NEW YORK (TheStreet) -- Shares of Boston Scientific (BSX) - Get Report were increasing in pre-market trading on Wednesday as the company posted better-than-expected 2016 third-quarter revenue and issued upbeat guidance for the fourth quarter and 2016.
Before today's opening bell, Boston Scientific reported revenue of $2.11 billion, surpassing analysts' expectations of $2.07 billion.
Earnings came in at 27 cents per diluted share, which matched Wall Street's estimates.
In 2015, the Marlborough, MA-based company earned 24 cents per diluted share on revenue of $1.89 billion for the third quarter.
Boston Scientific said it now expects 2016 fourth-quarter earnings to be between 27 cents and 29 cents per diluted share. Analysts are looking for adjusted earnings of 29 cents per share for the period.
The company projects fourth-quarter revenue to be in the range of $2.14 billion to $2.19 billion, while Wall Street is forecasting revenue of $2.15 billion.
Boston Scientific also narrowed its full-year earnings outlook to be in the range of $1.09 to $1.11 per diluted share vs. its prior range of $1.07 to $1.11 per diluted share. The company now sees 2016 revenue between $8.34 billion to $8.39 billion, up from its prior guidance of $8.27 billion to $8.37 billion.
Analysts are forecasting adjusted earnings of $1.10 per share on revenue of $8.31 billion in 2016.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Boston Scientific as a Hold with a ratings score of C. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and good cash flow from operations. However, as a counter to these strengths, the team also finds weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk.
You can view the full analysis from the report here: BSX