Boston Scientific (NYSE: BSX) shares got a boost this morning on first-quarter results that came in ahead of the consensus forecast.
Shares of Boston Scientific ticked up nearly 7% to $73.66 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.
The Marlborough, Massachusetts-based company reported profits of $495 million. That equals 33¢ per share on sales of $3.86 billion for the quarter ended March 31, 2024.
Boston Scientific recorded a 65% bottom-line gain on a sales increase of 13.8%.
Adjusted to exclude one-time items, earnings per share came in at 56¢. That landed 5¢ ahead of expectations on Wall Street. Sales also beat The Street as experts projected $3.69 billion in revenue.
Boston Scientific expects sales growth for 2024 to range between 11% and 13%, marking a significant rise from the previous projection for between 8.5% and 9.5%. The company also increased its adjusted EPS guidance from between $2.23 and $2.27 to between $2.29 and $2.34.
Farapulse, Cardiovascular drive growth for Boston Scientific
The company’s Cardiovascular segment led the way with more than $2.4 billion in sales, rising 15.9% year-over-year. MedSurg also saw significant growth, with revenues of more than $1.4 billion translating to 10.3% growth over the same period a year ago. Boston Within those units, Cardiology sales (16.5% growth) led the way for Cardiovascular and Endoscopy (11.4%) led MedSurg.
Significant developments in the quarter included FDA approval of the Farapulse pulsed field ablation system and its subsequent launch. According to the company’s earnings presentation, Farapulse helped drive the company’s Electrophysiology sales to 70% year-over-year growth.
The company’s Watchman FLX Pro also recently moved into its full U.S. launch, with sales for the left atrial appendage occlusion device growing by 18.5% and also contributing to the soaring Cardiovascular revenues.
“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, Boston Scientific chair and CEO. “We continue to invest for the long term in our innovative portfolio and clinical science to benefit patients globally while delivering differentiated financial performance.”