Boston Scientific raises profit forecast on strength in heart devices unit

[October 26, 2023]  (Reuters) -Medical device maker Boston Scientific raised its annual profit forecast and beat estimates for third-quarter profit on Thursday as a post-pandemic rebound in elective surgeries bolstered demand for its heart devices.

A steady recovery in non-urgent surgical procedures such as hip and knee replacements, which were postponed during the pandemic, and easing staffing shortages at hospitals have boosted demand for medical devices.

The Massachusetts-based company which generates most of its revenue from sales of its heart devices such as pacemakers and stents also makes equipment for diagnosing and treating a range of gastrointestinal and pulmonary conditions.

The company now expects full-year adjusted earnings per share of $1.99 to $2.02, compared with its prior forecast of $1.96 to $2.00.

On an adjusted basis, Boston Scientific earned 50 cents per share in the quarter, compared with analysts' average estimate of 48 cents per share, according to LSEG data.

(Reporting by Christy Santhosh and Mariam Sunny in BengaluruEditing by Vinay Dwivedi)

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