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Key Takeaways
- Boston Scientific exceeded first-quarter profit and sales forecasts on demand for its cardiovascular devices.
- The results were lifted by regulatory approval and launch of its product to treat irregular heartbeats.
- The news sent shares of Boston Scientific to an all-time high.
Shares of Boston Scientific (BSX) hit an all-time high Wednesday as the maker of medical equipment reported better-than-anticipated quarterly results and boosted its guidance on demand for its cardiovascular devices, including a newly approved product to treat irregular heartbeats.
The company posted first-quarter adjusted earnings per share (EPS) of $0.56, with revenue up 13.8% year-over-year to $3.86 billion. Both were above estimates.
Boston Scientific’s Cardiovascular unit sales jumped 15.9% to $2.45 billion. The results got a lift from the January Food and Drug Administration (FDA) approval and the subsequent launch of the Farapulse pulse field ablation system.
The firm’s MedSurg division sales gained 10.3% to $1.41 billion, led by a rise of 11.4% in sales of endoscopy equipment. Overall net sales were up in the U.S. (+12.7%); Europe, the Middle East, and Africa (+12.7%); Asia-Pacific (+18.3%); and Latin America & the Caribbean (+17.9%).
The company sees full-year adjusted EPS in a range of $2.29 to $2.34, up from its earlier outlook of $2.23 to $2.27. It lifted revenue growth to 11% to 13%, compared to the previous prediction of a gain of 8.5% to 9.5%.
Boston Scientific shares rose 6.3% as of 11:26 a.m. ET to $73.34 after earlier hitting an all-time high of $74.39. They are up about 27% this year.