(Reuters) -Boston Scientific forecast a full-year profit on Wednesday that was largely ahead of analysts’ estimates and said the U.S. health regulator has approved its heart device, sending the company’s shares up 3.3% before the bell.
The company’s Farapulse device is the second pulsed field ablation (PFA) system to get the U.S. Food and Drug Administration’s approval, following Medtronic’s PulseSelect system.
PFA uses small burns or freezes to cause some scarring inside the heart to help break up the electrical signals that cause irregular heartbeats.
Expectations around performance of medical device makers have increased over the past month after health insurers flagged higher medical costs as people, especially older adults, undergo medical procedures that were delayed during the pandemic.
Boston Scientific, which generates most of its revenue from sales of heart devices such as pacemakers and stents, also makes equipment for diagnosing and treating a range of gastrointestinal and pulmonary conditions.
The company forecast 2024 adjusted earnings per share between $2.23 and $2.27, with the midpoint above analysts’ estimates of $2.24, according to LSEG data.
On an adjusted basis, Boston Scientific earned 55 cents per share in the fourth quarter, compared with estimates of 51 cents.
(Reporting by Christy Santhosh and Sneha S K in Bengaluru; Editing by Shounak Dasgupta)
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