By Chris Wack

Boston Scientific Corp. shares fell 8% to $34.96 after the company said it has begun a global recall of all unused inventory of its LOTUS Edge Aortic Valve System following issues with the product delivery system.

The medical technology company said the voluntary recall is related solely to the delivery system, and there is no safety issue for patients who currently have an implanted LOTUS Edge valve.

Boston Scientific said given the additional time and investment required to develop and reintroduce an enhanced delivery system, it would instead retire the entire LOTUS product platform immediately. All related commercial, clinical, research and development, and manufacturing activities will also cease.

The company said it would focus resources and efforts on its ACURATE neo2 Aortic Valve System, Sentinel Cerebral Embolic Protection System and other growth areas.

The move is decision is expected to result in pre-tax charges of $225 million to $300 million due to inventory, fixed asset, intangible asset and certain other exit charges. About $100 million to $150 million of the charges will impact the company's adjusted results, it said.

Most of the charges will be recorded during the fourth quarter of 2020. The decision is expected to be accretive to earnings and adjusted profit in 2021 by one to two cents and neutral thereafter.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

11-17-20 1022ET