Boston Scientific (NYSE:BSX) today posted 3rd-quarter profit in line with analysts’ expectations on increased sales of its implantable heart devices, and raised its full-year outlook for revenue and profit, excluding items.
Sales of cardiac rhythm devices to manage irregular heartbeats and stents to treat clogged arteries both strengthened in the quarter as newly launched products boosted market share.
Third-quarter sales of cardiac rhythm management devices, including implantable defibrillators and pacemakers, rose 3% from a year ago to $480 million. Interventional cardiology sales, including stents, increased 8% to $508 million.
Net income totaled $43 million, or 3¢ per share, compared with a net loss of $5 million, or nil per share, a year earlier.
The company has cut jobs and reduced other expenses over the past several years as the economic downturn hurt global demand for medical services, and clinical studies suggested stents and some cardiac rhythm devices were being overused.
Excluding charges for restructuring, litigation and other costs, earnings were 20¢ a share, matching the average analyst estimate, according to Thomson Reuters I/B/E/S.
Revenue was up 6% to $1.85 billion. Analysts, on average, expected revenue of $1.82 billion.
Boston Scientific raised its forecast for 2014 earnings, excluding items, to a range of 81¢ to 83¢, from 79¢ to 83¢. It boosted its full-year revenue outlook to a range of $7.37 billion to $7.42 billion, from $7.33 billion to $7.43 billion.
BSX shares were up 3.9% to $12.51 apiece shortly after the market’s open this morning; the stock débuted at $12.46 per share.