Boston Scientific Corporation (NYSE: BSX) has reported its financial results for the third quarter of 2024, with net sales reaching $4.209 billion, marking a significant 19.4 percent increase from the prior year period. The company's GAAP net income attributable to Boston Scientific common stockholders stood at $469 million or $0.32 per share, compared to $505 million or $0.34 per share in the previous year. Adjusted earnings per share (EPS) for the period were $0.63, up from $0.50 a year ago.
The company's MedSurg segment achieved net sales growth of 10.3 percent reported, 10.4 percent operational, and 7.7 percent organic, while the Cardiovascular segment reported a robust 25.0 percent increase in net sales on a reported basis. Boston Scientific saw strong net sales growth in all regions, with the United States leading at 23.5 percent, followed by Europe, the Middle East, and Africa at 15.2 percent, Asia-Pacific at 12.1 percent, Latin America and Canada at 9.0 percent, and emerging markets at 15.2 percent.
In terms of recent developments, the company received several regulatory approvals, including FDA approval for a navigation-enabled ablation catheter and FDA 510(k) clearance for new software. Additionally, the company obtained approvals in Japan and Europe for its aortic valve system and received FDA approval to expand the indication for its pacing leads. Boston Scientific also completed the acquisition of Silk Road Medical, Inc., a medical technology company focused on preventing stroke in patients with carotid artery disease.
Looking ahead, Boston Scientific estimates full-year 2024 net sales growth to be approximately 16.5 percent on a reported basis and 15 percent on an organic basis. The company forecasts EPS on a GAAP basis in the range of $1.28 to $1.30 and adjusted EPS, excluding certain charges, of $2.45 to $2.47 for the full year. For the fourth quarter of 2024, the company anticipates net sales growth in the range of approximately 16.5 to 18.5 percent on a reported basis and 14 to 16 percent on an organic basis. The company also estimates EPS on a GAAP basis in the range of $0.41 to $0.43 and adjusted EPS of $0.64 to $0.66.
Boston Scientific's management will discuss these results with analysts on a conference call and webcast today at 8:00 a.m. ET. The webcast will be available for approximately one year on the company's website.
Boston Scientific Corporation, a global medical technology leader, continues to show strong performance driven by its product pipeline, clinical evidence, and commercial execution, positioning the company well for the long term. Today the company's shares have moved -4.4% to a price of $84.16. Check out the company's full 8-K submission here.
