Boston Scientific announces results for first quarter 2024

Boston Scientific Corporation generated net sales of $3.856 billion during the first quarter of 2024, growing 13.8 percent on a reported basis, 15.0 percent on an operational1 basis and 13.1 percent on an organic2 basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $495 million or $0.33 per share (EPS), compared to $300 million or $0.21 per share a year ago, and achieved adjusted3 EPS of $0.56 for the period, compared to $0.47 a year ago.

“Our exceptional results this quarter were fueled by our talented global team and the strength of our diversified businesses and pipeline, including the initial U.S. launch of the FARAPULSE™ Pulsed Field Ablation System,” said Mike Mahoney, chairman and chief executive officer, Boston Scientific. “We continue to invest for the long term in our innovative portfolio and clinical science to benefit patients globally while delivering differentiated financial performance.”

First quarter financial results and recent developments:

• Reported net sales of $3.856 billion, representing an increase of 13.8 percent on a reported basis, compared to the company’s guidance range of 7.5 to 9.5 percent; 15.0 percent on an operational basis; and 13.1 percent on an organic basis, compared to the company’s guidance range of 7 to 9 percent, all compared to the prior year period.
• Reported GAAP net income attributable to Boston Scientific common stockholders of $0.33< per share, compared to the company’s guidance range of $0.29 to $0.31 per share, and achieved adjusted EPS of $0.56 per share, compared to the guidance range of $0.50 to $0.52 per share.
• Achieved the following net sales growth in each reportable segment, compared to the prior year period:
  • MedSurg: 10.3 percent reported, 10.9 percent operational and 7.8 percent organic
  • Cardiovascular: 15.9 percent reported, 17.4 percent operational and 16.3 percent organic
• Achieved the following net sales growth in each region, compared to the prior year period:
  • United States (U.S.): 12.7 percent reported and operational
  • Europe, Middle East and Africa (EMEA): 12.7 percent reported and 13.3 percent operational
  • Asia-Pacific (APAC): 18.3 percent reported and 25.9 percent operational
  • Latin America and Canada (LACA): 17.9 percent reported and 12.7 percent operational
  • Emerging Markets⁴: 22.6 percent reported and 28.2 percent operational
• Commenced launch of the FARAPULSE^TM Pulsed Field Ablation (PFA) System in the U.S. and completed enrollment in the second phase of the ADVANTAGE AF clinical trial studying the FARAPULSE™ PFA System for the treatment of patients with persistent atrial fibrillation (AF), which additionally evaluates the safety and effectiveness of adjunctive use of the FARAPOINT™ PFA Catheter for cavotricuspid isthmus (CTI) ablations.
• Commenced enrollment in the NAVIGATE-PF study of the use of integrated cardiac mapping with the FARAPULSE PFA System using the FARAVIEW™ Software Module in conjunction with the FARAWAVE™ Nav PFA Catheter for the treatment of paroxysmal and persistent atrial fibrillation.
• Initiated the DISRUPT-AF registry – a collaborative, observational, prospective, multi-center, non-randomized, real-world registry designed to obtain clinical experience with the FARAPULSE PFA System for the treatment of atrial fibrillation in the U.S.
• Announced the U.S. Food and Drug Administration (FDA) approval of the AGENT™ Drug-Coated Balloon, the first drug-coated coronary balloon in the U.S., which is indicated to treat in-stent restenosis in patients with coronary artery disease.
• Announced the FDA clearance and initiated the U.S. launch of the WATCHMAN TruSteer™ Access System, a steerable sheath designed to improve implant success of the WATCHMAN FLX™ Pro and WATCHMAN FLX™ Left Atrial Appendage Closure Devices.
• Announced U.S. FDA approval for an expanded indication of the WaveWriter™ Spinal Cord Stimulator (SCS) Systems for the treatment of chronic low back and leg pain in people who have not had prior back surgery.
• Expanded an existing relationship with Scivita Medical, a China-based medical device company, for strategic co-development of future endoscopic devices and global distribution of certain Scivita Medical gastrointestinal and pulmonary single-use imaging devices.
• Completed a public offering of €2.0 billion aggregate principal amount of EUR-denominated Senior Notes. The company intends to use the net proceeds from the offering to fund a portion of the previously announced agreement to acquire Axonics, Inc.
• Released the 2023 Performance Report, detailing the ways in which the company is advancing innovative care, empowering people and contributing to a healthier planet, while performing with integrity.

Net sales for the first quarter by business and region:

Guidance for full year and second quarter 2024
The company estimates net sales growth for the full year 2024, versus the prior year period, to be in range of approximately 11 to 13 percent on a reported basis, and 10 to 12 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $1.43 to $1.48 and estimates adjusted EPS, excluding certain charges (credits), of $2.29 to $2.34.

The company estimates net sales growth for the second quarter of 2024, versus the prior year period, to be in a range of approximately 10.5 to 12.5 percent on a reported basis, and approximately 10 to 12 percent on an organic basis. Second quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $0.35 to $0.37 and adjusted EPS, excluding certain charges (credits), of $0.57 to $0.59.
MB Bureau