October 21, 2008
The company said U.S. market share, based on preliminary data from the Millennium Research Group, which supplies information to the health care sector, was 25% for the Promus stent and 19% for the Taxus Express2 stent. For the quarter, the company's share was about 45%, equal to the second quarter.
The U.S. market has become more competitive in recent months while showing signs of revitalization. There are signs that cardiologists have quickly adopted rival Abbott Laboratories' (ABT) Xience stent, following its approval in early July, or the Xience version that Boston Scientific sells in a profit-share deal.
Meanwhile, Boston Scientific noted it was able to prepay about $500 million in debt during the third quarter, cutting debt to about $6.8 billion. The company doesn't have any debt due in the next 18 months and noted it has access to $3 billion in cash.
The medical device maker's co-founders, Pete Nicholas and John Abele, and a trust for Abele's children had to sell shares after being unable to access assets amid the bankruptcy of Lehman Brothers Holdings Inc. (LEHMQ).
Shares of Boston Scientific were inactive premarket and closed previously at $ 9.22.
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