Boston Scientific (BSX) - Get Boston Scientific Corporation Report shares rose Tuesday after the medical device giant reported second-quarter profit and revenue that beat expectations and lifted its earnings guidance.
The stock traded at $44.60, up 1.43%, in premarket trading Tuesday and has climbed 20% in the past six months through Monday amid a rebound for the industry. The 20% gain exceeds the S&P 500’s 15% increase.
Revenue soared 53.6% to $3.08 billion in the second quarter, up from $2 billion last year and beat the FactSet analyst consensus of $2.94 billion.
As for segment sales, MedSurg revenue surged 64.6%, Rhythm and Neuro 65.0% and Cardiovascular 51.4%.
Net income registered $172 million, or 12 cents a share, reversing a loss of $153 million, or 11 cents a share, a year earlier. Adjusted earnings per share hit 40 cents, topping the analyst projection of 37 cents.
On the guidance front, for full-year 2021 Boston Scientific boosted its estimate for adjusted EPS to a range of $1.58 to $1.62 from $1.53 to $1.60. The company lifted its forecast for revenue growth to a range of 21% to 22% from 16% to 19%.
"We delivered excellent results this quarter, with strong momentum throughout our portfolio and faster-than-market growth in most segments," said Mike Mahoney, Boston Scientific chief executive.