Boston Scientific Corp. Exceeds Expectations for Q4 and Provides Positive Outlook for 2024

by Warren Seah

Boston Scientific Corp., a leading medical technology company based in Marlborough, Massachusetts, experienced a significant increase in its stock (BSX, +0.18%) early Wednesday after surpassing estimates for the fourth quarter and providing a promising outlook for 2024.

Fourth Quarter Results

For the fourth quarter, Boston Scientific reported a net income of $504 million, or 34 cents per share compared to $126 million, or 9 cents per share in the same period the previous year. Excluding special items, the company achieved an EPS of 55 cents, outperforming the FactSet consensus of 51 cents.

Moreover, sales demonstrated robust growth, rising by 14.9% to reach $3.725 billion, which exceeded the FactSet consensus of $3.593 billion.

Anticipated Growth in 2024

Boston Scientific is now projecting a notable increase in net sales between 8.5% to 9.5% for the year 2024. Additionally, the company expects earnings per share (EPS) to range from $1.38 to $1.42 and adjusted EPS to range from $2.23 to $2.27. These projections are slightly higher than the FactSet consensus, which forecasts a sales growth of 8% and an EPS of $2.24.

Positive Market Performance

Over the past 12 months, Boston Scientific’s stock has experienced a remarkable increase of 33%, surpassing the S&P 500 (SPX, -0.06%), which recorded a growth of 20.8%.

Boston Scientific Corp.’s strong performance in the fourth quarter and its optimistic outlook for 2024 reinforce its position as a leading player in the medical technology industry.

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