Boston Scientific Posts Double-Digit Sales Growth for Fifth-Straight Quarter
All seven of Boston Scientific’s core businesses units reported a 7 percent or higher jump in revenue for the first three months of 2017, leading to a $200 million year-over-year gain in overall sales, the company said on Thursday.
In total, the Marlborough, Massachusetts-based medical device maker reported $2.16 billion in sales during its fiscal first quarter, a roughly 10 percent difference from the $1.96 billion it reported a year ago.
The recent addition of EndoChoice’s product line to its portfolio of gastrointestinal products gave Boston Scientific a slight bump in sales, it said, while organic sales growth of its own devices was strong, improving 9 percent year-over-year.
Half of the company’s overall jump in revenue was attributable to its medical and surgical supplies division — made up of its endoscopy, neuromodulation and urology and pelvic health units — which had sales growth of 15 percent. Heart devices made under its cardiovascular division and rhythm management division also sold well as revenue increased by 8 and 7 percent, respectively.
“We are pleased with our performance in the first quarter as we delivered excellent growth across our various businesses and geographies,” Mike Mahoney, chief executive of Boston Scientific, said in a statement.
With a number of manufacturing and research facilities in Minnesota, Boston Scientific is one of the state’s largest employers with roughly 7,200 workers locally.
The company has been on a growth streak recently, posting double-digit sales gains in its last five quarterly reports. Analysts polled by Zacks Investment Research underestimated Boston Scientific’s revenue for the quarter by about $80 million.
However, analysts overestimated on the company’s earnings. When adjusted for one-time charges, the company’s adjusted profits totaled $370 million, or 29 cents per share, a penny under what analysts had guessed.
Company stock was up about 1 percent, or 25 cents, on Thursday over its Wednesday close of $25.98.