Synergy, Watchman help Boston Scientific swing to Q1 black

Boston Scientific (NYSE:BSX) reaped the rewards of its turnaround push today with a 1st-quarter swing to black ink, raising its outlook for the rest of the year, helped by contributions from its Synergy and Watchman devices.

Investors reacted by sending BSX shares up 6.0% to $20.85 in pre-market trading this morning.

Marlborough, Mass.-based Boston Scientific reported profits of $202.0 million, or 15¢ per share, on sales of $1.96 billion for the 3 months ended March 31, for an 11% top-line gain compared with Q1 2015, when losses were -$1.o million.

Adjusted to exclude 1-time items, earnings per share were 28¢, 4¢ above the Street’s consensus expectation.

“Four of our 7 businesses achieved double-digit organic revenue growth this quarter, as the high performance of our global team has accelerated our growth profile as a company,” president & CEO Mike Mahoney said in prepared remarks. “This strong start enables us to raise our outlook for the year. We continue to execute on our product launches, expand into faster growth markets and deliver solutions that address unmet clinical needs.”

Boston Scientific said it now expects to report full-year adjusted EPS of $1.06 to $1.10 per share, up from $1.03 to $1.07 previously, on sales of $8.075 to $8.225 billion (compared to $7.90 to $8.10 billion previously). Second-quarter adjusted EPS are pegged at 25¢ to 27¢ on sales of $2.01 to $2.06 billion, the company said.

Sales for its interventional cardiology business were ip 11% to $548 million, fueled by sales of its Synergy stent and the Watchman anti-stroke heart implant. Cardiovascular revenues, Boston Scientific’s largest segment, likewise rose 11% to $790 million.

Urology & pelvic health revenues surged 85% to $228 million, driven by the $1.6 billion acquisition of the American Medical Systems male urology portfolio in August 2015; excluding contributions from the AMS assets, organic sales for the division grew 12%, Boston Scientific said. But the company’s bread-and-butter cardiac rhythm management business slipped -4% to $492 million.

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