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Boston Scientific Q2 Revenue Beats Guidance, Fueled By Deep Portfolio

Boston Scientific Corporation (NYSE: BSX) released its financial results for the second quarter. While adjusted earnings were in line with the Street estimates, revenue exceeded both its own guidance and the analysts' predictions driven by its deep portfolio.

Boston Scientific reported sales of $2.126 billion for the three-month period April–June, which was higher than its own outlook of $2.01-$2.06 billion. Its sales represented 15 percent growth on a GAAP basis and 16 percent on an operations basis, i.e. on a constant currency basis. Analysts were looking for revenue of $2.05 billion.

The company suffered a GAAP loss of $207 million or a loss $0.15 per share compared to earnings of $0.08 in the yea- ago quarter. On an adjusted basis, it achieved EPS of $0.27 for the second quarter, up from $0.22 in the prior year quarter. Street analysts' expected $0.27 a share.

Boston Scientific Chairman and CEO, Mike Mahoney, commented, "Our strong performance is evidence of the success of our category leadership strategy. Our deep portfolio, commitment to innovation and high-performance culture are helping us meet the needs of our customers and patients while sustaining growth and momentum."

Going forward, the company lifted its revenue outlook to $8.27-$8.37 billion for the full year from $8.075-$8.225 billion projected earlier. The company also boosted its adjusted earnings forecast to $1.07-$1.11 a share from $1.06 - $1.10 a share. Street is looking for an EPS of $1.09 on revenue of $8.17 billion.

For the third, Boston Scientific estimates sales to be in a range of $2.035-$2.085 billion and adjusted EPS to be $0.25-$0.27. Analysts expect the company to deliver EPS of $0.27 and revenue of $2.04 billion.

At time of writing this, the stock traded 4 percent higher at $24.70 in the pre-market.

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