Boston Scientific Q3 Earnings: Revenue And EPS Beat, Lifts Annual Forecast On Strong Demand For Heart Devices

On Wednesday, Boston Scientific Corporation BSX reported third-quarter revenues of $4.21 billion, beating the consensus estimate of $4.04 billion.

Sales increased 19.4% on a reported basis, compared to the company's guidance range of 13%-15%, and 19.5% on an operational basis, 18.2% on an organic basis, compared to the company's guidance range of 13%-15%.

The company earned an adjusted EPS of $0.63, beating the consensus of $0.59 and the management guidance of $0.57-$0.59.

The company's cardiovascular segment generated sales of $2.73 billion, rising 25% (25.1% operationally and 24.6% organically).

Boston Scientific reported 29.2% growth for cardiology products and 11.8% growth in peripheral interventions.

MedSurg segment revenues increased 10.3% to $1.48 billion (10.4% operationally and 7.7% organically).

Neuromodulation led the way with a 17% increase. Urology (10.3%) and Endoscopy (7.8%) followed.

Outlook: Boston Scientific forecasts net sales growth for 2024 of approximately 16.5% on a reported basis and 15% on an organic basis, compared to prior guidance of 13.5%-14.5% and 13%-14%, respectively.

Boston Scientific estimates 2024 adjusted EPS of $2.45-$2.47, compared to prior guidance of $2.38-$2.42 and the consensus of $2.41.

For the fourth quarter, the company estimates net sales growth of approximately 16.5%-18.5% on a reported basis and 14%-16% on an organic basis.

The company forecasts adjusted EPS of $0.64-$0.66 versus consensus of $0.64.

Boston Scientific Stock Prediction For 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Boston Scientific have an average 1-year price target of $91.47, representing an expected upside of 7.71%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Boston Scientific, while 17 analysts have bullish ratings. The street high price target from B of A Securities is $100.0, while the street low from Deutsche Bank is $78.0.

Price Action: BSX stock is down 5.31% at $83.34 at the last check on Wednesday.

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