Boston Scientific Sees Q1, FY23 Adj. EPS To Be In Line Or Below Market; Stock Down In Pre-market
Boston Scientific Corp (BSX), while announing higher earnings in fourth quarter, but below market estimates, on Wednesday issued outlook for first quarter and fiscal 2023. The company projects higher earnings and sales for both period, while adjusted earnings would be in line or below market estimates.
In pre-market activity on the NYSE, Boston Scientific shares were losing around 3.24 percent to trade at $44.75.
For the first quarter, the company estimates earnings per share in a range of $0.23 to $0.26 and adjusted earnings per share of $0.42 to $0.44.
On average, 16 analysts polled by Thomson Reuters expect earnings of $0.44 per share for the next quarter. Analysts’ estimates typically exclude special items.
Net sales growth is projected to be in a range of around 3 to 5 percent on a reported basis, and approximately 6 to 8 percent on an organic basis.
For fiscal 2023, the company estimates earnings per share in a range of $1.11 to $1.21 and adjusted earnings per share of $1.86 to $1.93. Analysts expect earnings of $1.93 per share for the year.
Net sales growth for the full year would be in a range of approximately 5 to 7 percent on a reported basis, and approximately 6 to 8 percent on an organic basis.
In fiscal 2022, earnings per share were $0.45 on net sales of $12.68 billion.
In the fourth quarter, Boston Scientific’s bottom line totaled $126 million or $0.09 per share, compared with $80 million or $0.06 per share last yearr.
Adjusted earnings were $642 million or $0.45 per share for the period. Analysts expected the company to earn $0.47 per share.
The company’s net sales for the quarter rose 3.5 percent to $3.24 billion from $3.13 billion last year. Analysts expected net sales $3.24 billion.
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