Boston Scientific (BSX) gains after topping Q1 estimates

Boston Scientific (NYSE: BSX) shares are up in premarket trading on Wednesday after the company raised its FY2023 profit forecast and topped earnings and revenue expectations for the first quarter.

The company reported EPS of $0.47, $0.04 better than the analyst estimate of $0.43. Revenue, which grew 12% YoY, came in at $3.39 billion versus the consensus estimate of $3.16 billion.

The Marlborough, Massachusetts-based company's shares are currently up 2.95% at $52.62 in premarket trading.

"I'm pleased with our excellent results this quarter, which highlight our team's strong performance across each business and region," commented Mike Mahoney, chairman and chief executive officer of Boston Scientific.

"With a robust pipeline in 2023 and beyond, I'm optimistic about our ability to continue to deliver differentiated financial performance and the opportunity to reach more patients with life-changing therapies."

Meanwhile, the company raised its full-year adjusted profit expectations to between $1.90 per share and $1.96 per share, above its prior forecast of $1.86 to $1.93 per share. The consensus expectation was $1.91. In addition, it sees its Q2 EPS between $0.48 and $0.50, versus the consensus of $0.48.

"The company now estimates net sales growth for the full year 2023, versus the prior year period, to be approximately 8.5 to 10.5 percent on a reported basis, and approximately 8 to 10 percent on an organic basis," BSX added.

By Sam Boughedda

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