Boston Scientific 3Q Tops Street, Boosts View

Boston Scientific Corp. (BSX) posted third-quarter results that beat estimates, and the company boosted its forecast to above estimates.

The medical-device firm now expects fiscal 2010 earnings in the range of 63 to 66 cents, with revenue coming in between $7.73 billion and $7.8 billion. The company also forecast fourth-quarter earnings between 15 and 18 cents on revenue of$1.93 billion to $2 billion. Analysts had predicted earnings of 10 cents a share on revenue of $1.99 billion, according to a poll by Thomson Reuters.

For the third quarter, the company reported a profit of $190 million, or 12 cents a share, up from last year’s third-quarter loss of $94 million, or 6 cents a share.

Sales fell 5.4% to $1.92 billion, compared with year-ago sales of $2.02 billion. Gross margin fell slightly, to 67.5% from 68.9%.

The results topped expectations, as analysts had predicted earnings of 6 cents a share on revenue of $1.91 billion.

“During the quarter we made good progress toward the execution of both our strategic plan and the necessary financial discipline, which resulted in a strong operating performance despite the challenges facing our industry,” said Boston Scientific President and CEO Ray Elliott, in a release.

Shares of Boston Scientific fell 23 cents, or 3.71%, in Tuesday’s session, closing the day at $5.97 a share. The stock was up 18 cents or 3.02% in after-hours trading.

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