A month has gone by since the last earnings report for Perrigo (PRGO). Shares have lost about 1.5% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Perrigo due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Q3 Earnings and Sales Miss EstimatesPerrigo reported third-quarter 2022 adjusted earnings of 56 cents per share, which missed the Zacks Consensus Estimate of 66 cents. However, earnings were up 24.4% year over year. Unfavorable currency movements and higher operating expenses hurt earnings in the quarter, which was offset by strategic pricing initiatives undertaken by management. Excluding the negative currency impact, earnings rose 44.4%.Net sales increased 5.5% year over year to $1.10 billion but missed the Zacks Consensus Estimate of $1.14 billion. Excluding the negative currency impact, earnings rose 12.3%. The upside was driven by sales from the newly-acquired HRA Pharma, strong demand for cough/cold products globally and higher demand for infant formula in the United States. These were partially offset by unfavorable currency movements and divested Latin American businesses. Organic net sales (excluding the effects of acquisitions and divestitures and the impact of currency) were up 7.7% year over year.Segment DiscussionCSCA: Net sales of the segment in the third quarter of 2022 came in at $722.3 million, up 4% year over year. Sales increased due to strategic price increases, strong demand for store-brand infant formula and new product launches.CSCI: The segment reported net sales of $377.9 million, up 8.4% from the year-ago period. At constant-currency rates, sales were up 28.6% year over year. Organically sales increased 8.3%. Segment revenues benefitted from the higher sales of HRA Pharma brands, strong demand for cough/cold products and Women’s Health products, partially offset by lower sales of products from the Healthy Lifestyle category. Sales were negatively impacted by unfavorable currency movement.2022 Guidance RevisedPerrigo lowered its earnings guidance for 2022. The company now expects adjusted earnings per share in the range of $2.00-$2.10, down from the previous guidance of $2.25-$2.35, to account for the worse-than-previously-expected impact of currency translation.Management reaffirmed total revenues in 2022 to grow 8.5%-9.5%. The company also reiterated its guidance for organic growth between 9-10%.How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.The consensus estimate has shifted -8.79% due to these changes.VGM ScoresAt this time, Perrigo has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Perrigo has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.Performance of an Industry PlayerPerrigo belongs to the Zacks Medical - Products industry. Another stock from the same industry, Boston Scientific (BSX), has gained 8.5% over the past month. More than a month has passed since the company reported results for the quarter ended September 2022.Boston Scientific reported revenues of $3.17 billion in the last reported quarter, representing a year-over-year change of +8.1%. EPS of $0.43 for the same period compares with $0.41 a year ago.Boston Scientific is expected to post earnings of $0.47 per share for the current quarter, representing a year-over-year change of +4.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%.Boston Scientific has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. 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