Boston Scientific Lifts 2024 Profit Forecast On Strong Growth From Cardiovascular Devices, Stock Soars

Boston Scientific Corporation BSX shares are trading higher on Wednesday after the company reported better-than-expected first-quarter earnings and issued guidance.

The company generated first-quarter revenues of $3.86 billion, beating the consensus estimate of $3.69 billion.

Sales soared 13.8% year-over-year on a reported basis, 15% on an operational basis, and 13.1% on an organic basis, beating the management guidance of approximately 7.5%-9.5% on a reported basis and approximately 7%-9% on an organic basis.

The company earned an adjusted EPS of $0.56, beating the consensus of $0.51 and the management guidance of $0.50-$0.52.

The company’s cardiovascular segment led the way with more than $2.4 billion in sales, rising 15.9%. MedSurg also saw significant growth, with revenues of more than $1.4 billion, up 10.3%. 

Cardiology sales (16.5% growth) led the way for Cardiovascular and Endoscopy (11.4%) led MedSurg.

“Our exceptional results this quarter were fueled by our talented global team and the strength of our diversified businesses and pipeline, including the initial U.S. launch of the FARAPULSE Pulsed Field Ablation System,” said Mike Mahoney, chairman and CEO.

Outlook: Boston Scientific forecasts net sales growth for 2024 of 11%-13% on a reported basis and 10%-12% on an organic basis compared to prior guidance of approximately 8.5%-9.5% and 8%-9%, respectively.

Boston Scientific sees 2024 adjusted EPS of $2.29-$2.34 , versus prior guidance of $2.23-$2.27 and the consensus of $2.25.

For the second quarter, the company estimates net sales growth of approximately 10.5%-12.5% Y/Y on a reported basis and approximately 10%-12% on an organic basis.

The company forecasts adjusted EPS of $0.57-$0.59 versus a consensus of $0.56.

Read Next: FDA Classifies Boston Scientific’s Recall For Device To Stop Blood Flow As ‘Most Serious’

Price Action: BSX shares are up 6.02% at $73.15 at the last check on Wednesday.

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