Boston Scientific stock jumps on $126M profit report
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Boston Scientific is headquartered in Marlborough.
Marlborough medical device giant Boston Scientific’s stocks rose 6% Wednesday morning after the company reported a $126-million profit on $2.7 billion in sales for the third quarter, exceeding the company’s guidance range for sales.
Earnings per share for the quarter were 9 cents due to acquisition-related charges in the quarter primarily associated with the acquisition of British cancer treatment device maker BTG plc, according to the company. The adjusted earnings per share were 39 cents compared to the guidance range of 37 to 39 cents per share.
The company’s third-quarter sales number represents a 13.1% increase over sales figures for the same period last year, although its net income represents a 71% decrease from the same period.
"Our third quarter results reflect accelerated growth fueled by several key product launches, excellent regional performance and the broad strength of our core portfolio, and we continue to invest in building a robust pipeline," said Mike Mahoney, chairman and CEO of Boston Scientific, in a press release.
On Wednesday morning, the companies stock was trading at $40.33 per share on the New York Stock Exchange, which was a 5.6% increase from the price at Tuesday's close.
The company’s sales and profit numbers are up for the year, with sales rising about 7.8% to $7.8 billion.
The company is expecting full-year revenue to finish between 9 to 9.5% over the previous year, or around $10 billion.
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