Boston Scientific tops expectations with 53% sales growth over 2020

Science

For the second quarter of 2021, Boston Scientific reported revenues of over $3 billion, a 50% increase compared to quarter the year before, which was the period when the initial surge of COVID-19 hit the U.S.

Boston Scientific’s predominant segments each more than doubled their sales revenue. The sales of medical and surgical tools, for example endoscopy and urology devices, accounted for $948m and almost 65% of growth. Hardware for heart rhythm, electrophysiology and neuromodulation reached $866m, also a 65% growth. The cardiovascular sector hit over $1.2bn, over 50% improvement during the second quarter of 2020. Therefore, the total for all three amounted to approximately $2 billion.

“For the second quarter of 2021, Boston Scientific reported revenues of over $3 billion, a 50% increase compared to quarter the year before, which was the period when the initial surge of COVID-19 hit the U.S.“

Originally, Boston Scientific’s calculated sales growth was between 46-50%. They recorded adjusted earnings-per-share of 40 cents, outdoing their initial prediction of 36/38 cents. The majority of shares were held in the U.S. market, with economic activity bouncing back by over 70%. This was the highest rebound in sales, second being Africa with just under 60%. Boston Scientific’s emerging markets in over a dozen other countries improved by 33.8%.

Boston Scientific started the financial year with a $1.2 billion deal for a business that makes wearable heart monitors, called Preventice. This blends cohesively with other recent business decisions including Boston Scientific’s entry into the implantable cardiac monitor and diagnostics sector. Which was done in the hopes this move will increase sales in the cardiovascular segment after other segments, including equipment used in surgical operations and valves, faced a severe decline in sales during the pandemic. In March, Boston Scientific spent over $1bn to obtain Lumenis’ surgical laser business, which uses hardware to try and break up kidney stones. The company also spent $295m on Farapulse in the last quarter for its electric field-based ablation treatment for atrial fibrillation.

The idea is now to focus on Farapulse’s effort on FDA clearances in AFib and other arrhythmias, with the final steps of the arrangement to end in September.

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