Boston Scientific ($BSX) disclosed plans to slash between 1,100 and 1,500 jobs beginning in the fourth quarter, even as the Massachusetts medical device giant’s 2013 third quarter numbers reflected generally positive results. Previous restructuring moves hit in a much different climate, with a backdrop of plunging or sluggish revenue and struggles under heavy debt.
This time, the job cuts are hitting in the context of Boston Scientific trying to accelerate an improved performance. Third quarter sales for the company hit $1.7 billion, flat compared to the 2012 second quarter. Boston Scientific lost $5 million, but that is a drop in the bucket compared to the $664 million net loss generated over the same period last year. While sales dipped again for interventional cardiology and declined in electrophysiology, they grew in every other sector, including a 32% sales hike in neuromodulation.
Michael Mahoney, Boston Scientific’s president and CEO, said in a statement that the financial numbers reflected continued global momentum and “strong overall results.”