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Key Takeaways
- Boston Scientific shares fell Wednesday as its third-quarter profit missed estimates.
- The medical device maker’s adjusted earnings per share and revenue were more than expected, as sales of its cardiovascular products surged.
- Boston Scientific gave a mixed updated full-year forecast.
Boston Scientific (BSX) shares fell Wednesday when the medical equipment manufacturer’s third-quarter profit fell and its GAAP earnings per share (EPS) came in short of its guidance.
The company reported net income declined 7% year-over-year to $469 million, below the $543 million consensus estimate of analysts surveyed by Visible Alpha. EPS came in a penny below expectations at $0.32, while Boston Scientific had predicted a range of $0.36 to $0.38. Adjusted EPS of $0.63 was better than projections and the company’s prior guidance.
Revenue surged 19% to $4.21 billion, above forecasts, boosted by a 25% sales jump of its cardiovascular products to $2.73 billion. The MedSurg division, which includes endoscopy, urology, and neuromodulation devices, had a 10% revenue rise to $1.48 billion.
Boston Scientific Lowers FY EPS Outlook, Raises Adjusted EPS
The company now sees full-year EPS to be in a range of $1.28 to $1.30, down from its previous outlook of $1.34 to $1.38. However, it anticipates adjusted EPS to be $2.45 to $2.47, exceeding the earlier $2.38 to $2.42. It predicts net sales growth of 16.5%, ahead of its prior estimate of 13.5% to 14.5%.
Shares of Boston Scientific hit a record intraday high Monday, and even with today’s 2.5% decline they’re still up nearly 50% year-to-date.
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