Boston Scientific (NYSE:BSX) Releases FY24 Earnings Guidance

Boston Scientific (NYSE:BSX) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.29-2.34 for the period, compared to the consensus EPS estimate of $2.26. The company issued revenue guidance of +11-13% to ~$15.8-16.1 billion, compared to the consensus revenue estimate of $15.59 billion. Boston Scientific also updated its FY 2024 guidance to 2.290-2.340 EPS.

Boston Scientific Price Performance

BSX traded up $0.13 during trading on Friday, hitting $73.39. 3,847,683 shares of the company traded hands, compared to its average volume of 6,525,624. The company has a market cap of $107.67 billion, a PE ratio of 61.61, a P/E/G ratio of 2.48 and a beta of 0.78. The stock’s 50-day simple moving average is $67.68 and its two-hundred day simple moving average is $60.37. Boston Scientific has a 1 year low of $48.35 and a 1 year high of $74.39. 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 posted its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Boston Scientific had a net margin of 12.06% and a return on equity of 16.63%. During the same period last year, the company posted $0.45 earnings per share. As a group, sell-side analysts anticipate that Boston Scientific will post 2.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Boston Scientific from $72.00 to $82.00 and gave the stock an overweight rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Boston Scientific from $63.00 to $73.00 and gave the stock a hold rating in a research note on Thursday. Evercore ISI lifted their price target on shares of Boston Scientific from $72.00 to $78.00 and gave the stock an outperform rating in a research note on Thursday. Oppenheimer lifted their price target on shares of Boston Scientific from $58.00 to $68.00 and gave the stock a market perform rating in a research note on Thursday, February 1st. Finally, BTIG Research reaffirmed a buy rating and set a $64.00 price target on shares of Boston Scientific in a research note on Friday, December 29th. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Boston Scientific has a consensus rating of Moderate Buy and an average price target of $75.09.

Insider Activity at Boston Scientific

In other Boston Scientific news, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the completion of the transaction, the executive vice president now directly owns 50,638 shares in the company, valued at $3,509,213.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Daniel J. Brennan sold 13,662 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $65.86, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the completion of the sale, the executive vice president now owns 50,638 shares of the company’s stock, valued at $3,509,213.40. 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 three months. 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.