Boston Scientific (NYSE:BSX) Releases FY24 Earnings Guidance

Boston Scientific (NYSE:BSX) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.29-2.34 for the period, compared to the consensus estimate of $2.26. The company issued revenue guidance of +11-13% to ~$15.8-16.1 billion, compared to the consensus revenue estimate of $15.59 billion. Boston Scientific also updated its FY 2024 guidance to 2.290-2.340 EPS.

Boston Scientific Stock Up 5.7 %

NYSE BSX traded up $3.92 on Wednesday, hitting $72.91. 14,206,418 shares of the stock were exchanged, compared to its average volume of 6,540,234. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.44. Boston Scientific has a fifty-two week low of $48.35 and a fifty-two week high of $74.39. The company has a market cap of $106.97 billion, a PE ratio of 68.14, a PEG ratio of 2.38 and a beta of 0.78. The company has a 50-day moving average price of $67.39 and a 200-day moving average price of $60.19.

Boston Scientific (NYSE:BSX) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. Boston Scientific had a net margin of 11.19% and a return on equity of 15.99%. The business had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the business posted $0.45 EPS. Sell-side analysts anticipate that Boston Scientific will post 2.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BSX. Oppenheimer upped their target price on shares of Boston Scientific from $58.00 to $68.00 and gave the company a market perform rating in a report on Thursday, February 1st. BTIG Research reiterated a buy rating and set a $64.00 price target on shares of Boston Scientific in a research note on Friday, December 29th. Raymond James increased their price target on shares of Boston Scientific from $67.00 to $73.00 and gave the stock a strong-buy rating in a research note on Thursday, February 1st. TD Cowen increased their price target on shares of Boston Scientific from $65.00 to $77.00 and gave the stock an outperform rating in a research note on Thursday, March 7th. Finally, Needham & Company LLC increased their price target on shares of Boston Scientific from $71.00 to $82.00 and gave the stock a buy rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Boston Scientific currently has an average rating of Moderate Buy and a consensus price target of $69.00.

Insider Activity at Boston Scientific

In related news, EVP Wendy Carruthers sold 6,983 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $66.89, for a total value of $467,092.87. Following the sale, the executive vice president now directly owns 56,508 shares of the company’s stock, valued at approximately $3,779,820.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP John Bradley Sorenson sold 16,351 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $69.30, for a total transaction of $1,133,124.30. Following the completion of the sale, the executive vice president now owns 50,638 shares of the company’s stock, valued at approximately $3,509,213.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Wendy Carruthers sold 6,983 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $66.89, for a total transaction of $467,092.87. Following the sale, the executive vice president now owns 56,508 shares of the company’s stock, valued at $3,779,820.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,979 shares of company stock valued at $3,418,529. Insiders own 0.50% of the company’s stock.

Boston Scientific Company Profile

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.