Boston Scientific saw $2.393 billion in third-quarter sales this year—resulting in a net income of $432 million, or a 52.7% increase compared to the $283 million haul from the same time period in 2017.
The growth was led by its MedSurg division, which encompasses its minimally invasive endoscopic devices for gastrointestinal and pulmonary conditions, including cancer, as well as the company’s urologic and pelvic health endeavors.
MedSurg’s $746 million in sales amounted to a 10.3% increase compared to the third quarter of last year, which brought in $676 million.
Meanwhile, Boston Scientific’s largest division, covering cardiovascular interventions, saw 5.9% growth, up from $857 million to $908 million. The remainder, from electrophysiology, cardiac rhythm management and neuromodulation, brought in $740 million, up 7.4% from $689 million.
After dipping a few percentage points in premarket trading, Boston Scientific’s share price began trading up just over 1% after the market opened.
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“Our strong results reflect our global team’s focused efforts to execute our category leadership strategy and advance the standard of care,” the medtech giant’s chairman and CEO, Mike Mahoney, said in a statement citing the realizations of its own research and its tuck-in acquisitions.
One major purchase this past summer included Claret Medical and its minimally invasive device for protecting the brain during transcatheter heart valve repair procedures. The $270 million deal included the safety-net-like Sentinel system that catches debris knocked loose into the bloodstream, which aims to provide an important add-on for its valve repair portfolio.
The shopping spree continued with the $202 million buy of Cryterion and its cryoablation device for treating atrial fibrillation, providing a cooling alternative to the company’s heat and radio frequency-based offerings.
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One of its largest acquisitions was its $600 million purchase of Augmenix, which has developed an injectable, resorbable hydrogel that distances the prostate gland from healthy tissue during radiation treatments, helping to spare tissues such as the rectum from unintentional exposure and common side effects. The deal included $500 million upfront, plus up to $100 million in sales-based milestones.
The pace of multimillion-dollar acquisitions is expected to continue for the remainder of the year—if not more so in 2019, when Boston Scientific will have greater access to its free cash flow.