Boston Scientific (NYSE:BSX) shares are up today on strong second-quarter results that topped the consensus forecast.
BTIG analysts Marie Thibault and Sam Eiber reiterated their Buy rating: “The revenue beat was broad-based, with growth in each region, share wins in mature markets, and a rebound in the APAC region.”
“We believe that the [Q2 2022] results show that BSX is more insulated from macro headwinds than some of its large-cap peers, and we reiterate our Buy rating,” said Needham & Co. senior research analyst Mike Matson.
Shares of BSX were up more than 5% at $39.89 apiece by midday 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 company posted profits of $246 million, or 17¢ per share, on sales of $3.24 billion for the three months ended June 30, 2022, for a 43% bottom-line gain on sales growth of 5.4%.
Adjusted to exclude one-time items, earnings per share were 44¢, 2¢ ahead of Wall Street, where analysts were looking for sales of $3.22 billion.
Each of Boston Scientific’s specific business arms saw year-over-year revenue growth for the quarter, bar its neuromodulation business (down 3.4%). Urology and pelvic health posted the strongest performance (revenues rose 13.4%), while cardiology grew 7.6%. MedSurg saw a revenue rise of 4.5% overall.
“We had another quarter of excellent performance, a testament to the talent of our global team, the sustainability and diversification of our innovative medical technology portfolio and our strong market positions amid continued macroeconomic challenges,” said Mike Mahoney, chair and CEO, Boston Scientific. “As we continue to execute our strategy, we have a tremendous opportunity to continue to deliver on our promise to bring life-changing devices and therapies to more patients who need them.”
Boston Scientific said it now expects to log adjusted EPS of between $1.74 and $1.77, lowering the high end of its previous projection of $1.74 to $1.79. The company expects sales growth for the full year to range between 6.5% and 7.5% — down from a previous range between 7% and 9%.
