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Boston Scientific (BSX) Q1 Earnings, Revenues Top Estimates

MA-based Boston Scientific Corporation BSX is a leading global manufacturer of medical devices that are used in a wide range of interventional medical specialties. Boston Scientific technologies address a wide range of health conditions through 7 business units that are organized into 3 global reporting segments: Rhythm Management, Cardiovascular and MedSurg.

Currently, Boston Scientific has a Zacks Rank #2 (Buy) but that could change following its solid first-quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings:The Zacks Consensus Estimate remained steady at 24 cents per share over the last 90 days. Boston Scientific’s adjusted earnings of 28 cents per share beat this estimate by 16.7%.

Revenues:Boston Scientific posted revenues of $1.964 billion, comfortably beating the Zacks Consensus Estimate for revenues of $1.912 billion.

Key Stats: Boston Scientific’s Cardiovascular segment revenues increased 14% at CER to $877 million, while Rhythm Management segment’s revenue dropped 2% at CER with the revenue amounting to $535 million. On the other hand, revenues from MedSurg segment improved 28% at CER to $733 million.

Major Factors: During the first quarter, four of Boston Scientific’s seven businesses achieved double-digit organic revenue growth, kick starting 2016 on an impressive note. Moreover, the company received FDA approval for the Blazer Open-Irrigated Radiofrequency Ablation Catheter, CE Mark for the Eluvia Drug-Eluting Vascular Stent System, CE Mark for the IntellaTip MiFi Open-Irrigated Catheter, FDA approval for the ACUITY X4 Quadripolar Left Ventricular Leads and many other notable regulatory approvals.

Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session.

Check back later for our full write up on this Boston Scientific earnings report later!

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