Boston Scientific (NYSE:BSX) Updates FY24 Earnings Guidance

Boston Scientific (NYSE:BSX) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.29-2.34 for the period, compared to the consensus earnings per share 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 Stock Up 0.6 %

Shares of Boston Scientific stock traded up $0.41 on Thursday, hitting $73.32. 2,287,200 shares of the company traded hands, compared to its average volume of 6,484,933. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.44. The company has a market cap of $107.57 billion, a PE ratio of 68.46, a PEG ratio of 2.42 and a beta of 0.78. Boston Scientific has a 12-month low of $48.35 and a 12-month high of $74.39. The company has a 50-day moving average price of $67.53 and a 200 day moving average price of $60.28.

Boston Scientific (NYSE:BSX) last released its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.59 billion. Boston Scientific had a return on equity of 15.99% and a net margin of 11.19%. During the same quarter last year, the firm posted $0.45 earnings per share. Sell-side analysts predict that Boston Scientific will post 2.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BSX. Citigroup lifted their price target on shares of Boston Scientific from $71.00 to $79.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Mizuho lifted their price objective on shares of Boston Scientific from $80.00 to $85.00 and gave the company a buy rating in a research report on Thursday. Robert W. Baird upped their target price on shares of Boston Scientific from $79.00 to $84.00 and gave the company an outperform rating in a report on Thursday. UBS Group raised their price objective on Boston Scientific from $74.00 to $90.00 and gave the company a buy rating in a research report on Thursday. Finally, Argus increased their price target on Boston Scientific from $69.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, April 3rd. Two investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $72.00.

Insider Buying and Selling at Boston Scientific

In other news, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.30, for a total value of $1,133,124.30. Following the transaction, the executive vice president now owns 50,638 shares of the company’s stock, valued at approximately $3,509,213.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $66.89, for a total transaction of $467,092.87. Following the completion of the transaction, the executive vice president now directly owns 56,508 shares in the company, valued at approximately $3,779,820.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the sale, the executive vice president now directly owns 50,638 shares in the company, valued at $3,509,213.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,979 shares of company stock worth $3,418,529. 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.