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Boston Scientific Q3 profit rose 13.4% YOY; outlook revised

Boston Scientific Corp. said its adjusted net income for the third quarter grew 13.4% year over year and revised its full-year guidance.

The Marlborough, Mass.-based healthcare equipment company's third-quarter adjusted net income came in at $550 million, or 39 cents per share, up from $485 million, or 35 cents per share, a year earlier.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 38 cents.

Net sales for the quarter increased 13.1% year over year to $2.71 billion from $2.39 billion. Research and development expenses were $306 million, up from $289 million in the year-ago quarter.

On a GAAP basis, net income amounted to $126 million, or 9 cents per share, a 70.8% decline from $432 million, or 31 cents per share, in 2018.

For the first nine months of 2019, Boston Scientific booked adjusted net income of $1.59 billion, or $1.13 per share, up 5.4% from $1.51 billion, or $1.08 per share, in 2018.

Nine-month GAAP net income totaled $704 million, or 50 cents per share, down from $1.29 billion, or 92 cents per share, in the year-ago period.

In addition, net sales for the nine months ended Sept. 30 came in at $7.83 billion, an increase from $7.26 billion, in the same period of 2018.

Boston Scientific updated its adjusted EPS guidance for the full year to a range of $1.55 to $1.58 from the prior outlook of $1.54 to $1.58. The company also further lowered its GAAP EPS outlook at between 72 cents and 75 cents from its previous estimate of 94 cents to 98 cents.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2019 is $1.55.