Boston Scientific raises out look s revenue climbs
Published: July 28, 2016 at 9:51 a.m. ET
Joshua Jamerson
Boston Scientific Corp. BSX, -0.95% swung to a loss in the latest period, hurt by litigation-related charges, but raised its earnings outlook for the year as it reported better-than-expected revenue.
The medical devices company said sales rose across its three segments.
In the MedSurg segment--which includes urology and pelvic health, endoscopy and neuromodulation--sales rose 29%. Cardiovascular segment sales climbed 13% while rhythm management unit sales rose 4%.
Boston Scientific, based in Marlborough, Mass., has diversified its product offerings in recent years to help pad declining sales in some bread-and-butter areas, such as pacemakers and implanted defibrillators.
Over all, Boston Scientific lost $207 million, or 15 cents a share, compared with a year-earlier's profit of $102 million, or 8 cents a share. Excluding items such as the litigation-related charges, the company earned 27 cents.
Sales rose 15% to $2.13 billion.
Analysts expected 27 cents a share in earnings on $2.05 billion in revenue.
Boston Scientific sees adjusted earnings in a range of $1.07 to $1.11 a share on revenue between $8.27 billion to $8.37 billion. It previously expected to earn $1.06 to $1.10 a share with the top line coming in between $8.08 billion and $8.23 billion.
Shares rose 0.6% to $23.80 premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
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