Boston Scientific sees profits jump by almost a third

Galway Daily news Boston Scientific profits jump by nearly a third

Profits before tax at Boston Scientific surged by almost a third to €737 million last year according to the latest accounts from the medical devices company.

The Irish Times reports that last year Boston Scientific and its subsidiaries paid out $1.14 billion in dividends last year as, as revenue at the multinational medtech giant also climbed by 17 percent to $4.2 billion.

Boston Scientific is one of the largest employers in Galway, with more than 3,700 people employed here working in all aspects of product design & manufacturing.

From here more than four million life saving medical devices are exported around the world each year.

In June Boston Scientific officially opened a €60 million expansion to its main campus in Ballybrit as part of a celebration of 25 years here in Galway.

The new three storey Equipment and Technology Centre is expected to house 250 employees by the end of this year.

The directors of the company are reportedly happy with the increased revenue and overall growth of the company.

According to the Irish Times the increase in pre-tax profits takes into account non-cash amortisation and depreciation costs of $282 million, along with $621 million spent on research and development.

The $1.14 billion dividend in 2018 is a decrease from a payout of $1.8 billion recorded in 2017.