Boston Scientific Corporation reported significant financial growth in its latest 10-Q filing for the third quarter and the first nine months of 2024. For the three months ended September 30, 2024, the company achieved net sales of $4,209 million, a 19.4% increase from $3,527 million in the same period of 2023. For the nine months ended September 30, 2024, net sales reached $12,186 million, up 15.9% from $10,515 million in the prior year. This growth was driven by strong performance across various segments, particularly in Cardiology, which saw a 29.2% increase in Q3 2024, contributing $2,129 million to net sales.
Gross profit for Q3 2024 was $2,897 million, compared to $2,426 million in Q3 2023, while gross profit for the nine-month period increased to $8,395 million from $7,317 million. However, net income for Q3 2024 decreased to $468 million from $504 million in Q3 2023, attributed to higher selling, general, and administrative (SG&A) expenses, which rose by 26% in Q3 2024. For the nine months, net income increased to $1,288 million from $1,065 million in the previous year.
Boston Scientific's total assets grew to $38,078 million as of September 30, 2024, up from $35,136 million at the end of 2023. The company reported a significant increase in cash and cash equivalents, rising to $2,502 million from $865 million at the end of 2023. Current liabilities also increased to $5,910 million, with current debt obligations rising to $1,652 million.
Strategically, Boston Scientific has been active in acquisitions, completing the purchase of Silk Road Medical, Inc. for approximately $1.126 billion in September 2024, and announcing the acquisition of Axonics, Inc. for about $3.670 billion, expected to close in Q4 2024. The company is integrating these acquisitions into its Urology and Peripheral Interventions divisions, respectively. Additionally, Boston Scientific completed the acquisition of Apollo Endosurgery, Inc. in April 2023 for $636 million.
The company has also faced challenges, including a net loss on investments and notes receivable of $60 million for the nine months ended September 30, 2024, and ongoing litigation related to product liability claims. Despite these challenges, Boston Scientific remains focused on growth, with a robust pipeline and strategic investments aimed at enhancing its market position.
About BOSTON SCIENTIFIC CORP
About 10-Q Filings
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