Abbott’s performance in the first quarter
Abbott Laboratories (ABT) released its first-quarter earnings on April 17. The company reported revenues of $7.54 billion, a YoY rise of 1.96% on a reported basis and 7.0% on an organic basis. The organic revenue growth in the first quarter was above the guidance provided by the company in its fourth quarter 2018 earnings call. In the first quarter, Abbott Laboratories surpassed the consensus revenue estimate by $44.25 million.
In the first quarter, Abbott Laboratories reported non-GAAP EPS of $0.63, a YoY rise of 6.78%. This EPS performance was more than the company’s previous guidance of $0.60–$0.62 as well as Wall Street’s consensus estimate of $0.62.
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Boston Scientific’s financial performance metrics for the first quarter
Boston Scientific (BSX) is scheduled to announce first-quarter results on April 24. Wall Street analysts expect the company to report revenues of $2.54 billion in the first quarter, a YoY rise of 6.54%. The company is expected to report non-GAAP EPS of $0.36, a YoY rise of 7.84%.
In its fourth-quarter earnings conference call, Boston Scientific has guided for YoY reported revenue growth of 6%–7% for the first quarter, which implies YoY organic revenue growth of 7%–8% coupled with 160 basis points worth of inorganic growth associated with the acquisitions of Augmenix, NxThera, and Claret. The company expects a negative revenue impact of $60 million–$65 million attributable to foreign exchange movements in the first quarter. In a recent 8K filing, the company has estimated the negative revenue impact of the FDA’s decision to stop distribution and sales of all surgical mesh products in the US to be close to $25 million in fiscal 2019.
In its fourth-quarter earnings conference call, Boston Scientific guided for adjusted EPS in the range of $0.35 to $0.36, while GAAP EPS is expected to be $0.32 to $0.33 in the first quarter.