Boston Scientific continues to build on its strong presence in Minnesota.
The company recently completed a 74,000-square-foot expansion of its manufacturing facility in Maple Grove, driven by strong sales of its Watchman atrial device.
Sales of the device, which is designed to reduce the risk of stroke in patients with atrial fibrillation and get them off blood thinners, rose 24 percent last year, Boston Scientific Chief Executive Mike Mahoney told analysts on a conference call Wednesday morning. .
About 75 percent of Watchman components are manufactured in Minnesota.
In November, Boston Scientific announced the acquisition of Apollo Endosurgery for $615 million. The deal is expected to close in the first half of 2023, Mahoney said.
Boston Scientific on Wednesday reported fourth-quarter revenue of $3.2 billion, up 3.7% from a year earlier.
The company has seen “more sustained and consistent procedural growth” compared to the decline in elective surgeries during the pandemic, Mahoney said.
Earnings per share of $0.45 and net income of $126 million for the quarter were slightly below analysts’ expectations.
Shares of the company rose 2.7 percent in early trade.
U.S. sales rose 10.6 percent in the quarter, while Europe and Asia Pacific posted smaller increases.
Mahoney said the company is “very optimistic” about 2023. Boston Scientific expects first-quarter sales growth of 3% to 5%. For the full year, Boston Scientific expects revenue growth of 5% to 7%.
The Massachusetts-based company has about 8,400 employees in Minnesota.
