Boston Scientific (NYSE:BSX) reported a significant earnings and revenue beat for the first quarter of 2024, exceeding analyst expectations and providing an optimistic outlook for the future. The company's shares rose by 2.7% as the market responded positively to the news.
The medical device maker announced an adjusted EPS of $0.56, surpassing the consensus estimate of $0.51. Revenue for the quarter was also higher than anticipated, coming in at $3.86 billion against the expected $3.68 billion. These figures represent a 13.8% increase in reported revenue compared to the same quarter last year, indicating a robust growth trajectory for the company.
Boston Scientific's chairman and CEO, Mike Mahoney, attributed the strong quarter to "our talented global team and the strength of our diversified businesses and pipeline," highlighting the successful initial U.S. launch of the FARAPULSE™ Pulsed Field Ablation System as a key contributor. Mahoney emphasized the company's commitment to investing in its innovative portfolio for long-term growth and patient benefit.
Looking ahead, Boston Scientific provided guidance that continues to inspire confidence among investors. For the second quarter of 2024, the company forecasts an adjusted EPS range of $0.57 to $0.59, with the midpoint of $0.58 beating the analyst consensus of $0.56. The full-year 2024 guidance projects an adjusted EPS between $2.29 and $2.34, with a midpoint of $2.315, also topping the consensus of $2.25.
The company's reported GAAP net income for common stockholders was $495 million or $0.33 per share, a significant increase from $300 million or $0.21 per share in the prior year. This growth was reflected across all segments and regions, with particularly strong operational growth in the Asia-Pacific and Emerging Markets.
Boston Scientific's forward-looking statements indicate continued expansion, with plans for full-year net sales growth between 11% and 13% on a reported basis and 10% to 12% on an organic basis. The company's strategic moves, including FDA approvals and new product launches, position it well for sustained performance.
The positive market reaction, with the stock's 2.7% increase, underscores the confidence investors have in Boston Scientific's strategic direction and financial health.