01:09 PM EDT, 10/23/2024 (MT Newswires) -- Boston Scientific ( BSX ) raised its 2024 guidance on Wednesday after logging stronger-than-expected growth in third-quarter results.

The medical device maker now expects full-year reported revenue growth of 16.5% from 2023's revenue of $14.24 billion, compared with its prior outlook that the top-line would grow between 13.5% to 14.5%. Analysts surveyed by Capital IQ are modeling for revenue of $16.31 billion for the ongoing year.

The company is seeing momentum across its portfolio, particularly within atrial fibrillation solutions, Chief Executive Mike Mahoney told analysts on a conference call, according to a Capital IQ transcript. Atrial fibrillation is an irregular heart rhythm.

The company temporarily paused an atrial fibrillation trial "to assess a few unanticipated observations," Mahoney said on the call. Shares of Boston Scientific ( BSX ) were down 2.7% in Wednesday trade.

Still, an accelerated conversion from radio frequency and cryo solutions to pulsed field ablation treatments via the company's Farapulse system will likely lead Boston Scientific ( BSX ) to exceed its prior guidance of achieving 40% to 60% of global atrial fibrillation ablations by 2026, he said on the call. Ablation is a procedure to treat atrial fibrillation.

The company's 2024 adjusted earnings per share target was increased to a range of $2.45 to $2.47, compared with the prior $2.38 to $2.42 guidance and the $2.05 actual it reported for 2023. The consensus is for normalized EPS of $2.41 in 2024.

For the fourth quarter, Boston Scientific ( BSX ) expects net sales to grow between 16.5% and 18.5% and adjusted EPS of $0.64 to $0.66. Wall Street is modeling for revenue and normalized EPS of $4.29 billion and $0.64 in the current quarter.

In the third quarter, revenue advanced to $4.21 billion from $3.53 billion the year earlier and beat the $4.04 billion average analyst estimate on Capital IQ. Adjusted EPS climbed to $0.63 for the three-month period ended Sept. 30 from $0.50 a year ago and beat the Street's $0.59 view.

Sales were up 25% to $2.73 billion in the cardiovascular business and by about 10% to $1.48 billion in MedSurg. By region, the US led growth at about 23%.

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