Boston Scientific (NYSE:BSX) Issues Q2 2024 Earnings Guidance

Boston Scientific (NYSE:BSX) updated its second quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.570-0.590 for the period, compared to the consensus EPS estimate of 0.560. The company issued revenue guidance of $4.0 billion-$4.0 billion, compared to the consensus revenue estimate of $3.9 billion. Boston Scientific also updated its FY 2024 guidance to 2.290-2.340 EPS.

Boston Scientific Price Performance

BSX traded up $0.18 during trading on Friday, reaching $73.44. 4,914,666 shares of the company were exchanged, compared to its average volume of 6,536,134. Boston Scientific has a 12-month low of $48.35 and a 12-month high of $74.39. The company’s 50-day moving average is $67.68 and its two-hundred day moving average is $60.37. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.44. The company has a market cap of $107.74 billion, a price-to-earnings ratio of 61.61, a P/E/G ratio of 2.48 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last announced its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The firm had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.59 billion. Boston Scientific had a net margin of 12.06% and a return on equity of 16.63%. During the same period in the prior year, the firm posted $0.45 earnings per share. Research analysts forecast that Boston Scientific will post 2.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BSX. Barclays upped their price target on shares of Boston Scientific from $70.00 to $78.00 and gave the stock an overweight rating in a report on Friday. TD Cowen upped their target price on Boston Scientific from $65.00 to $77.00 and gave the stock an outperform rating in a research note on Thursday, March 7th. Royal Bank of Canada lifted their price target on Boston Scientific from $78.00 to $82.00 and gave the company an outperform rating in a research report on Thursday. Raymond James boosted their price objective on Boston Scientific from $73.00 to $85.00 and gave the stock a strong-buy rating in a report on Thursday. Finally, Mizuho raised their target price on shares of Boston Scientific from $80.00 to $85.00 and gave the company a buy rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Boston Scientific currently has an average rating of Moderate Buy and a consensus price target of $75.09.

Insider Activity at Boston Scientific

In related news, Director Edward J. Ludwig sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $65.03, for a total transaction of $455,210.00. Following the completion of the transaction, the director now owns 41,374 shares of the company’s stock, valued at approximately $2,690,551.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Edward J. Ludwig sold 7,000 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $65.03, for a total transaction of $455,210.00. Following the sale, the director now owns 41,374 shares in the company, valued at $2,690,551.22. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Bradley Sorenson sold 16,351 shares of Boston Scientific stock in a transaction on Monday, April 1st. The stock was sold at an average price of $69.30, for a total value of $1,133,124.30. Following the completion of the sale, the executive vice president now directly owns 50,638 shares of the company’s stock, valued at approximately $3,509,213.40. The disclosure for this sale can be found here. Insiders sold a total of 50,979 shares of company stock valued at $3,418,529 in the last three months. Company insiders own 0.50% of the company’s stock.

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.