Boston Scientific Q4 Results Top View; Sees Q1 Adj. EPS In Line Or Below Market; Stock Up

(RTTNews) - Boston Scientific Corp. (BSX), while reporting higher fourth-quarter earnings and revenues, above market estimates, on Wednesday issued earnings and sales growth outlook for first quarter and fiscal 2024. The first-quarter adjusted earnings are expected to be in line or below market estimates.

In pre-market activity on the NYSE, Boston Scientific shares were gaining more than 4 percent to trade at $64.10.

For the first quarter, the company estimates earnings per share in a range of $0.29 to $0.31 and adjusted earnings per share in a range of $0.50 to $0.52.

Analysts on average expect the company to report earnings of $0.52 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company projects net sales growth to be in a range of approximately 7.5 to 9.5 percent on a reported basis, and approximately 7 to 9 percent on an organic basis.

Further, for fiscal 2024, the company estimates earnings per share in a range of $1.38 to $1.42 and adjusted earnings per share in a range of $2.23 to $2.27.

Analysts expect the company to report earnings of $2.24 per share.

Net sales growth for the full year 2024 would be in a range of around 8.5 to 9.5 percent on a reported basis, and approximately 8 to 9 percent on an organic basis.

In its fourth quarter, Boston Scientific's bottom line totaled $504 million, or $0.34 per share, compared with $126 million, or $0.09 per share, in last year's fourth quarter.

Adjusted earnings were $817 million or $0.55 per share for the period, compared to $642 million or $0.45 per share last year. Analysts expected earnings of $0.51 per share for the quarter.

The company's revenue for the quarter rose 15.1% to $3.73 billion from $3.24 billion last year. Analysts expected revenues of $3.59 billion for the quarter.

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