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Will FARAPULSE Line Aid Boston Scientific's Q3 Earnings?
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Boston Scientific Corporation (BSX - Free Report) is scheduled to report third-quarter 2024 results on Oct. 23, before the opening bell.
In the last reported quarter, the company’s earnings per share of 62 cents exceeded the Zacks Consensus Estimate by 6.9%. BSX’s bottom line beat estimates in each of the trailing four quarters. The company delivered a trailing four-quarter earnings surprise of 7.18%, on average.
Q3 Estimates
The Zacks Consensus Estimate for third-quarter total revenues is pegged at $4.03 billion, suggesting an improvement of 14.4% from the prior-year quarter’s reported number.
The consensus mark for adjusted earnings stands at 58 cents per share, implying a 16% rise from the year-ago quarter’s reported figure.
For the third quarter of 2024, the company projects revenue growth in the range of approximately 13-15% on a reported basis (same organically). Adjusted earnings are expected in the range of 57-59 cents per share.
Estimate Revision Trend Ahead of Earnings
The Zacks Consensus Estimate for Boston Scientific’s third-quarter earnings has remained unchanged at 58 cents per share in the past 60 days.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Let's briefly look at how things have progressed for this MedTech major leading up to this announcement.
Factors at Play
Through the first half of 2024, U.S. hospitals experienced an increase in hospital admissions across many facilities. This significantly increased demand for Boston Scientific’s products during this period. With this trend projected to continue through the third quarter of 2024 as well, BSX with its innovative pipeline, expansion into faster growth markets, globalization efforts and enhanced digital capabilities, looks well-positioned to report decent sales results for this period, too.
However, the rate of growth is expected to have remained sluggish amid a challenging supply environment in limited geographies. Further, the business is expected to have faced the hurdle of surging labor and raw material costs, as well as healthcare staffing shortages, which might have weighed on the bottom line in the third quarter.
On a geographic basis, despite all macroeconomic headwinds, the company registered strong growth in every geographic region in the last reported quarter, with core business units gaining or maintaining market share. However, with global staffing issues and the supply chain issue still remaining prominent, the international business of BSX is once again expected to have been partially hurt in the third quarter.
Boston Scientific Corporation Price and EPS Surprise
The company is expected to have registered strong growth in the Asia Pacific, which is led by strength in China and Japan. Growth in Japan is expected to have been fueled by new products, most notably AGENT drug-coated balloon (DCB), Rezum, Access solutions products, POLARx FIT and WATCHMAN FLX. Performance in China is expected to have been led by the company’s advanced portfolio, with particular strength in its interventional cardiology therapies, WATCHMAN, CRM and PI business units. The recent approvals for FARAPULSE and AGENT DCB in China likely contributed to the top line in the to-be-reported quarter.
However, China VBP complications with coronary imaging and Japan reimbursement cuts in June might have partially dented growth in the third quarter.
In EMEA, the company is expected to have registered growth within structural heart, including Transcatheter aortic valve replacement, WATCHMAN and other interventional cardiology therapies, as well as endoscopy, urology and electrophysiology divisions, fueled by ongoing investments in emerging markets, new and ongoing product launches across the portfolio, pricing discipline and strong commercial execution. The company is expected to have witnessed strength in ACURATE Neo2 and FARAPULSE.
The WATCHMAN subsegment within the Cardiovascular division has shown meaningful strength in recent times. It is once again expected to report strong growth in the to-be-reported quarter on sustained momentum from second-generation WATCHMAN FLX, ongoing clinical evidence, globalization and commercial execution. With the full launch of WATCHMAN FLX Pro in the United States along with the recent launch of the same in Japan and Canada, this momentum is expected to have continued within the WATCHMAN franchise in the third quarter.
The consensus estimate for WATCHMAN revenues is pegged at $385.5 million for the third quarter, indicating a 20.2% improvement from the year-ago period.
The Interventional Cardiology business is expected to have registered year-over-year growth, banking on the strong performance of the company’s global imaging franchise and APAC calcium franchise. Further, the limited launch of AGENT DCB in the United States, which received positive initial physician feedback, might have boosted growth. However, this might have been offset by the ongoing price pressure on drug-eluting stents.
Structural Heart Valves, Complex PCI and Imaging franchises are expected to have recorded strong growth backed by solid European performance, courtesy of the ACURATE neo2 TAVR platform.
The consensus estimate for Cardiology revenues of $1.99 billion projects a 21.4% improvement in the second quarter.
Within the Peripheral Interventions business, third-quarter sales are expected to have been driven by the strong performance of the drug-eluting franchise, supported by ongoing clinical evidence and the company’s category leadership portfolio. Specifically, Arterial franchise revenues are expected to have been strong. Within Venous, the company might have once again witnessed strong sales from Varithena and Clot Management.
Peripheral Interventions revenues are estimated to be $585.2 million, implying an improvement of 8.8% in the third quarter.
Interventional Oncology is expected to have gained from strong momentum in the company’s advanced broad offering across cancer therapies, TheraSphere and ICEfx, as well as the robust set of embolization access and delivery tools. Recently, the company launched its EMBOLD Soft and Packing Coils, which, along with the EMBOLD fibroid coil, complete its detachable coil system.
Within Urology/ Pelvic Health, Stone Management, Prostate Health and Pelvic Health franchises are expected to have recorded strong growth, banking on strong performances of LithoVue and Rezum in key countries.
Within Endoscopy, broad-based recovery across regions and growing strength in infection prevention are expected to have driven second-quarter revenues. The company is expected to report strong momentum in the Biliary franchise backed by the AXIOS stent and Endoluminal Surgery franchise. BSX earlier expected Endoscopy sales to perform better than the market throughout 2024, enabled by the innovative portfolio.
Further, following the CE Mark for the MANTIS Clip, the National Institute for Health and Care Excellence (NICE) in the UK issued positive guidance for the endoscopic bariatric surgery procedure. This is expected to have boosted sales of the company’s endoluminal surgery franchise.
Within Neuromodulation, the company is likely to have registered balanced growth across the Vercise Genus portfolio and the innovative Image Guided Programming, which is designed to improve the precision and efficiency of the deep brain stimulation procedure.
What Our Quantitative Model Predicts
Per our proven model, a stock with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) has a good chance of beating estimates. This is not the case, as you can see below.
Earnings ESP: Boston Scientific has an Earnings ESP of -0.79%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Boston Scientific carries a Zacks Rank #2 currently.
Stocks to Consider
Here are a few medical stocks worth considering, as these have the right combination of elements to post an earnings beat this quarter.
ACAD’s earnings surpassed estimates in three of the trailing four quarters and missed once, with the average surprise being 42.37%. The Zacks Consensus Estimate for the company’s third-quarter EPS indicates a surge of 127.5% from the year-ago quarter reported figure. The company is expected to release third-quarter 2024 results soon.
RadNet (RDNT - Free Report) has an Earnings ESP of +20.00% and a Zacks Rank #2. The company is expected to release third-quarter 2024 results soon.
RDNT’s earnings surpassed estimates in three of the trailing four quarters and matched the same once, with the average surprise being 98.23%. The Zacks Consensus Estimate for RadNet’s third-quarter EPS indicates an increase of 21.4% from the year-ago quarter reported figure.
Masimo (MASI - Free Report) has an Earnings ESP of +0.40% and a Zacks Rank #2. The company is likely to release third-quarter 2024 results shortly.
The company’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 14.63%. The Zacks Consensus Estimate for MASI’s 2024 third-quarter EPS indicates an improvement of 33.3% from the year-ago quarter reported figure.
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Will FARAPULSE Line Aid Boston Scientific's Q3 Earnings?
Boston Scientific Corporation (BSX - Free Report) is scheduled to report third-quarter 2024 results on Oct. 23, before the opening bell.
In the last reported quarter, the company’s earnings per share of 62 cents exceeded the Zacks Consensus Estimate by 6.9%. BSX’s bottom line beat estimates in each of the trailing four quarters. The company delivered a trailing four-quarter earnings surprise of 7.18%, on average.
Q3 Estimates
The Zacks Consensus Estimate for third-quarter total revenues is pegged at $4.03 billion, suggesting an improvement of 14.4% from the prior-year quarter’s reported number.
The consensus mark for adjusted earnings stands at 58 cents per share, implying a 16% rise from the year-ago quarter’s reported figure.
For the third quarter of 2024, the company projects revenue growth in the range of approximately 13-15% on a reported basis (same organically). Adjusted earnings are expected in the range of 57-59 cents per share.
Estimate Revision Trend Ahead of Earnings
The Zacks Consensus Estimate for Boston Scientific’s third-quarter earnings has remained unchanged at 58 cents per share in the past 60 days.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Let's briefly look at how things have progressed for this MedTech major leading up to this announcement.
Factors at Play
Through the first half of 2024, U.S. hospitals experienced an increase in hospital admissions across many facilities. This significantly increased demand for Boston Scientific’s products during this period. With this trend projected to continue through the third quarter of 2024 as well, BSX with its innovative pipeline, expansion into faster growth markets, globalization efforts and enhanced digital capabilities, looks well-positioned to report decent sales results for this period, too.
However, the rate of growth is expected to have remained sluggish amid a challenging supply environment in limited geographies. Further, the business is expected to have faced the hurdle of surging labor and raw material costs, as well as healthcare staffing shortages, which might have weighed on the bottom line in the third quarter.
On a geographic basis, despite all macroeconomic headwinds, the company registered strong growth in every geographic region in the last reported quarter, with core business units gaining or maintaining market share. However, with global staffing issues and the supply chain issue still remaining prominent, the international business of BSX is once again expected to have been partially hurt in the third quarter.
Boston Scientific Corporation Price and EPS Surprise
Boston Scientific Corporation price-eps-surprise | Boston Scientific Corporation Quote
The company is expected to have registered strong growth in the Asia Pacific, which is led by strength in China and Japan. Growth in Japan is expected to have been fueled by new products, most notably AGENT drug-coated balloon (DCB), Rezum, Access solutions products, POLARx FIT and WATCHMAN FLX. Performance in China is expected to have been led by the company’s advanced portfolio, with particular strength in its interventional cardiology therapies, WATCHMAN, CRM and PI business units. The recent approvals for FARAPULSE and AGENT DCB in China likely contributed to the top line in the to-be-reported quarter.
However, China VBP complications with coronary imaging and Japan reimbursement cuts in June might have partially dented growth in the third quarter.
In EMEA, the company is expected to have registered growth within structural heart, including Transcatheter aortic valve replacement, WATCHMAN and other interventional cardiology therapies, as well as endoscopy, urology and electrophysiology divisions, fueled by ongoing investments in emerging markets, new and ongoing product launches across the portfolio, pricing discipline and strong commercial execution. The company is expected to have witnessed strength in ACURATE Neo2 and FARAPULSE.
The WATCHMAN subsegment within the Cardiovascular division has shown meaningful strength in recent times. It is once again expected to report strong growth in the to-be-reported quarter on sustained momentum from second-generation WATCHMAN FLX, ongoing clinical evidence, globalization and commercial execution. With the full launch of WATCHMAN FLX Pro in the United States along with the recent launch of the same in Japan and Canada, this momentum is expected to have continued within the WATCHMAN franchise in the third quarter.
The consensus estimate for WATCHMAN revenues is pegged at $385.5 million for the third quarter, indicating a 20.2% improvement from the year-ago period.
The Interventional Cardiology business is expected to have registered year-over-year growth, banking on the strong performance of the company’s global imaging franchise and APAC calcium franchise. Further, the limited launch of AGENT DCB in the United States, which received positive initial physician feedback, might have boosted growth. However, this might have been offset by the ongoing price pressure on drug-eluting stents.
Structural Heart Valves, Complex PCI and Imaging franchises are expected to have recorded strong growth backed by solid European performance, courtesy of the ACURATE neo2 TAVR platform.
The consensus estimate for Cardiology revenues of $1.99 billion projects a 21.4% improvement in the second quarter.
Within the Peripheral Interventions business, third-quarter sales are expected to have been driven by the strong performance of the drug-eluting franchise, supported by ongoing clinical evidence and the company’s category leadership portfolio. Specifically, Arterial franchise revenues are expected to have been strong. Within Venous, the company might have once again witnessed strong sales from Varithena and Clot Management.
Peripheral Interventions revenues are estimated to be $585.2 million, implying an improvement of 8.8% in the third quarter.
Interventional Oncology is expected to have gained from strong momentum in the company’s advanced broad offering across cancer therapies, TheraSphere and ICEfx, as well as the robust set of embolization access and delivery tools. Recently, the company launched its EMBOLD Soft and Packing Coils, which, along with the EMBOLD fibroid coil, complete its detachable coil system.
Within Urology/ Pelvic Health, Stone Management, Prostate Health and Pelvic Health franchises are expected to have recorded strong growth, banking on strong performances of LithoVue and Rezum in key countries.
Within Endoscopy, broad-based recovery across regions and growing strength in infection prevention are expected to have driven second-quarter revenues. The company is expected to report strong momentum in the Biliary franchise backed by the AXIOS stent and Endoluminal Surgery franchise. BSX earlier expected Endoscopy sales to perform better than the market throughout 2024, enabled by the innovative portfolio.
Further, following the CE Mark for the MANTIS Clip, the National Institute for Health and Care Excellence (NICE) in the UK issued positive guidance for the endoscopic bariatric surgery procedure. This is expected to have boosted sales of the company’s endoluminal surgery franchise.
Within Neuromodulation, the company is likely to have registered balanced growth across the Vercise Genus portfolio and the innovative Image Guided Programming, which is designed to improve the precision and efficiency of the deep brain stimulation procedure.
What Our Quantitative Model Predicts
Per our proven model, a stock with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) has a good chance of beating estimates. This is not the case, as you can see below.
Earnings ESP: Boston Scientific has an Earnings ESP of -0.79%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Boston Scientific carries a Zacks Rank #2 currently.
Stocks to Consider
Here are a few medical stocks worth considering, as these have the right combination of elements to post an earnings beat this quarter.
ACADIA Pharmaceuticals (ACAD - Free Report) has an Earnings ESP of +0.92% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
ACAD’s earnings surpassed estimates in three of the trailing four quarters and missed once, with the average surprise being 42.37%. The Zacks Consensus Estimate for the company’s third-quarter EPS indicates a surge of 127.5% from the year-ago quarter reported figure. The company is expected to release third-quarter 2024 results soon.
RadNet (RDNT - Free Report) has an Earnings ESP of +20.00% and a Zacks Rank #2. The company is expected to release third-quarter 2024 results soon.
RDNT’s earnings surpassed estimates in three of the trailing four quarters and matched the same once, with the average surprise being 98.23%. The Zacks Consensus Estimate for RadNet’s third-quarter EPS indicates an increase of 21.4% from the year-ago quarter reported figure.
Masimo (MASI - Free Report) has an Earnings ESP of +0.40% and a Zacks Rank #2. The company is likely to release third-quarter 2024 results shortly.
The company’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 14.63%. The Zacks Consensus Estimate for MASI’s 2024 third-quarter EPS indicates an improvement of 33.3% from the year-ago quarter reported figure.