Boston Scientific (BSX)
Market Price (7/16/2026): $43.41 | Market Cap: $64.5 BilInvestor Relations Sector: Health Care | Industry: Health Care Equipment
Boston Scientific (BSX)
Market Price (7/16/2026): $43.41Market Cap: $64.5 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 5.2% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 4.3 Bil, FCF LTM is 3.3 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Show more. | Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -90% | Key risksBSX key risks include [1] significant financial and reputational damage from product liability lawsuits and settlements for alleged defects or failures, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 5.2% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 20% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%, CFO LTM is 4.3 Bil, FCF LTM is 3.3 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -56% |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -79%, 3Y Excs Rtn is -90% |
| Key risksBSX key risks include [1] significant financial and reputational damage from product liability lawsuits and settlements for alleged defects or failures, Show more. |
Qualitative Assessment
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Boston Scientific (BSX) stock has lost about 30% since 3/31/2026 because of the following key factors:
1. Boston Scientific significantly reduced its full-year fiscal 2026 guidance, citing unanticipated headwinds in key business segments.
On April 22, 2026, the company lowered its full-year sales growth outlook for fiscal 2026 from an initial range of 10.5%-11.5% to a revised range of 7%-8.5%. Additionally, adjusted earnings per share (EPS) guidance was decreased from $3.43-$3.49 to $3.34-$3.41 for the fiscal year. These revised expectations reflect a more challenging outlook than initially projected.
2. Weakness and competitive pressures in the Electrophysiology and Watchman franchises contributed to the lowered outlook.
Management specifically identified decelerating growth in the Pulsed Field Ablation (PFA) technology within its electrophysiology business and pressures on Watchman device volumes in the U.S., attributed to hospital capacity and reimbursement dynamics. Medtronic also appeared to be gaining market share in the electrophysiology segment. The company noted an underperformance in its urology segment as well. These company-specific operational challenges are expected to result in roughly flat Watchman revenue through fiscal Q3 2026.
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Boston Scientific (BSX) stock has lost about 30% since 3/31/2026 because of the following key factors:
1. Boston Scientific significantly reduced its full-year fiscal 2026 guidance, citing unanticipated headwinds in key business segments.
On April 22, 2026, the company lowered its full-year sales growth outlook for fiscal 2026 from an initial range of 10.5%-11.5% to a revised range of 7%-8.5%. Additionally, adjusted earnings per share (EPS) guidance was decreased from $3.43-$3.49 to $3.34-$3.41 for the fiscal year. These revised expectations reflect a more challenging outlook than initially projected.
2. Weakness and competitive pressures in the Electrophysiology and Watchman franchises contributed to the lowered outlook.
Management specifically identified decelerating growth in the Pulsed Field Ablation (PFA) technology within its electrophysiology business and pressures on Watchman device volumes in the U.S., attributed to hospital capacity and reimbursement dynamics. Medtronic also appeared to be gaining market share in the electrophysiology segment. The company noted an underperformance in its urology segment as well. These company-specific operational challenges are expected to result in roughly flat Watchman revenue through fiscal Q3 2026.
3. Analyst downgrades and reduced price targets followed the updated guidance.
Following Boston Scientific's revised guidance and concerns regarding its product segments, several Wall Street analysts lowered their price targets for BSX. For instance, Leerink Partners reduced its target from $87.00 to $74.00 on May 28, 2026, and Truist Financial cut its target from $85.00 to $64.00 on June 4, 2026. Wells Fargo set a lower target of $55.00 on May 28, 2026. The overall analyst sentiment, while still largely positive, reflected increased scrutiny on recovery timelines and competitive positioning.
4. Significant insider selling by the CEO during the period.
Michael F. Mahoney, Chairman, President & CEO of Boston Scientific, sold 160,901 shares for an estimated $15,043,394 over the past six months, with some transactions occurring within the specified period. This substantial insider selling action by a top executive may have contributed to negative investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -31.4% change in BSX stock from 3/31/2026 to 7/15/2026 was primarily driven by a -44.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.75 | 43.04 | -31.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,075 | 20,615 | 2.7% |
| Net Income Margin (%) | 14.4% | 17.3% | 19.8% |
| P/E Multiple | 32.1 | 17.9 | -44.2% |
| Shares Outstanding (Mil) | 1,483 | 1,485 | -0.1% |
| Cumulative Contribution | -31.4% |
Market Drivers
3/31/2026 to 7/15/2026| Return | Correlation | |
|---|---|---|
| BSX | -31.4% | |
| Market (SPY) | 16.1% | 4.9% |
| Sector (XLV) | 8.0% | 38.9% |
Fundamental Drivers
The -54.9% change in BSX stock from 12/31/2025 to 7/15/2026 was primarily driven by a -64.6% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 95.35 | 43.04 | -54.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,350 | 20,615 | 6.5% |
| Net Income Margin (%) | 14.4% | 17.3% | 19.9% |
| P/E Multiple | 50.6 | 17.9 | -64.6% |
| Shares Outstanding (Mil) | 1,482 | 1,485 | -0.2% |
| Cumulative Contribution | -54.9% |
Market Drivers
12/31/2025 to 7/15/2026| Return | Correlation | |
|---|---|---|
| BSX | -54.9% | |
| Market (SPY) | 11.0% | 3.1% |
| Sector (XLV) | 2.7% | 19.9% |
Fundamental Drivers
The -59.9% change in BSX stock from 6/30/2025 to 7/15/2026 was primarily driven by a -77.0% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 107.41 | 43.04 | -59.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,553 | 20,615 | 17.4% |
| Net Income Margin (%) | 11.6% | 17.3% | 49.4% |
| P/E Multiple | 78.1 | 17.9 | -77.0% |
| Shares Outstanding (Mil) | 1,477 | 1,485 | -0.5% |
| Cumulative Contribution | -59.9% |
Market Drivers
6/30/2025 to 7/15/2026| Return | Correlation | |
|---|---|---|
| BSX | -59.9% | |
| Market (SPY) | 23.2% | 5.9% |
| Sector (XLV) | 19.0% | 23.8% |
Fundamental Drivers
The -20.4% change in BSX stock from 6/30/2023 to 7/15/2026 was primarily driven by a -79.2% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7152026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.09 | 43.04 | -20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,045 | 20,615 | 58.0% |
| Net Income Margin (%) | 6.9% | 17.3% | 150.1% |
| P/E Multiple | 86.1 | 17.9 | -79.2% |
| Shares Outstanding (Mil) | 1,436 | 1,485 | -3.3% |
| Cumulative Contribution | -20.4% |
Market Drivers
6/30/2023 to 7/15/2026| Return | Correlation | |
|---|---|---|
| BSX | -20.4% | |
| Market (SPY) | 76.3% | 31.1% |
| Sector (XLV) | 24.9% | 35.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BSX Return | 18% | 9% | 25% | 55% | 7% | -55% | 19% |
| Peers Return | 9% | -8% | 5% | 3% | 14% | -6% | 16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BSX Win Rate | 42% | 58% | 58% | 83% | 67% | 0% | |
| Peers Win Rate | 55% | 50% | 52% | 50% | 60% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| BSX Max Drawdown | -17% | -25% | -11% | -7% | -16% | -57% | |
| Peers Max Drawdown | -16% | -25% | -19% | -13% | -18% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, ABT, JNJ, SYK, BDX. See BSX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/15/2026 (YTD)
How Low Can It Go
| Event | BSX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.1% | -18.8% |
| % Gain to Breakeven | 17.8% | 23.1% |
| Time to Breakeven | 42 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -18.3% | -24.5% |
| % Gain to Breakeven | 22.4% | 32.4% |
| Time to Breakeven | 90 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.6% | 50.9% |
| Time to Breakeven | 401 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.8% | -19.2% |
| % Gain to Breakeven | 21.7% | 23.8% |
| Time to Breakeven | 44 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.4% | -3.7% |
| % Gain to Breakeven | 18.2% | 3.9% |
| Time to Breakeven | 43 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.2% | -12.2% |
| % Gain to Breakeven | 11.3% | 13.9% |
| Time to Breakeven | 64 days | 62 days |
In The Past
Boston Scientific's stock fell -15.1% during the 2025 US Tariff Shock. Such a loss loss requires a 17.8% gain to breakeven.
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Asset Allocation
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| Event | BSX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -40.0% | -33.7% |
| % Gain to Breakeven | 66.6% | 50.9% |
| Time to Breakeven | 401 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.2% | -17.9% |
| % Gain to Breakeven | 33.8% | 21.8% |
| Time to Breakeven | 468 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.9% | -15.4% |
| % Gain to Breakeven | 29.8% | 18.2% |
| Time to Breakeven | 184 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -53.8% | -53.4% |
| % Gain to Breakeven | 116.4% | 114.4% |
| Time to Breakeven | 1754 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.3% | -8.6% |
| % Gain to Breakeven | 27.1% | 9.5% |
| Time to Breakeven | 2738 days | 47 days |
In The Past
Boston Scientific's stock fell -15.1% during the 2025 US Tariff Shock. Such a loss loss requires a 17.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Boston Scientific (BSX)
Boston Scientific Corporation (BSX) is a global medical technology leader that develops, manufactures, and markets a broad range of innovative medical devices. The company primarily serves various interventional medical specialties worldwide, focusing on less invasive diagnostic and therapeutic solutions to improve patient health across a wide spectrum of medical conditions.
The company's extensive product portfolio is organized across three main segments: MedSurg, Rhythm and Neuro, and Cardiovascular. Key offerings from the MedSurg segment include devices for diagnosing and treating gastrointestinal, pulmonary, urological, and pelvic conditions. In the Rhythm and Neuro segment, Boston Scientific provides implantable devices like pacemakers and defibrillators, alongside advanced cardiac mapping and ablation solutions for heart rhythm disorders, and neuromodulation systems for chronic pain and movement disorders. The Cardiovascular segment offers solutions for coronary artery disease (e.g., drug-eluting stents), peripheral arterial and venous diseases, structural heart conditions, and targeted cancer therapies using embolization and ablation.
Boston Scientific's primary customers are hospitals, clinics, and healthcare professionals globally who specialize in interventional procedures. These medical practitioners utilize BSX's technologies to diagnose and treat a wide array of conditions affecting the heart, nervous system, digestive tract, lungs, and various vascular systems, ultimately aiming to improve outcomes for millions of patients worldwide.
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1. Essentially a Medtronic-like company, specializing in a wide range of interventional medical devices.
2. Like the medical device arm of Johnson & Johnson, but purely focused on interventional technologies.
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Boston Scientific (BSX) develops, manufactures, and markets medical devices across various interventional specialties. Its major products include:
- Gastrointestinal and Pulmonary Devices: Medical devices for diagnosing and treating conditions of the digestive system and lungs.
- Urological and Pelvic Health Devices: Devices designed to treat various conditions affecting the urinary system and pelvic organs.
- Cardiac Rhythm Management Devices: Implantable devices like defibrillators and pacemakers, along with remote monitoring systems, to manage heart rate and rhythm disorders.
- Electrophysiology Technologies: Advanced tools including mapping and ablation catheters used to diagnose and treat complex heart rhythm disorders.
- Neuromodulation Systems: Devices such as spinal cord and deep brain stimulators for managing chronic pain and neurological conditions.
- Interventional Cardiology Products: A range of devices including drug-eluting stents, PCI products, imaging catheters, and structural heart therapies for treating coronary and structural heart diseases.
- Peripheral Interventions Products: Devices like stents, balloons, and atherectomy systems used to treat arterial, venous, and other peripheral vascular diseases, including cancer therapies.
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- Hospitals and Health Systems: These institutions are the primary purchasers and end-users for a vast array of Boston Scientific's medical devices, utilized in various interventional specialties such as cardiology, gastroenterology, urology, and neurology. This category includes academic medical centers, community hospitals, and integrated delivery networks globally.
- Ambulatory Surgical Centers (ASCs) and Specialty Clinics: For less invasive and outpatient procedures, ambulatory surgical centers and specialized clinics (e.g., cardiology clinics, endoscopy centers, pain management clinics) represent a significant and growing customer segment for many of Boston Scientific's devices.
- Group Purchasing Organizations (GPOs) and Distributors: While not direct end-users of the medical devices, GPOs play a critical role by negotiating purchasing contracts on behalf of their member hospitals and health systems, effectively channeling sales. Distributors manage the logistics of product delivery to healthcare providers. Both are crucial intermediaries and major partners in Boston Scientific's sales and supply chain strategy.
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Michael F. Mahoney - Chairman and Chief Executive Officer
Michael F. Mahoney is the Chairman and Chief Executive Officer of Boston Scientific Corporation. He joined Boston Scientific as President in October 2011, became CEO in November 2012, and assumed the role of Chairman in 2016. Prior to his tenure at Boston Scientific, Mahoney served as Worldwide Chairman of the Medical Devices and Diagnostics division of Johnson & Johnson. From 2001 to 2006, he was President and Chief Executive Officer of Global Healthcare Exchange (GHX), a company he built through organic development and strategic acquisitions, integrating seven acquisitions and expanding its operations into Europe and Canada. He began his career at General Electric Medical Systems, where he spent twelve years in various leadership roles within diagnostic imaging, cardiology, and healthcare information technology.
Jon Monson - Executive Vice President and Chief Financial Officer
Jon Monson serves as the Executive Vice President and Chief Financial Officer of Boston Scientific, a position he assumed effective June 30, 2025. He has been with Boston Scientific for over 25 years, holding various roles of increasing responsibility within the finance organization. His previous positions include Senior Vice President, Investor Relations, Global Controller, Chief Accounting Officer, and Vice President and Controller of the company's Urology business. Monson is a certified public accountant and holds a bachelor's degree in economics and accounting from the College of the Holy Cross.
Arthur C. Butcher - Executive Vice President and Group President, MedSurg and Asia Pacific
Arthur C. Butcher is the Executive Vice President and Group President for MedSurg and Asia Pacific at Boston Scientific. He has previously served as Senior Vice President and President of Endoscopy for the company.
Joseph M. Fitzgerald - Executive Vice President and Group President, Cardiology
Joseph M. Fitzgerald holds the position of Executive Vice President and Group President, Cardiology at Boston Scientific. He is responsible for the company's cardiology-related businesses.
Vance R. Brown - Executive Vice President, General Counsel and Corporate Secretary
Vance R. Brown is the Executive Vice President, General Counsel and Corporate Secretary at Boston Scientific. In this role, he oversees the company's legal affairs and corporate governance.
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The key risks to Boston Scientific's business operations and financial performance are primarily centered around its regulatory and legal environment, intense market competition, and the inherent product liability associated with medical devices.
- Legal and Regulatory Risks: Boston Scientific faces significant exposure to legal and regulatory challenges, which are frequently cited as the top risk category for the company. The company is currently dealing with multiple class-action lawsuits and a federal probe related to the AXIOS stent recall and disclosure allegations, which could result in substantial settlements, fines, and reputational damage. In the past, Boston Scientific has incurred billions in litigation-related charges, particularly from transvaginal mesh product liability cases. Recent Class I recalls, which indicate a high probability of serious adverse health consequences or death, have been issued for products such as the AXIOS Stent & Delivery System and certain pacemakers due to manufacturing flaws. Additionally, FDA safety alerts have been issued for Endotak Reliance defibrillator wires and Watchman implants due to reported injuries and deaths. Changes in healthcare regulations, reimbursement policies, and the evolving ethical and regulatory landscape of medical AI also present ongoing risks.
- Competition and Technological Obsolescence: The medical device industry is highly competitive and technology-driven, requiring continuous innovation. Boston Scientific faces intense competition from established rivals and new market entrants, particularly in key segments like electrophysiology, where competitive pressures are reportedly increasing and impacting market share. There is a constant risk that competitors will introduce more effective, advanced, or cheaper products, or that Boston Scientific's own products may become technologically obsolete. The company has also experienced setbacks, such as disappointing clinical results in the transcatheter heart valve space, which can diminish opportunities in important growth markets. Maintaining momentum and market leadership requires sustained investment in research and development and successful clinical outcomes for new products.
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The rise of gene therapy and other advanced precision medicine approaches that aim to cure or prevent diseases at a genetic or cellular level represents a clear emerging threat. Many of Boston Scientific's devices address the symptoms or mechanical issues of chronic conditions (e.g., cardiovascular disease, chronic pain, certain cancers, neurological disorders). If these underlying diseases can be effectively treated or prevented through targeted biological interventions, the demand for device-based therapies could significantly diminish.
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Boston Scientific Corporation (BSX) operates in several large and growing addressable markets for its medical devices across its MedSurg, Rhythm and Neuro, and Cardiovascular segments.
Cardiovascular Segment
- Structural Heart Devices: The global structural heart devices market was estimated at approximately USD 16.13 billion in 2024 and is projected to reach USD 50.99 billion by 2033. North America accounted for the largest revenue share in 2024.
- Interventional Cardiology Devices: The global interventional cardiology devices market was valued at approximately USD 29.41 billion in 2025 and is projected to reach USD 42.39 billion by 2031. North America held the largest global revenue share in 2025.
- Peripheral Vascular Devices: The global peripheral vascular device market was valued at approximately USD 10.67 billion in 2024 and is projected to grow to USD 18.51 billion by 2034. North America led the global market with a 40.8% market share in 2024. The broader global interventional cardiology and peripheral vascular devices market was valued at USD 27.7 billion in 2025 and is projected to reach USD 60.8 billion by 2035.
Rhythm and Neuro Segment
- Cardiac Rhythm Management Devices: The global cardiac rhythm management devices market was valued at approximately USD 23.5 billion in 2024 and is expected to grow to USD 39.7 billion by 2034. The U.S. cardiac rhythm management devices market accounted for USD 11.1 billion in 2024. North America dominated the global market in 2024.
- Spinal Cord Stimulators: The global spinal cord stimulator market is expected to increase from approximately USD 3,437 million in 2024 to USD 7,243.98 million by 2032. North America is the largest market for spinal cord stimulators.
- Deep Brain Stimulation Systems: The global deep brain stimulation devices market was estimated at approximately USD 1.54 billion in 2025 and is expected to reach USD 4.43 billion by 2035. North America captured approximately 41.88% of the market share in 2025.
MedSurg Segment
- Gastrointestinal Devices: The global gastrointestinal devices market was estimated at USD 11.11 billion in 2024, growing to USD 11.79 billion in 2025, and is projected to reach USD 16.38 billion in 2029. North America commanded 39.62% of revenue in 2025.
- Urology and Pelvic Health Devices: The global urology devices market was estimated at USD 36.8 billion in 2024 and is expected to grow to USD 73.5 billion in 2034. North America currently holds the largest share of the global urology devices market.
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Expected Drivers of Future Revenue Growth for Boston Scientific (BSX)
Over the next 2-3 years, Boston Scientific (BSX) is expected to drive future revenue growth through several key strategic areas and product innovations:
- Electrophysiology (EP) Innovations: The company anticipates significant growth from its Electrophysiology portfolio, particularly with the continued adoption of its FARAPULSE pulsed-field ablation (PFA) system. Strong market demand for PFA technology and the planned launch of next-generation devices like FARAPULSE Ultra are expected to fuel this segment's expansion. The global PFA market is projected to experience substantial growth.
- Structural Heart Therapies (WATCHMAN): Continued strong adoption of the WATCHMAN FLX Pro device for left atrial appendage closure (LAAC) is a key growth driver. The potential impact of ongoing clinical trials, such as the CHAMPION-AF trial, could further enhance the WATCHMAN business.
- Interventional Cardiology & Vascular Therapies (ICVT): Boston Scientific expects robust sales growth within its Interventional Cardiology and Vascular Therapies segments. The company's strategy in capturing market share, capitalizing on recent acquisitions, and launching new products like Seismic IVL contributes to this growth.
- Strategic Acquisitions: Acquisitions are a crucial component of Boston Scientific's growth strategy. Recent and planned acquisitions, such as Valencia Technologies Corporation and Penumbra, are anticipated to expand capabilities in areas like neurovascular and thrombectomy, thereby contributing to overall revenue growth.
- MedSurg Segment Growth (Urology and Neuromodulation): The company's diverse MedSurg product lines, specifically urology and neuromodulation, are demonstrating strong market demand and are expected to continue their growth trajectory through successful product launches and market penetration.
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Share Repurchases
- Boston Scientific expanded its stock repurchase program by an additional $4 billion, increasing the total authorization to $5 billion, effective February 18, 2026. All authorized funds are currently available for use.
Share Issuance
- In 2025, Boston Scientific received $282 million from stock issuances related to employee stock plans.
Outbound Investments
- Boston Scientific has pursued a strategy of acquisitions to strengthen its core businesses and expand into high-growth adjacent markets. Acquisitions contributed 420 basis points to sales in the third quarter of 2025, resulting in 15.3% organic revenue growth.
- Key acquisitions include the agreement to acquire Penumbra in January 2026 for $14.5 billion, which is expected to expand capabilities in neurovascular and thrombectomy, and Valencia Technologies Corporation in January 2026 to enhance urology offerings.
- Other significant acquisitions in the last 3-5 years include Axonics, Inc. for $3.7 billion in November 2024, Silk Road Medical, Inc. for $1.16 billion in June 2024, Relievant Medsystems, Inc. for $850 million in November 2023, and Baylis Medical for $1.75 billion in October 2021.
Capital Expenditures
- Capital expenditures are projected to increase from 4.7% of revenue in 2024 to 7% of revenue by 2030, aimed at maintaining high-growth rates, increasing production capabilities, and investing in new projects.
- The company is making substantial investments in its supply chain and manufacturing infrastructure, including expanding its manufacturing footprint in China, Costa Rica, and Malaysia, and integrating AI and automation into its manufacturing network.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 122.07 |
| Mkt Cap | 112.1 |
| Rev LTM | 30,816 |
| Op Inc LTM | 5,975 |
| FCF LTM | 4,998 |
| FCF 3Y Avg | 4,470 |
| CFO LTM | 6,352 |
| CFO 3Y Avg | 5,716 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 4.8% |
| Rev Chg Q | 8.8% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 16.5% |
| Op Inc Chg 3Y Avg | 7.0% |
| Op Mgn LTM | 19.3% |
| Op Mgn 3Y Avg | 18.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 21.0% |
| CFO/Rev 3Y Avg | 19.9% |
| FCF/Rev LTM | 16.2% |
| FCF/Rev 3Y Avg | 15.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 112.1 |
| P/S | 3.3 |
| P/Op Inc | 17.9 |
| P/EBIT | 18.6 |
| P/E | 26.5 |
| P/CFO | 15.6 |
| Total Yield | 5.6% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.2% |
| 3M Rtn | -6.9% |
| 6M Rtn | -14.3% |
| 12M Rtn | -12.5% |
| 3Y Rtn | -5.3% |
| 1M Excs Rtn | -0.1% |
| 3M Excs Rtn | -16.7% |
| 6M Excs Rtn | -22.3% |
| 12M Excs Rtn | -33.7% |
| 3Y Excs Rtn | -75.8% |
Comparison Analyses
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA205098 | VARITHENA | polidocanol | solution | 11252013 | 10.0% | 7.9% | 8.2% | 54.6% | 262.0% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA205098 | VARITHENA | polidocanol | solution | 11252013 | 10.0% | 7.9% | 8.2% | 54.6% | 262.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cardiovascular | 13,266 | 10,711 | 8,714 | 7,599 | 7,212 |
| MedSurg | 6,829 | 5,973 | 5,378 | 4,805 | 4,616 |
| Impact of foreign currency fluctuations | -21 | 64 | 149 | 338 | 47 |
| Other | -60 | 13 | |||
| Total | 20,074 | 16,748 | 14,241 | 12,682 | 11,888 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cardiovascular | 4,303 | 3,147 | 2,281 | 1,748 | 1,888 |
| MedSurg | 2,268 | 2,046 | 1,834 | 1,458 | 1,524 |
| Amortization expense | -897 | -856 | -828 | -803 | -741 |
| Corporate expenses, including hedging activities and impact of foreign currency fluctuations on | -958 | -663 | -377 | 96 | -406 |
| Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges | -1,102 | -1,070 | -567 | -789 | -1,070 |
| Other | -60 | 4 | |||
| Total | 3,614 | 2,604 | 2,343 | 1,650 | 1,199 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Goodwill | 18,282 | 17,089 | 14,387 | 12,920 | 11,988 |
| Cardiovascular | 7,999 | 7,084 | 5,988 | 5,205 | 4,417 |
| Other intangible assets, net | 7,019 | 6,684 | 6,003 | 5,902 | 6,121 |
| All other corporate assets | 6,981 | 5,446 | 5,869 | 5,941 | 7,525 |
| MedSurg | 3,392 | 3,093 | 2,888 | 2,501 | 2,178 |
| Total | 43,673 | 39,396 | 35,135 | 32,469 | 32,229 |
Price Behavior
| Market Price | $43.04 | |
| Market Cap ($ Bil) | 63.9 | |
| First Trading Date | 05/19/1992 | |
| Distance from 52W High | -60.2% | |
| 50 Days | 200 Days | |
| DMA Price | $50.26 | $76.55 |
| DMA Trend | down | down |
| Distance from DMA | -14.4% | -43.8% |
| 3M | 1YR | |
| Volatility | 45.7% | 35.8% |
| Downside Capture | 105.25 | 95.66 |
| Upside Capture | -100.59 | -29.61 |
| Correlation (SPY) | -0.4% | 5.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.15 | -0.25 | 0.24 | 0.13 | 0.19 | 0.56 |
| Up Beta | -0.96 | -0.59 | 0.44 | 0.21 | 0.37 | 0.66 |
| Down Beta | -0.29 | -0.32 | -0.48 | -0.89 | -0.51 | 0.56 |
| Up Capture | -60% | -96% | -43% | -33% | -12% | 13% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 17 | 27 | 55 | 114 | 398 |
| Down Capture | 74% | 93% | 148% | 141% | 109% | 82% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 13 | 24 | 36 | 70 | 137 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSX | |
|---|---|---|---|---|
| BSX | -58.9% | 35.6% | -2.41 | - |
| Sector ETF (XLV) | 18.8% | 15.8% | 0.90 | 24.5% |
| Equity (SPY) | 21.9% | 12.6% | 1.30 | 5.8% |
| Gold (GLD) | 21.0% | 27.9% | 0.67 | 7.3% |
| Commodities (DBC) | 29.1% | 18.9% | 1.22 | -0.4% |
| Real Estate (VNQ) | 12.6% | 13.9% | 0.61 | 12.3% |
| Bitcoin (BTCUSD) | -46.2% | 42.9% | -1.32 | -0.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSX | |
|---|---|---|---|---|
| BSX | -0.4% | 26.0% | -0.03 | - |
| Sector ETF (XLV) | 5.8% | 14.9% | 0.21 | 46.7% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 43.7% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 8.3% |
| Commodities (DBC) | 9.0% | 19.5% | 0.35 | 6.6% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 36.8% |
| Bitcoin (BTCUSD) | 13.8% | 53.5% | 0.44 | 17.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BSX | |
|---|---|---|---|---|
| BSX | 6.3% | 27.4% | 0.26 | - |
| Sector ETF (XLV) | 10.0% | 16.6% | 0.49 | 59.4% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 57.4% |
| Gold (GLD) | 11.1% | 16.1% | 0.56 | 5.3% |
| Commodities (DBC) | 6.7% | 18.0% | 0.29 | 18.1% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 49.3% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | 9.0% | -1.8% | -4.8% |
| 2/4/2026 | -17.6% | -19.0% | -20.3% |
| 10/22/2025 | 4.0% | 1.1% | -2.9% |
| 7/23/2025 | 4.5% | 3.2% | 2.8% |
| 4/23/2025 | 4.1% | 8.1% | 10.1% |
| 2/5/2025 | 1.4% | 2.4% | -2.6% |
| 10/23/2024 | -0.6% | -3.9% | 2.5% |
| 7/24/2024 | -1.1% | -5.8% | 0.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 15 |
| # Negative | 8 | 9 | 9 |
| Median Positive | 3.7% | 3.5% | 2.8% |
| Median Negative | -1.2% | -2.9% | -4.8% |
| Max Positive | 9.0% | 9.2% | 11.3% |
| Max Negative | -17.6% | -19.0% | -20.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | 9.0% | -1.8% | -4.8% |
| 2/4/2026 | -17.6% | -19.0% | -20.3% |
| 10/22/2025 | 4.0% | 1.1% | -2.9% |
| 7/23/2025 | 4.5% | 3.2% | 2.8% |
| 4/23/2025 | 4.1% | 8.1% | 10.1% |
| 2/5/2025 | 1.4% | 2.4% | -2.6% |
| 10/23/2024 | -0.6% | -3.9% | 2.5% |
| 7/24/2024 | -1.1% | -5.8% | 0.3% |
| 4/24/2024 | 5.7% | 4.2% | 9.2% |
| 1/31/2024 | 3.0% | 5.5% | 7.8% |
| 10/26/2023 | -0.4% | 3.3% | 11.3% |
| 7/27/2023 | 0.5% | -3.4% | -3.8% |
| 4/26/2023 | -0.0% | 3.5% | 1.6% |
| 2/1/2023 | 2.8% | 4.0% | 2.2% |
| 10/26/2022 | 1.2% | 3.5% | 6.3% |
| 7/27/2022 | 6.2% | 9.2% | 8.4% |
| 4/27/2022 | 1.1% | -1.9% | -5.9% |
| 2/2/2022 | -4.7% | 1.5% | 1.1% |
| 10/27/2021 | -1.3% | -2.5% | -8.2% |
| 7/27/2021 | 3.5% | 4.3% | 2.0% |
| 4/28/2021 | 4.3% | 2.2% | -1.4% |
| 2/3/2021 | 2.2% | 7.1% | 3.5% |
| 10/28/2020 | -5.5% | -2.5% | -6.9% |
| 7/29/2020 | 4.0% | -2.9% | 2.8% |
| SUMMARY STATS | |||
| # Positive | 16 | 15 | 15 |
| # Negative | 8 | 9 | 9 |
| Median Positive | 3.7% | 3.5% | 2.8% |
| Median Negative | -1.2% | -2.9% | -4.8% |
| Max Positive | 9.0% | 9.2% | 11.3% |
| Max Negative | -17.6% | -19.0% | -20.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 07/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/9/2026Latest: Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | 5.5% | 6.5% | 7.5% | -4.8% | Lower New | Guidance: 11.25% for Q1 2026 | |
| Q2 2026 Organic Revenue Growth | 5.0% | 6.0% | 7.0% | -3.2% | Lower New | Guidance: 9.25% for Q1 2026 | |
| Q2 2026 EPS | 0.82 | 0.83 | 0.84 | 5.1% | Higher New | Guidance: 0.79 for Q1 2026 | |
| 2026 Revenue Growth | 7.0% | 7.75% | 8.5% | -3.2% | Lowered | Guidance: 11.0% for 2026 | |
| 2026 Organic Revenue Growth | 6.5% | 7.25% | 8.0% | -3.2% | Lowered | Guidance: 10.5% for 2026 | |
| 2026 EPS | 3.34 | 3.38 | 3.41 | -2.5% | Lowered | Guidance: 3.46 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Sales Growth (Reported) | 10.5% | 11.25% | 12.0% | -4.2% | Lower New | Guidance: 15.5% for Q4 2025 | |
| Q1 2026 Net Sales Growth (Organic) | 8.5% | 9.25% | 10.0% | -2.8% | Lower New | Guidance: 12.0% for Q4 2025 | |
| Q1 2026 Adjusted EPS | 0.78 | 0.79 | 0.8 | 1.3% | 1.0% | Raised | Guidance: 0.78 for Q4 2025 |
| 2026 Net Sales Growth (Reported) | 10.5% | 11.0% | 11.5% | ||||
| 2026 Net Sales Growth (Organic) | 10.0% | 10.5% | 11.0% | ||||
| 2026 Adjusted EPS | 3.43 | 3.46 | 3.49 | 14.2% | Higher New | Guidance: 3.03 for 2025 | |
Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue Growth | 14.5% | 15.5% | 16.5% | -2.5% | Lower New | Guidance: 18.0% for Q3 2025 | |
| Q4 2025 Organic Revenue Growth | 11.0% | 12.0% | 13.0% | -1.0% | Lower New | Guidance: 13.0% for Q3 2025 | |
| Q4 2025 EPS | 0.48 | 0.5 | 0.52 | 11.1% | Higher New | Guidance: 0.45 for Q3 2025 | |
| Q4 2025 Adjusted EPS | 0.77 | 0.78 | 0.79 | 9.9% | Higher New | Guidance: 0.71 for Q3 2025 | |
| 2025 Revenue Growth | 20.0% | 1.5% | Raised | Guidance: 18.5% for 2025 | |||
| 2025 Organic Revenue Growth | 15.5% | 1.0% | Raised | Guidance: 14.5% for 2025 | |||
| 2025 EPS | 1.97 | 1.99 | 2.01 | 4.2% | Raised | Guidance: 1.91 for 2025 | |
| 2025 Adjusted EPS | 3.02 | 3.03 | 3.04 | 2.0% | Raised | Guidance: 2.97 for 2025 | |
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pegus, Cheryl | Direct | Buy | 5212026 | 56.49 | 1,770 | 99,987 | 99,987 | Form | |
| 2 | Ludwig, Edward J | Direct | Buy | 5212026 | 56.68 | 3,580 | 202,914 | 1,437,348 | Form | |
| 3 | Habiger, David C | Direct | Buy | 5212026 | 55.92 | 2,250 | 125,819 | 776,051 | Form | |
| 4 | Habiger, David C | Direct | Buy | 5212026 | 56.95 | 2,200 | 125,279 | 662,158 | Form | |
| 5 | Mahoney, Michael F | Chairman, President & CEO | Direct | Sell | 2032026 | 93.49 | 160,901 | 15,043,394 | 131,989,772 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pegus, Cheryl | Direct | Buy | 5212026 | 56.49 | 1,770 | 99,987 | 99,987 | Form | |
| 2 | Ludwig, Edward J | Direct | Buy | 5212026 | 56.68 | 3,580 | 202,914 | 1,437,348 | Form | |
| 3 | Habiger, David C | Direct | Buy | 5212026 | 55.92 | 2,250 | 125,819 | 776,051 | Form | |
| 4 | Habiger, David C | Direct | Buy | 5212026 | 56.95 | 2,200 | 125,279 | 662,158 | Form | |
| 5 | Mahoney, Michael F | Chairman, President & CEO | Direct | Sell | 2032026 | 93.49 | 160,901 | 15,043,394 | 131,989,772 | Form |
| 6 | Butcher, Arthur C | EVP& Grp Pres, MedSurg & APAC | Direct | Sell | 12022025 | 101.55 | 17,313 | 1,758,189 | 2,396,653 | Form |
| 7 | Zane, Ellen M | Direct | Sell | 11062025 | 98.28 | 12,891 | 1,266,978 | 2,371,984 | Form | |
| 8 | Fitzgerald, Joseph Michael | EVP & Group Pres, Cardiology | Direct | Sell | 11042025 | 99.47 | 50,000 | 4,973,338 | 17,739,100 | Form |
| 9 | Zane, Ellen M | Direct | Sell | 10282025 | 102.24 | 2,901 | 296,599 | 2,467,465 | Form | |
| 10 | Zane, Ellen M | Direct | Sell | 10282025 | 101.13 | 9,990 | 1,010,301 | 2,734,082 | Form | |
| 11 | Fitzgerald, Joseph Michael | EVP & Group Pres, Cardiology | Direct | Sell | 10012025 | 98.47 | 50,000 | 4,923,327 | 17,560,719 | Form |
| 12 | Fitzgerald, Joseph Michael | EVP & Group Pres, Cardiology | Direct | Sell | 9032025 | 105.43 | 50,000 | 5,271,416 | 18,802,299 | Form |
| 13 | Fitzgerald, Joseph Michael | EVP & Group Pres, Cardiology | Direct | Sell | 8042025 | 104.63 | 50,000 | 5,231,670 | 18,660,530 | Form |
| 14 | Butcher, Arthur C | EVP& Grp Pres, MedSurg & APAC | Direct | Sell | 8042025 | 104.63 | 17,313 | 1,811,520 | 2,469,351 | Form |
| 15 | Fujimori, Yoshiaki | Direct | Sell | 7302025 | 106.99 | 2,901 | 310,378 | 222,646 | Form | |
| 16 | Ludwig, Edward J | Direct | Sell | 7282025 | 106.03 | 4,000 | 424,120 | 1,959,330 | Form | |
| 17 | Fitzgerald, Joseph Michael | EVP & Group Pres, Cardiology | Direct | Sell | 7022025 | 106.97 | 50,000 | 5,348,315 | 19,076,584 | Form |
Investor Activity (13F)
Updated Jul 16, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Prosight Management, LP | $49.9 Mil | 8.2% | 46 | ADD +278.8% | 13F |
| DKRT Investments Corp. | $27.3 Mil | 6.9% | 48 | New | 13F |
| Catalio Capital Management, LP | $18.8 Mil | 3.9% | 41 | TRIM -17.0% | 13F |
| Eagle Health Investments LP | $18.4 Mil | 3.9% | 26 | New | 13F |
| BlueSpruce Investments, LP | $19.2 Mil | 3.0% | 10 | New | 13F |
| Atle Fund Management AB | $8.8 Mil | 2.9% | 39 | TRIM -62.8% | 13F |
| BSN CAPITAL PARTNERS Ltd | $50.1 Mil | 2.4% | 41 | New | 13F |
| Mirova US LLC | $138.3 Mil | 1.6% | 42 | ADD +60.8% | 13F |
| Unisphere Establishment | $175.9 Mil | 1.5% | 50 | ADD +28.8% | 13F |
| Exane Asset Management | $6.4 Mil | 1.3% | 32 | New | 13F |
| Cadian Capital Management, LP | $10.7 Mil | 1.3% | 23 | New | 13F |
| Think Investments LP | $8.5 Mil | 1.2% | 30 | New | 13F |
| MKP Capital Management, L.L.C. | $34.4 Mil | 1.1% | 19 | New | 13F |
| DSM Capital Partners LLC | $35.4 Mil | 0.6% | 44 | ADD +11846.4% | 13F |
| Lone Pine Capital LLC | $6.6 Mil | 0.1% | 36 | TRIM -48.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| BSN CAPITAL PARTNERS Ltd | $50.1 Mil | 2.4% | 41 | New | 13F |
| MKP Capital Management, L.L.C. | $34.4 Mil | 1.1% | 19 | New | 13F |
| DKRT Investments Corp. | $27.3 Mil | 6.9% | 48 | New | 13F |
| BlueSpruce Investments, LP | $19.2 Mil | 3.0% | 10 | New | 13F |
| Eagle Health Investments LP | $18.4 Mil | 3.9% | 26 | New | 13F |
| Cadian Capital Management, LP | $10.7 Mil | 1.3% | 23 | New | 13F |
| Think Investments LP | $8.5 Mil | 1.2% | 30 | New | 13F |
| Exane Asset Management | $6.4 Mil | 1.3% | 32 | New | 13F |
| DSM Capital Partners LLC | $35.4 Mil | 0.6% | 44 | ADD +11846.4% | 13F |
| Prosight Management, LP | $49.9 Mil | 8.2% | 46 | ADD +278.8% | 13F |
| Mirova US LLC | $138.3 Mil | 1.6% | 42 | ADD +60.8% | 13F |
| Unisphere Establishment | $175.9 Mil | 1.5% | 50 | ADD +28.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Egerton Capital (UK) LLP | $513.5 Mil | 5.6% | 23 | Exited | Dec 31, 2025 | 13F |
| SurgoCap Partners LP | $244.0 Mil | 6.8% | 17 | Exited | Dec 31, 2025 | 13F |
| Tri Locum Partners LP | $49.6 Mil | 6.4% | 15 | Exited | Dec 31, 2025 | 13F |
| Iron Triangle Partners LP | $40.1 Mil | 4.6% | 27 | Exited | Dec 31, 2025 | 13F |
| Atle Fund Management AB | $8.8 Mil | 2.9% | 39 | TRIM -62.8% | Mar 31, 2026 | 13F |
| Lone Pine Capital LLC | $6.6 Mil | 0.1% | 36 | TRIM -48.1% | Mar 31, 2026 | 13F |
| Catalio Capital Management, LP | $18.8 Mil | 3.9% | 41 | TRIM -17.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Unisphere Establishment | $175.9 Mil | 1.5% | 50 | ADD +28.8% | 13F |
| Mirova US LLC | $138.3 Mil | 1.6% | 42 | ADD +60.8% | 13F |
| BSN CAPITAL PARTNERS Ltd | $50.1 Mil | 2.4% | 41 | New | 13F |
| Prosight Management, LP | $49.9 Mil | 8.2% | 46 | ADD +278.8% | 13F |
| DSM Capital Partners LLC | $35.4 Mil | 0.6% | 44 | ADD +11846.4% | 13F |
| MKP Capital Management, L.L.C. | $34.4 Mil | 1.1% | 19 | New | 13F |
| DKRT Investments Corp. | $27.3 Mil | 6.9% | 48 | New | 13F |
| BlueSpruce Investments, LP | $19.2 Mil | 3.0% | 10 | New | 13F |
| Catalio Capital Management, LP | $18.8 Mil | 3.9% | 41 | TRIM -17.0% | 13F |
| Eagle Health Investments LP | $18.4 Mil | 3.9% | 26 | New | 13F |
| Cadian Capital Management, LP | $10.7 Mil | 1.3% | 23 | New | 13F |
| Atle Fund Management AB | $8.8 Mil | 2.9% | 39 | TRIM -62.8% | 13F |
| Think Investments LP | $8.5 Mil | 1.2% | 30 | New | 13F |
| Lone Pine Capital LLC | $6.6 Mil | 0.1% | 36 | TRIM -48.1% | 13F |
| Exane Asset Management | $6.4 Mil | 1.3% | 32 | New | 13F |
BSX Trade Sentinel
Neutral / Watch
CONVICTION RATIONALE
Boston Scientific's key growth engines are decelerating due to intense competition, forcing a significant guidance cut to 6.5% to 8% organic growth. While the stock has de-rated, the thesis now hinges on management's ability to stabilize market share and successfully integrate the pending $14.500 billion Penumbra acquisition to create a new growth vector.
STOCK ARCHETYPE
Transactional Product SalesVolume of procedures using BSX devices x Price per device Mix shift towards innovative, higher-margin products within the Cardiovascular segment, such as FARAPULSE and WATCHMAN.
INVESTMENT THESIS
Evidence suggests a painful but necessary reset, with the stock's sharp decline pricing in much of the near-term competitive headwinds in its core cardiovascular franchises.
- Full-year 2026 organic growth guidance was lowered to 6.5% to 8%.
- Operating margin expanded 1.4 percentage points to a five-year peak of 19.9%.
- The company announced a definitive agreement to acquire Penumbra for $14.5 billion.
- A $2 billion accelerated share repurchase agreement was announced in May 2026.
PRIMARY RISK
Competitors are gaining significant ground in the high-growth PFA market, suggesting the recent slowdown is not a temporary setback but a permanent loss of leadership that will pressure growth and margins for the foreseeable future.
- Electrophysiology organic growth decelerated to 22% in Q1 2026 from 63% in Q3 2025.
- Management now expects global EP business to grow approximately 10% in 2026.
- Peer Medtronic's Cardiac Ablation business reported 78% worldwide growth.
- Management acknowledged losing more market share than anticipated in the last quarter.
| KPI | Status | Rationale |
|---|---|---|
| Electrophysiology (EP) Organic Growth | 22% organic growth for Q1 2026 - Decelerating | The sharp deceleration from very high levels is attributed to increased competition in the Pulsed Field Ablation (PFA) market. Management has lowered the full-year 2026 growth outlook for the global EP business to approximately 10%, citing "ongoing competitive dynamics" and greater than anticipated share erosion. |
| WATCHMAN Organic Growth | 19% organic growth for Q1 2026 - Decelerating | The slowdown is attributed to the "annualization of the initial concomitant adoption tailwind and a softening in stand-alone WATCHMAN cases." Management has lowered the full-year 2026 growth outlook for the franchise to mid-teens. |
| Patients treated with FARAPULSE | over 500,000 (As of Q3 2025 (10/22/2025)) | Indicates the adoption and market penetration of the company's key Pulsed Field Ablation (PFA) technology in the Electrophysiology market. |
| Patients treated with WATCHMAN | over 600,000 (As of Q3 2025 (10/22/2025)) | Measures the cumulative adoption of the company's market-leading Left Atrial Appendage Closure (LAAC) device, a key growth driver. |
Credible Reset vs. Structural Decline?
BULL VIEW
The sharp guidance cut to 6.5% to 8% organic growth was a necessary 'kitchen-sink' that de-risks estimates. The stock's 10.0% reaction to the news suggests the market agrees the worst is priced in, creating a low bar for management to beat.
CORE TENSION
Can the lowered-8% growth guidance stabilize the narrative against reported 78% growth in a competing ablation business?
PREVAILING SENTIMENT
The latest evidence favors the bears. The multi-quarter deceleration is confirmed, and management acknowledged losing more share than anticipated, making the competitive threat a tangible, ongoing issue.
BEAR VIEW
The guidance cut reflects an accelerating loss of market share, with EP growth now guided to 10% vs. a 15% market. Medtronic's 78% growth in its competing unit shows this is a structural problem, not a temporary blip.
| Timeline | Event & Metric To Watch |
|---|---|
8/17/2026 | Peer Competitive Read-Through Watch: Peers' commentary on EP market share, PFA adoption rates, and overall procedural volumes in cardiovascular markets. |
10/13/2026 | Peer Johnson & Johnson Earnings Watch: Peer Johnson & Johnson (JNJ) is scheduled to report earnings. |
10/13/2026 | Peer Abbott Laboratories Earnings Watch: Peer Abbott Laboratories (ABT) is scheduled to report earnings. |
10/20/2026 | Growth Deceleration Confirmation Watch: Whether Q3 results and Q4 guidance show stabilization or further deterioration in key growth franchises. |
10/20/2026 | Company Earnings Report Watch: Boston Scientific is scheduled to report its next earnings. |
in the second half of 2026 | Penumbra Acquisition Uncertainty Watch: Announcements regarding FTC clearance, deal closing, or potential remedies required by regulators. |
No set date | Securities Litigation Developments Watch: Court filings regarding class certification, motions to dismiss, or potential settlement discussions. |
| Date | Event | Stock Impact |
|---|---|---|
2026-05-18 | Capital Allocation and Pipeline News Details: The company announced a $2 billion accelerated share repurchase, a strategic investment in MiRus LLC, and positive results from its FRACTURE IDE trial for the SEISMIQ catheter. | +7.8% $52.68 -> $56.81 |
2026-04-22 | Q1 Earnings and Guidance Cut Details: The company reported Q1 2026 results and lowered its full-year 2026 guidance for revenue growth and EPS, citing a more challenging year than expected. | +10.4% $59.52 -> $65.69 |
2026-03-16 | FTC Scrutinizes Penumbra Deal Details: The company and Penumbra each received a request for additional information (Second Request) from the U.S. Federal Trade Commission regarding the proposed acquisition. | +3.0% $69.13 -> $71.20 |
2026-02-04 | Q4 Earnings and Cautious Guidance Details: The company reported Q4 2025 results and issued cautious 2026 guidance that disappointed investors, causing the stock to fall 17.6% to $75.50 on February 4, 2026. | -15.3% $91.62 -> $77.64 |
2026-01-15 | Penumbra Acquisition Announced Details: The company announced a definitive agreement to acquire Penumbra, Inc. for approximately $14.5 billion, to be funded with cash, ~$11 billion in new debt, and common stock. | -6.0% $93.74 -> $88.07 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: BSX trades at roughly 43% annualized options-implied volatility versus about 13% for the S&P 500 (3.3x the market), around the 95th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
MDT - Medtronic
Direct Competitor Winning ShareMedtronic offers direct exposure to the company that is currently winning the market share battle in the critical PFA segment, evidenced by its 78% growth in Cardiac Ablation Solutions.
ABT - Abbott Laboratories
Diversified MedTech PeerAbbott provides a more diversified medical device portfolio while still competing in Electrophysiology, where it recently launched two new PFA catheters to challenge for share.
A high-growth MedTech leader whose premium valuation is predicated on continued dominance in its key Cardiovascular growth engines (EP and WATCHMAN), which are now facing heightened execution risk.
Boston Scientific's growth story hinges on its innovative, high-margin Cardiovascular portfolio, particularly the FARAPULSE ablation system and WATCHMAN device. However, the company recently lowered its 2026 guidance due to increased competition and shifting market dynamics in these core areas, leading to a significant stock price decline and a repricing of expectations. The key question for the next 6-12 months is whether management can stabilize these franchises and successfully integrate the large-scale Penumbra acquisition to reignite growth.
Stabilization or re-acceleration of growth in the EP and WATCHMAN franchises, a smooth closing and integration of the Penumbra acquisition, and positive data from key clinical trials like the FRACTURE IDE trial.
Further guidance reductions, continued market share erosion in Electrophysiology, persistent weakness in stand-alone WATCHMAN procedures, or significant delays/issues with the Penumbra acquisition.
Transient supply chain disruptions flagged by management, minor fluctuations in currency exchange rates, or early-stage legal maneuvers in the disclosed class action lawsuits.
Repricing Catalyst
The stock has been significantly de-rated following the Q1 2026 earnings report where the company lowered its full-year 2026 guidance, citing headwinds in EP and WATCHMAN. This has created a "show-me" story for investors. A pending securities class action lawsuit related to prior disclosures about the EP business adds to the uncertainty.
Cardiovascular
$13.3B TTM (66% of Total) · 32% MarginWhat It Is
Sells a portfolio of devices and therapies to physicians for diagnosing and treating complex cardiovascular diseases. Key businesses include Interventional Cardiology & Vascular Therapies (stents, balloons, imaging catheters), WATCHMAN (left atrial appendage closure), Electrophysiology (ablation systems like FARAPULSE), Cardiac Rhythm Management (defibrillators, pacemakers), and Interventional Oncology.
Who Pays & How
Hospitals and clinics purchase these devices for use in procedures, billing third-party payers. They choose BSX for products that offer differentiated clinical and economic outcomes, enabling physicians to perform procedures safely and effectively, often in a less-invasive manner.
Competition
MedSurg
$6.8B TTM (34% of Total) · 33% MarginWhat It Is
Sells minimally invasive devices to physicians across three main businesses: Endoscopy (for gastrointestinal conditions), Urology (for kidney stones, BPH, etc.), and Neuromodulation (for chronic pain and movement disorders).
Who Pays & How
Hospitals and clinics purchase these devices for use in procedures, billing third-party payers. They are chosen for a broad range of high-performance solutions that address unmet patient needs and can reduce healthcare costs.
Competition
Boston Scientific — Investor Video Playlist
External Quote Links
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