Boston Scientific beats quarterly revenue projections, increases guidance for full year
For the third quarter of 2016, Boston Scientific’s revenue increased 11 percent to $2.11 billion compared with the same period last year. The company announced in an Oct. 26 news release that it beat its guidance, which was $2.04 billion to $2.09 billion.
In addition, it posted GAAP earnings of $0.17 per share for the quarter compared with a loss of $0.15 per share last year.
Revenue in the cardiovascular division increased 13 percent to $825 million, including a 14 percent increase in interventional cardiology to $568 million and a 12 percent increase in peripheral interventions to $257 million.
In the rhythm management division, revenue increased 4 percent to $527 million, including a 4 percent increase in cardiac rhythm management to $467 million and a 5 percent increase in electrophysiology to $60 million.
Boston Scientific also updated its guidance for the full year. The company expects 2016 revenue of $8.34 billion to $8.39 billion, up from the previous guidance of $8.27 billion to $8.37 billion. It also estimates GAAP earnings of $0.32 per share to $0.34 per share compared with the previous range of $0.30 per share to $0.35 per share.
During the third quarter, the FDA approved the company’s Emblem MRI subcutaneous implantable defibrillator system and magnetic resonance labeling for previously implanted Emblem S-ICD systems. Boston Scientific said that an estimated 91 percent of U.S. residents with health insurance have access to the Emblem S-ICD system.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.