“We knew, when we did our due diligence, that the [cardiac rhythm management business] of Guidant hadn’t had its last recall,” Chief Executive Jim Tobin said on a conference call with analysts and investors. He said it will take 18 months to 2 years to resolve all of the issues related to the acquisition.
So that’s what the CEO says but the market doesn’t really believe him. As it is Boston Scientific stock is down about 6% on the latest recall of a Guidant device. And that’s before the real story of the future of the Drug Eluting Stent gets out. (More on that arriving at THCB any day now).