Boston Scientific misses first-quarter targets

Shares in Boston Scientific eased on Wednesday after the US medical devices company missed its first-quarter sales targets.

First-quarter sales came in at $2.49bn, a 4.8% increase on a reported basis but below the company’s guidance range of between 6% and 7% growth. On an organic basis, sales were ahead 6.3%, missing the company’s forecasts of between 7% and 8% growth.

Reported GAAP earnings were 30 cents per share, also below target; the company had previously estimated that EPS would be between 32 cents and 33 cents.

Boston Scientific also adjusted its full-year guidance for revenue growth marginally, to between 7% and 8% on a reported basis, compared to prior guidance of between 7% and 9%.

By 1245 BST, Boston Scientific shares was down 3% in pre-market trading.

Mike Mahoney, chairman and chief executive, said: "Our global team and differentiated portfolio enabled us to deliver good sales and earnings growth this quarter, despite some revenue softness compared to our estimates.

"With our strong pipeline and category leadership strategy, we are confident in our top tier 2019 outlook."

During the first quarter, Boston Scientific won approval from the US Food and Drug Administration for a new product for patients with severe aortic stenosis who are too high risk for open heart surgery. But it was also ordered by the regulator, along with all other manufacturers, to stop selling transvaginal surgical mesh products.

Boston Scientific said the move would have a negative impact on full-year revenues of approximately $30m.