Boston Scientific (NYSE:BSX) beat Wall Street’s earnings expectations by 6 cents despite posting a 25 percent profit decline.
Natick, Mass.-based BSX reported profits of $142 million, or 9 cents per diluted share, on sales of $1.87 billion for the three months ended Sept. 30. That compares with profits of $190 million, or 12 cents diluted EPS, on sales of $1.92 billion during the same period last year.
The medical device maker, a major player in the cardiac rhythm management space, saw sales of CRM devices fall by 8.5 percent during the quarter, to $503 million.
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“Boston Scientific’s earnings performance remains strong, despite very challenging global economic and end-market conditions that adversely impacted revenue,” new CEO Hank Kucheman said in prepared remarks.
Excluding one-time items, adjusted EPS was 15 cents, beating the predictions of analysts on The Street by 6 cents.
BSX boosted its profit guidance for the full year, saying it expects adjusted EPS of 67 cents to 70 cents, up from 64 cents to 70 cents. Sales are expected to be between $7.62 billion to $7.72 billion, with diluted EPS at 27 cent to 33 cents.
Fourth-quarter sales are predicted to be between $1.85 billion and $1.95 billion. Earnings per diluted shares should be 5 cents to 11 cents during Q4, with adjusted EPS reaching 13 cents to 16 cents.
Full-year sales are pegged at Adjusted EPS per share. Adjusted earnings, excluding goodwill and other intangible asset impairment charges; acquisition-, divestiture-, and restructuring-related net credits; discrete tax items; and amortization expense, are being updated from previous guidance of $0.64 to $0.70 per share to an estimated range of $0.67 to $0.70 per share. Recent acquisitions are expected to dilute full year 2011 adjusted earnings by approximately $0.04 per share as compared to the prior year, and the divestiture of the Neurovascular business is expected to dilute full year 2011 adjusted earnings by $0.04 per share.
Here’s a look at how the company’s segments fared during the quarter (in millions):
|Segment||Q4 2011||Q4 2010||% change|
|Cardiac Rhythm Management||$503||$550||-8.5%|
|Urology/ Women’s Health||$124||$122||1.6%|