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Boston Scientific Remains Flat After Meeting Earnings
When Boston Scientific Corp. (BSX) reported its third-quarter earnings results before the markets opened on Wednesday, it said that it had $0.27 in earnings per share (EPS) and $2.11 billion in revenue. The consensus estimates from Thomson Reuters had called for $0.27 in EPS and revenue of $2.07 billion. The same period of last year reportedly had EPS of $0.24 and $1.89 billion in revenue.
During this quarter, Boston Scientific entered into a definitive agreement and commenced a cash tender offer to acquire EndoChoice Holdings, which offers physicians a broad portfolio of products to treat gastrointestinal conditions, for roughly $210 million.
Also in the quarter, the company received U.S. Food and Drug Administration (FDA) approval for the Emblem MRI Subcutaneous Implantable Defibrillator (S-ICD) System, as well as magnetic resonance conditional labeling for all previously implanted Emblem S-ICD Systems.
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In terms of its segment revenues, Boston Scientific reported:
MedSurg revenues grew 15% (14% operational and 10% organic).
Cardiovascular revenues increased 13% (12% operational and organic).
Rhythm Management revenues increased 4% (3% operational and organic).
As for fourth-quarter guidance, the company expects to see EPS in the range of $0.27 to $0.29 and revenues between $2.14 billion and $2.19 billion. The consensus estimates call for $0.29 in EPS and $2.15 billion in revenue.
Mike Mahoney, board chair and chief executive of Boston Scientific, commented:
Our differentiated products and services continue to make a meaningful impact for our customers and the patients they treat, as shown by very strong revenue growth in the third quarter and year to date. Our global team is delivering excellent performance across our various business units and geographies.
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On the books, Boston Scientific cash and cash equivalents totaled $237 million at the end of the quarter, down from $319 million at the end of 2015.
Shares of Boston Scientific were trading at $22.44 on Wednesday, with a consensus analyst price target of $27.55 and a 52-week trading range of $15.67 to $24.79.
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