Boston Scientific (NYSE:BSX) shares are down today on third-quarter results that were mixed compared to the consensus forecast.
The Marlborough, Massachusetts–based company posted profits of $419 million, or 28¢ per share, on sales of $2.9 billion for the three months ended Sept. 30, 2021, for a bottom-line gain from losses of $155 million this time last year on sales growth of 10.3%.
Adjusted to exclude one-time items, earnings per share were 41¢, 1¢ ahead of Wall Street, where analysts were looking for sales of $3 billion.
Each of Boston Scientific’s business segments experienced year-over-year revenue growth from 2020, with its cardiovascular business growing the most (19.4%). MedSurg increased by 11.2% and rhythm and neuro grew by 8.2%.
“We’ve seen this year that our strategy of category leadership, focus on high-growth markets and smart tuck-in M&A deals, combined with execution by our global team and an exciting pipeline, positions us well for the long term,” Boston Scientific Chairman & CEO Mike Mahoney said in a news release. “Despite some softness this quarter, including the ongoing impact of the COVID-19 pandemic, we’re confident that we will achieve our growth goals as the pandemic wanes.”
Boston Scientific said it now expects to log adjusted EPS of between $1.60 and $1.62 and projects its 2021 sales growth to range between 19% and 20%.
BSX shares were down more than –1.4% at $43.69 per share by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, is down slightly today.