Boston Scientific (NYSE:BSX) CEO Mike Mahoney, who’s overseen a turnaround at the medical device giant since taking over the corner office in 2012, today said the company is targeting double-digit earnings growth each year for the next 6 years.
Mahoney, speaking at the Marlborough, Mass.-based company’s investor day presentation in New York this morning, said Boston expects to post adjusted earnings per share of 88¢ to 92¢ this year, excluding foreign exchange effects.
The sales forecast for Boston calls for organic revenue growth of 3% to 5% this year, Mahoney said, compared with the 4% organic growth rate the company put up last year.
“We are really showing confidence in our long-term financial outlook with mid-single-digit growth for the company and differentiated margin expansion,” Mahoney told Bloomberg. “We are growing faster than our peers in most of our businesses and we have the No. 1 or No. 2 spot in 5 out of 7 businesses.”
Earlier this week Boston Scientific swung to 1st-quarter red ink on the back of a $193 million legal tab and lowered its outlook for the rest of the year, posting losses of -$1 million, or zero cents per share, on sales of $1.77 billion for the 3 months ended March 31. That compares with profits of $133 million during Q1 2014 and represents a -0.03% top-line slip.
Boston Scientific said it now expects to post 2015 EPS of 32¢ to 38¢, down from prior guidance for 42¢ to 48¢. The company also lowered its sales outlook to $7.23 billion to $7.38 billion, compared with its former outlook of $7.30 billion to $7.50 billion.
Second-quarter EPS are pegged at 9¢ to 11¢ on sales of $1.80 billion to $1.85 billion, Boston said.
BSX shares were down -1.1% to $17.63 today in early trading.