Boston Scientific (NYSE:BSX) beat the consensus estimate for both sales and earnings with its third-quarter results and raised its outlook on the rest of the year, sending share prices up today in pre-market trading.
The Marlborough, Mass.-based medical device company posted profits of $126.0 million, or 9¢ per share, on sales of $2.71 billion for the three months ended Sept. 30, marking a -70.8% bottom-line slide on sales growth of 13.1% compared with Q3 2018.
Adjusted to exclude one-time items, earnings per share were 39¢, a penny ahead of Wall Street, where analysts were looking for revenues of %2.65 billion.
“Our third-quarter results reflect accelerated growth fueled by several key product launches, excellent regional performance and the broad strength of our core portfolio, and we continue to invest in building a robust pipeline,” chairman & CEO Mike Mahoney said in prepared remarks. “I am proud of our global teams across Boston Scientific who continue to bring forward new clinical solutions that advance science and help improve patient lives.”
Boston Scientific said it now expects to put up adjusted EPS of $1.55 to $1.58 this year, up from $1.54 to $1.58 previously, on sales growth of 9.0% to 9.5% compared with prior guidance of 7% to 8%. Fourth-quarter adjusted EPS are forecast at 42¢ to 45¢ on sales growth of 13.0% to 15.0%.
BSX shares, which closed down -1.2% at $38.18 apiece yesterday, rose 2.0% to $38.95 each today in pre-market trading.