostate treatments.
Lawsuits
Johnson & Johnson lawsuits
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 $716Â million to Johnson & Johnson in September 2009 and an additional $1.73Â 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.
Restatement
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
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.
Notes
External links
- Boston Scientific official web site
- Boston Scientific stock performance chart from Google Search
- "Gamble wins big at Boston Scientific" on Boston.com
