The Marlborough, Mass.-based medical device giant posted profits of $424 million, or 30¢ per share, on sales of $2.49 billion for the three months ended March 31, for a bottom-line gain of 42.3% on sales growth of 4.8% compared with Q1 2018.
Adjusted to exclude one-time items, earnings per share were 35¢, a penny below the consensus on Wall Street, where analysts were looking for sales of $2.54 billion.
“Our global team and differentiated portfolio enabled us to deliver good sales and earnings growth this quarter, despite some revenue softness compared to our estimates,” chairman & CEO Mike Mahoney said in prepared remarks. “With our strong pipeline and category leadership strategy, we are confident in our top tier 2019 outlook and how we can help improve outcomes for patients around the world for years to come.”
Boston raised the low end of its 2019 earnings guidance, saying it now expects adjusted EPS of $1.54 to $1.58 compared with $1.53 to $1.58 previously, but cut its sales growth outlook to 7% to 8% compared with a prior top end of 9%.
Second-quarter adjusted EPS are pegged at 37¢ to 39¢ on sales growth of 5% to 7%, Boston Scientific said.
BSX shares, which closed up 2.8% at $35.89 apiece yesterday, were off -1.2% to $35.45 each today in pre-market activity.