Boston Scientific beats Street 4Q forecasts

Markets Associated Press

Boston Scientific Corp. (BSX) on Thursday reported fourth-quarter net income of $124 million, after reporting a loss in the same period a year earlier.

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On a per-share basis, the Marlborough, Massachusetts-based company said it had profit of 9 cents. Earnings, adjusted for amortization costs and non-recurring costs, came to 30 cents per share.

The results topped Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The medical device manufacturer posted revenue of $2.19 billion in the period, also beating Street forecasts. Eighteen analysts surveyed by Zacks expected $2.16 billion.

For the year, the company reported net income of $347 million, or 25 cents per share, swinging to a profit in the period. Revenue was reported as $8.39 billion.

For the current quarter ending in April, Boston Scientific expects its per-share earnings to range from 29 cents to 31 cents.

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The company said it expects revenue in the range of $2.05 billion to $2.1 billion for the fiscal first quarter. Analysts surveyed by Zacks had expected revenue of $2.08 billion.

Boston Scientific expects full-year earnings in the range of $1.22 to $1.26 per share, with revenue ranging from $8.68 billion to $8.88 billion.

Boston Scientific shares have increased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 2 percent. The stock has risen 34 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BSX at https://www.zacks.com/ap/BSX

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Keywords: Boston Scientific, Earnings Report