Boston Scientific Slides On Halt Of ICD Sales

Boston Scientific Corp. (BSX) suspended sales of medical devices that restore normal heart rhythm and manage heart failure, saying it failed to submit for U.S. regulatory approval certain changes in the way it makes the products.

The news sent Boston Scientific shares plunging 16% to $6.51 in recent trading. A big portion of the products affected--implantable cardioverter difibrillators, or ICDs, in the U.S.--represented about 15% of total company sales last year, and it's not clear how long sales of the products will be suspended.

The documentation snafu is the latest setback for the Natick, Mass., company's ICD business. Boston Scientific acquired Guidant in 2006 after reports of safety problems with Guidant's ICDs, and Boston Scientific suffered years of negative fallout over the issue.

Read Full Article from Wall Street Journal

- Posted: 2010-03-15 10:44:35

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