Boston Scientific Corporation (NYSE: BSX) has just released its financial results for the first quarter of 2024, and the numbers are looking strong. The company reported net sales of $3.856 billion during the first quarter of 2024, representing an impressive 13.8% increase on a reported basis, 15.0% increase on an operational basis, and 13.1% increase on an organic basis compared to the prior year period.
The company's GAAP net income attributable to Boston Scientific common stockholders also saw a significant uptick, reaching $495 million or $0.33 per share (EPS), compared to $300 million or $0.21 per share a year ago. Meanwhile, the adjusted EPS for the period stood at $0.56, compared to $0.47 a year ago.
Breaking down the net sales growth by segment, the MedSurg segment achieved 10.3% reported, 10.9% operational, and 7.8% organic growth, while the Cardiovascular segment saw even more impressive growth at 15.9% reported, 17.4% operational, and 16.3% organic growth compared to the prior year period.
Geographically, Boston Scientific's performance was also robust across regions. In the United States, the company achieved a 12.7% reported and operational net sales growth, while the Asia-Pacific region saw a remarkable 18.3% reported and 25.9% operational net sales growth compared to the prior year period.
The company also highlighted several recent developments, including the commencement of the launch of the Farapulse™ Pulsed Field Ablation (PFA) system in the U.S. and the completion of enrollment in the second phase of the Advantage AF clinical trial. Additionally, Boston Scientific announced the FDA approval of the Agent™ drug-coated balloon, the first drug-coated coronary balloon in the U.S.
Looking ahead, the company provided guidance for the full year 2024, estimating net sales growth to be in the range of approximately 11 to 13 percent on a reported basis and 10 to 12 percent on an organic basis. The full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $1.43 to $1.48 and adjusted EPS, excluding certain charges (credits), of $2.29 to $2.34.
For the second quarter of 2024, Boston Scientific estimates net sales growth to be in a range of approximately 10.5 to 12.5 percent on a reported basis and approximately 10 to 12 percent on an organic basis. The company also provided EPS guidance for the second quarter, estimating a range of $0.35 to $0.37 on a GAAP basis and adjusted EPS, excluding certain charges (credits), of $0.57 to $0.59.
The market has reacted to these announcements by moving the company's shares 5.4% to a price of $72.72. If you want to know more, read the company's complete 8-K report here.
