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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?