Boston Scientific Posts In-Line Q1 Earnings, Issues Weak Outlook

reported in-line earnings for the first quarter on Tuesday, but the company lowered its sales forecast for the full year. The Marlborough, Massachusetts-based company posted a quarterly loss of $1 million, or $0.00 per share, versus a year-ago profit of $133 million, or $0.10 per share. Excluding non-recurring items, the company posted adjusted earnings of $0.21 per share. Its sales dropped to $1.768 billion from $1.774 billion. However, analysts were expecting earnings of $0.21 per share on revenue of $1.78 billion. The average estimate among 9 Estimize users was for earnings of $0.21 per share and revenue of $1.78 billion. "We achieved strong results in the first quarter, and we continue to build global momentum." said Mike Mahoney, president and chief executive officer, Boston Scientific. "In particular, our Interventional Cardiology business, including structural heart, delivered excellent results. We are also excited about bringing new innovation to patients with the recent Food and Drug Administration approvals of the WATCHMAN™ Left Atrial Appendage Closure Device and the EMBLEM™ Subcutaneous Implantable Defibrillator System." For the current quarter, Boston Scientific projects adjusted earnings of $0.20 to $0.22 per share, on revenue of $1.8 billion to $1.85 billion. Analysts had expected earnings of $0.22 per share on revenue of $1.86 billion. Boston Scientific now expects FY15 sales of $7.225 billion to $7.375 billion, versus earlier forecast of $7.300 billion to $7.500 billion. It projects income on a GAAP basis of $0.32 to $0.38 per share, versus previous outlook of $0.42 to $0.48 per share. Boston Scientific shares fell 0.83 percent to $17.83 in pre-market trading.