Boston Scientific raises annual earnings forecast, shares rise

Investing.com -- Boston Scientific (NYSE:BSX ) stock climbed over 1% in premarket trading Wednesday after the company raised its full-year earnings guidance, surpassing the consensus estimate.

For the third quarter, the biotech firm reported earnings per share (EPS) of $0.63, surpassing the analyst estimate of $0.59.

Revenue stood at $4.21 billion, also above the $4.04 billion estimated by analysts.

Endoscopy net sales were $678 million, a 7.8% year-over-year increase, slightly above the estimate of $675.9 million.

Cardiology net sales rose 29% year-over-year to $2.13 billion, ahead of the $2 billion projection.

For the fourth quarter of 2024, Boston Scientific expects EPS to range between $0.64 and $0.66, compared to analyst expectations of $0.64.

For the full year 2024, the company now projects EPS between $2.45 and $2.47, up from the previous range of $2.38 to $2.42, and above the consensus estimate of $2.41.

"Our sustained high performance is a testament to the strength of our talented global team, differentiated portfolio and category leadership strategy," said Mike Mahoney, chairman and CEO of Boston Scientific.

"We continue to gain momentum driven by our product pipeline, clinical evidence and commercial execution that position us well for the long term."

Source: Investing.com