Boston Scientific has reported a 185.45% rise in net income to $314m in the first quarter (Q1) of 2023, compared to $110m during the same period last year.
In the first quarter of this year, the company’s net sales reached $3.39bn, which marks a 12% growth compared to $3.02bn recorded in Q1 2022.
The firm witnessed an 11.96% increase in operating expenses during Q1 2023 to $1.2bn against $1.6bn incurred in Q1 2022.
Its operating income increased to $552m year-over-year compared to $466m in Q1 2022.
Boston Scientific chairman and CEO Mike Mahoney said: “I’m pleased with our excellent results this quarter which highlight our team’s strong performance across each business and region.
“With a robust pipeline in 2023 and beyond, I’m optimistic about our ability to continue to deliver differentiated financial performance and the opportunity to reach more patients with life-changing therapies.”
In Q1 2023, the company secured approval from the US Food and Drug Administration for its LithoVue Elite single-use digital flexible ureteroscope system. It was launched in Japan along with the US.
LithoVue Elite is claimed to be a first-of-kind system with a built-in pressure sensor that allows urologists to monitor intrarenal pressure in real-time and make informed pressure-related decisions during ureteroscopy procedures.
Furthermore, the company won approval from the Japanese Pharmaceuticals and Medical Devices Agency and Health Canada, as well as achieved the CE mark for its POLARx FIT cryoablation balloon catheter used in the treatment of atrial fibrillation.
Other achievements in the quarter included the acquisition of Apollo Endosurgery and the purchase of a majority stake in Chinese medical technology company Acotec.