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Boston Scientific Guides Lower

First-quarter earnings are a little light.
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Boston Scientific

(BSX) - Get Free Report

missed analysts' profit estimates for the first three months of the year and guided Wall Street lower for the current second quarter.

The maker of medical devices said it earned 20 cents a share in the latest quarter, excluding charges and other items. However, once all items were factored in, it had a profit of $120 million, or 8 cents a share, and on that basis fell 2 cents short of the Thomson Financial consensus expectation.

Sales for the quarter, at $2.09 billion, were right in line with estimates. In the same quarter a year earlier, Boston Scientific earned $332 million, or 40 cents a share, on revenue of $1.62 billion.

The company had predicted in February that earnings would be between 4 cents and 10 cents a share for the quarter, with a top line of $2 billion to $2.1 billion.

Looking ahead, Boston Scientific forecast second-quarter earnings, including all items, of 4 cents to 9 cents a share, which would miss the 13-cent analyst consensus. Sales for the quarter should be $2 billion to $2.1 billion. Analysts are looking for $2.13 billion.

Following the report, the company's shares fell a penny to $16.08 in late trading.

"I am pleased we came in at the upper end of our ranges for sales and EPS for the quarter," Jim Tobin, president and chief executive of Boston Scientific, said in a press release Monday. "While drug-eluting stent sales were lower than we hoped due to market dynamics, our performance within the market remained strong, and we continue to expect market fundamentals to improve over time."