Boston Scientific reports 3Q loss, but tops expectations
NEW YORK (AP) — Boston Scientific Corp. on Wednesday reported a loss for the third quarter on a series of charges, but the results still topped Wall Street expectations.
The company reported a loss of $198 million, or 15 cents per share, after reporting a profit in the same period a year earlier. Earnings, adjusted for non-recurring costs and amortization costs, were 24 cents per share.
The results exceeded Wall Street expectations. The average estimate of 20 analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The medical device maker posted a 2 percent boost in revenue to $1.89 billion in the period, which also topped Street forecasts. Eighteen analysts surveyed by Zacks expected $1.86 billion.
The revenue increase came mainly from higher sales of surgical products.
For the current quarter ending in December, Boston Scientific expects its per-share earnings to range from 23 cents to 25 cents and revenue in the range of $1.97 billion to $2.01 billion.
The Marlborough, Massachusetts-based company raised its guidance for the year. It now expects profit between 90 cents and 92 cents per share, narrowed from prior guidance of 88 cents to 92 cents per share. It boosted its revenue outlook to between $7.47 billion and $7.51 billion, up from prior guidance of between $7.28 billion and $7.38 billion.
Boston Scientific shares rose $1.24, or 7.3 percent, to $18.06 in afternoon trading Wednesday. The stock has risen 36.7 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
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