Boston Scientific Corp Earnings: Beats the Street Despite Profit Decline

S&P 500 (NYSE:SPY) component Boston Scientific Corporation (NYSE:BSX) posted lower net income in the fourth quarter compared with a year-earlier period. Boston Scientific provides devices used in medical procedures related to disciplines such as cardiology, endoscopy, gynecology, and electrophysiology.

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Boston Scientific Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for the medical instruments and supplies company fell to $107 million (7 cents per share) vs. $236 million (15 cents per share) a year earlier. This is a decline of 54.7% from the year earlier quarter.

Revenue: Fell 7.7% to $1.85 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: Boston Scientific Corporation reported adjusted net income of 13 cents per share. By that measure, the company beat the mean estimate of 8 cents per share. It fell short of the average revenue estimate of $1.91 billion.

Quoting Management: “Although we recognize the ongoing challenges of today’s environment, we continue to make progress with new product introductions, cost-saving initiatives and a strengthened presence in emerging markets,” stated Hank Kucheman, Chief Executive Officer of Boston Scientific Corporation.

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 7 cents in the third quarter, by one cent in the second quarter, and by 10 cents in the first quarter.

Revenue has fallen in the past two quarters. In the third quarter, revenue declined 2.2% to $1.87 billion from the year earlier quarter.

Looking Forward: Expectations for the company’s next quarter results are lower than they have been. Over the past sixty days, the average estimate for first quarter of the next fiscal year has fallen from 12 cents per share to 11 cents. The average estimate for the fiscal year is 44 cents per share, falling from 45 cents thirty days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com