Boston Scientific Posts Mixed Q3 Earnings, Cuts Annual Guidance

Boston Scientific Corp BSX generated net sales of $3.17 billion in Q3 FY22, slightly beating the Wall Street estimate of $3.15 billion.
Sales increased 8.1% Y/Y on a reported basis, 13.7% on an operational basis, and 11.5% on an organic basis.
The company achieved an adjusted EPS of $0.43, missing the consensus of $0.44.
Revenues from MedSurg increased 6.5% to $1.213 billion (9.8% organic), Cardiovascular segment generated $1.958 billion, +9.1% (12.6% organic).
The adjusted gross margin remained unchanged at almost 71%, with an adjusted operating income margin of 26%.
Outlook: Boston Scientific estimates FY22 sales growth of approximately 6.5% on a reported basis (6.5%-7.5% earlier) and approximately 9% on an organic basis.
The company now estimates adjusted EPS of $1.71-$1.74 (prior range of $1.74 - $1.77) compared to the consensus of $1.76.
For Q4 FY22, the company forecasts sales growth of 2%-4% on a reported basis and approximately 7%-9% on an organic basis.
It sees adjusted EPS of $0.45-$0.48, compared to the consensus of $0.49.
Price Action: BSX shares are up 1.09% at $41.75 during the market session on the last check Wednesday.

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