Remember folks how Obama laughed about his health care bill not being a tax?
Boston Scientific is cutting up to 1,000 more jobs as it deals with a new medical device tax from the U.S. health care overhaul, limited growth prospects in certain markets and pressure to cut prices on its products in other countries.
Still, the Natick, Mass., company’s shares jumped Tuesday after the maker of pacemakers and heart stents reported fourth-quarter results and a 2013 profit forecast that exceeded Wall Street expectations.
In a push to trim costs, Boston Scientific Corp. plans to cut 900 to 1,000 jobs this year, which will include layoffs as well as the elimination of unfilled positions. That comes on top of a restructuring plan started in 2011 that included 1,200 to 1,400 planned job cuts. The company employs roughly 24,000 people worldwide, and the additional cuts could amount to as much as 4 percent of the company’s workforce. Boston Scientific hasn’t decided where the additional cuts will be made, said spokesman Steven Campanini.