Boston Scientific
(NYSE: BSX)
shares ticked up this morning on second-quarter results that topped the consensus forecast.
Shares of BSX rose more than 1% at $53.12 apiece in morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.
The Marlborough, Massachusetts-based medtech company posted profits of $261 million for the quarter. That equals 18¢ per share on sales of $3.6 billion for the three months ended June 30, 2023.
Boston Scientific recorded a 6.1% bottom-line gain on sales growth of 10.9%.
Adjusted to exclude one-time items, earnings per share came in at 53¢. That landed 4¢ ahead of projections on Wall Street, where analysts expected sales of $3.5 billion.
Boston Scientific saw 12.2% revenue growth in its cardiovascular business and 9% growth in its medsurg segment. The company’s endoscopy (12.7% growth), urology (7.8%) and neuromodulation (2.5%) offerings all contributed to the medsurg rise. Cardiovascular sales grew thanks to a 12.3% uptick in cardiology and 11.9% growth in peripheral interventions.
BTIG analysts Marie Thibault and Sam Eiber called the results “outstanding.” They backed up their “Buy” rating by saying that Boston Scientific’s “broad product portfolio in cardiovascular and medsurg markets, consistently dependable performance and potential for upside from new products” support their investment thesis.
“We had another quarter of excellent results fueled by our innovative portfolio, strong commercial execution and the high performance of our global team,” said Mike Mahoney, chair and CEO, Boston Scientific. “We are excited about our long-term outlook and robust pipeline of unique innovations to address unmet patient needs.”
Boston Scientific projects sales growth for the full year to range between 10.5% and 11.5%. That marks an increase from the previously suggested range of 8.5% to 10.5%. The company expects adjusted EPS to land between $1.96 and $2, rising from the previous guidance of $1.90 to $1.96.
