Medical device maker Boston Scientific Corp (BSX.N) posted a first-quarter loss on Thursday as it took $578 million in charges for litigation and restructuring, including reducing its workforce.
Excluding the one-time charges, it had a profit of 16 cents per share, up a penny from a year earlier.
The company, a maker of heart stents, pacemakers, surgical instruments and other medical devices, has said it will cut more jobs this year in its ongoing restructuring. It has said the restructuring will result in total pretax charges of $300 million to $355 million.
For the year, the company said its results could range from a net loss of 6 cents a share to earnings of 1 cent. Excluding special items, it expects earnings of 65 cents to 70 cents per share.
The company said first-quarter sales fell 6 percent to $1.76 billion. Analysts were expecting $1.79 billion. Excluding the effects of currency translation, sales would have fallen 4 percent, it said.
(Reporting by Caroline Humer; Editing by Jeffrey Benkoe and John Wallace)