Benzinga | Oct 27, 2021 09:17AM EDT

Boston Scientific Q3 Earnings Comes Inline With Wall Street Expectations

* Boston Scientific Corporation (NYSE:BSX) generated net sales of $2.93 billion in Q3 of 2021, almost in line with the Wall Street estimate of $2.97 billion.

* Sales increased 10.3% Y/Y on a reported basis and 10.6% on an organic basis, lower than the Company's guidance of 12% - 14%.

* The Company achieved adjusted EPS of $0.41, slightly ahead of the consensus of $0.40, in line with guidance of $0.39 - $0.41.

* Revenues from MedSurg increased 11.2% to $917 million (9.4% organic), Rhythm and Neuro increased 8.2% to $819 million (1.5% organic), and Cardiovascular segment generated $1.19 billion, +19.4% (18.5% organic).

* The gross margin expanded from 67.3% to 69.3%. It posted an operating income of $387 million, compared to an operating loss of $(205) million a year ago.

* FY21 Guidance: Boston Scientific sees adjusted EPS of $1.60 - $1.62 (consensus of $1.61), compared to the earlier outlook of $1.58-$1.62.

* It estimates revenue growth of approximately 19% - 20% on a reported basis and 18% - 19% organically, compared to earlier guidance of 21% - 22% and 19% - 20%, respectively.

* For Q4, BSX expects an adjusted EPS of $0.43 - $0.45.

* Price Action: BSX shares are down 0.27% at $44.20 during the premarket session on the last check Wednesday.