Boston Scientific (NYSE:BSX) doubled its earnings per share during the 4th quarter on an 80% profit surge eked out despite flat sales growth that still topped analysts’ expectations.
The Natick, Mass.-based medical device company posted profits of $108 million, or 8¢ per share, on sales of $1.84 billion for the 3 months ended Dec. 31, 2013, for top-line growth of 0.9% compared with Q4 2012. Adjusted to exclude 1-time items, earnings were 21¢ per share; the consensus outlook on The Street called for adjusted EPS of 12¢ on sales of $1.83 billion.
For the full year, Boston Scientific slashed losses by nearly 100%, but sales were off by 1.5%. Losses for 2013 were -$121 million, or -9¢ per share, on sales of $7.14 billion; losses in 2012 were -$4.07 billion, or -29¢ per share, on sales of $7.25 billion.
"I am pleased with our results for the quarter and our return to operational revenue growth for the full year 2013," stated Mike Mahoney, president and chief executive officer, Boston Scientific Corporation. "This marks our third consecutive quarter of accelerated operational revenue growth and we look forward to continued improvement of our annual sales and earnings performance in 2014."
Boston Scientific said it expects to report 1st-quarter EPS of 6¢-8¢ and adjusted EPS of 16¢-18¢ on sales of $1.76 billion to $1.81 billion.
Full-year 2014 EPS are pegged to come in between 35¢ and 40¢, on sales of $7.30 billion to $7.50 billion, representing growth of 2%-5%. Adjusted EPS are forecast at 75¢-80¢, according to a press release. Analysts are looking for adjusted EPS of 52¢ on sales of $7.4 billion
BSX shares were down 0.2% to $12.99 apiece as of about 9:45 a.m. today.
