Boston Scientific announces results for fourth quarter and full year 2023

Boston Scientific Corporation generated net sales of $3.725 billion during the fourth quarter of 2023, growing 14.9 percent on a reported basis, 14.5 percent on an operational basis and 13.6 percent on an organic basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $504 million or $0.34 per share (EPS), compared to $126 million or $0.09 per share a year ago and achieved adjusted EPS of $0.55 for the period, compared to $0.45 a year ago.

For the full year 2023, the company generated net sales of $14.240 billion, growing 12.3 percent on a reported basis, 13.1 percent on an operational basis and 12.3 percent on an organic basis. The company reported GAAP net income attributable to Boston Scientific common stockholders of $1.570 billion or $1.07 per share, compared to $642 million or $0.45 per share a year ago, and delivered full year adjusted EPS of $2.05, compared to $1.71 a year ago.

“I am grateful to our global team, and proud of our exceptional results in 2023,” said Mike Mahoney, chairman and chief executive officer, Boston Scientific. “We are excited about our future and long-range plans as we deliver on our mission to transform patient lives.”

Fourth quarter financial results and recent developments:

• Reported net sales of $3.725 billion, representing an increase of 14.9 percent on a reported basis, compared to the company’s guidance range of 9 to 11 percent; 14.5 percent on an operational basis; and 13.6 percent on an organic basis, compared to the company’s guidance range of 8 to 10 percent, all compared to the prior year period.
• Reported GAAP net income attributable to Boston Scientific common stockholders of $0.34 per share, compared to the company’s guidance range of $0.26 to $0.30 per share, and achieved adjusted EPS of $0.55 per share, compared to the guidance range of $0.49 to $0.52 per share.
• Achieved the following net sales growth in each reportable segment, compared to the prior year period:
  • MedSurg: 11.1 percent reported, 10.5 percent operational and 8.9 percent organic
  • Cardiovascular: 13.9 percent reported, 13.8 percent operational and 13.3 percent organic
• Achieved the following net sales growth in each region, compared to the prior year period:
  • United States (U.S.): 11.4 percent reported and operational
  • Europe, Middle East and Africa (EMEA): 14.0 percent reported and 11.6 percent operational
  • Asia-Pacific< (APAC): 14.8 percent reported and 17.0 percent operational
  • Latin America and Canada (LACA): 20.8 percent reported and 14.6 percent operational
  • Emerging Markets: 16.3 percent reported and 18.7 percent operational
• Received U.S. Food and Drug Administration (FDA) approval of the FARAPULSE™ Pulsed Field Ablation (PFA) System for the isolation of pulmonary veins in the treatment of drug-resistant, recurrent, symptomatic, paroxysmal (i.e., intermittent) atrial fibrillation (AF).
• Commenced enrollment of the AVANT GUARD clinical trial to evaluate the safety and effectiveness of the FARAPULSE PFA System as a first-line treatment for persistent AF compared to anti-arrhythmic drug therapy.
• Welcomed the presentation of data from the MANIFEST-17K registry of more than 17,000 patients treated with the FARAPULSE PFA System that reinforce the real-world safety profile of the system.
• Enrollment commenced in the LAAOS-4 global research trial, which includes both the WATCHMAN FLX™ Left Atrial Appendage Closure (LAAC) Device and WATCHMAN FLX Pro LAAC Device and explores if patients with AF at highest risk for stroke benefit from a combined LAAC and oral anticoagulation therapy.
• Received FDA approval for the TENACIO™ Pump, a new pump component for the AMS 700™ Inflatable Penile Prostheses, a treatment option for patients with erectile dysfunction.
• Completed the acquisition of Relievant Medsystems, Inc., a privately held medical technology company that has developed and commercialized the only U.S. FDA-cleared system, the Intracept® Intraosseous Nerve Ablation System, for vertebrogenic pain.
• Announced agreement to acquire Axonics, Inc.,  a publicly traded medical technology company that offers differentiated devices to treat urinary and bowel dysfunction, subject to customary closing conditions.

Guidance for full year and first quarter 2024
The company estimates net sales growth for the full year 2024, versus the prior year period, to be in a range of approximately 8.5 to 9.5 percent on a reported basis, and approximately 8 to 9 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 $1.38 to $1.42 and estimates adjusted EPS, excluding certain charges (credits), of $2.23 to $2.27.

The company estimates net sales growth for the first quarter of 2024, versus the prior year period, to be in a range of approximately 7.5 to 9.5 percent on a reported basis, and approximately 7 to 9 percent on an organic basis. First 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 $0.29 to $0.31 and estimates adjusted EPS, excluding certain charges (credits), of $0.50 to $0.52.
MB Bureau