Research Desk Line-up: Varex Imaging Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 10, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Boston Scientific Corp. (NYSE: BSX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BSX, following the Company's release of its financial results on July 27, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Marlborough, Massachusetts-based Company reported a 6% y-o-y growth in its net sales, topping market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Medical Appliances & Equipment industry. Pro-TD has currently selected Varex Imaging Corporation (NASDAQ: VREX) for due-diligence and potential coverage as the Company announced on August 03, 2017, its financial results for Q3 FY17. Register for a free membership today, and be among the early birds that get access to our report on Varex Imaging when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BSX; also brushing on VREX. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=BSX

http://protraderdaily.com/optin/?symbol=VREX

Earnings Reviewed

During the quarter ended on June 30, 2017, Boston Scientific reported net sales of $2.26 billion compared to $2.13 billion recorded at the end of Q2 FY16. For Q2 FY17, net sales numbers outperformed the Company's guidance range of $2.19 billion to $2.22 billion, and beat market consensus expectations of $2.21 billion. Meanwhile, the Company's organic revenue also grew 6% y-o-y in the reported quarter.

The developer, manufacturer, and marketer of medical devices posted net income of $146 million, or $0.11 per diluted share, in Q2 FY17 compared to net loss of $207 million, or $0.15 loss per diluted share, in Q2 FY16. The Company's adjusted net income came in at $444 million, or $0.32 per diluted share, in Q2 FY17, rising from $373 million, or $0.27 per diluted share, in Q2 FY16. Adjusted net income for the reported quarter came in within the Company's adjusted EPS guidance range of $30 to $32. Furthermore, Wall Street had expected the Company to report adjusted net income of $0.31 per diluted share.

Operational Metric

For the reported quarter, the Company's cost of products sold came in at $632 million, up from $639 million in Q2 FY16. Gross profit for Q2 FY17 stood at $1.63 billion compared to $1.49 billion in Q2 FY16. During Q2 FY17, Boston Scientific's selling, general, and administrative expenses (SG&A) were $815 million versus $779 million in the prior year's comparable quarter. The Company spent $244 million on research and development in Q2 FY17 compared to $222 million in the prior year's same quarter. Additionally, the Company reported operating income of $225 million in Q2 FY17 against operating loss of $334 million in Q2 FY16.

Segment-Wise Sales

Boston Scientific's Cardiovascular segment reported a 5% y-o-y net sales growth to $876 million in Q2 FY17 from $837 million in Q2 FY16. On an operation basis the segment's net sales were up 6% y-o-y during the reported quarter.

MedSurg segment's net sales rose 11% to $834 million in Q2 FY17 from $752 million in the previous year's comparable quarter. Furthermore, the segment's Q2 FY17 net sales growth on an operational basis was 12% y-o-y.

The Company's Rhythm Management segment's net sales also increased to $547 million during Q2 FY17 from $537 million in Q2 FY16. During the reported period, the segment's net sales were up by 3% y-o-y on an operational basis.

Cash Flow & Balance Sheet

During the first six months of FY17, cash provided by operating activities was $299 million compared to $537 million in the prior year's corresponding period. At the close of books on June 30, 2017, Boston Scientific had $195 million in cash and cash equivalents compared to $196 million at the close of books on December 31, 2016. The Company's long-term debt, which stood at $4.82 billion as on June 30, 2017, was lower in the reported year compared to $5.42 billion as on December 31, 2016.

Outlook

In its guidance for FY17, Boston Scientific management expects net sales to be in the range of $8.89 billion to $8.99 billion. The Company forecasts GAAP net income for FY17 to be between $0.70 per share and $0.74 per share. Furthermore, adjusted EPS for FY17 is projected to be between $1.23 per share and $1.27 per share.

For Q3 FY17, the Company projects net sales to be in the band of $2.18 billion to $2.21 billion. The GAAP net income for Q3 FY17 is forecasted to be in the range of $0.16 per share to $0.18 per share. Adjusted net income for Q3 FY17 is anticipated to be between $0.29 per share to $0.31 per share.

Stock Performance

On Wednesday, August 09, 2017, the stock closed the trading session at $26.57, marginally up 0.23% from its previous closing price of $26.51. A total volume of 3.41 million shares have exchanged hands. Boston Scientific's stock price advanced 0.42% in the last three months, 5.27% in the past six months, and 10.02% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 22.84%. The stock is trading at a PE ratio of 46.53. At Wednesday's closing price, the stock's net capitalization stands at $36.26 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily