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.
Skin Analytics wins NHSX award for AI skin cancer tool
An artificial intelligence-driven tool that identifies skin cancers has received an award from NHSX, the NHS England and Department of Health and Social Care's initiative to bring technology into the UK's national health system.
NHSX has granted the Artificial Intelligence in Health and Care Award to DERM, an AI solution that can identify 11 types of skin lesion.
Developed by Skin Analytics, DERM analyses images of skin lesions using algorithms. Within primary care, Skin Analytics will be used as an additional tool to help doctors with their decision making.
In secondary care, it enables AI telehealth hubs to support dermatologists with triage, directing patients to the right next step. This will help speed up diagnosis, and patients with benign skin lesions can be identified earlier, redirecting them away from dermatology departments that are at full capacity due to the COVID-19 backlog.
Cancer Research has called the impact of the pandemic on cancer services "devastating", with a 42% drop in the number of people starting cancer treatment after screening.
DERM is already in use at University Hospitals Birmingham and Mid and South Essex Health & Care Partnership, where it has led to a significant reduction in unnecessary referrals to hospital.
Now NHSX have granted it the Phase 4 AI in Health and Care Award, making DERM available to clinicians across the country. Overall this award makes £140 million available over four years to accelerate the use of artificial intelligence technologies which meet the aims of the NHS Long Term Plan.
Dr Lucy Thomas, Consultant Dermatologist at Chelsea & Westminster Hospital, said: “Skin Analytics’ receipt of this award is great news for the NHS and dermatology departments. It will allow us to gather real-world data to demonstrate the benefits of AI on patient pathways and workforce challenges.
"Like many services, dermatology has severe backlogs due to the COVID-19 pandemic. This award couldn't have come at a better time to aid recovery and give us more time with the patients most in need of our help.”