Boston Sci cuts outlook on strong dollar and acquisitions
NEW YORK (AP) — Boston Scientific Corp. swung to a first-quarter loss and cut its sales outlook for the year, citing the strong dollar and acquisition costs.
The Marlborough, Massachusetts, company reported a loss of $1 million, or 1 cent per share. Earnings adjusted for one-time costs were 21 cents per share, matching projections of analysts polled by Zacks Investment Research. Revenue though down slightly to just under $1.77 billion, also matched forecasts.
Cardiovascular products made up the bulk of revenue, with $712 million. Rhythm management products brought in revenue of $514 million and medical and surgical products had revenue of $542 million.
The company expects per-share earnings to range from 20 to 22 cents in the second quarter on revenue between $1.8 billion and $1.85 billion. Both of those figures are in line with Wall Street projections, according to a poll by FactSet.
Boston Scientific still expects full-year adjusted profit between 88 and 92 cents per share, but cut its revenue outlook to between just under $7.23 billion and $7.38 billion. Previously it had forecast revenue between $7.3 billion and $7.5 billion.
Boston Scientific shares have climbed 36 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 percent. The stock has climbed 34 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BSX at http://www.zacks.com/ap/BSX
Keywords: Boston Scientific, Earnings Report