Tearsheet

Boston Scientific (BSX)

Market Price (12/15/2025): $92.43 | Market Cap: $137.0 Bil
Sector: Health Care | Industry: Health Care Equipment

Boston Scientific (BSX)

Market Price (12/15/2025): $92.43
Market Cap: $137.0 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 4.6 Bil, FCF LTM is 3.6 Bil
2	Low stock price volatility Vol 12M is 24%
3	Megatrend and thematic drivers Megatrends include Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 22%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 4.6 Bil, FCF LTM is 3.6 Bil
2	Low stock price volatility Vol 12M is 24%
3	Megatrend and thematic drivers Megatrends include Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, and Biotechnology & Genomics. Show more.
4	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2%

Valuation, Metrics & Events

	12/15/25	2024	2023	2022	2021
Share Price CYE	$92.43	$89.32	$57.81	$46.27	$42.48
Market Cap CYE ($ Bil)	137.0	131.7	84.7	66.3	60.5
Total Debt ($ Bil)	12.0	11.1	9.5	9.3	9.5
Total Cash ($ Bil)	1.3	0.4	0.9	0.9	1.9
Enterprise Value ($ Bil)	147.7	142.8	94.2	75.6	70.0
Valuation Ratios
P/S TTM	7.5	7.8	5.9	5.2	5.1
P/EBIT TTM	40.0	50.8	37.3	41.1	42.6
P/E TTM	51.7	70.9	52.7	94.8	58.0
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0	5.0	10.4
P/EBIT TTM (Sector)	29.1	31.2	26.5	17.6	29.4
P/E TTM (Sector)	37.5	39.9	36.4	22.9	42.6

	12/15/25	2024	2023
Share Price CYE	$92.43	$89.32	$57.81
Market Cap CYE ($ Bil)	137.0	131.7	84.7
Total Debt ($ Bil)	12.0	11.1	9.5
Total Cash ($ Bil)	1.3	0.4	0.9
Enterprise Value ($ Bil)	147.7	142.8	94.2
Valuation Ratios
P/S TTM	7.5	7.8	5.9
P/EBIT TTM	40.0	50.8	37.3
P/E TTM	51.7	70.9	52.7
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0
P/EBIT TTM (Sector)	29.1	31.2	26.5
P/E TTM (Sector)	37.5	39.9	36.4

	BSX	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	19.4
Rev Chg Q	20.3%	15.9%
Rev Chg LTM	21.6%	13.2%
Rev Chg 3Y Avg	15.6%	12.2%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	3.7
CFO LTM ($ Bil)	4.6
Net Inc LTM ($ Bil)	2.8
Op Mgn LTM	19.2%	37.5%
CFO/Rev LTM	23.9%	35.5%
Net Inc Mgn	14.4%	27.6%
VALUATION	VERY HIGH
P/S	7.5	11.4
P/CFO	31.2	30.6
P/FCF	39.8	54.0
P/E	51.7	37.5
STABILITY	GOOD
Debt/Equity	0.08	0.03
Cash/Assets	0.03	0.16

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Patients Treated	more than 44 million	12312024	Link
Number of Products Launched	approximately 100	12312024	Link
Investment in Research & Development	1.6 billion USD	12312024	Link
Total Number of Employees	approximately 53,000	12312024	Link
U.S. Patent Publications	359	6302024	Link
Renewable Electricity at Key Manufacturing and Distribution Sites	100%	12312024	Link
Solid, Non-Hazardous Waste Recycled	75%	12312024	Link
Real Estate Independently Certified for Energy Efficiency	72%	12312024	Link
Employee Voluntary Turnover Rate	10.3%	12312023	Link

Upcoming
2/04/2026	Earnings Release	Rev: $5.0 Bil (E) EPS: $0.78 (E)

BSX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

The initial search results for Boston Scientific (BSX) from August 31, 2025, to December 15, 2025, indicate a generally positive outlook and performance, contrary to the user's premise of a -12.2% stock movement. Here's a summary of the key information found: * **Q3 2025 Earnings Beat & Raised Guidance:** Boston Scientific reported strong Q3 2025 results on October 22, 2025, exceeding analysts' expectations for both net sales and adjusted EPS. The company also raised its full-year 2025 adjusted earnings guidance. * **Strong Product Performance (FARAPULSE & WATCHMAN):** The FARAPULSE Pulsed Field Ablation (PFA) System and WATCHMAN FLX Left Atrial Appendage Closure (LAAC) Device showed strong growth and favorable clinical trial results. FARAPULSE, in particular, demonstrated strong double-digit growth in the U.S. and received expanded FDA labeling. * **Analyst Upgrades and Positive Sentiment:** Analysts generally maintained "Buy" ratings and increased price targets for BSX, citing strong Q3 performance, accelerating Watchman growth, and confidence in multi-year guidance. * **Strategic Acquisitions:** Boston Scientific's acquisition of Nalu Medical was viewed as value-accretive, deepening its presence in peripheral nerve stimulation. * **Investor Day and Conferences:** The company held an Investor Day on September 30, 2025, and participated in investor conferences in November and December, discussing financial goals and growth strategies. However, some search results also indicate: * **Stock Decline mentions:** There are mentions of BSX stock being down, for instance, a 1.02% decrease on December 11, 2025, and a 7.11% plunge on October 2, 2025, due to valuation concerns and mixed analyst ratings. On December 8, 2025, the stock also saw a -4.29% change. There was also a -9.12% decline over a 10-day period leading up to December 11, 2025. * **Insider Selling (exceeding $5M):** Executives sold approximately $14.23 million in shares in the three months prior to December 14, 2025. This included Joseph Fitzgerald selling approximately $4.97 million and other executives contributing to the total. The user's request is to explain a **-12.2%** stock movement. While there are mentions of some declines, a consistent -12.2% movement throughout the period, specifically driven by major negative news, is not prominently supported by the search results, which largely highlight positive developments and strong financial performance for the quarter. However, there are individual instances of declines and insider selling that contribute to negative sentiment or downward pressure on the stock. The -12.2% figure might represent an overall change between the two dates, which could encompass several smaller declines that individually didn't draw major headlines but collectively impacted the stock. The provided information indicates positive performance for the company, suggesting the -12.2% drop may be due to broader market conditions, sector-specific downturns, or a combination of smaller negative factors not directly tied to major company-specific news. Given the instructions to focus on a -12.2% movement and the search results showing both positive company news and some instances of stock decline and insider selling, I will highlight the negative points that collectively could contribute to a negative movement, including the specified insider selling if it exceeds $5 million. Let's consolidate the negative points. 1. **Insider selling exceeding USD 5 million:** Executives sold approximately $14.23 million in shares in the three months prior to December 14, 2025. 2. **Stock declines on specific days/periods:** A 7.11% plunge on October 2, 2025, due to valuation concerns and mixed analyst ratings. A 4.29% decline on December 8, 2025. A 1.02% decline on December 11, 2025, with shares losing 10.98% over the prior month. A 9.12% decline over a 10-day period leading up to December 11, 2025. 3. **Valuation Concerns:** On October 2, 2025, a forward P/E ratio significantly above the industry average raised questions about its premium valuation. 4. **Analyst Downgrade:** Erste Group Bank lowered Boston Scientific from a "buy" rating to a "hold" rating on October 3, 2025. 5. **Market Reaction to Conference Call:** On July 1, 2025, news about the Q2 2025 conference call led to a 2.45% decline in BSX shares.

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Stock Movement Drivers

Fundamental Drivers

The -9.9% change in BSX stock from 9/14/2025 to 12/14/2025 was primarily driven by a -19.0% change in the company's P/E Multiple.

	9142025	12142025	Change
Stock Price ($)	102.71	92.58	-9.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18494.00	19350.00	4.63%
Net Income Margin (%)	13.54%	14.43%	6.53%
P/E Multiple	60.68	49.13	-19.03%
Shares Outstanding (Mil)	1479.90	1481.70	-0.12%
Cumulative Contribution			-9.86%

LTM = Last Twelve Months as of date shown

Market Drivers

9/14/2025 to 12/14/2025

	Return	Correlation
BSX	-9.9%
Market (SPY)	3.7%	17.0%
Sector (XLV)	11.5%	41.4%

Fundamental Drivers

The -7.2% change in BSX stock from 6/15/2025 to 12/14/2025 was primarily driven by a -32.2% change in the company's P/E Multiple.

	6152025	12142025	Change
Stock Price ($)	99.74	92.58	-7.18%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	17553.00	19350.00	10.24%
Net Income Margin (%)	11.58%	14.43%	24.64%
P/E Multiple	72.51	49.13	-32.24%
Shares Outstanding (Mil)	1477.20	1481.70	-0.30%
Cumulative Contribution			-7.18%

LTM = Last Twelve Months as of date shown

Market Drivers

6/15/2025 to 12/14/2025

	Return	Correlation
BSX	-7.2%
Market (SPY)	14.5%	19.4%
Sector (XLV)	13.7%	38.8%

Fundamental Drivers

The 2.7% change in BSX stock from 12/14/2024 to 12/14/2025 was primarily driven by a 28.2% change in the company's Net Income Margin (%).

	12142024	12142025	Change
Stock Price ($)	90.11	92.58	2.74%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15910.00	19350.00	21.62%
Net Income Margin (%)	11.26%	14.43%	28.18%
P/E Multiple	74.10	49.13	-33.69%
Shares Outstanding (Mil)	1472.70	1481.70	-0.61%
Cumulative Contribution			2.74%

LTM = Last Twelve Months as of date shown

Market Drivers

12/14/2024 to 12/14/2025

	Return	Correlation
BSX	2.7%
Market (SPY)	13.9%	56.9%
Sector (XLV)	10.7%	50.7%

Fundamental Drivers

The 99.9% change in BSX stock from 12/15/2022 to 12/14/2025 was primarily driven by a 177.7% change in the company's Net Income Margin (%).

	12152022	12142025	Change
Stock Price ($)	46.32	92.58	99.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12567.00	19350.00	53.97%
Net Income Margin (%)	5.20%	14.43%	177.69%
P/E Multiple	101.55	49.13	-51.62%
Shares Outstanding (Mil)	1431.60	1481.70	-3.50%
Cumulative Contribution			99.63%

LTM = Last Twelve Months as of date shown

Market Drivers

12/15/2023 to 12/14/2025

	Return	Correlation
BSX	65.9%
Market (SPY)	48.0%	50.4%
Sector (XLV)	18.2%	48.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BSX Return	-20%	18%	9%	25%	55%	3%	103%
Peers Return	11%	9%	-8%	5%	3%	16%	39%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	111%
Monthly Win Rates [3]
BSX Win Rate	42%	42%	58%	58%	83%	67%
Peers Win Rate	57%	55%	50%	52%	50%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BSX Max Drawdown	-43%	-2%	-17%	-3%	-0%	0%
Peers Max Drawdown	-30%	-7%	-20%	-10%	-6%	-7%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/12/2025 (YTD)

How Low Can It Go

Unique Key	Event	BSX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-25.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	33.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	181 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-43.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	77.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	497 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-18.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	23.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	46 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-70.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	239.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2538 days	1480 days

Compare to ABT, ISRG, MDT, BDX, BAX

In The Past

Boston Scientific's stock fell -25.2% during the 2022 Inflation Shock from a high on 4/20/2022. A -25.2% loss requires a 33.7% gain to breakeven.

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About Boston Scientific (BSX)

Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It operates through three segments: MedSurg, Rhythm and Neuro, and Cardiovascular. The company offers devices to diagnose and treat gastrointestinal and pulmonary conditions; devices to treat various urological and pelvic conditions; implantable cardioverter and implantable cardiac resynchronization therapy defibrillators; pacemakers and implantable cardiac resynchronization therapy pacemakers; and remote patient management systems. It also provides medical technologies to diagnose and treat rate and rhythm disorders of the heart comprising 3-D cardiac mapping and navigation solutions, ablation catheters, diagnostic catheters, mapping catheters, intracardiac ultrasound catheters, delivery sheaths, and other accessories; spinal cord stimulator systems for the management of chronic pain; indirect decompression systems; and deep brain stimulation systems. In addition, the company offers interventional cardiology products, including drug-eluting coronary stent systems used in the treatment of coronary artery disease; percutaneous coronary interventions products to treat atherosclerosis; intravascular catheter-directed ultrasound imaging catheters, fractional flow reserve devices, and systems for use in coronary arteries and heart chambers, as well as various peripheral vessels; and structural heart therapies. Further, it provides stents, balloon catheters, wires, and atherectomy systems to treat arterial diseases; thrombectomy and acoustic pulse thrombolysis systems, wires, and stents to treat venous diseases; and peripheral embolization devices, radioactive microspheres, ablation systems, cryotherapy ablation systems, and micro and drainage catheters to treat cancer. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Boston Scientific (BSX):

A lot like Medtronic, a global leader in medical technology, providing a wide range of devices for various medical conditions.
Like Johnson & Johnson's medical device business, focusing on specialized equipment for diagnosis and treatment across many therapeutic areas.

AI Generated Analysis | Feedback

Coronary Stents and Catheters: Devices used to open blocked arteries in the heart and deliver therapies.
Peripheral Vascular Devices: Products for treating diseases in arteries and veins outside the heart, such as peripheral artery disease or deep vein thrombosis.
Cardiac Rhythm Management Devices: Includes pacemakers, defibrillators, and lead systems to regulate heart rhythms and treat heart failure.
Urology and Pelvic Health Products: Devices for managing kidney stones, treating enlarged prostate (BPH), and addressing urinary incontinence.
Endoscopy Devices: Instruments for minimally invasive diagnosis and treatment of conditions within the digestive and respiratory tracts.
Neuromodulation Systems: Implantable devices for managing chronic pain and certain neurological disorders, such as Parkinson's disease.

AI Generated Analysis | Feedback

Boston Scientific Major Customers

Boston Scientific (symbol: BSX) sells primarily to other companies, specifically healthcare providers and institutions worldwide.

Due to the highly diversified and global nature of its business, Boston Scientific serves thousands of hospitals, clinics, ambulatory surgical centers, and other healthcare facilities. As such, the company does not disclose specific "major customers" (e.g., those accounting for 10% or more of net sales) in its public financial filings.

However, to illustrate the types of organizations that are among Boston Scientific's customer base or key purchasing intermediaries, here are examples of large publicly traded healthcare systems and prominent Group Purchasing Organizations (GPOs) that would procure or facilitate the procurement of medical devices like those from Boston Scientific:

Hospital Systems (direct customers and end-users of products):
- HCA Healthcare (symbol: HCA)
- Universal Health Services, Inc. (symbol: UHS)
- Tenet Healthcare Corporation (symbol: THC)
- Community Health Systems, Inc. (symbol: CHS)
Group Purchasing Organizations (GPOs - key intermediaries that negotiate contracts and facilitate purchases for member hospitals and health systems):
- Premier, Inc. (symbol: PINC)
- Vizient (a major GPO, though privately held)
- HealthTrust Performance Group (a subsidiary of HCA Healthcare, symbol: HCA)

These examples represent the vast network of healthcare organizations that utilize Boston Scientific's medical technologies, rather than singular entities accounting for a dominant share of its revenue.

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Michael F. Mahoney, Chairman and Chief Executive Officer

Michael F. Mahoney has more than 25 years of experience in medical device, capital equipment, and healthcare IT businesses. He joined Boston Scientific in October 2011, became CEO in November 2012, and assumed the role of Chairman in 2016. Prior to Boston Scientific, he served as Worldwide Chairman of the Medical Devices and Diagnostics division of Johnson & Johnson. Before that, he was President and Chief Executive Officer of Global Healthcare Exchange (GHX), which he built through organic development and strategic acquisitions. He began his career at General Electric Medical Systems.

Jonathan Monson, Executive Vice President and Chief Financial Officer

Jonathan Monson became Executive Vice President and Chief Financial Officer in June 2025. He joined Boston Scientific in 1999 and has over 25 years of experience with the company. His previous roles include Senior Vice President, Investor Relations; Global Controller and Chief Accounting Officer; Vice President and Controller of the Urology business; and Vice President, Corporate Accounting. Before his tenure at Boston Scientific, he worked as a senior auditor at Arthur Andersen LLP. He is a Certified Public Accountant.

Arthur C. Butcher, Executive Vice President and Group President, MedSurg and Asia Pacific

Arthur C. Butcher joined Boston Scientific in 1997 and has held numerous management roles with increasing responsibility. Since May 2022, he has served as Executive Vice President and Group President, MedSurg and Asia Pacific, overseeing the Asia Pacific and China regions, as well as the Urology, Endoscopy, and Neuromodulation businesses. His prior positions include executive vice president and president, Asia Pacific, and senior vice president and president, Endoscopy.

Brad Sorenson, Executive Vice President, Global Operations

Brad Sorenson has been with Boston Scientific for over 20 years. As Executive Vice President, Global Operations, a position he has held since May 2022, he is responsible for the oversight of Global Supply Chain, Quality and Regulatory Affairs, Global Enterprise Excellence, Information Technology (IT), Security, Corporate Research and Development, and Global Facilities. Previously, he served as Senior Vice President, Global Supply Chain, and Senior Vice President, Manufacturing and Supply Chain. Before joining Boston Scientific, he was president and chief operating officer of QRS Diagnostic.

Meghan Scanlon, Senior Vice President and President, Urology and Pelvic Health

Meghan Scanlon has served as Senior Vice President and President, Urology and Pelvic Health since February 2020. In this role, she is responsible for developing and commercializing innovative solutions for urological, urogynecological, and gynecological diseases. She joined Boston Scientific in 2014 as Vice President, Global Marketing for Endoscopy and has since advanced through various leadership positions. Prior to Boston Scientific, she spent nearly 15 years in leadership roles within the Johnson & Johnson medical device business.

AI Generated Analysis | Feedback

The clear emerging threat for Boston Scientific is the accelerating adoption and efficacy of GLP-1 receptor agonist drugs (e.g., Ozempic, Wegovy) for weight loss and diabetes management. These drugs address underlying conditions that contribute to a range of comorbidities for which Boston Scientific provides interventional medical devices, particularly in its Cardiovascular, Peripheral Interventions, and certain Gastroenterology portfolios. As these drugs become more widely used and demonstrate long-term benefits in reducing obesity, type 2 diabetes, and related cardiovascular risks, there is an emerging potential for a decrease in the addressable patient population or the severity of conditions requiring some of Boston Scientific's therapeutic interventions over the medium to long term.

AI Generated Analysis | Feedback

Boston Scientific operates in several key medical technology markets. The addressable market sizes for their main products and services are outlined below:

Cardiovascular Devices: The global cardiovascular devices market was valued at approximately USD 61.39 billion in 2023 and is projected to grow to USD 117.68 billion by 2032. North America represented a significant portion of this market, with a share of 52.24% (USD 32.07 billion) in 2023. Specifically, the global interventional cardiology devices market is estimated at USD 27.80 billion in 2024 and is projected to reach USD 37.27 billion by 2029.
Peripheral Interventions: The global peripheral interventions market was valued at USD 9.51 billion in 2023, estimated at USD 10.37 billion in 2024, and is expected to grow to approximately USD 22.57 billion by 2033. In North America, this market was valued at USD 3.42 billion in 2023 and is expected to reach around USD 8.24 billion by 2033. The U.S. peripheral interventions market alone surpassed USD 2.40 billion in 2023 and is projected to reach about USD 5.81 billion by 2033.
Urology and Pelvic Health (Urological Devices): The global urological device market was valued at over USD 9.2 billion in 2024 and is expected to increase to over USD 13.8 billion by 2031. Other estimates place the global market at USD 36.34 billion in 2024, projected to grow to USD 64.33 billion by 2032. The North American urology devices market held a 37.45% share in 2024. The U.S. market specifically was valued at USD 14.4 billion in 2024.
Neuromodulation: The global neuromodulation market is expected to be USD 6.81 billion in 2025 and is projected to grow to USD 10.68 billion by 2030. Another source indicates the market size was approximately USD 6.63 billion in 2023, with a projection to reach USD 9.61 billion by 2028. The U.S. neuromodulation market size was USD 2.60 billion in 2024 and is projected to be around USD 8.36 billion by 2034.
Endoscopy: The global endoscopes market size was estimated at USD 25.08 billion in 2024 and is projected to reach USD 33.45 billion by 2030. The U.S. gastrointestinal endoscopic devices market alone was valued at over USD 5.9 billion in 2023 and is expected to reach over USD 9.2 billion. North America held the largest revenue share of 40.9% in the endoscopes market in 2024.

AI Generated Analysis | Feedback

Boston Scientific (BSX) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives and market dynamics. These drivers include the strong performance and expansion of its innovative product portfolio, strategic acquisitions, and continued growth in high-potential market segments, both domestically and internationally.

Continued Success and Expansion of Key Product Franchises: Boston Scientific expects significant revenue growth from its established, high-performing product lines, particularly within its Cardiovascular segment. The FARAPULSE pulsed field ablation (PFA) system for atrial fibrillation has been a major growth engine, generating over $1 billion in its first year and is anticipated to continue driving substantial sales. The WATCHMAN Left Atrial Appendage Closure Device, including newer iterations like WATCHMAN FLX Pro, also continues to demonstrate strong market penetration and growth. Additionally, the company's broad calcium portfolio, encompassing products like Rotablator and WOLVERINE, is experiencing mid-teens growth in the U.S..
Strategic New Product Launches and Pipeline Innovation: The company's robust pipeline and planned new product introductions are critical for future revenue. Expected launches include a new treatment for painful diabetic peripheral neuropathy on its spinal cord stimulation device (WaveWriter Alpha) in early 2024. The Agent drug-coated balloon for blocked arteries is also anticipated to contribute to growth. Boston Scientific is also preparing for launches of devices like SEISMIQ IVL and WATCHMAN Elite, further diversifying its offerings and addressing unmet patient needs across various medical specialties. Recent launches such as the Intera 3000 Hepatic Artery Infusion Pump and the TIVUS™ Intravascular Ultrasound System will also contribute.
Impact of Strategic Acquisitions: Boston Scientific has actively pursued strategic acquisitions to expand its product portfolio and market reach. The recently completed acquisition of Silk Road Medical (Q3 2024) is expected to accelerate growth in the U.S. and facilitate international expansion. The anticipated closing of the Axonics acquisition in Q4 2024 is projected to significantly strengthen the company's Urology business. Furthermore, the agreement to acquire Nalu Medical, expected to finalize in the first half of 2026, will enhance Boston Scientific's Neuromodulation division in chronic pain management.
Robust Growth in High-Potential Market Segments and International Expansion: Boston Scientific's strategy of category leadership is driving strong performance in several high-growth segments. The Cardiovascular segment, particularly Electrophysiology and Structural Heart, consistently reports exceptional growth rates, with EP sales growing 63% to 177% in recent quarters. The Urology and Endoscopy businesses are also performing strongly, often achieving double-digit growth. Geographically, the company continues to see double-digit growth in its international segments, with strong operational growth in the Asia Pacific region, specifically in Japan and China. The global adoption of FARAPULSE across the U.S., Europe, the Middle East, Africa, Japan, and China further underscores its international growth potential.

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Share Repurchases

    Boston Scientific authorized a new stock repurchase program of up to $1.0 billion in December 2020.
    Approximately $535 million was repurchased in the fourth quarter of 2020, exhausting the previous 2013 authorization.
    The $1.0 billion share repurchase authorization remained largely dormant, with no shares repurchased in the first nine months of 2024 or 2025.


Share Issuance

    Shares outstanding have shown a consistent increase over the last few years, rising by 0.41% in 2022, 1.65% in 2023, and 1.53% in 2024.
    For the quarter ending September 30, 2025, shares outstanding were 1.496 billion, representing a 0.54% increase year-over-year.


Outbound Investments

    Boston Scientific has maintained an aggressive focus on fueling growth through strategic acquisitions, allocating $1.5 billion toward business acquisitions (net of cash acquired) in the first nine months of 2025.
    Significant acquisitions in recent years include Axonics for $3.7 billion (January 2024), Silk Road Medical for $1.16 billion (June 2024), and Relievant Medsystems for $850 million (September 2023).
    More recently, the company acquired SoniVie for $360 million in March 2025 and completed the acquisition of Intera Oncology for approximately $180 million in the second quarter of 2025.


Capital Expenditures

    Capital expenditures were approximately $802 million in the last 12 months.
    For the first nine months of 2025, capital expenditures were stable at $525 million.
    Annual capital expenditures were -$790 million in FY2024, -$800 million in FY2023, and -$612 million in FY2022.

Interactive Breakdown

Boston Scientific Interactive Breakdown Analysis

Better Bets than Boston Scientific (BSX)

	BSX	Better Performance than BSX
Metric	Value	INDUSTRY: Health Care Equipment
Rev Chg LTM	21.6%	TMDX (41.2%), MASI (38.5%), GKOS (30.4%), PODD (27.1%), ISRG (22.2%)
Rev Chg 3Y Avg	15.6%	GMED (45.6%), PODD (26.6%), DXCM (17.3%), PEN (17.2%), ISRG (16.3%)
Op Mgn LTM	19.2%	IDXX (31.3%), ISRG (29.3%), EW (27.5%), SYK (19.6%), MDT (19.3%)
CFO/Rev LTM	23.9%	RMD (35.8%), ISRG (30.8%), IDXX (26.1%), GMED (25.8%), HOLX (25.8%)
FCF/Rev LTM	18.7%	RMD (33.4%), ISRG (23.6%), IDXX (22.6%), HOLX (22.1%), GMED (20.6%)
Total Yield	1.9%	ABT (7.7%), MDT (6.5%), BDX (5.0%), SYK (3.0%), IDXX (2.0%)
P/S	7.5	GEHC (1.7), BDX (2.6), MDT (3.7), ABT (5.3), SYK (5.8)
P/Op Inc	38.9	BDX (18.0), MDT (18.2), EW (28.1), SYK (29.5), ABT (30.3)

	BSX	Better Performance than BSX
Metric	Value	SECTOR: Health Care
Rev Chg LTM	21.6%	ALNY (53.2%), NTRA (38.2%), LLY (36.8%), INSM (30.3%), ISRG (22.2%)
Rev Chg 3Y Avg	15.6%	ALNY (51.4%), NTRA (40.2%), LLY (23.4%), INSM (22.8%), ISRG (16.3%)
Op Mgn LTM	19.2%	LLY (43.0%), MRK (34.9%), ISRG (29.3%), JNJ (26.2%), ABBV (24.1%)
CFO/Rev LTM	23.9%	AMGN (36.5%), ABBV (35.0%), ISRG (30.8%), MRK (26.6%), JNJ (26.3%)
FCF/Rev LTM	18.7%	ABBV (33.0%), AMGN (32.1%), ISRG (23.6%), MRK (20.3%), JNJ (20.3%)
Total Yield	1.9%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), ABBV (3.4%), LLY (2.7%)
P/S	7.5	UNH (0.7), MRK (3.3), JNJ (4.8), ABT (5.3), ABBV (6.9)
P/Op Inc	38.9	MRK (9.4), UNH (11.9), JNJ (18.5), ABBV (28.5), LLY (29.9)

	BSX	Better Performance than BSX
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	21.6%	NVDA (65.2%), MU (48.9%), PLTR (47.2%), AMD (31.8%), AVGO (28.0%)
Rev Chg 3Y Avg	15.6%	NVDA (91.6%), PLTR (29.3%), AVGO (24.0%), BRK-B (19.8%), META (17.3%)
Op Mgn LTM	19.2%	NVDA (58.8%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	23.9%	MSFT (50.0%), NVDA (44.4%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	18.7%	AVGO (41.6%), NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	1.9%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.2%)
P/S	7.5	WMT (1.2), XOM (1.5), BRK-B (2.7), AMZN (3.5), JPM (4.9)
P/Op Inc	38.9	META (22.6), GOOGL (23.7), MSFT (28.3), AAPL (29.1), AMZN (30.7)

		Best Bets In Health Care Sector
	BSX	RPRX	HALO	DOCS	UTHR	CPRX	HRMY	LGND	ISRG	GMED	MD
What You Pay
P/E	51.8	19.9	14.4	54.3	14.4	11.1	8.5	71.4	58.1	18.2	8.7
P/EBIT	40.1	9.6	11.3	55.6	10.9	9.3	6.5	51.9	56.6	17.8	5.9
What You Get
Rev Chg Q	20.3%	7.9%	22.1%	23.2%	6.8%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%
Rev Chg LTM	21.6%	3.7%	31.2%	20.2%	13.5%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%
Rev Chg 3Y Avg	15.6%	1.5%	29.0%	17.4%	19.0%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%
FCF/Rev 3Y Avg	14.1%	115.2%	45.0%	42.7%	34.3%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Boston Scientific Earnings Notes
2	Day 8 of Gains Streak for Boston Scientific Stock with 6.5% Return (vs. 18% YTD) [11/13/2025]TREFISDASH	Notification
3	Boston Scientific Stock Drop Looks Sharp, But How Deep Can It Go?	Return
4	Day 10 of Loss Streak for Boston Scientific Stock with -10% Return (vs. 8.6% YTD) [9/22/2025]	Notification
5	Day 8 of Loss Streak for Boston Scientific Stock with -9.2% Return (vs. 10% YTD) [9/18/2025]	Notification
6	Day 7 of Loss Streak for Boston Scientific Stock with -8.9% Return (vs. 10% YTD) [9/17/2025]	Notification
7	Day 6 of Loss Streak for Boston Scientific Stock with -8.5% Return (vs. 11% YTD) [9/16/2025]	Notification
8	Day 5 of Loss Streak for Boston Scientific Stock with -7.6% Return (vs. 12% YTD) [9/15/2025]	Notification
9	Boston Scientific vs Eli Lilly: Which Is A Better Investment?	Counter-Intuitive Comparisons
10	How Does Boston Scientific Stock Stack Up Against Its Peers?	Peer Comparison
11	ARTICLES
12	BSX, RMD Top IDEXX Laboratories Stock on Price & Potential		December 3rd, 2025
13	Why BSX, RMD Could Outperform IDEXX Laboratories Stock		December 3rd, 2025
14	BSX, RMD Look Smarter Buy Than IDEXX Laboratories Stock		November 19th, 2025
15	Better Value & Growth: BSX, RMD Lead IDEXX Laboratories Stock		November 19th, 2025
16	8-Day Rally Sends Boston Scientific Stock Up 6.5%		November 14th, 2025

	Title
0	DASHBOARDS
1	Boston Scientific Earnings Notes
2	Day 8 of Gains Streak for Boston Scientific Stock with 6.5% Return (vs. 18% YTD) [11/13/2025]TREFISDASH
3	Boston Scientific Stock Drop Looks Sharp, But How Deep Can It Go?
4	Day 10 of Loss Streak for Boston Scientific Stock with -10% Return (vs. 8.6% YTD) [9/22/2025]
5	Day 8 of Loss Streak for Boston Scientific Stock with -9.2% Return (vs. 10% YTD) [9/18/2025]
6	Day 7 of Loss Streak for Boston Scientific Stock with -8.9% Return (vs. 10% YTD) [9/17/2025]
7	Day 6 of Loss Streak for Boston Scientific Stock with -8.5% Return (vs. 11% YTD) [9/16/2025]
8	Day 5 of Loss Streak for Boston Scientific Stock with -7.6% Return (vs. 12% YTD) [9/15/2025]
9	Boston Scientific vs Eli Lilly: Which Is A Better Investment?
10	How Does Boston Scientific Stock Stack Up Against Its Peers?
11	ARTICLES
12	BSX, RMD Top IDEXX Laboratories Stock on Price & Potential
13	Why BSX, RMD Could Outperform IDEXX Laboratories Stock
14	BSX, RMD Look Smarter Buy Than IDEXX Laboratories Stock
15	Better Value & Growth: BSX, RMD Lead IDEXX Laboratories Stock
16	8-Day Rally Sends Boston Scientific Stock Up 6.5%

Trade Ideas

Select past ideas related to BSX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.0%	15.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-5.1%	-5.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.0%	9.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.0%	16.0%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.0%	15.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-5.1%	-5.1%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.0%	9.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.0%	16.0%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	310.0%	466.9%
WVE	WAVE Life Sciences	2.7	138.1%	33.9%
TERN	Terns Pharmaceuticals	4.1	121.7%	712.3%
ALMS	Alumis	0.9	119.3%	46.2%
CDTX	Cidara Therapeutics	5.9	106.0%	720.9%
SGML	Sigma Lithium	1.2	87.2%	-2.6%
ANNX	Annexon	0.7	75.0%	-3.1%
NUVB	Nuvation Bio	2.9	71.0%	216.9%
ARWR	Arrowhead Pharmaceuticals	9.7	69.2%	272.8%
SVRA	Savara	1.5	68.0%	125.4%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.0%	-63.3%
FRMI	Fermi	7.1	-53.6%
JANX	Janux Therapeutics	0.9	-46.4%	-71.4%
UP	Wheels Up Experience	0.5	-41.9%	-57.4%
AGIO	Agios Pharmaceuticals	1.6	-37.5%	-17.0%
ARDT	Ardent Health	1.2	-37.4%	-48.5%
CTEV	Claritev	0.6	-36.1%
METC	Ramaco Resources	1.0	-35.9%	54.3%
QURE	uniQure	1.1	-35.2%	10.5%
IBTA	Ibotta	0.6	-34.6%	-67.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

Peer Comparisons for Boston Scientific

Peers to compare with:

Financials

	BSX	MDT	ABT	JNJ	SYK	BDX	Median
Name	Boston S.	Medtronic	Abbott L.	Johnson .	Stryker	Becton D.
Mkt Price	92.58	99.87	125.46	211.58	354.09	200.89	163.17
Mkt Cap	137.2	128.0	218.6	509.5	135.4	57.6	136.3
Rev LTM	19,350	34,758	43,843	92,149	24,381	21,840	29,570
Op Inc LTM	3,720	6,719	7,713	24,146	4,785	2,988	5,752
FCF LTM	3,628	5,206	6,917	18,679	4,073	2,671	4,640
FCF 3Y Avg	2,378	4,917	5,965	17,814	3,282	2,619	4,099
CFO LTM	4,626	7,113	9,119	24,204	4,832	3,431	5,972
CFO 3Y Avg	3,305	6,626	8,132	23,209	3,952	3,406	5,289

Growth & Margins

	BSX	MDT	ABT	JNJ	SYK	BDX	Median
Name	Boston S.	Medtronic	Abbott L.	Johnson .	Stryker	Becton D.
Rev Chg LTM	21.6%	5.3%	6.4%	5.1%	11.0%	8.2%	7.3%
Rev Chg 3Y Avg	15.6%	4.1%	-0.6%	6.1%	10.8%	5.0%	5.6%
Rev Chg Q	20.3%	6.6%	6.9%	6.8%	10.2%	8.4%	7.6%
QoQ Delta Rev Chg LTM	4.6%	1.6%	1.7%	1.7%	2.4%	2.1%	1.9%
Op Mgn LTM	19.2%	19.3%	17.6%	26.2%	19.6%	13.7%	19.3%
Op Mgn 3Y Avg	18.0%	18.6%	16.3%	26.4%	19.5%	13.4%	18.3%
QoQ Delta Op Mgn LTM	0.9%	-0.1%	0.2%	1.7%	0.0%	-0.1%	0.1%
CFO/Rev LTM	23.9%	20.5%	20.8%	26.3%	19.8%	15.7%	20.6%
CFO/Rev 3Y Avg	19.8%	19.9%	19.5%	26.4%	17.8%	16.7%	19.6%
FCF/Rev LTM	18.7%	15.0%	15.8%	20.3%	16.7%	12.2%	16.2%
FCF/Rev 3Y Avg	14.1%	14.8%	14.3%	20.3%	14.7%	12.8%	14.5%

Valuation

	BSX	MDT	ABT	JNJ	SYK	BDX	Median
Name	Boston S.	Medtronic	Abbott L.	Johnson .	Stryker	Becton D.
Mkt Cap	137.2	128.0	218.6	509.5	135.4	57.6	136.3
P/S	7.5	3.7	5.3	4.8	5.8	2.6	5.1
P/EBIT	40.1	19.0	27.0	13.8	29.5	21.5	24.2
P/E	51.8	26.9	16.7	17.8	48.0	34.3	30.6
P/CFO	31.3	18.0	25.6	18.4	29.3	16.8	22.0
Total Yield	1.9%	6.5%	7.7%	8.4%	3.0%	5.0%	5.8%
Dividend Yield	0.0%	2.8%	1.7%	2.7%	0.9%	2.1%	1.9%
FCF Yield 3Y Avg	2.0%	4.3%	3.0%	4.4%	2.6%	4.1%	3.5%
D/E	0.1	0.2	0.1	0.1	0.1	0.4	0.1
Net D/E	0.1	0.2	0.0	0.1	0.1	0.3	0.1

Returns

	BSX	MDT	ABT	JNJ	SYK	BDX	Median
Name	Boston S.	Medtronic	Abbott L.	Johnson .	Stryker	Becton D.
1M Rtn	-9.8%	4.2%	-3.9%	8.7%	-2.2%	4.6%	1.0%
3M Rtn	-9.9%	7.0%	-5.8%	19.6%	-7.4%	8.1%	0.6%
6M Rtn	-7.2%	16.3%	-6.7%	36.5%	-5.7%	17.9%	5.3%
12M Rtn	2.7%	25.1%	12.8%	48.7%	-4.6%	-9.0%	7.7%
3Y Rtn	99.9%	41.9%	22.6%	30.6%	48.9%	-15.4%	36.3%
1M Excs Rtn	-10.7%	4.6%	-2.3%	9.9%	-3.3%	5.5%	1.2%
3M Excs Rtn	-10.5%	4.5%	-7.3%	16.8%	-9.1%	5.5%	-1.4%
6M Excs Rtn	-21.4%	2.0%	-20.9%	22.3%	-20.0%	3.7%	-9.0%
12M Excs Rtn	-10.5%	10.3%	-2.5%	33.0%	-19.8%	-20.4%	-6.5%
3Y Excs Rtn	29.3%	-30.1%	-46.7%	-42.7%	-22.9%	-87.3%	-36.4%

Comparison Analyses

	Title
0	How Does Boston Scientific Stock Stack Up Against Its Peers?
1	Boston Scientific vs. Texas Instruments: With Return Forecast Of 34%, Boston Scientific Is A Better Bet
2	Boston Scientific vs. Intuit: With Return Forecast Of 34%-36%, Both Seem Like Good Bets
3	Boston Scientific vs. Automatic Data Processing: With Return Forecast Of 34%, Boston Scientific Is A Better Bet
4	Boston Scientific vs. Becton Dickinson: With Return Forecast Of 32%, Boston Scientific Is A Better Bet
5	Boston Scientific vs. Abbott Laboratories: With Return Forecast Of 32%, Boston Scientific Is A Better Bet
6	Boston Scientific vs. Medtronic: With Return Forecast Of 32%, Boston Scientific Is A Better Bet
7	Boston Scientific vs. Baxter International: With Return Forecast Of 32%, Boston Scientific Is A Better Bet
8	Boston Scientific vs. Intuitive Surgical: With Return Forecast Of 32%-36%, Both Seem Like Good Bets
9	Boston Scientific vs. EchoStar: With Return Forecast Of 32%, Boston Scientific Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	2/18/2025	2/20/2024	2/23/2023	2/23/2022	2/23/2021	2/25/2020
Key Financials
Total Revenue	19,350	16,747	14,240	12,682	11,888	9,913	10,735
EBITDA	4,960	3,856	3,446	2,747	2,510	1,405	2,171
Operating Income	3,720	3,002	2,418	2,034	1,824	684	1,740
Net Income	2,792	1,854	1,593	698	1,041	-82	4,700
EPS	1.89	1.26	1.08	0.45	0.69	-0.08	3.38
Growth Rates
Total Revenue Growth	21.6%	17.6%	12.3%	6.7%	19.9%	-7.7%	9.3%
EBITDA Growth	33.1%	11.9%	25.4%	9.4%	78.6%	-35.3%	-15.1%
Operating Income Growth	31.5%	24.2%	18.9%	11.5%	166.7%	-60.7%	4.9%
Net Income Growth	55.9%	16.4%	128.2%	-32.9%	1369.5%	-101.7%	181.3%
Margins
EBITDA Margin	25.6%	23.0%	24.2%	21.7%	21.1%	14.2%	20.2%
Operating Income Margin	19.2%	17.9%	17.0%	16.0%	15.3%	6.9%	16.2%
Net Income Margin	14.4%	11.1%	11.2%	5.5%	8.8%	-0.8%	43.8%
Cash & Debt
Total Cash	1,275	414	865	928	1,925	1,734	217
Total Debt	12,046	11,147	9,492	9,282	9,451	9,539	10,277
Net Debt / (Cash)	10,771	10,733	8,627	8,354	7,526	7,805	10,060
Cash Flows
Net Cash from Operations	4,626	3,435	2,503	1,526	1,870	1,508	1,836
Free Cash from Operations	3,628	2,365	1,703	914	1,316	1,132	1,375
Returns to Shareholders
Dividends	0	-0	28	55	55	28	-0
Share Repurchases	-0	-0	-0	-0	-0	535	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/1/2025	5/1/2025	2/18/2025	11/1/2024	8/1/2024	5/1/2024	2/20/2024	11/1/2023	8/3/2023	5/4/2023	2/23/2023
Key Financials Quarterly
Total Revenue	5,065	5,061	4,663	4,561	4,209	4,120	3,856	3,725	3,527	3,599	3,389	3,242
Ebitda	1,368	1,367	1,212	1,013	1,054	808	981	883	976	794	794	754
Operating Income	1,050	943	937	790	718	799	693	618	609	607	583	527
Net Income	755	797	674	566	468	324	494	505	504	270	314	140
EPS	0.51	0.54	0.46	0.38	0.32	0.22	0.34	0.34	0.34	0.18	0.21	0.09
Key Financials TTM
Total Revenue TTM	19,350	18,494	17,553	16,746	15,910	15,228	14,707	14,240	13,757	13,400	13,045	12,682
Ebitda TTM	4,960	4,646	4,087	3,856	3,726	3,648	3,634	3,447	3,318	2,934	2,833	2,748
Operating Income TTM	3,720	3,388	3,244	3,000	2,828	2,719	2,527	2,417	2,326	2,224	2,135	2,034
Net Income TTM	2,792	2,505	2,032	1,852	1,791	1,827	1,773	1,593	1,228	912	902	698
Growth Rates Quarterly
Total Revenue Growth	20.3%	22.8%	20.9%	22.4%	19.3%	14.5%	13.8%	14.9%	11.3%	10.9%	12.0%	3.7%
EBITDA Growth	29.8%	69.2%	23.5%	14.7%	8.0%	1.8%	23.6%	17.1%	64.9%	14.6%	12.0%	52.0%
Operating Income Growth	46.2%	18.0%	35.2%	27.8%	17.9%	31.6%	18.9%	17.3%	20.1%	17.2%	21.0%	10.0%
Net Income Growth	61.3%	146.0%	36.4%	12.1%	-7.1%	20.0%	57.3%	260.7%	168.1%	3.8%	185.5%	47.4%
Margins Quarterly
EBITDA Margin	27.0%	27.0%	26.0%	22.2%	25.0%	19.6%	25.4%	23.7%	27.7%	22.1%	23.4%	23.3%
Operating Income Margin	20.7%	18.6%	20.1%	17.3%	17.1%	19.4%	18.0%	16.6%	17.3%	16.9%	17.2%	16.3%
Net Income Margin	14.9%	15.7%	14.5%	12.4%	11.1%	7.9%	12.8%	13.6%	14.3%	7.5%	9.3%	4.3%
Cash & Debt
Total Cash	1,275	534	725	414	2,502	2,913	2,329	865	952	426	570	928
Total Debt	12,046	12,027	11,708	11,147	11,258	10,936	11,001	9,492	9,299	9,454	9,365	9,282
Net Debt / (Cash)	10,771	11,493	10,983	10,733	8,756	8,023	8,672	8,627	8,347	9,028	8,795	8,354
Cash Flows Quarterly
FCF from Operations	1,343	1,286	541	1,456	1,002	813	164	957	698	658	190	807
Cash Flows TTM
FCF from Operations TTM	4,626	4,285	3,812	3,435	2,936	2,632	2,477	2,503	2,353	2,125	1,774	1,526
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.5%	11.6%	11.3%	11.0%	8.0%	10.0%	9.0%	9.9%	8.2%	6.1%	6.6%	3.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.7%	10.3%	9.6%	8.8%	9.1%	9.4%	8.3%	7.8%	6.2%	5.3%	5.4%	5.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Cardiovascular	8,714	7,599	7,212	3,876	4,208
MedSurg	5,378	4,805	4,616	3,066	3,307
Impact of foreign currency fluctuations	149	338	47
Other		-60	13	219	81
Rhythm and Neuro				2,752	3,140
Total	14,241	12,682	11,888	9,913	10,736

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Cardiovascular	2,281	1,748	1,888	661	1,137
MedSurg	1,834	1,458	1,524	1,079	1,204
Corporate expenses, including hedging activities and impact of foreign currency fluctuations on	-377	96	-406	-405	-264
Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges	-567	-789	-1,070	-1,208	-582
Amortization expense	-828	-803	-741	-789	-699
Other		-60	4	143	56
Rhythm and Neuro				439	666
Total	2,343	1,650	1,199	-80	1,518

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Goodwill	14,387	12,920	11,988	9,951	10,176
Other intangible assets, net	6,003	5,902	6,121	5,917	7,886
Cardiovascular	5,988	5,205	4,417	2,461	2,535
All other corporate assets	5,869	5,941	7,525	7,850	6,082
MedSurg	2,888	2,501	2,178	1,638	1,803
Other				1,133	211
Rhythm and Neuro				1,827	1,873
Total	35,135	32,469	32,229	30,777	30,566

Price Behavior

Price Behavior

Market Price	$92.58
Market Cap ($ Bil)	137.2
First Trading Date	05/19/1992
Distance from 52W High	-14.4%
	50 Days	200 Days
DMA Price	$98.79	$101.17
DMA Trend	indeterminate	down
Distance from DMA	-6.3%	-8.5%
	3M	1YR
Volatility	21.3%	24.1%
Downside Capture	37.35	61.05
Upside Capture	-20.59	55.67
Correlation (SPY)	16.3%	57.2%

BSX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.45	0.34	0.20	0.30	0.69	0.62
Up Beta	0.81	0.77	0.83	0.92	0.69	0.68
Down Beta	-1.80	0.48	0.25	-0.12	0.86	0.83
Up Capture	71%	28%	-11%	12%	47%	27%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	24	32	61	132	414
Down Capture	67%	8%	12%	42%	66%	63%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	17	30	63	113	333

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of BSX With Other Asset Classes (Last 1Y)
	BSX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.4%	7.9%	13.8%	61.2%	3.6%	-3.9%	-7.4%
Annualized Volatility	24.0%	17.4%	19.7%	19.4%	15.9%	17.7%	35.6%
Sharpe Ratio	0.12	0.28	0.54	2.34	0.04	-0.38	-0.05
Correlation With Other Assets		49.8%	56.6%	10.2%	18.1%	47.6%	18.2%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BSX With Other Asset Classes (Last 5Y)
	BSX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	21.9%	8.1%	14.5%	18.1%	11.5%	4.4%	36.1%
Annualized Volatility	22.5%	14.5%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.85	0.38	0.69	0.94	0.50	0.15	0.63
Correlation With Other Assets		55.4%	54.1%	9.2%	11.1%	44.8%	20.4%

Based On 10-Year Data

		Comparison of BSX With Other Asset Classes (Last 10Y)
	BSX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.5%	9.7%	14.4%	14.3%	5.8%	5.3%	73.6%
Annualized Volatility	26.1%	16.7%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.65	0.48	0.69	0.80	0.26	0.22	0.93
Correlation With Other Assets		64.2%	62.7%	2.3%	20.5%	52.8%	13.1%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	18,734,072
Short Interest: % Change Since 11152025	-11.1%
Average Daily Volume	9,892,043
Days-to-Cover Short Interest	1.89
Basic Shares Quantity	1,481,700,000
Short % of Basic Shares	1.3%

Returns Analyses

	Title
0	Boston Scientific Stock Drop Looks Sharp, But How Deep Can It Go?
1	BSX YTD Stock Return Of 19% Outperforms BDX by 42% and Outperforms ABT by 0.2%
2	Boston Scientific During 2008 Recession vs. 2022 Inflation Shock: BSX Stock Is Now 97% Higher Than Its Pre-Shock High
3	Boston Scientific (BSX) Stock Has 73% Chance Of Rise In The Next One Month
4	Boston Scientific Stock Return Comparison
5	[9/29/2021] Boston Scientific (BSX) Stock Price Forecast: AI Forecasts BSX Stock Price To Be Around $45 In A Month (Up 2.6%)
6	Boston Scientific Total Shareholder Return (TSR): 25.0% in 2023 and 17.2% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	15	15	16
# Negative	9	9	8
Median Positive	3.5%	3.5%	4.5%
Median Negative	-1.3%	-2.9%	-4.8%
Max Positive	6.2%	9.2%	17.4%
Max Negative	-6.2%	-5.8%	-8.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11032025	10-Q 9/30/2025
6302025	8012025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2182025	10-K 12/31/2024
9302024	11012024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5012024	10-Q 3/31/2024
12312023	2202024	10-K 12/31/2023
9302023	11012023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Health Care Equipment Resources

MedTech Dive

MassDevice

Fierce Medical Devices

Medical Device and Diagnostic Industry

MD+DI

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Boston Scientific (BSX)

Market Price (12/15/2025): $92.43 | Market Cap: $137.0 BilSector: Health Care | Industry: Health Care Equipment

Boston Scientific (BSX)

Market Price (12/15/2025): $92.43Market Cap: $137.0 BilSector: Health CareIndustry: Health Care Equipment

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Market Price (12/15/2025): $92.43 | Market Cap: $137.0 Bil
Sector: Health Care | Industry: Health Care Equipment

Market Price (12/15/2025): $92.43
Market Cap: $137.0 Bil
Sector: Health Care
Industry: Health Care Equipment