Boston Scientific’s stock sinks after downbeat sales outlook

/ / News

Shares of Boston Scientific Corp. sank 4.2% in premarket trading Tuesday, after the medical technology company provided a fourth-quarter sales outlook that was below Wall Street forecasts. The company expects to report sales for the quarter to Dec. 31 of $2.71 billion, down 6.8% from a year ago and below the FactSet consensus of $2.86 billion. Among the company’s business segments, MedSurg revenue is projected to increase 1.5%, Rhythm and Neuro sales are expected to decline 6.1% and Cardiovascular sales are seen falling 12.0%. The FactSet consensus implied a Cardiovascular sales decline of just 3.4%. The stock has dropped 13.2% over the past three months through Monday, while the SPDR Health Care Select Sector ETF has advanced 8.1% and the S&P 500 has tacked on 7.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.