Boston Scientific (NYSE: BSX) shares ticked up today on third-quarter results that came in ahead of the consensus forecast.
Shares of BSX were up slightly at $50.44 apiece by midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies —was down more than 1%.
Truist analysts described the results as another solid quarterly organic revenue beat.
The Marlborough, Massachusetts–based medtech company posted profits of $505 million. That equals 34¢ per share, on sales of more than $3.5 billion for the three months ended Sept. 30, 2023.
Boston Scientific posted a massive bottom-line gain — nearly three-fold — on sales growth of 11.2%.
Adjusted to exclude one-time items, earnings per share came in at 50¢. That landed 2¢ ahead of expectations on Wall Street. Sales also topped estimates of $3.47 billion.
The company reported 10.6% growth in its MedSurg segment and 11.6% growth in its cardiovascular unit. Highlights from the quarter included positive Farapulse data and an agreement to acquire Relievant Medsystems, among other product launches and regulatory milestones. Chair and CEO Mike Mahoney explained the company’s excitement around Farpusle, Relievant and more at its recent Investor Day event.
“We achieved another quarter of strong performance, thanks to the hard work of our talented global team and our differentiated medical technologies that improve the lives of patients across the globe,” Mahoney said today. “As we shared at our recent Investor Day meeting, we are well-positioned for the long term, backed by our category leadership strategy, strong pipeline of innovation and track record of strong commercial execution.”
Boston Scientific said it expects to log adjusted EPS between $1.99 and $2.02 for the full year. That marks a slight rise from previous estimates of between $1.96 and $2.00. It projects approximately 11% sales growth, landing at the midway point of the company’s previously announced range of 10.5%-11.5%.