Boston Scientific (NYSE:BSX) was able to exceed revenue and earnings expectations in the fourth quarter, giving the share price a boost on Tuesday, although it pulled back in after hours trading.
The company generated revenue of $2 billion in the quarter, beating analysts' estimates of $1.99 billion, although falling short of the $2.08 billion in revenue they generated last year in the same quarter.
Earnings came in at $313 million, or $0.20 a share, up from the $304 million, or $0.20 a share in the same quarter last year. Analysts had been looking for $0.10 a share.
For full year 2010, Boston Scientific had a net loss of $1.065 billion, or $0.70 a share, up from the net loss of $1.025 billion, or $0.68 a share in 2009. Revenue for the year fell from $8.19 billion to $7.81 billion year-over-year. Analysts projected annual revenue of $7.79 billion, or $0.38 a share.
For the first quarter of 2011, Boston Scientific sees GAAP earnings of $0.30 to $0.38 a share, adjusted earnings of $0.07 to $0.10 a share, and revenue reaching $1.825 billion to $1.925 billion.
For the full year 2011, the company projects GAAP earnings of $0.53 to $0.68 a share, adjusted earnings of $0.50 to $0.60 a share, and revenue of $7.5 billion to $7.9 billion.
Boston Scientific closed Tuesday at $7.13, up $0.15, or 2.15 percent.
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