: Boston Scientific stock jumps into record territory after earnings beat, raised outlook
Shares of Boston Scientific Corp. BSX jumped 2.8% into record territory in premarket trading Wednesday, after the medical technology company reported first-quarter results that beat expectations and raised its full-year outlook, citing a “robust pipeline” in 2023 and beyond. Net income jumped to $300 million, or 21 cents a share, from $97 million, or 7 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 47 cents from 39 cents to beat the FactSet consensus of 43 cents. Sales grew 12.0% to $3.39 billion, above the FactSet consensus of $3.16 billion, as MedSurg sales increased 11.0% to $1.28 billion and Cardiovascular sales rose 12.7% to $2.11 billion. For 2023, the company raised its guidance range for adjusted EPS to $1.90 to $1.96 from $1.86 to $1.93 and for sales growth to 8.5% to 10.5% from 5% to 7%. The stock has run up 10.5% year to date through Tuesday, while the S&P 500 has gained 6.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.