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Boston Scientific Corporation (NYSE: BSX) has reported robust financial results for the second quarter of 2024, showcasing significant growth across various metrics.
The company’s net sales for the quarter reached $4.120 billion, marking a 14.5% increase on a reported basis compared to the same period last year. On an operational basis, net sales grew by 16.1%, and on an organic basis, they increased by 14.7%. The company also reported a GAAP net income attributable to common stockholders of $324 million, or $0.22 per share, up from $261 million, or $0.18 per share, in the previous year. Adjusted EPS for the quarter was $0.62, compared to $0.53 a year ago.
Boston Scientific’s performance was driven by notable growth in its Cardiovascular segment, which saw a 17.8% increase in reported net sales, 19.7% on an operational basis, and 19.0% on an organic basis. The MedSurg segment also contributed with a 9.0% increase in reported net sales, 10.1% operationally, and 7.6% organically. Regionally, the United States led with a 16.9% increase in both reported and operational net sales. Other regions, including EMEA and APAC, also showed strong growth, contributing to the overall positive performance.
Boston Scientific Exceeds Q2 EPS and Revenue Expectations
The actual performance of Boston Scientific in the second quarter of 2024 exceeded market expectations. Analysts had projected an EPS of $0.58 and revenue of $4.02 billion for the quarter. In comparison, the company delivered an adjusted EPS of $0.62 and net sales of $4.120 billion, surpassing the anticipated figures. This outperformance was attributed to the company’s strategic investments in innovation and strong clinical evidence supporting its products.
Despite reporting a GAAP EPS of $0.22, which was below the guidance range of $0.35 to $0.37, the adjusted EPS of $0.62 was above the guidance range of $0.57 to $0.59. The discrepancy between GAAP and adjusted EPS can be attributed to various adjustments, including amortization expense, intangible asset impairment charges, and restructuring-related charges. These adjustments reflect the company’s ongoing efforts to manage its financials prudently while investing in future growth opportunities.
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BSX Expects Net Sales Growth in the range of 13.5% to 14.5%
Looking ahead, Boston Scientific has provided optimistic guidance for both the full year and the third quarter of 2024. For the full year, the company estimates net sales growth to be in the range of 13.5% to 14.5% on a reported basis and 13% to 14% on an organic basis. The company also projects GAAP EPS to be between $1.34 and $1.38, with adjusted EPS expected to range from $2.38 to $2.42. This guidance reflects the company’s confidence in its strategic initiatives and the anticipated positive impact of its recent product launches and acquisitions.
For the third quarter of 2024, Boston Scientific estimates net sales growth to be between 13% and 15% on both a reported and organic basis. The company anticipates GAAP EPS to be in the range of $0.36 to $0.38 and adjusted EPS to be between $0.57 and $0.59.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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