Boston Scientific Q2 Earnings Surpass Estimates - Here's How It Foresees FY23

Boston Scientific Corp BSX generated Q2 revenues of $3.59 billion, beating the Wall Street estimate of $3.50 billion.

The sales increased 11% on a reported basis, 12% on an operational basis, and 11.6% on an organic basis, beating the management of approximately 6.5%-8.5% (7-9% organic).

The company achieved an adjusted EPS of $0.53, beating the consensus of $0.49 and management estimate of $0.48-$0.50.

Revenues from MedSurg increased 9% to $1.36 billion (8.8% organic), and the Cardiovascular segment generated $2.4 billion, +12.2% (13.4% organic).

The adjusted gross margin improved from 70.4% to 72%, and the adjusted operating margin expanded from 25.2% to 26.8%.

Boston Scientific terminated its $230 million plan to buy a majority stake in M.I. Tech, a publicly traded Korean manufacturer and distributor of medical devices for endoscopic and urologic procedures, amid regulatory hurdles.

Outlook: Boston Scientific revises FY23 revenue growth guidance to 10.5%-11.5% (on the reported basis and 10%-11% (on the organic basis) versus prior guidance of 8.5%-10.5% and 8%-10%, respectively.

The company forecasts adjusted EPS Of $1.96-$2.00 versus the consensus of $1.95 and the prior guidance of $1.90-$1.96.

For Q3, the company expects revenue growth of 8.5%-10.5% (reported) and 7%-9% (organic), with adjusted EPS of $0.46-$0.48 and consensus of $0.48.

Price Action: BSX shares are up 1.03% at $52.95 on the last check Thursday.

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Posted In: EarningsLarge CapNewsGuidanceHealth CareGeneralBriefs
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