Boston Scientific Corp. swung to a profit on higher sales in the cardiovascular and rhythm management segments.
The company raised its outlook for the year, targeting per-share earnings of 81 cents to 83 cents, excluding items, up from 79 cents to 83 cents. Revenue is expected to be $7.37 billion to $7.42 billion, up from $7.33 billion to $7.43 billion.
Shares rose 2.4 percent Wednesday.
The medical-device manufacturer has cut thousands of jobs in recent years and relocated more of its back-office operations overseas as part of a broad cost-cutting effort. The company has also diversified its product portfolio to make it less dependent on sales of its cardiac devices, which account for more than half of sales.
At the same time, Boston Scientific has invested in expanding sales in emerging economies such as China, where a health-care overhaul has expanded access to services and increased demand for pharmaceuticals and medical devices.
Overall, Boston Scientific reported a profit of $43 million, or 3 cents a share, compared with a year-earlier loss of $5 million, or less than a penny a share. Excluding restructuring, litigation and other charges, per-share earnings rose to 20 cents.
Revenue increased 6.4 percent to $1.85 billion.
Boston Scientific in July had forecast earnings of 18 cents to 20 cents a share and revenue of $1.79 billion to $1.84 billion.
Operating expenses climbed 9.8 percent to $1.2 billion.
In the latest period, total cardiovascular sales climbed 7.6 percent at $723 million, and rhythm management sales rose 7.2 percent to $534 million.
Boston Scientific is based in Massachusetts with major operations in the Twin Cities, employing thousands.
Shares rose 29 cents Wednesday to $12.32.
