Boston Scientific Corporation (NYSE: BSX) has announced its financial results for the first quarter of 2024, showcasing significant growth and exceeding expectations. With net sales reaching $3.856 billion, the company experienced a 13.8% increase on a reported basis, 15.0% on an operational basis, and 13.1% on an organic basis compared to the same period last year.
Boston Scientific Outperforms Expectations with $0.56 EPS, $3.8 B in Revenue for Q1
This growth is attributed to the strength of Boston Scientific’s diversified businesses and the successful initial U.S. launch of the FARAPULSE
Pulsed Field Ablation System. GAAP net income for common stockholders rose to $495 million, or $0.33 per share, up from $300 million, or $0.21 per share, in the previous year. Adjusted EPS reached $0.56, surpassing last year’s $0.47.
Significant sales growth was observed in all reportable segments, with Cardiovascular leading at 15.9% reported growth. Region-wise, Asia-Pacific showed remarkable operational growth at 25.9%, followed by Emerging Markets at 28.2% operational growth.
The period also saw several clinical trials and the launch of new products, including the FDA-approved AGENT Drug-Coated Balloon, further bolstering the company’s innovative portfolio.
Comparing the first quarter performance against expectations, Boston Scientific has outperformed the anticipated metrics. Analysts had projected an EPS of $0.51 and revenue of $3.68 billion for the quarter, but the company surpassed these estimates with an adjusted EPS of $0.56 and revenue of $3.856 billion.
BSX Expects GAAP EPS to be Between $1.43 to $1.48 for Full Year 2024
Looking ahead, Boston Scientific has provided guidance for the full year and the second quarter of 2024, projecting net sales growth to be in the range of approximately 11 to 13 percent on a reported basis, and 10 to 12 percent on an organic basis for the full year.
For the second quarter, the company expects reported growth to be between 10.5 to 12.5 percent, and organic growth to range from 10 to 12 percent. EPS on a GAAP basis is estimated to be between $1.43 to $1.48 for the full year, with adjusted EPS projected to be between $2.29 to $2.34.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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