On April 26, 2023 Boston Scientific Corporation reported it generated net sales of $3.389 billion during the first quarter of 2023, growing 12.0 percent on a reported basis, 14.9 percent on an operational1 basis and 14.0 percent on an organic2 basis, all compared to the prior year period (Press release, Boston Scientific, APR 26, 2023, View Source [SID1234633023]). The company reported GAAP net income attributable to Boston Scientific common stockholders of $300 million or $0.21 per share (EPS), compared to $97 million or $0.07 per share a year ago, and achieved adjusted3 EPS of $0.47 for the period, compared to $0.39 a year ago.
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"I’m pleased with our excellent results this quarter, which highlight our team’s strong performance across each business and region," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "With a robust pipeline in 2023 and beyond, I’m optimistic about our ability to continue to deliver differentiated financial performance and the opportunity to reach more patients with life-changing therapies."
First quarter financial results and recent developments:
Reported net sales of $3.389 billion, representing an increase of 12.0 percent on a reported basis, compared to the company’s guidance range of 3 to 5 percent; 14.9 percent on an operational basis; and 14.0 percent on an organic basis, compared to the company’s guidance range of 6 to 8 percent, all compared to the prior year period.
Reported GAAP net income attributable to Boston Scientific common stockholders of $0.21 per share, compared to the company’s guidance range of $0.23 to $0.26 per share, and achieved adjusted EPS of $0.47 per share, compared to the guidance range of $0.42 to $0.44 per share.
Achieved the following net sales growth in each reportable segment, compared to the prior year period:
MedSurg: 11.0 percent reported, 13.4 percent operational and organic
Cardiovascular: 12.7 percent reported, 15.9 percent operational and 14.4 percent organic
Achieved the following net sales growth in each region, compared to the prior year period:
U.S.: 12.7 percent reported and operational
EMEA (Europe, Middle East and Africa): 14.2 percent reported and 20.0 percent operational
APAC (Asia-Pacific): 5.9 percent reported and 15.4 percent operational
LACA (Latin America and Canada): 17.4 percent reported and 20.0 percent operational
Emerging Markets4: 20.2 percent reported and 26.3 percent operational
Received U.S. Food and Drug Administration (FDA) clearance and launched in the U.S. and Japan the LithoVue Elite Single-Use Digital Flexible Ureteroscope System, the first ureteroscope system with a built-in sensor that enables urologists to monitor intrarenal pressure in real time during ureteroscopy procedures.
Received Japanese Pharmaceuticals and Medical Devices Agency (PMDA), Health Canada and CE Mark approval for the POLARx FIT Cryoablation Balloon Catheter, an expandable balloon catheter capable of enabling 28 and 31mm sizes, which promotes procedural efficiency and adaptability to varying patient anatomies during the treatment of atrial fibrillation.
Announced real-world outcomes from the SURPASS one-year analysis of more than 66,000 patients with the WATCHMAN FLX Left Atrial Appendage Closure Device during a late-breaking session at the Cardiovascular Research Technologies (CRT) 2023 meeting, with data demonstrating a low 1.2% rate of ischemic stroke and 0.11% rate of systemic embolism at one year. Also exceeded 300,000 patients worldwide who have been treated with the WATCHMAN technology.
Completed enrollment in the ACURATE IDE trial, a prospective, multicenter, randomized study in the U.S. and Canada evaluating the safety and effectiveness of the ACURATE neo2 Aortic Valve System for the treatment of patients with severe, symptomatic aortic stenosis across all surgical risk levels who are indicated for transcatheter aortic valve replacement.
Commenced enrollment of the global ADVANTAGE AF clinical trial, which will evaluate the safety and effectiveness of the FARAPULSE Pulsed Field Ablation (PFA) System for the treatment of drug-resistant, symptomatic, persistent atrial fibrillation (AF). Also, presented as late-breaking science at the European Heart Rhythm Association (EHRA) annual meeting were real-world outcomes from the independent MANIFEST-PF registry, which demonstrated the real-world safety, efficacy and efficiency of the FARAPULSE PFA System. Despite a variety of workflows, procedure times remained at approximately one hour, and there was only one case of phrenic palsy and no reports of esophageal complications or pulmonary vein stenosis. One-year freedom from recurrence was 82% in patients with paroxysmal, or intermittent, AF and 72% in patients with persistent AF.
Closed the acquisition of Apollo Endosurgery, Inc., expanding the Boston Scientific endoluminal surgery portfolio and enabling entry into the endobariatric market.
Completed the acquisition of a majority stake investment in Acotec, a Chinese medical technology company that offers innovative solutions designed for several types of interventional procedures. This investment is expected to create strategic value for both companies through a variety of opportunities, including collaboration in research and development, manufacturing and commercial strategies.
Released the 2022 Performance Report, measuring progress on the ways in which the company is transforming care, investing in employees, protecting the environment and creating value responsibly.