Boston Scientific hoping to expand

Boston Scientific Corp will reserve most of the $1 billion (€760 million) in free cash it expects to generate in 2012 for acquisitions, with plans to use 25% to buy back shares, chief financial officer Jeff Capello said.

The company plans to purchase new technologies to help drive growth into the “mid-single digits,” Capello said. Boston Scientific, the second-biggest heart device manufacturer, reported yesterday that net income plunged 55% to $107m, or 7 cents a share, in the fourth-quarter as sales fell 7.7%.

Boston Scientific repurchased close to $500m in stock during the second half of 2011, said Denise Kaigler, a spokeswoman for the Massachusetts-based firm. The device maker will use $250m for buybacks. What it does with the remainder will depend on what technologies are available and their price, Capello said.