Boston Scientific’s 3Q sales, earnings grow despite Puerto Rico plant shutdown
Medical device maker Boston Scientific Corp. grew its earnings and sales in the third quarter despite a temporary shutdown of its manufacturing facility in Dorado, Puerto Rico, from Hurricane Maria.
Boston Scientific, which has major operations in Arden Hills and Maple Grove, reported adjusted net income of $432 million on $2.2 billion in revenue for the period ended Sept. 30.
Sluggish sales of implantable heart devices were offset by strong gains in endoscopy products and peripheral intervention devices, among others. The new sales results were slightly above Wall Street estimates. The plant in Dorado was taken off line during the Sept. 20 hurricane, and has since resumed operations.
Sales in the quarter amounted to 31 cents per share of adjusted earnings, which was in line with expectations and represented nearly 15 percent EPS growth compared to the same quarter last year.
Looking ahead, the Massachusetts-headquartered company increased its full-year sales guidance to a range between $8.99 billion and $9.02 billion, representing an expectation for 7 percent operational growth for the year. The company also tightened its expected full-year earnings range to between $1.24 and $1.27 per share, raising the bottom end of the range by a penny.
Joe Carlson 612-673-4779