BostonScientific.com is a Boston - based manufacturer of medical equipment.
Boston Scientific
Boston Scientific is a public limited company located in Natick, Massachusetts. The founder and Director of the Company is John Abele. The Chairman is Peter Nicolas, the CEO James Tobin and the COO is Paul LaViolette.
The primary business of the company is the manufacture and marketing of medical equipment. The products of this company are used in cardiology, neuromodulation, neurovascular interventions, electrophysiology, cardiac surgery, vascular surgery, endoscopy and a host of other surgical operations. The products of the company include catheters, surgical grafts, coronary and uretral stents, polypectomy snares and lithotripsy devices. The company is best known for its Taxus Stent which is used to open out blocked arteries.
Boston Scientific employs around 28600 people and has a growth rate of 44.4%. It has operations in 70 countries worldwide. It has manufacturing units in Costa Rica and Ireland. It has a web presence in http://www.bostonscientific.com. Johnson and Johnson and Medtronic are its competitors. Guidant—a competing company—was acquired by Boston Scientific in 2006 and its operations were split between Boston Scientific Corporation and Aboott
Boston Scientifics’ mission is to provide quality patient care and health care delivery by manufacturing medical equipment that is minimally invasive with an intention to reduce risk, trauma, cost, procedure time and aftercare.
History
Boston Scientific was born as Medi-Tech in 1969. The company partially owned by John Abele and its main product was steerable catheters. Boston Scientific was founded in 1979 by John Abele and Peter Nicholas. They acquired Medi-Tech, Inc. It reported revenue of $2 million. Its products included catheters for gall bladder surgery. The years that followed saw the company organizing itself and developing new products and marketing them aggressively. By 1993 the revenues reached $16 million, but the need for capital forced the founders to sell about 20% of their holdings to Abbott Laboratories to be paid for over a period of four years.
The long drawn procedure for getting approvals of the US Food and Drug Administration for its medical equipment resulted in a loss of $9 million in 1988. However, by 1991 the company had sales of $230 million with net profit of $42 million.
The company went public in 1992 and began acquiring competing companies from 1994 and raised a capital of $400 million by selling 23.5 million shares. Abbott Laboratories sold their shares back to Boston Scientific.
The company was plunged into a lawsuit with Medinol in 2001 when the latter accused Boston Scientific of stealing its stent manufacturing technology. They settled the lawsuit by paying Medinol $750 million. The company acquired name and fame with the introduction of Taxus Express-a drug coated stent.
The revenues of the company were derived from its four divisions—Medi Tech specializing in radiology equipment, Mansfield specializing in Cardiology equipment, Microinvasive Endoscopy specializing in gastroenterology and Microinvasive in Urology equipment. The revenues upped by 40% during the 1990’s and net earning upped by 28%. With the introduction of the TAXUS Stents in March 2004 the revenues of the company increased tremendously. It controlled about 70% of the stent market and earned $5.6 billion in sales in 2004 despite the fact that it had to recall its stents three times for technology defects. The total revenues of the company was 7.8 billion in 2006
Principal Subsidiaries
Advanced Bionics Corporation; BSC Finance Corp.; BSC International Corporation; BSC International Holding Limited (Ireland); Cardiac Pathways Corporation; Catheter Innovations, Inc.; Corvita Corporation; Enteric Medical Technologies, Inc.; EP Technologies, Inc.; Boston Scientific Technologie Zentrum AG; Boston Scientific Foundation, Inc.
Boston Scientific in the Community
After almost 25 years Boston Scientific remains dedicated to the vision and mission it started out with—manufacture of medical equipment for less invasive surgical procedures. The innovative products of the company are the result of dedicated research and intelligent acquisitions. It collaborates closely with clinicians, has powerful and quality processes and a wonderful network of global distribution channels. Boston Scientific is also a socially active company. It has established the Boston Scientific Foundation, a charitable organization that is dedicated to its mission of improving lives by supporting innovative programs in health and education. The employees of the organization make recommendations to the foundation on grant applications received from the region in which they operate. The foundation has awarded more than $1 million per annum from the date it was established.
Languages
English
Address
- One Boston Scientific Plaza
- Natick MA 01760 US
Additional Information
Related Domains
External Links
- Stock: BSX
- Alexa: BostonScientific.com
