The Marlborough, Mass.-based medical device company posted profits of $124 million, or 9¢ per share, on sales of $2.19 billion for the 3 months ended Dec. 31, for a 10.8% top-line gain compared with Q4 2015, when Boston Scientific put up a loss of -$142 million.
Adjusted to exclude 1-time items, earnings per share were 30¢, a penny ahead of the consensus on Wall Street, where analysts were looking for sales of $2.16 billion.
Full-year profits were $347 million, or 25¢ per share, on sales of $8.39 billion, amounting to a 12.2% sales increase over 2015, when losses were -$239 million. Adjusted EPS for 2016 came in at $1.11, again ahead of The Street by 1¢; analysts were looking for annual sales of $8.35 billion.
“Boston Scientific delivered excellent financial results in 2016, with accelerated revenue growth, improved profitability, and strong double-digit adjusted EPS growth,” chairman & CEO Mike Mahoney said in prepared remarks. “Our strategy of category leadership in key markets and diversification into high-growth adjacencies is working, and enabling continued investment in innovative medical technologies. I want to thank our employees for their commitment to advancing science and improving the lives of patients around the world.”
Boston Scientific said it expects to report adjusted EPS of $1.22 to $1.26 on sales of $8.68 billion to $8.88 billion this year. First-quarter adjusted EPS are pegged at 29¢ to 31¢ on sales of $2.05 billion to $2.10 billion, the company said.