Boston Scientific stock slides 5% premarket after profit miss

Boston Scientific Corp. stock
BSX,
+1.79%
slid 5% in premarket trade Wednesday, after the medical device maker missed profit estimates for the fourth quarter. The company had net income of $126 million, or 9 cents a share, up from $80 million, or 6 cents a share, in the year-earlier period. Excluding one-time items, adjusted EPS came to 45 cents, below the 47 cent FactSet consensus. Sales rose to $3.242 billion from $3.127 billion, in line with the $3.243 billion FactSet consensus. The company said it had a negative impact of about 200 basis points associated with unplanned reserves set up for Italian government payback provisions, which shaved 4 cents off adjusted EPS. The company is now expecting first-quarter adjusted EPS of 42 cents to 44 cents, while FactSet is looking for 44 cents. It expects full-year adjusted EPS of $1.86 to $1.93, compared with a FactSet consensus of $1.93. The stock is up 6.3% in the last 12 months, while the S&P 500
SPX,
-0.35%
has fallen 10%.