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Boston Scientific Corporation (BSX) manufactures and markets medical devices for various interventional medical specialties globally, with a market cap of $112.8 billion. Based in Marlborough, Massachusetts, the company is expected to release its fiscal Q2 earnings results before the market opens on Wednesday, Jul. 24.
Ahead of this event, analysts expect BSX to report a profit of $0.58 per share, up 9.4% from $0.53 per share in the year-ago quarter. The company has surpassed Wall Street's bottom-line estimates in each of the last four quarterly reports. The company surpassed the consensus EPS estimate by 9.8% in the most recent quarter, driven by resilient demand for its heart devices.
For fiscal 2024, analysts expect BSX to report EPS of $2.32, up 13.2% from $2.05 in fiscal 2023.
Boston Scientific has risen 46.6% over the past 52 weeks, overshadowing both the S&P 500 Index's ($SPX) 25.8% gain and the S&P 500 Healthcare Sector SPDR's (XLV) 13.3% increase over the same period.
At the end of January, shares of Boston Scientific surged 3% following the U.S. FDA approval for its Farapulse heart device, marking it as the second PFA system approved after Medtronic's PulseSelect. This approval, coupled with a strong Q4 performance and a full-year profit forecast that surpassed analysts' expectations, bolstered investor confidence and drove the increase in share price.
Plus, the stock rose 5.7% on Apr. 24 after the company raised its annual profit forecast and exceeded Wall Street expectations for Q1 results, fueled by robust demand for its heart devices. Notably, electrophysiology sales surged by 72%, driven by adopting its Farapulse system, further contributing to a positive market reaction.
Overall, analysts' consensus view on Boston Scientific stock is bullish, with a "Strong Buy" rating. Out of 25 analysts covering the stock, 20 recommend a "Strong Buy," three have a "Moderate Buy" rating, and two give a "Hold" rating.
This consensus is more bullish than three months ago, with 19 analysts suggesting a "Strong Buy." The average analyst price target for BSX is $82.29, suggesting a potential upside of just 7% from the current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
