Boston Scientific (BSX) Hits New 52-Week Low

Boston Scientific (NYSE: BSX) announced Thursday after the close that it would sell its Fluid Management and Venous Access businesses to Avista Capital Partners for about $425 million in cash. With the deal in place, Boston Scientific has now found buyers for all five of its segments which were considered non-strategic businesses. The plan to divest these parts was laid out earlier this year in August.

Also, last month, Boston Scientific announced its agreement to sell its cardiac and vascular surgery branches for approximately $750 million in cash. Besides the plan to divest non-core businesses, Boston Scientific also said that its previously disclosed initiative to reduce expenses and head count is "well under way".

Despite the seemingly positive news, shares of Boston Scientific fell about 2% on Friday and continue to slide this morning. Shares are down another 2% and have hit a new 52-week low at $11.58, a level its stock price hasn't seen since 2002.

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