Boston Scientific Beats Forecasts, Boosts Outlook on Booming Heart Device Sales

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published April 24, 2024
A Boston Scientific advertisement during a women's college lacrosse game between the Notre Dame Fighting Irish and the Boston College Eagles on March 16, 2024 at Alumni Stadium in Chestnut Hill, MA

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Key Takeaways

  • Boston Scientific exceeded first-quarter profit and sales forecasts on demand for its cardiovascular devices.
  • The results were lifted by regulatory approval and launch of its product to treat irregular heartbeats.
  • The news sent shares of Boston Scientific to an all-time high.

Shares of Boston Scientific (BSX) hit an all-time high Wednesday as the maker of medical equipment reported better-than-anticipated quarterly results and boosted its guidance on demand for its cardiovascular devices, including a newly approved product to treat irregular heartbeats.

The company posted first-quarter adjusted earnings per share (EPS) of $0.56, with revenue up 13.8% year-over-year to $3.86 billion. Both were above estimates.

Boston Scientific’s Cardiovascular unit sales jumped 15.9% to $2.45 billion. The results got a lift from the January Food and Drug Administration (FDA) approval and the subsequent launch of the Farapulse pulse field ablation system.

The firm's MedSurg division sales gained 10.3% to $1.41 billion, led by a rise of 11.4% in sales of endoscopy equipment. Overall net sales were up in the U.S. (+12.7%); Europe, the Middle East, and Africa (+12.7%); Asia-Pacific (+18.3%); and Latin America & the Caribbean (+17.9%).

The company sees full-year adjusted EPS in a range of $2.29 to $2.34, up from its earlier outlook of $2.23 to $2.27. It lifted revenue growth to 11% to 13%, compared to the previous prediction of a gain of 8.5% to 9.5%.

Boston Scientific shares rose 6.3% as of 11:26 a.m. ET to $73.34 after earlier hitting an all-time high of $74.39. They are up about 27% this year.

Article Sources
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  1. Boston Scientific. "Boston Scientific Announces Results for First Quarter 2024."

  2. Boston Scientific. "Boston Scientific Receives FDA Approval for FARAPULSE™ Pulsed Field Ablation System."

  3. Boston Scientific. "Boston Scientific Announces Results for Fourth Quarter and Full Year 2023."

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