Boston Scientific(US:BSX)2024-10-23 10:32Financial Performance - Boston Scientific reported net sales of $4.209 billion for Q3 2024, a 19.4% increase on a reported basis compared to the prior year[2]. - GAAP net income attributable to common stockholders was $469 million, or $0.32 per share, down from $505 million or $0.34 per share a year ago; adjusted EPS was $0.63, up from $0.50[2]. - The company estimates full-year 2024 net sales growth of approximately 16.5% on a reported basis and adjusted EPS in the range of $2.45 to $2.47[9]. - For Q4 2024, net sales growth is expected to be between 16.5% to 18.5% on a reported basis, with adjusted EPS estimated between $0.64 to $0.66[10]. - Net sales for the three months ended September 30, 2024, were $4,209 million, a 19.3% increase from $3,527 million in the same period of 2023[16]. - Gross profit for the nine months ended September 30, 2024, was $8,395 million, up 14.8% from $7,317 million in the prior year[16]. - Operating income for the three months ended September 30, 2024, was $733 million, compared to $693 million for the same period in 2023, reflecting a 5.8% increase[16]. - Net income attributable to Boston Scientific common stockholders for the nine months ended September 30, 2024, was $1,288 million, compared to $1,065 million in the same period of 2023, representing a 20.9% increase[16]. - Non-GAAP adjusted net income for the three months ended September 30, 2024, was $1,082 million, compared to $734 million in the same period of 2023, a 47.3% increase[19]. - The diluted net income per share for the three months ended September 30, 2024, was $0.32, down from $0.34 in the same period of 2023[16]. - Adjusted net income attributable to Boston Scientific common stockholders was $2,181 million, resulting in an adjusted EPS of $1.50[20]. Sales Growth - The Cardiovascular segment achieved a reported net sales growth of 25.0%, while MedSurg grew by 10.3%[2]. - U.S. net sales increased by 23.5% to $2.593 billion, while EMEA and APAC regions saw growth of 15.2% and 12.1%, respectively[7]. - The company achieved organic net sales growth of 18.2% in Q3 2024, exceeding its guidance range of 13% to 15%[2]. - The company expects operational growth of approximately 17.0% for the full year 2024, with organic growth estimated at around 15.0%[21]. - The impact of acquisitions/divestitures on sales growth is projected to be a negative 2.0% for both Q4 2024 and the full year 2024[21]. - The effect of foreign currency fluctuations on reported growth is estimated at a negative 0.5% for Q4 2024[21]. Expenses and Costs - Research and development expenses for the three months ended September 30, 2024, were $407 million, an increase of 14.4% from $356 million in the same period of 2023[16]. - Operating expenses for the nine months ended September 30, 2024, totaled $6,467 million, an increase of 16.3% from $5,558 million in the prior year[19]. - Interest expense for the nine months ended September 30, 2024, was $225 million, compared to $200 million in the same period of 2023, reflecting a 12.5% increase[16]. - The company incurred $620 million in amortization expenses and $58 million in intangible asset impairment charges during the reporting period[20]. Product Development and Acquisitions - The company received FDA approval for the FARAWAVE™ NAV Ablation Catheter and FARAVIEW™ Software for cardiac ablation procedures[3]. - Boston Scientific completed the acquisition of Silk Road Medical, Inc., enhancing its product offerings in stroke prevention[4]. - Boston Scientific's product pipeline and clinical evidence are expected to drive long-term momentum and growth[1].