New Boston Sci CEO Keeps Financial Goals For Coming Years

After a week on the job, new Boston Scientific Corp. (BSX) Chief Executive Ray Elliott pointed on Tuesday to the same financial growth goals the medical-devices company had recently targeted for upcoming years, including earnings that will expand faster than sales.

Based on what he's seen thus far, Elliott said he sees no reason at this time to change the company's goal of growing sales by 5% to 7% per year, excluding the effects of foreign currency rates, in 2010 and 2011.

The Natick, Mass., company also is aiming to grow its per-share earnings by at least a 15% year in coming years, Elliott said.

Speaking on a call with analysts following the company's second-quarter earnings release, Elliott said that by supporting these prior growth goals, he is "affirming the work that's been done to date."

Elliott, a veteran medical-devices executive who long led orthopedics firm Zimmer Holdings Inc. (ZMH), recently took over as president and chief executive at Boston Scientific to replace long-time Chief Executive Jim Tobin, who is retiring.

The company announced quarterly results late Monday that included sales above Wall Street estimates, bolstered by the company's business for drug-coated heart stents. Shares recently traded up 1.6% to $10.46.

-By Jon Kamp, Dow Jones Newswires; 617-654-6728; [e-mail]