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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