By Dia Gill
Boston Scientific Corp. said earnings soared in the first quarter as it completed two acquisitions and made significant headway on several products in development.
The Marlborough, Mass.-based biomedical engineering company said net income rose to $300 million, or 21 cents per share, for the quarter ended March 31, up from $97 million, or 7 cents per share, in the year-ago period.
Sales rose to $3.39 billion, up from $3.03 billion in the year-ago period. Analysts surveyed by FactSet had expected sales of $3.16 billion, and the company had projected a 3% to 5% increase in sales in its own guidance.
Two business segments, MedSurg and Cardiovascular, saw growth of 11% and 12.7%, respectively.
During the quarter, Boston Scientific received U.S. Food and Drug Administration clearance to launch its LithoVue Elite Single-Use Digital Flexible Ureteroscope System. The company also completed the acquisitions of Apollo Endosurgery Inc. and a majority stake investment in Acotec, a Chinese medical technology company.
The LithoVue Elite Single-Use Digital Flexible Ureteroscope System assists urologists in monitoring intrarenal pressure in real-time during ureteroscopy procedures. Its launch was joined by positive trial results and progress in developing several other medical technologies.
Write to Dia Gill at dia.gill@wsj.com
(END) Dow Jones Newswires
04-26-23 0739ET