Q3 2024 Boston Scientific Corp Earnings Call Transcript
Key Points
- Boston Scientific Corp (BSX) reported a 19% growth in operational sales and an 18% increase in organic sales for Q3 2024, exceeding their guidance range.
- The company's adjusted EPS grew by 27% to $0.63, surpassing the high end of their guidance range.
- Strong performance in the Electrophysiology segment with sales growing 177%, driven by the success of the FARO Pulse system.
- The company is expanding its product portfolio with the anticipated acquisition of Exonics and the recent acquisition of Silk Road Medical.
- Boston Scientific Corp (BSX) is guiding for a strong Q4 with expected organic growth of 14% to 16% and has raised its full-year guidance to approximately 15%.
- The company's gross margin was slightly lower than anticipated due to foreign exchange impacts.
- There are concerns about the Avant-Garde trial, which was temporarily paused due to unanticipated observations, although the company plans to resume it soon.
- The Cardiac Rhythm Management segment showed only a 2% growth, with strong international growth offset by below-market growth in the US.
- Despite strong overall performance, there is increased competition expected in the PFA market, which could impact future growth.
- The company faces ongoing challenges with VBP implementations in China, impacting certain product lines like the Ibis franchise.
Good morning and welcome to the Boston Scientific Third Quarter 2024 earnings call. All participants will b
in listen only mode. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to John Munson, Senior Vice President, Investor Relations. Please go ahead.
Thanks, Joe, and thanks, everyone, for joining us. With me today are Mike Mahoney, Chairman and Chief Executive Officer, and Dan Brennan, Executive Vice President and Chief Financial Officer. Joining the Q&A session. Mike and Dan will be joined by our Chief Medical Officer, Dr. Ken Stein, our Co-Founder, President of our MedSurg and Asia Pacific businesses. We issued a press release earlier this morning announcing our Q3 results, which included reconciliations of non-GAAP measures used in this release. The release as well as reconciliations of non-GAAP measures used in today's call. Please note on the call. Operational revenue excludes the impact of foreign currency fluctuations
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