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

Boston Scientific (NYSE:BSX) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.290-2.340 for the period, compared to the consensus earnings per share 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.

Boston Scientific Stock Up 0.5 %

Shares of BSX traded up $0.34 on Thursday, reaching $73.25. The stock had a trading volume of 3,370,091 shares, compared to its average volume of 6,497,581. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.82 and a current ratio of 1.32. Boston Scientific has a 12-month low of $48.35 and a 12-month high of $74.39. The firm has a market capitalization of $107.47 billion, a price-to-earnings ratio of 68.46, a price-to-earnings-growth ratio of 2.42 and a beta of 0.78. The company has a 50-day simple moving average of $67.53 and a 200-day simple moving average of $60.28.

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

Analyst Ratings Changes

Several research firms recently weighed in on BSX. Evercore ISI lifted their price target on Boston Scientific from $72.00 to $78.00 and gave the company an outperform rating in a research report on Thursday. BTIG Research reissued a buy rating and issued a $64.00 target price on shares of Boston Scientific in a report on Friday, December 29th. Citigroup boosted their target price on Boston Scientific from $71.00 to $79.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. Royal Bank of Canada boosted their target price on Boston Scientific from $78.00 to $82.00 and gave the stock an outperform rating in a report on Thursday. Finally, UBS Group boosted their target price on Boston Scientific from $74.00 to $90.00 and gave the stock a buy rating in a report on Thursday. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $74.00.

Insider Activity at Boston Scientific

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 owns 50,638 shares in the company, valued at $3,509,213.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 sale, the executive vice president now owns 50,638 shares in the company, valued at $3,509,213.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Wendy Carruthers sold 6,983 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $66.89, for a total value of $467,092.87. Following the completion of the sale, the executive vice president now owns 56,508 shares of the company’s stock, valued at approximately $3,779,820.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,979 shares of company stock worth $3,418,529. 0.50% of the stock is owned by insiders.

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.