Boston Scientific (NYSE:BSX) Issues Q3 2024 Earnings Guidance

Boston Scientific (NYSE:BSX) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.570-0.590 for the period, compared to the consensus EPS estimate of 0.570. The company issued revenue guidance of $4.0 billion-$4.1 billion, compared to the consensus revenue estimate of $4.0 billion. Boston Scientific also updated its FY 2024 guidance to 2.380-2.420 EPS.

Boston Scientific Stock Performance

Shares of NYSE:BSX traded down $2.86 during trading on Thursday, hitting $74.90. The company’s stock had a trading volume of 7,001,977 shares, compared to its average volume of 6,258,041. The company has a 50-day moving average of $76.49 and a 200-day moving average of $70.18. Boston Scientific has a 12 month low of $48.35 and a 12 month high of $79.43. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.66 and a quick ratio of 1.14. The firm has a market cap of $109.89 billion, a price-to-earnings ratio of 63.87, a P/E/G ratio of 2.70 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. The company had revenue of $4.12 billion during the quarter, compared to analyst estimates of $4.02 billion. Boston Scientific had a net margin of 12.06% and a return on equity of 16.39%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.53 EPS. On average, sell-side analysts expect that Boston Scientific will post 2.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BSX has been the subject of several analyst reports. Canaccord Genuity Group increased their target price on shares of Boston Scientific from $83.00 to $88.00 and gave the stock a buy rating in a report on Thursday. Citigroup increased their price objective on shares of Boston Scientific from $87.00 to $90.00 and gave the company a buy rating in a report on Wednesday, July 10th. Truist Financial increased their price objective on shares of Boston Scientific from $86.00 to $90.00 and gave the company a buy rating in a report on Tuesday, July 16th. Needham & Company LLC increased their price objective on shares of Boston Scientific from $82.00 to $86.00 and gave the company a buy rating in a report on Thursday. Finally, Argus increased their price objective on shares of Boston Scientific from $80.00 to $95.00 and gave the company a buy rating in a report on Tuesday, May 28th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Boston Scientific currently has a consensus rating of Moderate Buy and an average target price of $84.76.

Insider Buying and Selling

In related news, EVP Arthur C. Butcher sold 14,011 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total value of $1,055,588.74. Following the completion of the sale, the executive vice president now directly owns 20,197 shares in the company, valued at $1,521,641.98. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Arthur C. Butcher sold 14,011 shares of Boston Scientific stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $75.34, for a total transaction of $1,055,588.74. Following the completion of the sale, the executive vice president now directly owns 20,197 shares in the company, valued at $1,521,641.98. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $77.30, for a total value of $539,785.90. Following the transaction, the executive vice president now owns 42,908 shares in the company, valued at approximately $3,316,788.40. The disclosure for this sale can be found here. Insiders sold a total of 72,259 shares of company stock worth $5,344,014 over the last three months. 0.50% of the stock is owned by insiders.

About Boston Scientific

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.