Guidant Corp., two days after accepting a $27-billion buyout offer from Boston Scientific Corp., Friday reported a 24% drop in fourth-quarter earnings on failures and recalls of its defibrillators and pacemakers.
Profit dropped to $78.9 million, or 24 cents a share, from $104.5 million, or 33 cents, a year earlier, Indianapolis-based Guidant said. Revenue declined 15% to $828 million.
Shares of Guidant fell $1.54, or 2%, to $73.72, after earlier touching $72.83. The stock reached $75.19 on Jan. 25 when the company agreed to the buyout. Shares of Natick, Mass.-based Boston Scientific fell $1.52, or 6.57%, to $21.63.