BSX.N

Boston Scientific Reports Third Quarter 2024 Financial Results

authorIntellectia.AI

2024-10-232mins

Boston Scientific Reports Third Quarter 2024 Financial Results

Boston Scientific Corporation (NYSE: BSX) has announced its financial results for the third quarter of 2024, showcasing significant growth and exceeding market expectations.

Key Financial Metrics:

Metric Q3 2024 Q3 2023 YoY Change QoQ Change Consensus Estimate
Total Revenue $4.209B $3.527B +19.4% N/A $4.041B
GAAP Net Income $469M $505M -7.1% N/A N/A
GAAP Earnings Per Share (EPS) $0.32 $0.34 -5.9% N/A N/A
Adjusted EPS $0.63 $0.50 +26% N/A $0.59

Boston Scientific's financial performance in Q3 2024 was robust, with total revenue increasing by 19.4% year-over-year, surpassing consensus estimates. Despite a slight decline in GAAP net income, the adjusted EPS showed a significant improvement, reflecting the company's operational efficiency and strategic initiatives.

Revenue Performance by Segment:

Segment Q3 2024 Revenue YoY Growth Previous Guidance
MedSurg $1.479B +10.3% 13-15%
Cardiovascular $2.731B +25.0% 13-15%

The Cardiovascular segment led the growth with a 25% increase in revenue, driven by strong demand for heart devices. The MedSurg segment also performed well, although slightly below previous guidance.

Operational Highlights:

  • FDA approval for the FARAWAVE™ NAV Ablation Catheter and FARAVIEW™ Software.
  • CE mark for the ACURATE Prime™ Aortic Valve System.
  • Completion of the acquisition of Silk Road Medical, Inc.

Management Commentary:

Mike Mahoney, Chairman and CEO, highlighted the company's strong performance as a result of its talented global team and strategic focus on product innovation and market leadership.

Dividends and Share Repurchase Program:

No new dividends or share repurchase programs were announced in this quarter.

Forward Guidance:

Boston Scientific has raised its full-year 2024 guidance, expecting net sales growth of approximately 16.5% on a reported basis and 15% on an organic basis. The company projects GAAP EPS to range between $1.28 and $1.30, with adjusted EPS expected to be between $2.45 and $2.47.

Stock Price Movement:

Following the earnings release, Boston Scientific's stock rose by 1.1% in premarket trading, reflecting investor confidence in the company's strong financial performance and positive outlook.

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