Shares of Boston Scientific Corp.
BSX,
fell 5% in premarket trading on Wednesday, after the medical device maker missed profit estimates for the fourth quarter. The company had net income of $126 million, or 9 cents a share, up from $80 million, or 6 cents a share, for the year-earlier period. Excluding one-time items, adjusted EPS came in at 45 cents, well below FactSet’s 47 cents consensus. Revenue rose to $3.242 billion from $3.127 billion, matching the FactSet consensus of $3.243 billion. The company said it had a negative impact of about 200 basis points in relation to the unplanned reserve set up for the Italian government’s payback provisions, which resulted in a 4 cent drop to adjusted EPS. The company is now expecting first-quarter adjusted EPS of 42 cents to 44 cents, while FactSet is looking for 44 cents. It expects full-year adjusted EPS of $1.86 to $1.93, compared with the FactSet consensus of $1.93. Stocks up 6.3% over the past 12 months, while the S&P 500
SPX,
was reduced by 10%.
