The following is a summary of the Boston Scientific Corporation (BSX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Boston Scientific Corporation reported Q1 2024 growth of 13% over Q1 2023, exceeding their guidance of 7-9%.
The company's adjusted EPS for the period was $0.56, up 21% from 2023, surpassing the given range of $0.50-$0.52.
The adjusted operating margin for Q1 2024 was recorded at 26.2%.
The company raised its full-year guidance to an organic growth of 10-12%, exceeding the earlier 8-9% projection.
The expected full-year adjusted EPS is set between $2.29-$2.34, representing 12-14% growth.
Gross margin for Q1 2024 suffered due to certain inventory charges, resulting in a smaller margin of 69.8%.
Business Progress:
The company saw growth across businesses and regions with six out of eight business units and all regions displaying double-digit growth.
Boston Scientific issued a forecast of 10-12% organic growth for Q2 2024.
The company has continued its investment in R&D and strategic partnerships, like the acquisition of Axonics, Inc., set to complete in the second half of 2024.
The company reported success in innovative products like the FARAPULSE platform and Rezūm in the urology unit.
There is an anticipated robust global expansion directed by their broad Electrophysiology portfolio and other AF solutions.
A commitment was shown towards environmental, social, and governance goals, as displayed in their 2023 performance report.
The company is excited about its broadened presence in the U.S. market with the swiftly adopted FARAPULSE system, and sees positive anticipation in Europe and Asia as well.
Significant investment is being made in R&D for transformational products and an updated Long Range Plan (LRP) for 2024-2026 with the aim of 8-10% organic growth.
The company remains optimistic about its Cardiac Rhythm Management (CRM) and diagnostics businesses, and the adoption of their RHYTHMIA mapping system.
More details: Boston Scientific IR
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