NATICK - Boston Scientific said it has received European marketing approval for its latest drug-coated stent technology.
The company will begin marketing its Promus Element stent in the European Union immediately. The device replaces the older Promus stent, which is Boston Scientific’s version of Abbott Laboratories’ Xience stent. Boston Scientific pays a 40 percent royalty to Abbott on all sales of the stents.
All revenue from the new stent will go directly to Boston Scientific.
“This is an important psychological and financial positive for the company and the stock,’’ said Leerink Swann analyst Rick Wise.
Stents prop open arteries after the vessels have been cleared of plaque. The drug coatings are designed to prevent scar tissue from growing back through the mesh and causing blockage.
Wells Fargo analyst Larry Biegelsen said the approval is critical for Boston Scientific, because the company’s European supply agreement with Abbott expires later this month.
Biegelsen expects combined sales of $192 million for Promus and Promus Element this year, rising to $257 million by 2013.
Boston Scientific said Promus Element is made from an alloy that is more flexible than what’s in older stents, making the device easier to implant.
Shares of Boston Scientific rose 9 cents to $8.21.
