Boston Scientific swings to Q2 black

Boston Scientific (NYSE:BSX) swung to second-quarter black today, beating the consensus estimates on Wall Street for both sales and earnings and raising its outlook for the rest of the year.

The Marlborough, Mass.-based medical device giant posted profits of $146 million, or 11¢ per share, on sales of $2.26 billion for the three months ended June 30. That compares with Q2 2016 losses of -$207 million, or -15¢ per share, and amounts to a 6.2% top-line gain.

Adjusted to exclude 1-time items, earnings per share were 32¢, a penny ahead of the consensus on the Street, where analysts were looking for sales of $2.21 billion.

“Our strong financial performance in the first half of 2017 reflects our innovative portfolio of products and solutions and execution of our category leadership strategy,” chairman & CEO Mike Mahoney said in prepared remarks. “Our team continues to drive results while also investing in multiple high-growth markets where we expect our portfolio will have a meaningful impact on customers and their patients.”

Boston Scientific said it now expects to report adjusted 2017 EPS of $1.23 to $1.27, up from prior guidance of $1.22 to $1.26. Sales this year are now pegged at $8.89 billion to $8.99 billion, up from $8.80 billion to $8.90 billion previously.

Third-quarter adjusted EPS are pegged at 29¢ to 31¢ on sales of $2.18 billion to $2.21 billion, the company said.

BSX shares, which closed down -0.6% at $27.42 apiece, gained 3.6% to hit $28.40 in after-hours trading yesterday.

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