Boston Scientific story updated with comment from Leerink Swann analyst)NATICK, MA ( TheStreet) -- It's been a tough year for Boston Scientific ( BSX), but the medical device maker was able to beat the Street in its second quarter earnings, announced after the market close on Tuesday. Yet the earnings beat didn't help Boston Scientific shares gain ground after the market opened on Wednesday morning. Boston Scientific shares dove after the opening bell on Wednesday on elevated trading -- the medical device company had surpassed its average daily trading volume of 21 million shares by midday. BSX losses had increased from an opening bell drop of 4% to a decline hovering between 5% and 7% at midday, pushing BSX shares back below the $6 mark. The Street was only expecting earnings of 3 cents per share from Boston Scientific, which delivered earnings of 6 cents. Boston Scientific hit the Street expectation of $1.9 billion in revenue for the quarter, which was lower than last year's second quarter revenue of just under $2.1 billion for Boston Scientific. Boston Scientific shares had risen between 2% and 3% in after-hours trading on Tuesday as it beat on the bottom line and met the Street on the top line, even as profits fell versus the previous year. Yet that all changed after the earnings conference call on Wednesday morning. Several analysts described the Boston Scientific earnings in a moderately positive light, and the medical device company's shares need a boost, trading near 52-week lows and already a "turnaround story" even before a recent crisis in its defibrillator business. Analyst Joanne Wuensch of BMO Capital Markets described the Boston Scientific results as "better than expected." Leerink Swann also described the results as encouraging and supporting a recent Leerink Swann study on Boston Scientific's recovery in the defibrillator market. Larry Biegelson, Wachovia Securities analyst, who is at a hold on BSX shares, was also modestly positive on the results, describing the quarter as "decent" for BSX, and referred to the "strong return to the ICD market." Wachovia noted that worldwide ICD sales of $379 million beat its estimate by $55 million, and U.S. ICD sales of $238 million beat the Wachovia estimate by $58 million. "BSX's return to the ICD market seems to be going better than expected," the Wachovia analyst wrote.
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