Shares of Boston Scientific Corp. BSX, +1.66% dropped 4.4% in premarket trading Wednesday, after the medical devices company missed third-quarter profit expectations but topped on revenue, and provided a mixed full-year outlook. Net income fell to $174 million, or 12 cents a share, from $405 million, or 28 cents a share, in the year-ago period, compared with previously provided guidance for net earnings per share of 20 cents to 24 cents. Excluding nonrecurring items, adjusted earnings per share of 43 cents was below the FactSet consensus of 44 cents. Sales grew 8.1% to $3.17 billion, above the FactSet consensus of $3.14 billion, as MedSurg sales rose 6.5% but came up a bit shy of expectations while Cardiovascular sales climbed 9.1% to beat expectations. For 2022, the company raised its guidance range for adjusted EPS to 45 cents to 48 cents from 43 cents to 45 cents, but cut its sales growth guidance to approximately 6.5% from approximately 6.5% to 7.5%. The stock has rallied 8.8% over the past three months through Tuesday while the S&P 500 SPX, -0.57% has slipped 1.6%.
