Boston Scientific (NYSE:BSX) Updates FY 2024 Earnings Guidance

Boston Scientific (NYSE:BSX) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.290-2.340 for the period, compared to the consensus estimate of 2.250. The company issued revenue guidance of $15.8 billion-$16.1 billion, compared to the consensus revenue estimate of $15.6 billion. Boston Scientific also updated its FY24 guidance to $2.29-2.34 EPS.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BSX. Citigroup lifted their price objective on Boston Scientific from $71.00 to $79.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Wells Fargo & Company lifted their price objective on Boston Scientific from $70.00 to $72.00 and gave the company an overweight rating in a report on Thursday, February 1st. Argus lifted their price objective on Boston Scientific from $69.00 to $80.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Needham & Company LLC boosted their target price on Boston Scientific from $60.00 to $71.00 and gave the company a buy rating in a research note on Thursday, February 1st. Finally, Evercore ISI boosted their target price on Boston Scientific from $68.00 to $72.00 and gave the company an outperform rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Boston Scientific has a consensus rating of Moderate Buy and a consensus target price of $68.50.

Boston Scientific Stock Performance

NYSE BSX traded up $4.82 on Wednesday, reaching $73.81. The stock had a trading volume of 2,555,154 shares, compared to its average volume of 6,375,968. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.32 and a quick ratio of 0.82. The firm has a fifty day moving average of $67.39 and a two-hundred day moving average of $60.19. Boston Scientific has a 1-year low of $48.35 and a 1-year high of $74.39. The company has a market cap of $108.29 billion, a P/E ratio of 67.85, a price-to-earnings-growth ratio of 2.38 and a beta of 0.78.

Boston Scientific (NYSE:BSX) last issued its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.59 billion. Boston Scientific had a return on equity of 15.99% and a net margin of 11.19%. During the same period in the prior year, the firm posted $0.45 EPS. On average, equities research analysts anticipate that Boston Scientific will post 2.25 EPS for the current year.

Insider Activity

In related news, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction on Monday, April 1st. The stock was 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 directly owns 50,638 shares in the company, valued at approximately $3,509,213.40. The sale was disclosed in a filing with the SEC, which is available through this link. In other Boston Scientific news, EVP John Bradley Sorenson sold 16,351 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $69.30, for a total value of $1,133,124.30. Following the completion of the transaction, the executive vice president now owns 50,638 shares of the company’s stock, valued at approximately $3,509,213.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Daniel J. Brennan sold 13,662 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $65.86, for a total value of $899,779.32. Following the completion of the transaction, the chief financial officer now directly owns 271,542 shares of the company’s stock, valued at approximately $17,883,756.12. The disclosure for this sale can be found here. In the last three months, insiders sold 50,979 shares of company stock worth $3,418,529. 0.50% of the stock is currently owned by company insiders.

About Boston Scientific

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.