Boston Scientific (NYSE: BSX) reported first quarter 2019 earnings results before the market opened today. The medical technology company’s earnings and sales figures missed analysts’ views and the stock was down about 4% in the pre-market trading hours.
Boston Scientific posted an adjusted EPS of $0.35 in Q1, short of the expected EPS of $0.36 by the analysts. Sales grew 4.8% year-over-year on a reported basis to $2.49 billion and fell short of the expected $2.54 billion. GAAP earnings of $424 million or $0.30 per share in the recently ended quarter increased from earnings of $298 million or $0.21 per share in the prior-year quarter.
For FY19, Boston Scientific lifted its adjusted EPS outlook and lowered sales growth guidance. The company now estimates 2019 GAAP income to be in a range of $1.09 to $1.13 per share compared to prior guidance of $1.13 to $1.18 per share and estimates adjusted earningsto be in the range of $1.54 to $1.58 per share versus the prior guidance of $1.53 to $1.58 per share.
The company now estimates revenue growth for the full-year 2019, versus the prior year period, to be in a range of 7-8% on a reported basis compared to prior guidance of 7-9%.
For Q2, Boston Scientific targets GAAP EPS to be between $0.23 and $0.25 and adjusted EPS to be between $0.37 and $0.39. Revenue is expected to grow 5% to 7% on a reported basis.
“Our global team and differentiated portfolio enabled us to deliver good sales and earnings growth this quarter, despite some revenue softness compared to our estimates,” said CEO Mike Mahoney.
Yesterday, Boston Scientific reported that it has received U.S. Food and Drug Administration (FDA) approval for the LOTUS Edge Aortic Valve System, a procedure which will help patients with severe aortic valve disease who are considered at high risk for surgical valve replacement via open heart surgery. The company commenced a controlled launch of the valve system in Europe in March and expects to begin a controlled launch in the US in the coming weeks.
Last week, Boston Scientific’s peer Intuitive Surgical (ISRG) posted its first quarter 2019 results.
The Sunnyvale-based firm reported Q1 earnings of $2.61 per share on an adjusted basis, up 7% year-over-year, but missed Wall Street’s views. Revenue grew 15% annually to $974 million.
BSX stock, which ended in green (+2.75%) yesterday, had gained 25% in the past 12 months and 2% since the beginning of 2019.