Why Medical Devices Giant Boston Scientific Shares Are Rising Today
Portfolio Pulse from Nabaparna Bhattacharya
Boston Scientific Corporation (NYSE:BSX) shares are rising in premarket trading after reporting Q4 revenues of $3.725 billion, surpassing the Wall Street estimate of $3.59 billion. The company's sales increased by 14.9% on a reported basis and adjusted EPS was $0.55, beating the consensus of $0.51. Boston Scientific also announced an agreement to acquire Axonics, Inc. (NASDAQ:AXNX) and received FDA approval for the FARAPULSE PFA System. The company provided a positive outlook for 2024 with estimated net sales growth and adjusted EPS in line with consensus estimates. BSX shares are up 4.49% at $64.18 in premarket trading.
January 31, 2024 | 2:27 pm
News sentiment analysis
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POSITIVE IMPACT
Axonics, Inc. is being acquired by Boston Scientific, which may impact its stock as the market reacts to the acquisition news.
Acquisitions typically result in a positive reaction for the stock of the company being acquired due to the premium usually paid over the market price. However, the exact terms of the deal are not disclosed, so the impact score is cautiously optimistic.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Boston Scientific's Q4 revenue beat, positive 2024 outlook, acquisition of Axonics, and FDA approval for FARAPULSE PFA System are driving its stock price up in premarket trading.
The positive earnings report, coupled with the strategic acquisition and FDA approval, are significant drivers of investor confidence and are likely to have a positive short-term impact on BSX's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100