Boston Scientific announces results for second quarter 2023

Boston Scientific Corporation generated net sales of $3.599 billion during the second quarter of 2023, growing 11.0 percent on a reported basis, 12.0 percent on an operational1 basis and 11.6 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 $261 million or $0.18 per share (EPS), compared to $246 million or $0.17 per share a year ago, and achieved adjusted3 EPS of $0.53 for the period, compared to $0.44 a year ago.

“We had another quarter of excellent results fueled by our innovative portfolio, strong commercial execution and the high performance of our global team,” said Mike Mahoney, chairman and chief executive officer, Boston Scientific. “We are excited about our long-term outlook and robust pipeline of unique innovations to address unmet patient needs.”

Second quarter financial results and recent developments:

• Reported net sales of $3.599 billion, representing an increase of 11.0 percent on a reported basis, compared to the company’s guidance range of 6.5 to 8.5 percent; 12.0 percent on an operational basis; and 11.6 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 $0.18 per share, compared to the company’s guidance range of $0.23 to $0.27 per share, and achieved adjusted EPS of $0.53 per share, compared to the guidance range of $0.48 to $0.50 per share.
• Achieved the following net sales growth in each reportable segment, compared to the prior year period:
  • MedSurg: 9.0 percent reported, 9.6 percent operational and 8.8 percent organic
  • Cardiovascular: 12.2 percent reported, 13.4 percent operational and organic
• Achieved the following net sales growth in each region, compared to the prior year period:
  • U.S.: 9.1 percent reported and operational
  • EMEA (Europe, Middle East and Africa): 9.6 percent reported and 9.3 percent operational
  • APAC (Asia-Pacific): 18.0 percent reported and 24.5 percent operational
  • LACA (Latin America and Canada): 16.9 percent reported and 17.4 percent operational
  • Emerging Markets⁴: 18.8 percent reported and 24.2 percent operational
• Late-breaking clinical science based on real-world outcomes from the EU-PORIA registry of the FARAPULSE™ Pulsed Field Ablation (PFA) System was presented at Heart Rhythm 2023, which demonstrated strong safety outcomes and high rates of freedom from recurrence of atrial fibrillation and atrial tachycardia at a median follow-up of one year.
• Presented results from the FROZEN-AF IDE study of the POLARx™ Cryoablation System at Heart Rhythm 2023, which met the safety and effectiveness endpoints of the trial.
• Completed enrollment in the WATCHMAN FLX Pro CT pilot study, a single-center study using multiple imaging modalities to assess post-procedural healing in the investigational WATCHMAN FLX™ Pro Left Atrial Appendage Closure Device for patients with non-valvular atrial fibrillation.
• Received U.S. FDA 510(k) clearance for the EMBOLD™ Soft and Packing Coils, which, along with the EMBOLD Fibered Coil, complete the EMBOLD Detachable Coil System, a peripheral embolization platform for vessel occlusion designed to simplify operator workflow and streamline inventory for hospitals.
• Received U.S. FDA 510(k) clearance for the OverStitch™ NXT System, a next-generation endoscopic suturing system that enables suture placement and soft tissue approximation during advanced endoscopic procedures.
• Received U.S. FDA approval for the Vercise™ Neural Navigator 5 Software, which when used with the Vercise Genus™ deep brain stimulation systems can help provide clinicians with simple and actionable data for efficient programming in the treatment of people living with Parkinson’s disease or essential tremor.
• Completed the purchase of a minority stake (9.9%) of M.I.Tech Co., Ltd, a publicly traded, Korea-based medical device manufacturer and distributor. M.I.Tech is the creator of HANAROSTENT™ technology, a family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015.
• Elected to the company’s board of directors Dr Jessica L. Mega, co-founder of Verily Life Sciences LLC, and Susan E. Morano, former vice president of Business Development and Strategic Operations at Johnson & Johnson MedTech.

Net sales for the second quarter by business and region:

Guidance for full year and third quarter 2023
The company now estimates net sales growth for the full year 2023, versus the prior year period, to be approximately 10.5 to 11.5 percent on a reported basis, and approximately 10 to 11 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 now estimates EPS on a GAAP basis in a range of $0.87 to $0.93 and estimates adjusted EPS, excluding certain charges (credits), of $1.96 to $2.00.

The company estimates net sales growth for the third quarter of 2023, versus the prior year period, to be in a range of approximately 8.5 to 10.5 percent on a reported basis, and approximately 7 to 9 percent on an organic basis. Third 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 $0.21 to $0.25 and adjusted EPS, excluding certain charges (credits), of $0.46 to $0.48.
MB Bureau