Boston Scientific beats profit estimates on surgical business strength

New Delhi: Medical Device Boston Scientific Corp posted a slightly better-than-expected quarterly profit on Wednesday, helped by strength in its fast-growing MedSurg business.

The MedSurg business, which makes catheters and products to treat kidney stones, brought in 10.4 per cent higher revenue of $746 million, ahead of analysts' expectations of $735.5 million.

Boston Scientific's cardiovascular unit, the company's biggest, however, posted sales of $908 million for the third quarter, missing the average analyst estimate of $923 million, according to Refinitiv data.

Shares of the company dipped 2.2 per cent to $35.24 in light premarket trading.

Rival Edwards Lifesciences posted lower-than-expected heart valve sales on Tuesday due to weakness in Europe.

The company tightened its adjusted earnings per share forecast for 2018 to a range of $1.38 to $1.40 per share, compared with its previous guidance of $1.37 to $1.41. Analysts were expecting $1.40 per share.

The company's net income jumped about 53 per cent to $432 million, or 31 cents per share, in the quarter ended Sept. 30.

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