S&P 500 (NYSE:SPY) component Boston Scientific Corporation (NYSE:BSX) swung to a profit in the first quarter and beat Wall Street’s expectations in the process. Boston Scientific, Inc. offers medical devices used in interventional cardiology, cardiac rhythm management, peripheral interventions, endoscopy, gynecology, electrophysiology, neurovascular intervention and neuromodulation.
Boston Scientific Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $20 million (22 cents/diluted share) in the quarter. The medical instruments and supplies company had a net loss of $1.59 billion or a loss of $1.05 per share in the year earlier quarter.
Revenue: Fell 2% to $1.92 billion YoY.
Actual vs. Wall St. Expectations: BSX beat the mean analyst estimate of 4 cents/share. Estimates ranged from 2 cents per share to 6 cents per share.
Quoting Management: “Despite an increasingly challenging U.S. CRM market and the resulting goodwill implications, we had several notable accomplishments during the quarter that illustrate progress toward the achievement of strategic milestones,” said Ray Elliott, President and Chief Executive Officer of Boston Scientific.
Today’s Performance: Shares of BSX are up close to 2.4% in after hours trading.