Boston Scientific’s Q3 sales top estimates

Third-quarter sales for Boston Scientific (NYSE:BSX) beat the consensus forecast on Wall Street today with a swing to black ink, and the medical device company raised its revenue guidance and the low end of its earnings outlook for the rest of the year.

Marlborough, Mass.-based Boston Scientific posted profits of $228 million, or 17¢ per share, on sales of $2.11 billion for the 3 months ended Sept. 30, compared with losses of -$198 million during Q3 2015. The top line grew 11.5% for the company during the just-ended quarter.

Adjusted to exclude 1-time items, earnings per share were 27¢, in line with The Street, where analysts were looking for sales of $2.07 billion.

“Our differentiated products and services continue to make a meaningful impact for our customers and the patients they treat, as shown by very strong revenue growth in the third quarter and year to date,” chairman & CEO Mike Mahoney said in prepared remarks. “Our global team is delivering excellent performance across our various business units and geographies.”

Boston Scientific said it now expects to post full-year adjusted EPS of $1.09 to $1.11 per share, compared to prior guidance for $1.07 to $1.11 per share. Full-year sales are now pegged at $8.34 billion to $8.39 billion, up from prior guidance of $8.27 billion to $8.37 billion.

Fourth-quarter adjusted EPS are forecast at 27 to 29, on sales of $2.14 billion to $2.19 billion, the company said.

BSX shares rose 2.5% to $23 apiece in premarket trading today, but were down -0.2% to $22.40 in mid-morning activity.

Boston Scientific said cardiovascular sales were up 13.5% to $825 million during the quarter. Medsurg segment sales were $753 million, up 15.3%.

Material from Reuters was used in this report.

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