Boston Scientific’s Q1 sales top Wall Street, earnings miss by a penny

Boston Scientific (NYSE:BSX) today posted 1st-quarter sales that topped expectations on Wall Street, but share prices slid anyway in pre-market trading as investors reacted to a 1¢ miss on earnings.

The Marlborough, Mass.-based company reported profits of $290 million, or 21¢ per share, on sales of $2.16 billion for the 3 months ended March 31, for a bottom-line gain of 43.6% on sales growth of 10.0% compared with Q1 2016. Adjusted to exclude 1-time items, earnings per share came in a penny below The Street at 29¢. Analysts were looking for sales of $2.08 billion.

The results pushed BSX shares down -1.8% to $25.50 today before the markets opened.

“We are pleased with our performance in the 1st quarter as we delivered excellent growth across our various businesses and geographies,” chairman & CEO Mike Mahoney said in prepared remarks. “At the same time, we are investing in innovation that will strengthen our category leadership strategy while aiming to deliver sustainable double-digit adjusted earnings-per-share growth.”

Boston Scientific boosted its top-line forecast for the full year but stood pat on its earnings outlook, saying it still expects to report adjusted EPS of $1.22 to $1.26 on sales of $8.80 billion to $8.90 billion, up from prior guidance for sales of $8.68 billion to $8.88 billion.

Second-quarter adjusted EPS are pegged at 30¢ to 32¢ on sales of $2.19 billion to $2.22 billion.

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