Boston Scientific (NYSE:BSX) shares were up this morning on first-quarter results that topped the consensus forecast.
The Marlborough, Massachusetts–based interventional medtech maker posted profits of $97 million, or 7¢ per share, on sales of just over $3 billion for the three months ended March 31, 2022, for a 70.3% bottom-line slide on sales growth of nearly 10%.
Adjusted to exclude one-time items, earnings per share were 39¢, either slightly beating or coming in even with projections on Wall Street, where analysts were looking for sales of $2.95 billion.
Each of Boston Scientific’s business segments (bar the specialty pharmaceuticals business which the company divested last year) experienced revenue growth, with cardiovascular leading the way at 11.4% growth, followed by medical devices (10.5%) and medsurg (9.1%).
“Our growth this quarter was fueled by strong execution from our global team, our innovative portfolio and improved procedure volume,” Boston Scientific Chair and CEO Mike Mahoney said in a news release. “We are pleased with our first-quarter performance and outlook for the full year, despite the impact of macroeconomic headwinds, and we look forward to bringing meaningful innovation to customers and the patients we serve together.”
Boston Scientific said it now expects to log adjusted EPS of between $1.74 and $1.79 raising the low end of that projection from the previously projected $1.73. The company expects revenue growth for the full year to range between 7% and 9%.
“This is an undeniably strong — and quite frankly, much stronger than we expected — quarter from BSX that does give us better line of sight into the still-strong underlying fundamentals, as we continue to believe BSX possesses one of the best product portfolios tied to the highest growth end-markets within large-cap medtech,” SVB Securities analysts said in a report.
“That said, we do remain on the sidelines for now as we watch to see how various market dynamics play out, not only around COVID and ongoing labor shortages but also — and probably most importantly — a competitive launch for [the Watchman stroke prevention device] and successful execution on upcoming new product launches,” said Danielle Antalffy, Priya Sachdeva, Erin S. Fahey, and Ryan Barocas at SVB Securities.
BSX shares were up more than 1% to $43.26 apiece during morning trading today. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.