NEW YORK (AP) — Boston Scientific’s stock traded higher Thursday after the medical device maker reported better-than-expected second-quarter sales and raised its forecasts for the year.
Boston Scientific Corp. bought American Medical Systems’ male urology business for $1.6 billion almost a year ago, and as a result, revenue from its urology and pelvic-health business nearly doubled compared to the second quarter of 2015. It also reported strong results for its cardiology business. The Marlborough, Massachusetts, company raised its annual revenue forecast by about $170 million.
The company’s stock rose 42 cents, or 1.8 percent, to $24.08 in afternoon trading. Boston Scientific stock has climbed 30 percent in 2016 and is trading at its highest levels in a decade.
For the second quarter the company said it lost $207 million, or 15 cents per share. Excluding costs related to acquisitions, sales, litigation, and restructuring, Boston Scientific said it turned a profit of 27 cents per share. Its revenue rose 15 percent from a year ago to $2.13 billion.
Analysts expected Boston Scientific to report an adjusted profit of 27 cents per share on $2.04 billion in revenue, according to Zacks Investment Research.
The company now expects to earn $1.07 to $1.11 per share on an adjusted basis in 2016 on $8.27 billion to $8.37 billion in revenue. Its previous forecasts called for a profit of $1.06 to $1.10 per share and $8.08 billion to $8.23 billion in revenue.
FactSet says analysts expected net income of $1.09 per share on revenue of $8.16 billion. Boston Scientific’s revenue projections were higher than those of any analyst reporting to FactSet prior to the announcement.
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