Boston Scientific's stock jumps 3% after earnings beat and upbeat guidance

By Ciara Linnane

Medical tech company's sales rose 14.9% in its latest quarter

Boston Scientific Corp.'s stock jumped 3% early Wednesday, after it beat estimates for the fourth quarter and offered upbeat guidance for 2024.

The Marlborough, Mass.-based medical-technology company (BSX) posted net income of $504 million, or 34 cents a share, for the quarter, up from $126 million, or 9 cents a share, in the year-earlier period.

Excluding special items, the company had EPS of 55 cents, ahead of the 51-cent FactSet consensus.

Sales rose 14.9% to $3.725 billion, well ahead of the $3.593 billion FactSet consensus.

See also: Axonic's stock soars after cash buyout deal with Boston Scientific valued at $3.7 billion

By segment, sales at the medical-surgical division rose 11.1%, to $1.441 billion, while cardiovascular sales rose 13.9% to $2.825 billion.

By geography, sales rose 11.4% in the U.S., were up 14% in Europe, Middle East and Africa, up 14.8% in the Asia-Pacific region, up 20.8% in Latin America and were up 16.3% in emerging markets.

The company is now expecting net sales to rise 8.5% to 9.5% in 2024. It expects EPS of $1.38 to $1.42 and adjusted EPS of $2.23 to $2.27. The FactSet consensus is for sales to rise 8% and for EPS of $2.24.

For the first quarter, it expects sales to grow 7.5% to 9.5%. It expects EPS of 29 cents to 31 cents and adjusted EPS of 50 cents to 52 cents. The FactSet consensus is for sales to grow 9.5% and for EPS of 59 cents.

The stock has gained 33% in the last 12 months, while the S&P 500 has gained 20.8%.

-Ciara Linnane

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01-31-24 0714ET

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