Boston Scientific rises as revenue guidance beats consensus
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A better-than-expected Q1 2023 report from Boston Scientific (NYSE:BSX) sent its shares ~3% higher in the pre-market Wednesday as the medical device maker increased its full-year revenue guidance exceeding Wall Street forecasts.
Boston Scientific (BSX) of Marlborough, Massachusetts, reported $3.4B net sales for the quarter, indicating ~12% YoY growth beating Street forecasts by as much as $230M thanks to the outperformance of all major business segments.
MedSurg and Cardiovascular units led sales growth reporting $1.3B and $2.1B in net sales with ~11% YoY and ~13% YoY growth, respectively, as the company's overall sales and earnings per share for Q1 exceeded its guidance.
"With a robust pipeline in 2023 and beyond, I'm optimistic about our ability to continue to deliver differentiated financial performance and the opportunity to reach more patients with life-changing therapies," Chief Executive Mike Mahoney remarked.
Boston Scientific (BSX) increased its full-year guidance for net sales growth to ~8.5% – 10.5% on a reported basis from the prior guidance of ~5% - ~7% YoY compared to ~7% YoY in the consensus.
Its full-year guidance for adjusted EPS stands at $1.90 – $1.96 compared to $1.91 in the consensus and 1.86 to $1.93 in the prior forecast.
Meanwhile, for the current quarter Boston Scientific (BSX) projects ~6.5% – 8.5% YoY net sales growth and $0.48 – $0.50 of adj. EPS compared to ~6% YoY growth and $0.48 estimated by analysts.