Boston Scientific Clocks Strong Q1 Earnings As Elective Surgeries Recover, Boosts FY23 Outlook

Boston Scientific Corp BSX generated Q1 revenues of $3.39 billion, beating the Wall Street estimate of $3.16 billion and the management growth estimate of 3%-5%.

Sales increased 12% Y/Y on a reported basis, 14.9% on an operational basis, and 14% on an organic basis.

The company achieved an adjusted EPS of $0.47, beating the consensus of $0.43 and management estimate of $0.42-$0.44.

Revenues from MedSurg increased 11% to $1.28 billion (13.4% organic), and the Cardiovascular segment generated $2.11 billion, +12.7% (14.4% organic).

The adjusted gross margin remained the same at around 70%, while the adjusted operating margin was 26%.

M&A Rumor: As a Bloomberg report last week, Boston Scientific was exploring a possible acquisition of Shockwave Medical Inc SWAV.

Outlook: Boston Scientific estimates Q2 FY3 adjusted EPS of $0.48-$0.50 versus the consensus of $0.48.

The company expects Q2 sales growth of approximately 6.5%-8.5% (7-9% organic).

For FY23, Boston Scientific sees the FY23 adjusted EPS of $1.90-$1.96 compared to the prior guidance of $1.86-$1.93 versus the Wall Street Estimate of $1.91.

The company estimates FY23 sales growth of approximately 8.5%-10.5% on a reported basis compared to 5%-7% expected earlier and approximately 8%-10% organically vs. 6%-8% expected earlier.

Price Action: BSX shares are up 1.90 at $50.14 on the last check Wednesday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsLarge CapNewsGuidanceHealth CareMoversGeneral
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!