Stent Sales Boost Boston Scientific - TheStreet

Updated from Oct. 21

Shares of

Boston Scientific

(BSX) - Get Report

were higher Wednesday after the company posted a jump in quarterly sales late Tuesday, thanks to international sales of its Taxus drug-coated stent.

The medical device maker said sales rose to $876 million from $722 million a year earlier. Excluding the favorable impact of $27 million of foreign currency fluctuations, net sales for the quarter were $849 million, an increase of 18%, the company said.

The company's third-quarter net income was $124 million, or 29 cents a share, including a $13 million after-tax charge. In the year-ago quarter, the company posted income of $161 million, or 39 cents a share, which included $62 million in special after-tax credits. Excluding items in both quarters, net income was $137 million, or 32 cents a diluted share, compared with $99 million, or 24 cents a share, in the year-earlier quarter.

"This was a record quarter for sales, fueled in part by continued strong Taxus sales as we further strengthened our competitive position in those markets where Taxus has been launched," said Jim Tobin, president and chief executive.

In mid-September, the company

reported strong test results for its Taxus stent -- a device that keeps arteries open after patients have undergone a procedure that unclogs arteries to reduce the risk of heart attacks.

The company said at the time that a Food and Drug Administration advisory panel will meet Nov. 20 to review the company's application to market the Taxus stent in the U.S. The company submitted its application in June. Taxus is available in many international markets and would serve as a rival to

Johnson & Johnson's

(JNJ) - Get Report

drug-coated Cypher stent, which was approved by the FDA in April.

The company's shares were up 0.8%, or 49 cents, at $64.33 Wednesday afternoon.