Boston Scientific second quarter results have been revealed
With the aim to improve the health of patients globally, Boston Scientific Corporation has generated sales of $2.257 billion during its second quarter, signifying a growth of 6% on a reported basis and 7% on an operational basis (excluding the impact of changes in foreign currency exchange rates).
The company has been a leader in medical technology leader for over 30 years, providing life changing products which reach more than 24 million patients around the world annually. It is responsible for ultimately providing a number of high performance solutions which address unmet patient needs and reduce the cost of healthcare.
Reporting GAAP earnings of $146 million, compared to a GAAP loss of $207 million or $(0.15) a year ago, the company has achieved adjusted earnings per share of $0.32 for the period, compared to $0.27 a year ago.
Mike Mahoney, chairman and chief executive officer of Boston Scientific said: "Our strong financial performance in the first half of 2017 reflects our innovative portfolio of products and solutions and execution of our category leadership strategy."
"Our team continues to drive results while also investing in multiple high growth markets where we expect our portfolio will have a meaningful impact on customers and their patients."
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Last month, he commented: "We are committed to fulfilling our promises to patients, customers and shareholders by delivering a comprehensive, innovative and cost effective portfolio of products and solutions within our served markets while also expanding into new, high growth adjacent markets. We are also focused on driving global expansion and further improving profitability so that we can invest in our future portfolio and consistently deliver long term, durable growth.
With $920 million invested in its research and development division, Boston Scientific is a leader within its cardiovascular division, and is committed to undergoing a number of technological innovations and strategies to drive growth in this area. It also continues to deliver innovative technologies with global cardiac rhythm management portfolio approvals and launches. Additionally, the company is continuing to invest in technologies to enter the endoscopy market.
Achieving revenue growth in all segments within all territories, Boston Scientific has seen results within several of its divisions.
- MedSurg: 11% reported, 12% operational, and 10% organic
- Cardiovascular: 5%reported and organic, and 6% operational
- Rhythm Management: 2% reported, 3% operational and organic
In the US, the company has seen 9% growth, reported and operational and 7% organic. In Europe, it has seen 1% reported, 4% operational and 2% organic, and in AMEA, there has been 5% reported, 7% operational and organic.
Birdie aims to reinvent elderly care with tech
British startup Birdie has announced it has raised £8.2 million to invest in innovation and scale up the business.
The company's announcement is timely as it follows the criticism of the UK government over their lack of a plan for social care, despite acknowledging the sector is in crisis - around a quarter of the UK's home care providers are on the brink of bankruptcy due to a lack of funds and staffing.
Birdie was born with a mission to "radically improve the lives of millions of older adults", by using app-based solutions, IoT and machine learning to put preventative care at the forefront. The company was founded by Max Parmentier, after experiencing his own frustrations with the care system - his grandfather struggled with the impact of life in a care home, but lacked any other option.
In 2017 Parmentier partnered with venture builder Kamet Ventures to set up Birdie, in a bid to fix this problem. Since then, Birdie has partnered with almost 500 providers across the UK, and supports more than 20,000 older people every week. In the past 12 months alone the number of people Birdie supports has got six times greater.
Birdie’s solution is an app to help care providers deliver more coordinated, personalised and preventative care, by giving them access to digital assessments, medication scheduling and planning tools. By using digital tools to take care of admin, staff have more time to spend with their care recipients.
The new investment will be used to fund Birdie’s next phase of growth in the UK, as the company scales to meet the rapidly growing demand of the aging population. The company will also invest in product innovation, creating new features to address customer requests.
In addition, Birdie is piloting new care models, including partnering with the NHS to identify COVID-19 symptoms, building predictive pharmacy models with AI, and helping health authorities to detect early warning signs of patients’ health risks.
Internally, Birdie is committed to having a progressive company ethos. All salaries are transparent, and staff work asynchronously to maximise flexibility and equity. Staff members also volunteer in their local community during office hours, and the company offsets all its emissions.
These efforts have led to numerous awards, including having the best SME culture in the UK, an Honorable Mention in the Health category of Fast Company’s 2021 World Changing Ideas Awards, and innovation in care at the LangBuisson awards.
“We believe the future of care for older people should be helping them to live at home for as long as possible through the delivery of personalised and preventative care" Parmentier said.
"Birdie is already the partner of choice for caregivers up and down the UK, and this new funding will help us rapidly increase the number we partner with and what we can offer them - meaning more people benefiting from more affordable, quality care. We’re proud of our mission and the values we embody to pursue it.”