The results included a goodwill impairment charge, acquisition- and divestiture-related net credits, restructuring-related charges, discrete tax items and amortization expense, for total net charges of $316m.

Net sales were $1.925bn, compared to net sales of $1.96bn for the first quarter of 2010, a decrease of 2%.

Excluding the impact of foreign currency and sales from divested businesses, net sales decreased 1% as compared to the prior period.

Overall heart-rhythm sales, which include defibrillators and pacemakers, increased 3.9%.

Defibrillator sales grew, but the US tally of $266m fell short of the company’s forecasted range.

Sales of drug-coated stents fell to $379m.

Boston Scientific president and CEO Ray Elliott said despite an increasingly challenging US CRM market and the resulting goodwill implications; they had several notable accomplishments during the quarter that illustrate progress toward the achievement of strategic milestones.

"Our sales were at the high end of our projected range, we benefited from our cost-reduction initiatives, and we continue to aspire to double-digit EPS growth in the near term," Elliott said.

"Our increased financial flexibility has enabled us to reduce debt, expand our Emerging Markets footprint and complete six acquisitions in the past six months."