Boston Scientific (NYSE:BSX) Updates Q2 Earnings Guidance

Boston Scientific (NYSE:BSX) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.57-0.59 for the period, compared to the consensus estimate of $0.56. The company issued revenue guidance of +10.5-12.5% yr/yr to ~$3.98-4.05 billion, compared to the consensus revenue estimate of $3.93 billion. Boston Scientific also updated its FY 2024 guidance to 2.290-2.340 EPS.

Boston Scientific Price Performance

Boston Scientific stock traded up $0.41 during mid-day trading on Thursday, hitting $73.32. The stock had a trading volume of 2,287,200 shares, compared to its average volume of 6,484,933. The firm’s 50 day moving average is $67.53 and its 200 day moving average is $60.28. Boston Scientific has a one year low of $48.35 and a one year high of $74.39. The firm has a market capitalization of $107.57 billion, a P/E ratio of 68.46, a P/E/G ratio of 2.42 and a beta of 0.78. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44.

Boston Scientific (NYSE:BSX) last announced its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. During the same period in the prior year, the company earned $0.45 EPS. On average, sell-side analysts forecast that Boston Scientific will post 2.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BSX has been the topic of a number of recent analyst reports. Raymond James increased their price objective on shares of Boston Scientific from $67.00 to $73.00 and gave the stock a strong-buy rating in a research report on Thursday, February 1st. TD Cowen upped their target price on shares of Boston Scientific from $65.00 to $77.00 and gave the stock an outperform rating in a research note on Thursday, March 7th. JPMorgan Chase & Co. upped their target price on shares of Boston Scientific from $60.00 to $72.00 and gave the stock an overweight rating in a research note on Thursday, February 1st. Oppenheimer raised their target price on shares of Boston Scientific from $58.00 to $68.00 and gave the stock a market perform rating in a report on Thursday, February 1st. Finally, Evercore ISI boosted their price target on shares of Boston Scientific from $72.00 to $78.00 and gave the stock an outperform rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $72.00.

Insider Buying and Selling

In related news, CFO Daniel J. Brennan sold 13,662 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $65.86, for a total transaction of $899,779.32. Following the completion of the sale, the chief financial officer now owns 271,542 shares in the company, valued at approximately $17,883,756.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Boston Scientific news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $66.89, for a total transaction of $467,092.87. Following the sale, the executive vice president now directly owns 56,508 shares of the company’s stock, valued at approximately $3,779,820.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel J. Brennan sold 13,662 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total transaction of $899,779.32. Following the completion of the sale, the chief financial officer now directly owns 271,542 shares in the company, valued at $17,883,756.12. The disclosure for this sale can be found here. Insiders sold a total of 50,979 shares of company stock worth $3,418,529 in the last 90 days. Company insiders own 0.50% of the company’s stock.

Boston Scientific Company Profile

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through two segments, MedSurg and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, direct visualization systems, digital catheters, and single-use duodenoscopes; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, artificial urinary sphincter, laser system, fiber, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator system, proprietary programming software, radiofrequency generator, indirect decompression systems, practice optimization tools, and deep brain stimulation system.