Boston Scientific Corp. said fourth-quarter 2017 profit was up year over year and released its earnings guidance for 2018.
The Marlborough, Mass.-based healthcare equipment manufacturer booked $480 million, or 34 cents per share, in adjusted net income — a metric that excludes certain items — which compares to $415 million, or 30 cents per share, for the same period of 2016.
The S&P Capital IQ normalized EPS consensus estimate for the quarter was 34 cents.
Boston Scientific generated $2.41 billion in revenues, up 8.1% year over year on an operational basis.
On a GAAP basis, Boston Scientific reported a loss of $615 million, or 45 cents per share, as compared to a profit of $124 million, or 9 cents per share, in the corresponding quarter of 2016.
GAAP results account for an estimated one-time charge of $861 million related to the U.S. tax reform law.
Full-year results
Boston Scientific said full-year 2017 adjusted net income of $1.75 billion, or $1.26 per share, was up from $1.53 billion, or $1.11 per share, in 2016.
The S&P Capital IQ normalized EPS consensus estimate for 2017 was $1.26.
The healthcare equipment maker had revenues of $9.05 billion in 2017, up 7.8% year over year on an operational basis.
On a GAAP basis, the company reported a net income of $104 million, or 8 cents per share, as compared to $347 million, or 25 cents per share, in 2016.
Moving ahead, the company is hoping to post anywhere between 30 cents and 32 cents in first-quarter 2018 adjusted EPS. GAAP EPS is expected to be in the range of 19 cents to 22 cents, while revenues are estimated at between $2.32 billion and $2.35 billion.
For full-year 2018, Boston Scientific expects to post $9.65 billion to $9.80 billion in revenues. Adjusted EPS is expected to be in a range of $1.35 to $1.39, while GAAP EPS is expected to be between 93 cents to 98 cents.
