Boston Scientific saw profits fall 17 percent because Taxus stent sales declined (you can read all the numbers here).

Here’s the sobering assessment from Jim Tobin, the company’s ceo: “The past year was a transforming one for Boston Scientific and its vision for the future.”

Boston Scientific, which of course now owns Guidant, is grappling with a downturn in its two important device markets and last month disclosed plans to cut up to 600 jobs from a unit that makes implanted defibrillators and pacemakers.

The real issue, though, are sales of drug-coated stents, which are falling thanks to concerns that the devices can cause blood clots at a higher rate than the older metal models. Meanwhile, recalls and safety warnings hurt defibrillator sales.

Despite the gloom, Tobin tried to sound upbeat this morning in a conference call with analysts by saying he sees a “glimmer” of a turnaround.

Maybe he should use stents to keep his eyes open before buying another company like Guidant. [tags]Boston Scientific, Guidant, Stents[/tags]