Boston Scientific Lifts 2024 Outlook After Strong 1Q

By Dean Seal

Boston Scientific has raised its earnings and sales guidance for 2024 after logging a higher profit and stronger-than-expected revenue growth in the first three months of the year.

The Marlborough, Mass.-based biomedical engineering company is now guiding for sales to rise 11% to 13% this year, up from its previous target for 8.5% to 9.5% growth, and for earnings to hit $1.43 to $1.48 a share, compared with its prior outlook for $1.38 to $1.42 a share. Adjusted earnings, which strip out one-time items, are now expected to come in at $2.29 to $2.34 a share, up from its most recent guidance for $2.23 and $2.27 a share.

The raise comes after Boston Scientific posted a first-quarter profit of $495 million, or 33 cents a share, compared with $300 million, or 21 cents a share, in the same quarter a year ago.

Adjusted earnings were 56 cents a share. Analysts polled by FactSet had been expecting 51 cents a share, while the company had guided for 50 cents to 52 cents a share.

Revenue rose to $3.86 billion from $3.39 billion in the year-ago quarter, topping analyst projections for $3.68 billion, according to FactSet.

Sales in its MedSurg segment were up more than 10%, while the top line of its cardiovascular unit jumped nearly 16%.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

April 24, 2024 07:01 ET (11:01 GMT)

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