Boston Scientific eked out a narrow first-quarter beat that also topped industry trends, an analyst said Wednesday as BSX stock popped.
On a sequential basis, Boston Scientific reported 10% organic sales growth, Evercore ISI analyst Vijay Kumar said in a report. That beat out similar metrics for Abbott Laboratories, Intuitive Surgical and Edwards Lifesciences.
"Within these segments, on a reported basis, overall cardio came in about 3% ahead of the Street, while medical-surgical came in about 1% above the Street," he said in a report.
In response, BSX stock advanced 1.1% to 43.06 on today's stock market.
BSX Stock: Cardio Leads The Way
Overall, first-quarter sales rose 10% on a reported basis to $3.03 billion. That beat analysts' forecast for $2.96 billion. Organically, sales increased 9.7% vs. the year-earlier period. Adjusted earnings of 39 cents per share came in 1 cent ahead of expectations and grew more than 5%.
Chief Executive Mike Mahoney credited the company's "innovative portfolio and improved procedure volume" for strong sales growth.
"We are pleased with our first-quarter performance and outlook for the full year, despite the impact of macroeconomic headwinds, and we look forward to bringing meaningful innovation to customers and the patients we serve together," he said in a written statement.
On a segment basis, the best growth came from Boston Scientific's cardiovascular business. Sales of its heart-related medical devices popped 11.4% to $1.87 billion. Organic growth was 10.8%. The medical-surgical business grew 9.1% — or 8% organically — to $1.15 billion.
In-Line Sales, Earnings Outlook
For the year, Boston Scientific expects 7%-9% sales growth on a reported basis. BSX stock analysts called for $12.85 billion in sales, which would increase 8%. The company also expects 6.5%-8.5% organic sales growth.
Boston Scientific also raised the low end of its earnings outlook by a penny and now expects $1.74-$1.79 a share. That was roughly in line with analysts' forecast for $1.77 per share.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
