Boston Scientific Shares Fall on Weak Preliminary Sales Numbers -- Update

Date : 01/14/2020 @ 4:10PM
Source : Dow Jones News
Stock : Boston Scientific Corp (BSX)
Quote : 35.13  1.44 (4.27%) @ 1:00AM
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Boston Scientific Shares Fall on Weak Preliminary Sales Numbers -- Update

Boston Scientific (NYSE:BSX)
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By Colin Kellaher and Allison Prang 

Medical-device maker Boston Scientific Corp. reported preliminary fourth-quarter results that fell shy of Wall Street's expectations, sending shares down more than 7%.

Boston Scientific said Tuesday it expects to report sales of $2.9 billion, up 13% from a year earlier but below the $2.93 billion analysts polled by FactSet were expecting.

The Marlborough, Mass., company -- which makes medical devices such as catheters to defibrillators -- had expected sales growth of 13% to 15% for the quarter.

The company said organic sales -- which exclude the impact of recent deals and foreign currency fluctuations -- rose 7.3%, missing the company's growth forecast of 8% to 9%.

Investors are focused on the company's sales growth and analysts were looking for about 9% growth in organic sales for the quarter, said Danielle Antalffy, an analyst at SVB Leerink, in a research note. She added, however, that she believes the company is one of the most attractive opportunities in the medical technology space, with several new products coming this year.

Despite the sales shortfall, Boston Scientific said it still expects to report adjusted earnings of 42 cents to 45 cents a share for the quarter. Analysts polled by FactSet, on average, are expecting an adjusted profit of 44 cents a share.

The company also said it expects its unadjusted earnings to exceed its expectations of 22 cents a share to 25 cents a share.

Boston Scientific reports its fourth-quarter financial results Feb. 5.

Write to Colin Kellaher at colin.kellaher@wsj.com and Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

January 14, 2020 10:55 ET (15:55 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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