Boston Scientific hits high first quarter profits
Boston Scientific reports that its first quarter profits were better than it had expected and has now raised its full-year revenue forecast
Boston Scientific generated sales of £1.349bn ($1.964bn) during the first quarter ended March 31 2016, compared to the company's guidance range for the quarter of £1.298bn ($1.890bn) to £1.332bn ($1.940bn).
This represents 13% operational revenue growth (calculated on a constant currency basis) and an increase of 11% on a reported basis, all compared to the prior year period.
The company achieved adjusted earnings per share of £0.19 ($0.28) for the period, compared to £0.14 ($0.21) a year ago.
Mike Mahoney, president and chief executive officer, Boston Scientific, said: "Four of our seven businesses achieved double-digit organic revenue growth this quarter, as the high performance of our global team has accelerated our growth profile as a company.
"This strong start enables us to raise our outlook for the year. We continue to execute on our product launches, expand into faster growth markets and deliver solutions that address unmet clinical needs."
Boston Scientific’s other first quarter financial results include:
- First quarter operational revenue growth of 28% in MedSurg, 14% in Cardiovascular and a decline of 2% in Rhythm Management, all over the prior year period.
- Received a national coverage decision from the Centers for Medicare and Medicaid Services that is consistent with the US Food and Drug Administration (FDA) label and will cover the Watchman Left Atrial Appendage Closure Device as a non-pharmacological treatment option for stroke risk reduction in patients with non-valvular atrial fibrillation.
- Received FDA approval for the Acuity X4 Quadripolar Left Ventricular Leads.
- Launched the AXIOS Stent and Electrocautery Enhanced Delivery System to help physicians manage two serious complications from pancreatitis using a minimally invasive, endoscopic approach.
- Received CE Mark for, and began European commercialisation of, the Eluvi Drug-Eluting Vascular Stent System
- Received FDA approval for the Blazer Open-Irrigated Radiofrequency Ablation Catheter