Boston Scientific (NYSE:BSX) today swung to 1st-quarter red ink on the back of a $193 million legal tab and lowered its outlook for the rest of the year, sending share prices down today on Wall Street.
The Marlborough, Mass.-based medical device company posted losses of -$1 million, or zero cents per share, on sales of $1.77 billion for the 3 months ended March 31. That compares with profits of $133 million during Q1 2014 and represents a -0.03% top-line slip.
Adjusted to exclude 1-time items, earnings per share met The Street’s forecast at 21¢, but analysts were looking for revenues of $1.78 billion for the quarter.
"We achieved strong results in the first quarter, and we continue to build global momentum. In particular, our interventional cardiology business, including structural heart, delivered excellent results. We are also excited about bringing new innovation to patients with the recent Food & Drug Administration approvals of the Watchman left atrial appendage closure device and the Emblem subcutaneous implantable defibrillator system," president & CEO Mike Mahoney said in prepared remarks.
Boston Scientific said it now expects to post 2015 EPS of 32¢ to 38¢, down from prior guidance for 42¢ to 48¢. The company also lowered its sales outlook to $7.23 billion to $7.38 billion, compared with its former outlook of $7.30 billion to $7.50 billion.
Second-quarter EPS are pegged at 9¢ to 11¢ on sales of $1.80 billion to $1.85 billion, Boston said.
BSX shares were down 0.9% to $17.82 apiece in pre-market trading today.
