Boston Scientific reports 52% bump in profit
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Boston Scientific is headquartered in Marlborough.
In what is becoming routine for Marlborough-based Boston Scientific, the medical device company reported Wednesday a third quarter with a 52-percent increase in profit and a 7.7-percent increase in sales.
For the quarter, Boston Scientific said it had about $2.4 billion in sales, which is within the company’s guidance of $2.38 billion to $2.42 billion, good for a 7.7-percent increase from last year’s third-quarter figures.
The company’s reported $432 million in profit for the quarter was a big jump from its $283 million reported for the third quarter last year.
That’s good for per-share earnings of 31 cents, well above the company’s guidance range of 21 cents to 23 cents.
The company reported growth of at least 5.1 percent in all segments and regions, including a 10.3-percent bump in its MedSurg division and a 9.4-percent increase in U.S. business revenue.
Despite the strong quarter, the company is reducing its full-year forecasts. Full-year revenues are now expected to come in between $9.78 billion to $9.82 billion, compared to previous estimates of $9.8 billion to $9.88 billion.
On a per-share basis, investors can expect a range between $1.08 to $1.10 compared to prior guidance of 99 cents to $1.03.
"Our strong results reflect our global team's focused efforts to execute our category leadership strategy and advance the standard of care," said Chairman and CEO Mike Mahoney, in the earnings release. "Through internal research and tuck-in acquisitions, we continue to bring meaningful innovations to market, enabling our customers to deliver life-changing care to millions of patients around the world."
Acquisitions have been the company’s calling card of late. So far this year, the company has acquired eight companies in deals that could be worth more than $2 billion
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