MARLBOROUGH, Mass. - Boston Scientific Corporation (NYSE: NYSE:BSX) has surpassed Wall Street expectations with its second-quarter financial results, reporting an adjusted EPS of $0.62, which is $0.04 higher than the analyst estimate of $0.58.
The company's revenue also exceeded forecasts, coming in at $4.12 billion against the consensus estimate of $4.02 billion. Following the announcement, the company's stock rose by 0.8%in premarket trading.
The medical device maker's impressive performance represents a 14.5% increase in reported net sales compared to the same period last year. The growth was driven by strong sales across all reportable segments, particularly in the Cardiovascular category, which saw a 17.8% reported increase. Regionally, the United States led with a 16.9% increase in sales.
Chairman and CEO Mike Mahoney attributed the robust quarter to "exceptional performance" and the company's focus on innovation and category leadership. "We remain excited about our plans for the future, and I am incredibly grateful for the commitment and winning spirit of our employees around the world," Mahoney said.
Looking ahead, Boston Scientific provided guidance for the third quarter of 2024, estimating EPS to be between $0.57 and $0.59, which aligns with the lower end of the analyst consensus of $0.57. For the full year 2024, the company expects adjusted EPS to range from $2.38 to $2.42, surpassing the consensus estimate of $2.33.
The company's guidance suggests continued confidence in its growth trajectory, with projected net sales growth for the full year 2024 expected to be between 13.5 and 14.5 percent on a reported basis, and between 13 and 14 percent on an organic basis.
Boston Scientific's second-quarter success and optimistic outlook reflect its strategic investments and the approval of new products, such as the FARAPULSE™ Pulsed Field Ablation (PFA) System in China, which have contributed to its strong market position. The company's recent developments, including the U.S. launch of the AGENT™ Drug-Coated Balloon and the acquisition agreement with Silk Road Medical (NASDAQ:SILK), Inc., further underscore its commitment to expanding its portfolio and addressing unmet patient needs.
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