Boston Scientific Announces Strong Quarterly Performance and Positive Long-Term Outlook

30th October, 2023

Boston Scientific Corporation (NYSE: BSX) generated net sales of $3.527 billion during the third quarter of 2023, growing 11.2 percent on a reported basis, 11.1 percent on an operational1 basis and 10.2 percent on an organic2 basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $505 million or $0.34 per share (EPS), compared to $174 million or $0.12 per share a year ago, and achieved adjusted3 EPS of $0.50 for the period, compared to $0.43 a year ago.

Image Source : Public Domain

Image Source : Public Domain

"We achieved another quarter of strong performance, thanks to the hard work of our talented global team and our differentiated medical technologies that improve the lives of patients across the globe," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "As we shared at our recent Investor Day meeting, we are well-positioned for the long term, backed by our category leadership strategy, strong pipeline of innovation and track record of strong commercial execution."

Third quarter financial results and recent developments:

  • Reported net sales of $3.527 billion, representing an increase of 11.2 percent on a reported basis, compared to the company's guidance range of 8.5 to 10.5 percent; 11.1 percent on an operational basis; and 10.2 percent on an organic basis, compared to the company's guidance range of 7 to 9 percent, all compared to the prior year period.
  • Reported GAAP net income attributable to Boston Scientific common stockholders of $0.34 per share, compared to the company's guidance range of $0.21 to $0.25 per share, and achieved adjusted EPS of $0.50 per share, compared to the guidance range of $0.46 to $0.48 per share.
  • Achieved the following net sales growth in each reportable segment, compared to the prior year period:
    • MedSurg: 10.6 percent reported, 10.0 percent operational and 9.4 percent organic
    • Cardiovascular: 11.6 percent reported, 11.7 percent operational and 10.6 percent organic
  • Achieved the following net sales growth in each region, compared to the prior year period:
    • United States (U.S.): 8.5 percent reported and operational
    • EuropeMiddle East and Africa (EMEA): 14.7 percent reported and 10.9 percent operational
    • Asia-Pacific (APAC): 14.8 percent reported and 19.5 percent operational
    • Latin America and Canada (LACA): 22.0 percent reported and 16.1 percent operational
    • Emerging Markets4: 14.4 percent reported and 19.0 percent operational
  • Announced positive 12-month results from the ADVENT pivotal clinical trial of the FARAPULSE™ Pulsed Field Ablation (PFA) System,5 which met the primary safety and efficacy endpoints, and demonstrated the FARAPULSE PFA System is noninferior to standard-of-care therapies.
  • Completed enrollment in the first phase of the ADVANTAGE AF clinical trial studying the FARAPULSE PFA System for the treatment of patients with persistent atrial fibrillation (AF) and commenced enrollment in an extension arm of the study to evaluate the safety and effectiveness of adjunctive use of the FARAPOINT™ PFA Catheter for cavotricuspid isthmus (CTI) ablations, a procedure used to treat atrial flutter.
  • Received U.S. Food and Drug Administration (FDA) approval for the POLARx™ Cryoablation System, which includes the POLARx FIT Cryoablation Balloon Catheter and is used to treat patients with paroxysmal AF.
  • Announced the U.S. FDA approval of the latest-generation WATCHMAN FLX™ Pro Left Atrial Appendage Closure (LAAC) Device, which is designed to improve visualization during device placement, reduce device-related thrombus post-implant and treat a broader range of patient anatomies.
  • Received U.S. FDA 510(k) clearance and launched the next-generation LUX-Dx II/II+™ Insertable Cardiac Monitor (ICM) System for long-term monitoring of arrhythmias.
  • Received CE Mark, U.S. FDA clearance and Japanese Pharmaceuticals and Medical Devices Agency (PMDA) approval for the AVVIGO™+ Multi-Modality Guidance System, a next-generation technology that provides high-quality intravascular ultrasound (IVUS) imaging and physiologic assessment of coronary vessels and lesions.
  • Announced positive data at the Transcatheter Cardiovascular Therapeutics (TCT) scientific symposium demonstrating statistical superiority of the AGENT™ Drug Coated Balloonversus uncoated balloon angioplasty for the treatment of patients with in-stent restenosis, meeting the primary endpoint of target lesion failure (TLF) at 12 months (17.9% vs. 28.7%, P=0.006) for the AGENT IDE clinical trial.
  • Presented at TCT were study results demonstrating statistically significant lower major bleeding rates in patients with pulmonary embolism (PE) who were treated with the EKOS™ Endovascular System compared to the Inari FlowTriever® System as analyzed in the REAL-PE study.
  • Received U.S. FDA De Novo classification grant and marketing authorization for an expanded indication for the AXIOS™ Stent and Electrocautery-Enhanced Delivery System. The new indication allows for use of the device to facilitate endoscopic drainage of the gallbladder for patients with acute cholecystitis who are at high risk for surgery.
  • Announced U.S. FDA approval for an expanded indication of the WaveWriter Alpha™ Spinal Cord Stimulator (SCS) Systems for the treatment of painful diabetic peripheral neuropathy (DPN).
  • Announced agreement to acquire Relievant Medsystems, Inc., a privately held medical technology company that has developed and commercialized the only U.S. FDA-cleared system, the Intracept® Intraosseous Nerve Ablation System, for vertebrogenic pain, subject to customary closing conditions.

1. Operational net sales growth excludes the impact of foreign currency fluctuations.

2. Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales.

3. Adjusted EPS excludes the impacts of certain charges (credits) which may include amortization expense, goodwill and intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio gains and losses, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR implementation costs, debt extinguishment charges, deferred tax expenses (benefits) and discrete tax items.

4. Periodically, we assess our list of Emerging Markets countries, and effective January 1, 2023, modified our list to include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. We have revised prior year amounts to conform to the current year's presentation. 

5. The FARAPULSE PFA System and the AGENT DCB are investigational devices. Restricted by Federal law to investigational use only. Not available for sale in the U.S.

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