Boston Scientific Q2 meets the street as sales grow

Boston Scientific (NYSE:BSX) today reported 2nd quarter earnings that met the Street’s expectations and saw overall sales grow over 15% from last year, sending shares up lightly in pre-market trading.

The Marlborough, Mass.-based company reported losses of $207 million, or 15¢ per share, on sales of $2.1 billion for the 3 months ended June 30.

That amounts to a significant turn into the red from the $102 million in profits it reported during the same period last year, even as sales grew a significant 15.4% overall.

Adjusting to exclude one time items puts the company in the black, with non-GAAP profits of $435 million, or 27¢ per share. Earnings per share were right in line with analyst expectations, while revenue topped the Street by approximately $75 million.

Shares of Boston Scientific are up 2.4% in pre-market trading at $24.24 as of 9:09 a.m. EDT.

“Our strong performance is evidence of the success of our category leadership strategy. Our deep portfolio, commitment to innovation and high-performance culture are helping us meet the needs of our customers and patients while sustaining growth and momentum,” CEO Mike Mahoney said in prepared remarks.

Boston Scientific grew its full year 2016 guidance, from between $8.1 and $8.2 billion to between $8.3 and $8.4 billion, which the company said represents growth of between 11% and 12%.

For GAAP earnings per share, the company lowered its outlook from between 59¢ to 65¢ to between 30¢ and 35¢. Non-GAAP earnings per share are up 1¢ from previous guidance at somewhere between $1.07 and $1.11.

Revenue for the 3rd quarter is expected to be in the range of $2.0 and $2.1 billion, with adjusted earnings between 25¢ and 27¢ per share.

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