Boston Scientific stock gains after profit tops expectations, while sales came up a bit short

Shares of Boston Scientific Corp. rose 0.4% in premarket trading Wednesday, after the medical device company reported third-quarter profit that topped expectations, but sales that came up a bit shy, while nudging up its earnings outlook and cutting its sales growth view. The company swung to net income of $405 million, or 28 cents a share, from a loss of $169 million, or 12 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 41 cents from 37 cents, above the FactSet consensus of 40 cents. Sales increased 10.3% to $2.93 billion, just below the FactSet consensus of $2.96 billion, as MedSurg sales grew 11.2%, Rhythm and Neuro sales rose 8.2% and Cardiovascular sales increased 19.4%. For 2021, the company revised its adjusted EPS guidance range up to $1.60 to $1.62 from $1.58 to $1.62 but lowered its sales growth guidance to 19% to 20% from 21% to 22%. The stock has slipped 2.6% over the past three months through Tuesday, while the S&P 500 has gained 3.9%.

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