Biomedical engineering company Boston Scientific Corp. (NYSE: BSX) surged in pre-market trading after announcing its fourth-quarter results. The company reported adjusted earnings of $0.55 per share compared to $0.45 per share in the same period last year. This was above consensus estimates of $0.51 per share.
The company generated Q4 net sales of $3.73 billion, up by 14.9% year-over-year, which beat Street estimates of $3.59 billion.
Looking forward, BSX estimates net sales in FY24 to increase between 8% and 9% on an organic basis, while adjusted earnings are likely to be in the range of $2.23 to $2.27 per share. In the first quarter of FY24, net sales are likely to grow between 7% and 9% on an organic basis, while adjusted earnings are projected to be in the range of $0.50 to $0.52 per share.
Is BSX a Good Stock to Buy?
Analysts remain bullish about BSX stock with a Strong Buy consensus rating based on 14 Buys and one Hold. Over the past year, BSX stock has surged by more than 30%, and the average BSX price target of $67.13 implies an upside potential of 9.3% at current levels.
