Boston Scientific (NYSE:BSX) today beat forecasts for its 3rd-quarter results, despite a swing to red ink, and raised its outlook for the rest of the year.
Marlborough, Mass.-based Boston Scientific posted losses of -$198.0 million, or -15¢ per share, for the 3 months ended Sept. 30, as litigation charges surged 228.8% to $457 million for the quarter.
Sales grew 2.3% to $1.89 billion, ahead of the $1.86 billion expectation on Wall Street and well ahead of Boston Scientific’s own guidance for $1.79 billion to $1.84 billion.
Adjusted to exclude 1-time items, earnings per share were 24¢, 4¢ ahead of The Street.
“Our excellent 3rd-quarter performance was driven by strong sales and differentiated adjusted operating margin expansion,” president & CEO Mike Mahoney said in prepared remarks. “Our global teams continue to advance our mission to transform the lives of patients through innovative medical solutions. In this quarter, we launched several exciting products, invested in multiple early-stage companies and began the important work of integrating the AMS male urology portfolio into Boston Scientific.”
The company boosted the low end of its earnings outlook for 2015, saying it now expects adjusted EPS of 90¢ to 92¢, up from prior guidance of 88¢ to 92¢. Boston also raised its sales guidance to between $7.47 billion and $7.510 billion, up from $7.275 billion to $7.375 billion.
Fourth-quarter adjusted earnings are pegged at 23 to 25 per share on sales of $1.97 billion to $2.01 billion , the company said.
BSX shares were trading up 4.0% at $16.82 apiece in pre-market trading today.
The post Boston Scientific boosts guidance after strong Q3 appeared first on MassDevice.
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