The Marlborough, Mass.-based company reported profits of $290 million, or 21¢ per share, on sales of $2.16 billion for the 3 months ended March 31, for a bottom-line gain of 43.6% on sales growth of 10.0% compared with Q1 2016. Adjusted to exclude 1-time items, earnings per share came in a penny below The Street at 29¢. Analysts were looking for sales of $2.08 billion.
The results pushed BSX shares down -1.8% to $25.50 today before the markets opened.
“We are pleased with our performance in the 1st quarter as we delivered excellent growth across our various businesses and geographies,” chairman & CEO Mike Mahoney said in prepared remarks. “At the same time, we are investing in innovation that will strengthen our category leadership strategy while aiming to deliver sustainable double-digit adjusted earnings-per-share growth.”
Boston Scientific boosted its top-line forecast for the full year but stood pat on its earnings outlook, saying it still expects to report adjusted EPS of $1.22 to $1.26 on sales of $8.80 billion to $8.90 billion, up from prior guidance for sales of $8.68 billion to $8.88 billion.
Second-quarter adjusted EPS are pegged at 30¢ to 32¢ on sales of $2.19 billion to $2.22 billion.