Boston Scientific (NYSE:BSX) shares jumped to a 52-week high this morning after the medical device company reported a return to organic top-line growth – and profitability – during the 2nd quarter.
The Natick, Mass.-based company posted profits of $130 million, or 10¢ per share, on sales of $1.81 billion during the 3 months ended June 30. Last year Boston Scientific reported $3.59 billion in losses for same period, largely due to a massive, $3.60 billion writedown.
Excluding foreign exchange effects, sales were up 2%, according to a press release, and Boston Scientific said adjusted earnings per share were 18¢ – double the expectations of Wall Street analysts.
"We are pleased with our improved performance during the quarter," president & CEO Mike Mahoney said in prepared remarks. "As we continue to expand our portfolio, our team is inspired to deliver meaningful innovation to more patients globally."
BSX shares surged to $10.70 apiece this morning – a 52-week high – before subsiding to $10.67 apiece as of about 9:50 a.m., up 11.0%.
Boston Scientific said it now expects to log sales of $7.05 billion to $7.17 billion for 2013, representing a $100 million boost to the low end of its guidance and a $200 million addition to the top end compared with prior guidance. Adjusted EPS are forecast to reach 67¢-71¢ for the full year.
Third-quarter sales are pegged to reach $1.70 billion to $1.76 billion, with adjusted EPS estimated at $14¢-16¢.