Boston Scientific (NYSE:BSX) shares are up today on second-quarter results that topped the consensus forecast.
The Marlborough, Mass.-based company posted profits of $172 million, or 12¢ per share, on sales of $3.1 billion for the three months ended June 30, 2021, marking a massive bottom-line gain from losses of $153 million this time last year. Sales were up 53.6%.
Adjusted to exclude one-time items, earnings per share were 40¢, 3¢ ahead of Wall Street, where analysts were looking for sales of $2.9 billion.
Each reportable segment saw significant growth year-over-year, with Boston Scientific’s rhythm and neuro business registering a 65% revenue increase, while medsurg grew by 64.6% and cardiovascular ticked up 51.4%.
“We delivered excellent results this quarter, with strong momentum throughout our portfolio and faster-than-market growth in most segments, fueled by our team’s dedication to customers and patients all over the world,” Boston Scientific chairman & CEO Mike Mahoney said in a news release. “We are confident that our focus on meeting customers’ needs today, and our innovative pipeline to solve tomorrow’s challenges, will continue to deliver value for patients, customers and shareholders.”
Boston Scientific said it now expects to log full-year adjusted EPS ranging between $1.58 and $1.62, while it set its sales growth estimate at a year-over-year increase of 21%-22%.
BSX shares were up 3.4% at $45.46 apiece during morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.