Boston Scientific Corp. (NYSE: BSX) reported its third-quarter financial results before the markets opened on Wednesday. The company had $0.24 in earnings per share (EPS) on $1.89 billion in revenue, compared to consensus estimates from Thomson Reuters that call for $0.23 in EPS on $1.86 billion in revenue. The same period from the previous year had $0.20 in EPS on $1.85 billion in revenue.
In the most recent quarter, the company had 9% in operational revenue growth and an increase of 2% on a reported basis, all compared to the prior-year period. At the same time, Boston Scientific achieved 5% organic revenue growth.
Boston Scientific gained Food and Drug Administration (FDA) approval for the Synergy Bioabsorbable Polymer Drug-Eluting Stent System, which created a new category of coronary drug-eluting stents, and it received Investigational Device Exemption for the Evolve Short Dual Anti-Platelet Therapy study.
Also the company closed the acquisition of its AMS male urology portfolio from Endo International, further strengthening Boston Scientific’s leadership in urology and pelvic health.
As for the guidance, the company expects EPS to be in the range of $0.23 to $0.25 and revenue in the range of $1.97 billion to $2.01 billion for the fourth quarter. Consensus estimates call for $0.26 in EPS on $2.00 billion in revenue.
Mike Mahoney, president and CEO of Boston Scientific, commented on earnings:
Our excellent third quarter performance was driven by strong sales and differentiated adjusted operating margin expansion. Our global teams continue to advance our mission to transform the lives of patients through innovative medical solutions. In this quarter, we launched several exciting products, invested in multiple early-stage companies and began the important work of integrating the AMS male urology portfolio into Boston Scientific.
On the books for the third quarter, the company had $350 million in cash and cash equivalents, compared to $587 million at the end of December 2014.
Shares of Boston Scientific were up 4.7% to $17.62 Wednesday morning, with a consensus analyst price target of $20.33 and a 52-week trading range of $12.56 to $18.62.
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