Medical device maker Boston Scientific Corp cut its full-year revenue and profit forecasts as it continues to bear the brunt of charges from a number of lawsuits. Shares of the company, which also reported a quarterly net loss due to litigation costs, fell 0.7 percent to $17.85 in premarket trading on Tuesday.
Boston Scientific said in February it would pay Johnson & Johnson $600 million to settle a long-running lawsuit over Boston Scientific's acquisition of rival Guidant in 2005. There are also thousands of claims in court against Boston Scientific related to alleged injuries caused by its transvaginal mesh devices. The company cut its full-year revenue forecast to $7.225-$7.375 billion from $7.30-$7.50 billion and GAAP profit forecast to 32-38 cents per share from 42-48 cents.
Boston Scientific posted a net loss of $1 million for the first quarter ended March 31, but broke even on a per share basis. The company posted a profit of $133 million, or 10 cents per share, a year earlier.