Sector News

Boston Scientific to restructure in bid to reduce operating expenses

June 9, 2016
Life sciences

Medical device maker Boston Scientific Corp said on Wednesday it would undergo a global restructuring program that is expected to save the company up to $150 million by 2020.

The company said it expects to incur total pre-tax charges of about $175 million to $225 million as a result of the program.

The company said it would cut some jobs under the program, although the total number of employees will remain “relatively unchanged.”

As of Dec. 31, Boston Scientific had about 25,000 employees, according to a regulatory filing.

The program, which will cut gross annual pre-tax operating expenses by about $115 million to $150 million, is expected to be largely completed by the end of 2018, the company said.

In April, the company reported a higher-than-expected quarterly profit and raised its full-year revenue forecast, boosted by sales of new devices for heart patients.

By Narottam Medhora

Source: Reuters

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