Boston Scientific reported better-than-expected second-quarter financials Thursday, as the medical products giant continues to benefit from a bounceback in medical procedures after the Covid pandemic. BSX stock moved higher early.
Massachusetts-based Boston Scientific reported earnings growing 20% to 53 cents per share while revenue increased 11% to $3.60 billion during the quarter. Analysts predicted an 11% earnings rise to 49 cents a share with sales up 8% to $3.5 billion.
Boston Scientific also raised its full-year outlook.
As the Covid pandemic recedes, hospitals have returned to more normal procedure volumes, helping firms like Boston Scientific which sells pacemakers, heart-valve replacements, neuromodulation devices and other implantable technology.
"We are excited about our long-term outlook and robust pipeline of unique innovations to address unmet patient needs," Chief Executive Officer Mike Mahoney said in a written statement.
BSX gained 0.5% to close at 52.64 during market trade Thursday, signaling a possible move above its 50-day line. On Wednesday, shares fell 1 cent to 52.40.
Boston Scientific stock has a flat base with a 54.74 buy point. A move above the July 21 high of 53.78 could offer an early entry.
BSX Stock: Earnings
Sales from Boston Scientific's cardiovascular unit in the second quarter grew 12% while medical-surgical sales advanced 9%.
For the third quarter, the company estimates sales growth of 8.5% to 10.5% and earnings of 46 to 48 cents a share.
Boston Scientific now sees full-year sales growth of 10.5% to 11.5%, with earnings of $1.96 to $2.00 per share. In April, the company expected 2023 sales to grow 8.5% to 0.5% with earnings of $1.90-$1.96 a share.
Wall Street forecasts full-year earnings for Boston Scientific to grow 15% to $1.96 per share, and sees 2023 revenue increasing 10% to $13.95 billion, according to FactSet.
Boston Scientific has an 82 Composite Rating of 99. BSX stock has a 78 Relative Strength Rating and a 74 EPS Rating.
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