Boston Scientific Reports Strong Q1 2024 Financial Results with $3.856 Billion in Net Sales and Key Product Advancements

Apr 26, 2024 00:02 CST Updated 00:02

Boston Scientific

Medical Device Manufacturer

April 25, 2024Boston Scientific Announces First Quarter 2024 Results。Achieved in the First Quarter of 2024$3.856 billion (approximately 27 billion RMB)Net sales, compared with the same period last yearIncreased by 13.8%。

# Earnings Highlights

ReportedNet sales were $3.856 billion, compared with the same period last year,Increased by 13.8%; CompanyNet profit was $2.64 billion, with an R&D investment of $366 million;

Boston Scientific Corporation GAAP net income attributable to common shareholders was $0.33 per share, with adjusted earnings per share of $0.56;

By region:Revenue in the United States was $2.258 billion, income in Europe, the Middle East, and Africa (EMEA) was $803 million, revenue in the Asia-Pacific region was $647 million, and revenue in Latin America and Canada was $149 million.

By Business:

1. Medical Surgical CategoryCombineTotal revenue of $1.412 billion, an 8% increase year-over-year:

Endoscopy ServicesRevenue642 millionDollar：Revenue driven by a broad product portfolio, including products such as AXIOS™ and single-use imaging products; MANTIS™ clip device receives CE Mark approval in Europe.

Urology ServicesRevenue5.13Hundred MillionDollar: Driven by the global Laser Therapies and LithoVue™ franchises, the Stone Management franchise also grew by double digits.

Neuromodulation BusinessRevenue2.56Hundred MillionDollar: Driven by the comprehensive directional stimulation products supported by image-guided programming, the series achieved single-digit growth, while the relevant business revenue in the United States achieved double-digit growth.

2. Total Cardiovascular Business$2.445 billion, a year-on-year increase of 15.9%：

Interventional Cardiology Treatment BusinessRevenue652 millionDollar: The growth of the coronary artery treatment franchise is driven by continued strength in international regions, led by the imaging product portfolio;

ACURATE Neo2 ValveDriving business revenue, the structural heart valve franchise has been developed for over a decade.

Electrophysiology Business300 millionDollar：FARAPULSE™ PFA SystemLaunched in the first quarter, driving business growth in Europe and America.

Cardiac Rhythm Management Business5.75Hundred MillionDollar：The second-generation LUX-Dx II+ Insertable Cardiac Monitor (ICM) system drove growth, with the diagnostics business growing by double digits.

Watchman Business344 millionDollar：Watchman FLX Pro Fully Launched in the U.S., Approved and Launched in Japan and Canada; TruSteer Steerable Sheath Receives FDA Approval and Launches in the U.S.

Peripheral Intervention Business573 millionDollar：Driven by the drug-eluting product portfolio, the arterial business achieved double-digit growth. The interventional oncology business also achieved double-digit growth, and the Clot Management franchise performed as expected.

# Recent Developments

Launch of the FaraPuls Pulsed Field Ablation (PFA) System Begins in the United States.
Completed the enrollment for the second phase of the Advantage AF clinical trial, which studies the FaraPulse PFA System for treating patients with persistent atrial fibrillation (AF), and evaluates the safety and effectiveness of using the FaraPoint PFA catheter as an adjunct to atrial fibrillation ablation procedures (CTI).
Related Reading:Success! Boston Scientific Pulsed Field Ablation System's First Clinical Batch!Revenue of 101.1 Billion! Boston Scientific's Latest Earnings Report "Blooming in Two Areas"

Initiate Enrollment for the NAVIGATE-PF Study, the study used the FaraView software module in conjunction with the Farawave Nav PFA catheter to treat paroxysmal and persistent atrial fibrillation.
FDA ApprovalAGENT Drug-Coated Balloon,This is the United StatesThe First Drug-Coated Coronary Balloon, used to treat in-stent restenosis in patients with coronary artery disease.
Related Reading:FDA Approved! Boston Scientific Coronary Drug-Coated Balloon
FDA Announces Approval of Expanded Indications for Boston Scientific's WaveWriter™ Spinal Cord Stimulator (SCS) SystemSyndrome, the system is used to treat chronic lower back and leg pain in patients who have not undergone back surgery.
Expand cooperation with Chinese medical device company Scivita Medical, jointly develop future endoscopic devices, and distribute certain Scivita Medical gastrointestinal and pulmonary single-use imaging devices globally.
Completed the public offering of senior notes with a total principal amount of 20 billion euros denominated in euros.The Company intends to use the net proceeds from this offering for the previously announcedAcquisition of Axonics, Inc. (NASDAQ: AXNX) as part of the agreement.

# About Boston Scientific

Boston Scientific (NYSE: BSX) was founded in 1979 and is headquartered in Natick, Massachusetts, USA. It is a global leading medical technology company.

In 1997, Boston Scientific entered China, establishing branch offices and research centers in Beijing, Shanghai, and Guangzhou. The company’s headquarters in China is located in Shanghai. In May 1992, Boston Scientific was successfully listed on the New York Stock Exchange.

The company has more than 17,000 products that improve the quality of life.Covering fields such as cardiac intervention, structural heart disease, peripheral and tumor intervention, cardiac rhythm management and electrophysiology, endoscopic intervention, respiratory intervention, urology, otorhinolaryngology, and neuromodulation.。

From 2004 to 2020, Boston Scientific consistently ranked among the Fortune 500 companies; from 2016 to 2021, Boston Scientific was named one of the World's Most Admired Companies by Fortune for six consecutive years.

From 2017 to 2021, it ranked on the "Top 100 Global Innovators" list selected by Clarivate Analytics (formerly Thomson Reuters) for five consecutive years.

From 2013 to present, Boston Scientific has had a total of 9 products or technologies win or be nominated for the Prix Galien Award, including 3 products nominated for the 2022 Prix Galien "Best Medical Technology" award, making it the company with the most nominations in this category that year.

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Editor-in-Chief | Zhao Qing Reviewed by | Yi He