were hitting a 52-week low, a day after the maker of medical devices reduced its full-year guidance.
Boston Scientific was recently down $1.15, or 3.9%, to $28.31. The stock has been as low as $28.20 Thursday. The old low for the last year was $28.56, while the high over the same span is $45.76.
In cutting its forecast, the company cited recent acquisitions and the possibility of competition from
, which has said it anticipates approval for the Endeavor coronary stent in Europe in the coming days.
Boston Scientific, based in Natick, Mass., expects to earn $1.85 to $2 a share for the year, vs. its previous forecast of $2 to $2.20 a share. Analysts polled by Thomson First Call had been expecting a profit of $2.06 a share.
The company expects sales of $6.35 billion to $6.57 billion for the year, compared with the $6.4 billion to $6.7 billion it previously forecast. Analysts were looking for sales of $6.51 billion. Drug-eluting stent sales should range between $2.62 billion and $2.76 billion for the year, the company said. The company previously forecast worldwide drug-eluting stent sales between $2.7 billion and $3 billion.