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April 27 (Reuters) - Boston Scientific Corp reported a better-than-expected quarterly profit, boosted by higher sales of its heart stents and clot-removal product, and the medical device maker raised its full-year revenue forecast.
Boston Scientific shares rose as much as 10.4 percent to touch a decade high of $21.74 in morning trading.
Sales in the company’s cardiovascular business, which is also its biggest and includes catheters and heart stents, rose 11 percent to $790 million in the first quarter ended March 31.
Results were particularly helped by better adoption of the company’s Synergy stent and Watchman surgical device, which prevents strokes, RBC Capital Market analysts said.
However, sales in the company’s cardiac rhythm management business, which sells pacemakers and defibrillators among other devices, fell 4 percent to $492 million.
The company and its rival, St. Jude, have been losing ground in the cardiac rhythm management market to Medtronic Plc, whose MRI-compatible pacemakers have become popular among heart patients.
However, Boston Scientific won U.S. FDA approval for a string of MRI-compatible products, including pacemakers and pacing leads, earlier this week.
Analysts said the FDA approval for its devices should alleviate softness in the rhythm management business.
Boston Scientific now expects full-year revenue of $8.08 billion to $8.23 billion, compared with its previous estimate of $7.90 billion to $8.10 billion.
The company reported net income of $202 million, or 15 cents per share, compared with a loss of $1 million a year earlier.
The year-earlier results included charges related to acquisitions, litigation and restructuring.
Excluding items, the company earned 28 cents per share, well above the average analyst estimate of 24 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose to $1.96 billion from $1.77 billion, beating the average forecast of $1.91 billion. (Reporting by Amrutha Penumudi in Bengaluru; Editing by Anil D‘Silva)