UPDATE: Boston Scientific Posts In-Line Q3 Profit, Raises Forecast

Shares of Boston Scientific

gained more than 4.7% in pre-market trading after the company reported in-line profit for the third quarter and raised its forecast for the year. Boston Scientific expects full-year earnings of $0.81 to $0.83 per share, versus its earlier forecast of $0.79 to $0.83 per share. It now expects revenue of $7.37 billion to $7.42 billion, compared to $7.33 billion to $7.43 billion. Boston Scientific expects Q4 earnings of $0.20 to $0.22 per share on sales of $1.88 billion to $1.93 billion. The Marlborough, Massachusetts-based company reported a quarterly profit of $43 million, or $0.03 per share, versus a year-ago loss of $5 million, or less than $0.01 per share. Excluding certain items, the company earned $0.20 per share. Its revenue rose 6.4% to $1.85 billion. The company in July had expected earnings of $0.18 to $0.20 per share on revenue of $1.79 billion to $1.84 billion. However, analysts were expecting earnings of $0.20 per share on revenue of $1.82 billion. The company's total cardiovascular sales jumped 7.6% at $723 million, while rhythm management sales climbed 7.2% to $534 million. Boston Scientific's operating expenses rose 9.8% to $1.2 billion. "We achieved excellent third quarter results, growing most of our divisions faster than the market while delivering strong, double-digit EPS growth," said Mike Mahoney, president and chief executive officer, Boston Scientific Corporation. Boston Scientific shares rose 4.74% to $12.60 in pre-market trading.