Q2 2024 Boston Scientific Corp Earnings Call Transcript
Key Points
- Boston Scientific Corp (BSX) reported a 16% growth in total company operations sales and a 15% growth in organic sales, exceeding their guidance range.
- Second quarter adjusted EPS grew 15% to $0.62, surpassing the high end of their guidance range.
- The company raised its full-year organic growth guidance from 10%-12% to 13%-14%, reflecting strong momentum across its portfolio.
- Exceptional growth was noted in the US (17%), Europe (16%), and Asia Pacific (13%), driven by various product launches and market expansions.
- The FARAPULSE PFA System saw impressive 125% organic sales growth, driven by rapid adoption and positive real-world outcomes.
- Adjusted gross margin for the second quarter was 70.4%, contracting 160 basis points versus the prior year due to higher than expected inventory charges related to the POLARx cryoablation system.
- The company faces pricing pressures in key geographies, including China and Japan, which could impact future growth.
- Neuromodulation sales grew only 4% organically, with the Brain franchise growing low single digits due to competitive product launches.
- Cardiac Rhythm Management sales grew just 3% organically, with slightly below market growth in the US.
- The company is still awaiting approval for several key products in major markets like China and Japan, which could delay potential revenue contributions.
Good morning, and welcome to the Boston Scientific, second quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to John Monson, Senior Vice President, Investor Relations. Please go ahead.
Thank you, Drew, and welcome, everyone, and thanks for joining us today. With me on today's call are Mike Mahoney, Chairman and Chief Executive Officer, and Dan Brennan, Executive Vice President and Chief Financial Officer. We issued a press release earlier this morning announcing our Q2 results, which included reconciliations of non-GAAP measures used in this release.
We have posted a link to that release as well as reconciliations of non-GAAP measures used in today's call to the Investor Relations section of our website under the heading Financials & Filings. The duration of this morning's call will be approximately one hour. Mike and Dan will provide comments on Q2 performance as well as the
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