Boston Scientific Q3 Profit Declines Below Street View; Cuts Annual Guidance

(RTTNews) - Medical devices maker Boston Scientific Corporation (BSX) Wednesday reported lower profit in the third quarter despite growth in revenue. The company also reduced its full-year outlook.

Boston Scientific reported income of $174 million or $0.12 per share in the third quarter, lower than $405 million or $0.28 per share a year ago.

Excluding one-time items, earnings were $0.43 per share, that missed the average estimate of 24 analysts polled by Thomson-Reuters of $0.44 per share. Analysts' estimates typically exclude special items.

Quarterly sales, however, increased 8.1% year-on-year to $3.170 billion. The consensus estimate was for $3.13 billion.

Looking forward, the company now estimates full-year sales growth to be approximately 6.5 percent on a reported basis, and approximately 9 percent on an organic basis. This compares with the prior outlook of 6.5%-7.5% growth on a reported basis, and 8%- 9% up on an organic basis.

Adjusted EPS for the year has been reduced to $1.71-$1.74 from $1.74-$1.77 guided earlier.

Analysts expect the company to report earnings of $1.76 per share on revenue growth of 6.9%.

For the fourth quarter, the company sees sales growth of 2%-4% on a reported basis, and 7%-9% on an organic basis.

Adjusted EPS for the fourth quarter is expected between $0.45 to $0.48.

Analysts see earnings of $0.49 per share and revenue growth of 6% for the quarter.

Boston Scientific shares are down more than 4% in pre-market. It closed at $41.30, up 0.78% on Tuesday.