Boston Scientific’s revenue, profit increases in first quarter

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During the first quarter of 2016, Boston Scientific reported sales of $1.964 billion, a 13 percent increase from the same period last year. The company had adjusted earnings per share of $0.28 per share, up from $0.21 per share a year ago.

Boston Scientific also  raised its revenue and earnings guidance for the full year.

As of midday on April 27, Boston Scientific’s share price  increased more than 11 percent since the announcement earlier in the day.

Sales increased 8 percent when excluding the impact of changes in foreign currency exchange rates and sales from the acquisition of American Medical Systems.

Operational revenue increased 28 percent in the MedSurg division, increased 14 percent in the Cardiovascular division and decreased 2 percent in the Rhythm Management division.

Boston Scientific had several newsworthy developments during the quarter. On Feb. 8, the Centers for Medicare & Medicaid Services  released its final national coverage determination on for percutaneous left atrial appendage closure for non-valvular atrial fibrillation. The rules will cover Boston Scientific’s Watchman device, which the FDA approved in March 2015.

The FDA also  approved Boston Scientific’s Acuity X4 quadripolar left ventricular leads on Feb. 23 and the company’s Blazer open-irrigated radiofrequency ablation  catheter on March 10 to treat patients with type 1 atrial flutter.

For the full year of 2016, Boston Scientific expects revenue in the range of $8.075 to $8.225 billion, which would represent a 9 percent to 11 percent increase from 2015. Its previous revenue guidance for this year was between $7.90 and $8.10 billion. The company estimates income on a GAAP basis from $0.64 to $0.69 per share, up from its previous guidance of $0.62 to $0.67 per share.