Boston Scientific (NYSE:) reported strong first-quarter 2024 earnings and revenue, beating analyst expectations and providing an optimistic outlook for the future. The market's reaction to this news was positive, and the company's stock rose 2.7%.
The medical device maker reported adjusted EPS of $0.56, beating the consensus estimate of $0.51. Revenue for the quarter also exceeded expectations, coming in at $3.86 billion versus expectations of $3.68 billion. These numbers represent his 13.8% increase in reported revenue compared to the same period last year, indicating the company's strong growth trajectory.
Boston Scientific Chairman and CEO Mike Mahoney credited the strong quarter to “our talented global team and the strength of our diversified business and pipeline.” and highlighted the first successful launch in the United States of the FARAPULSE™ Pulsed Field Ablation System as a key contributor. Mr. Mahoney emphasized the company's commitment to investing in an innovative portfolio for long-term growth and patient benefit.
Looking to the future, Boston Scientific provided guidance that continues to increase investor confidence. The company expects an adjusted EPS range of $0.57 to $0.59 for the second quarter of 2024, with the midpoint of $0.58 above the analyst consensus of $0.56. Full-year 2024 guidance calls for adjusted EPS to be between $2.29 and $2.34, with a midpoint of $2.315, also above the consensus of $2.25.
The company reported GAAP net income for common stockholders of $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 in all segments and regions, with particular growth in Asia Pacific and emerging markets.
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Boston Scientific's forward-looking statements indicate continued expansion, with full-year net sales growth projected to be 11% to 13% on a reported basis and 10% to 12% on an organic basis. It has become. 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 up 2.7%, confirms the confidence investors have in Boston Scientific's strategic direction and financial health.
