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BSX Raised the Lower End of Its 2019 Adjusted EPS Guidance

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Apr. 29 2019, Published 10:20 a.m. ET

EPS guidance

On its first-quarter earnings conference call, Boston Scientific (BSX) changed its 2019 YoY (year-over-year) adjusted EPS guidance from its previously projected $1.53–$1.58 to $1.54–$1.58. The company thus changed its 2019 YoY adjusted EPS growth rate guidance from 4%–8% to 5%–8%. Excluding the impact of a net tax benefit worth $0.07 per share received from the IRS (Internal Revenue Service) as settlements in 2018, the company expects to report YoY adjusted EPS growth of 10%–13%, higher than its previously projected range of 9%–13%. The company, however, lowered its 2019 GAAP EPS guidance from its previously projected $1.13–$1.18 to $1.09–$1.13.

On its first-quarter earnings conference call, Boston Scientific estimated a neutral impact of foreign exchange on its adjusted EPS due to a hedging program.

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Analysts expect Boston Scientific’s non-GAAP (generally accepted accounting principles) EPS to rise 6.24% YoY to $1.56 in 2019, 14.78% YoY to $1.79 in 2020, and 13.35% YoY to $2.03 in 2021.

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Second-quarter EPS

On its first-quarter earnings conference call, Boston Scientific projected adjusted EPS of $0.37–$0.39 for the second quarter, implying a YoY change of between -9% and -4%. However, excluding the impact of the IRS settlement, the company guided for adjusted EPS growth of 6%–12% in the second quarter. The company also guided for GAAP EPS of $0.23–$0.25 and a neutral foreign exchange impact on its EPS in the second quarter.

Analysts expect Boston Scientific’s non-GAAP EPS to see YoY changes of -6.93% to $0.38 in the second quarter, 11.94% to $0.39 in the third quarter, and 11.82% to $0.44 in the fourth quarter of 2019.

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