BSX
HealthcareBoston Scientific
Price Chart
Market Data
Financials
XBRL · SEC EDGAR2007–2025(19yr)| Metric | FY 2007 | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.4B | $8.1B | $8.2B | $7.8B | $7.6B | $7.0B | $7.1B | $7.5B | $8.1B | $9.1B | $9.0B | $9.8B | $10.7B | $9.9B | $11.9B | $12.7B | $14.2B | $16.7B | $20.1B | +19.9% |
| Gross Profit | $6.0B | $5.6B | $5.6B | $5.2B | $5.0B | $4.9B | $5.0B | $5.2B | $5.3B | $6.0B | $6.5B | $7.0B | $7.6B | $6.4B | $8.2B | $8.7B | $9.9B | $11.5B | $13.9B | +20.6% |
| Gross Margin | 72.0% | 69.3% | 68.5% | 66.7% | 65.1% | 70.4% | 70.3% | 69.3% | 65.7% | 65.7% | 71.3% | 71.4% | 71.0% | 65.0% | 68.8% | 68.8% | 69.5% | 68.6% | 69.0% | +0.4pp |
| Operating Income | -$14.0M | -$1.5B | -$894.0M | -$656.0M | $904.0M | -$3.9B | $120.0M | -$301.0M | -$327.0M | $447.0M | $1.3B | $1.5B | $1.5B | -$80.0M | $1.2B | $1.6B | $2.3B | $2.6B | $3.6B | +38.8% |
| Operating Margin | -0.2% | -18.7% | -10.9% | -8.4% | 11.9% | -55.6% | 1.7% | -4.0% | -4.1% | 4.9% | 14.2% | 15.3% | 14.1% | -0.8% | 10.1% | 13.0% | 16.5% | 15.5% | 18.0% | +2.5pp |
| Net Income | -$495.0M | -$2.0B | -$1.0B | -$1.1B | $441.0M | -$4.1B | -$121.0M | -$119.0M | -$239.0M | $347.0M | $104.0M | $1.7B | $4.7B | -$82.0M | $1.0B | $698.0M | $1.6B | $1.8B | $2.9B | +56.7% |
| Net Margin | -5.9% | -25.3% | -12.5% | -13.6% | 5.8% | -58.5% | -1.7% | -1.6% | -3.0% | 3.8% | 1.1% | 17.0% | 43.8% | -0.8% | 8.8% | 5.5% | 11.2% | 11.0% | 14.4% | +3.4pp |
| Free Cash Flow | $571.0M | $854.0M | $523.0M | $53.0M | $704.0M | $1.0B | $837.0M | $1.0B | $353.0M | $596.0M | $1.1B | -$6.0M | $1.4B | $1.1B | $1.3B | $938.0M | $1.8B | $2.6B | $3.7B | +38.3% |
| FCF Margin | 6.8% | 10.6% | 6.4% | 0.7% | 9.2% | 14.9% | 11.8% | 13.5% | 4.4% | 6.6% | 12.2% | -0.1% | 12.8% | 11.4% | 11.1% | 7.4% | 12.6% | 15.8% | 18.2% | +2.4pp |
| EPS (Diluted) | $-0.33 | $-1.36 | $-0.68 | $-0.70 | $0.29 | $-2.89 | $-0.09 | $-0.09 | $-0.18 | $0.25 | $0.08 | $1.19 | $3.33 | $-0.08 | $0.69 | $0.45 | $1.07 | $1.25 | $1.94 | +55.2% |
1. THE BIG PICTURE
Boston Scientific has successfully pivoted from a broad-based medical supplier into a high-growth specialist, using its "category leadership" strategy to dominate high-barrier niches like left atrial appendage closure and pulsed field ablation. While larger peers like Medtronic and Abbott struggle with mid-single-digit growth, Boston Scientific’s focus on less-invasive alternatives to surgery has allowed it to capture rapid market conversion in its cardiovascular segment (10-K Item 1).
2. WHERE THE RISKS HIT HARDEST
Boston Scientific’s "Innovation Pipeline" is directly threatened by Competitive Obsolescence because the medical technology market is defined by rapid shifts that can render a portfolio obsolete before its development costs are recovered (10-K Item 1A). For instance, the FARAPULSE™ PFA System is currently driving "rapid conversion" from legacy treatments, but the same mechanism of market disruption could be used against Boston Scientific if a competitor launches a superior modality (10-K Item 1).
Furthermore, Boston Scientific's Global Expansion strategy (36% of sales) is increasingly vulnerable to Pricing and Reimbursement Pressures. Management notes that "national tenders" and government cost-containment initiatives are exerting downward pressure on average selling prices, which could squeeze the 68.8% gross margins Boston Scientific uses to fund its heavy acquisition pace (10-K Item 1, XBRL).
3. WHAT THE NUMBERS SAY TOGETHER
The financial data reveals a striking disconnect between top-line performance and bottom-line efficiency. Boston Scientific leads its peer group in gross margin at 68.8%, yet it ranks only third in net margin at 14.2% (XBRL). This gap suggests that while Boston Scientific’s products command premium pricing, its "Fund the Journey" initiative has yet to translate high manufacturing efficiency into peer-leading bottom-line profits, likely due to the costs of its aggressive acquisition strategy and a $9.8 billion net debt load.
The most recent quarter showed revenue growth of 15.9%, a slight deceleration from the 19.9% TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter rate. This divergence is partially explained by the structural decision to discontinue the ACURATE valve systems, which removed roughly $50 million in quarterly global sales (8-K). Despite this, the Cardiovascular segment’s 18.2% growth remains the primary engine of the business, far outstripping the MedSurg division's 11.7% (8-K). With short interest at a negligible 1.8% of the float, market sentiment remains overwhelmingly constructive regarding this growth trajectory.
4. IS IT WORTH IT AT THIS PRICE?
At 17.9x forward earnings, Boston Scientific is priced exactly in line with the peer median (17.9x). However, this "average" valuation appears disconnected from its "above-average" fundamentals.
- Implied vs. Actual Growth: At the current price, the market is pricing in ~2.8% long-term growth (CAPM analysis). Given that Boston Scientific grew revenue at 19.9% over the last year and 15.9% in the most recent quarter, the market's expectations seem remarkably low.
- Relative Value: Boston Scientific offers nearly identical revenue growth to Intuitive Surgical (+20.5%) but trades at a massive discount to Intuitive’s 42.6x forward multiple (XBRL).
- Sensitivity: If long-term growth expectations were to align more closely with the current 3.0% market-implied scenario, the justified multiple would rise to 18.7x.
The primary factor keeping the valuation in check is likely Boston Scientific's $9.8 billion net debt and its lack of a dividend, which makes it less attractive to income-focused investors compared to peers like Medtronic (3.1% yield).
5. WHAT WOULD CHANGE THIS VIEW?
- Cautious if operating margins fail to expand toward the 20% mark, suggesting that Boston Scientific is "buying" its growth through expensive acquisitions rather than scaling efficiently.
- Constructive if the integration of Penumbra and Valencia Technologies leads to an immediate acceleration in MedSurg margins, which currently lag the Cardiovascular segment.
6. BOTTOM LINE
Structural Advantage: Category dominance in high-growth cardiovascular niches protected by deep physician relationships and a 68.8% gross margin cushion. Bottom Line: Boston Scientific is a premier growth asset currently mispriced as a value stock.
1. Top 5 Material Risks
- Competitive Obsolescence: Boston Scientific operates in markets characterized by rapid technological change. Failure to develop or acquire new products, or delays in launching next-generation products, can lead to market share declines and negatively impact net sales.
- Pricing and Reimbursement Pressures: Consolidation among health care providers and government cost-containment initiatives (such as national tenders and price regulation) exert downward pressure on average selling prices and may exclude Boston Scientific from certain market segments.
- Macroeconomic and Geopolitical Instability: Challenging global conditions, including inflation, interest rates, and geopolitical conflicts (such as the Russia/Ukraine war and Middle East tensions), threaten to increase operational costs, disrupt supply chains, and diminish liquidity.
- International Operational Risks: With 36 percent of global net sales derived from international markets in 2025, Boston Scientific faces risks related to foreign currency fluctuations, trade protection measures, and varying local regulatory requirements that can impact operating profits.
- Supply Chain and Manufacturing Concentration: Manufacturing is often concentrated in one or a few locations. Interruptions due to natural disasters, labor shortages, or regulatory failures can lead to lengthy production delays and loss of market share.
2. Company-Specific Risks
- Integration of Acquisitions: Boston Scientific relies on acquisitions to strengthen its core business. Failure to successfully integrate these entities—including coordinating R&DR&DResearch & Development — spending on creating new products or technologies, quality systems, and information technologies—can lead to asset impairment charges and failed growth strategies.
- Information Technology and Cybersecurity: Boston Scientific’s reliance on complex IT and OT systems makes it vulnerable to cyber-attacks, including ransomware and data breaches, which could result in financial loss, regulatory scrutiny, and harm to patients.
- Restructuring Initiatives: The 2023 Restructuring Plan, which incurred pre-tax charges of $700 million to $800 million, carries the risk of unintended consequences such as management distraction and reduced employee productivity.
- Sustainability and CSR Goals: Failure to meet or accurately report on self-imposed sustainability and carbon emission goals could lead to criticism from investors and stakeholders, potentially impacting Boston Scientific's reputation and business results.
3. Regulatory/Legal Risks
- Quality System Regulation (QSR): Boston Scientific is subject to periodic FDA inspections. Failure to adhere to QSR or ISO requirements can lead to warning letters, consent decrees, product recalls, or the seizure of devices.
- Intellectual Property Litigation: Boston Scientific is involved in numerous patent infringement proceedings. Adverse outcomes could result in significant royalty payments, injunctions preventing the sale of products, or the invalidation of key patents.
- Government Investigations: Boston Scientific is subject to subpoenas and requests for information from agencies like the DOJ and SEC regarding financial arrangements with health care providers and promotional practices, which can result in substantial fines and the imposition of Corporate Integrity Agreements.
- Tax Contingencies: Boston Scientific faces risks from ongoing tax audits and the potential expiration of tax holidays in various countries between 2028 and 2034. Additionally, the implementation of the OECD’s Pillar Two global minimum tax framework creates significant uncertainty regarding future tax liabilities.
4. Financial Impact Map
Competitive Obsolescence → Net Sales → Declines in market share and product obsolescence. Pricing and Reimbursement Pressures → Average Selling Price / Operating Margin → Downward pressure on prices and exclusion from market segments. Macroeconomic and Geopolitical Instability → Operational Costs / Cash Flow → Increased costs for materials, components, and wages; potential disruption to accounts receivable factoring programs. International Operational Risks → Operating Profits → Impact of foreign currency exchange rates and trade barriers on international net sales. Supply Chain and Manufacturing Concentration → Cost of Goods Sold / Net Sales → Increased freight costs and loss of market share due to inability to meet customer demand.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 10-K | Feb 2026 | Dec 2025 |
| 8-K | Feb 2026 | — |
| 10-Q | Nov 2025 | Sep 2025 |
| 14A | Mar 2025 | — |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
Boston Scientific reports positive CHAMPION-AF and HI-PEITHO trial results for key cardiovascular systems
- ▸CHAMPION-AF trial met all primary and secondary endpoints for WATCHMAN FLX
- ▸HI-PEITHO trial results positive for EKOS pulmonary embolism system
- ▸Received FDA 510(k) clearance for Asurys Fluid Management System
- ▸Projects $27.0B revenue and $5.2B earnings by 2029
- ▸Faces ongoing securities class action lawsuit and tariff-related pricing headwinds
Boston Scientific faces class-action lawsuits following Q4 EP segment revenue miss and pacemaker recall
- ▸EP segment Q4 revenue $890M vs $933M expected
- ▸Class-action lawsuits filed alleging management overstated growth prospects
- ▸FDA recall issued for Accolade pacemaker line affecting 1.6 million units
- ▸CHAMPION-AF trial data showed higher ischemic stroke rate for Watchman FLX
- ▸Raymond James downgraded stock, cutting price target from $97 to $88
Boston Scientific Guides FY26 Organic Sales Growth 10.0%–11.0%, Q1 Growth 8.5%–10.0%
- ▸FY26 organic net sales growth guidance 10.0%–11.0%
- ▸Q1 2026 organic net sales growth guidance 8.5%–10.0%
- ▸Fair value estimate adjusted by analysts from $104.24 to $102.00
- ▸FDA inspectors identified battery issues in certain pacemaker devices
- ▸Zero share repurchases executed during Q4 2025
Boston Scientific expands Accolade pacemaker recall to 1.6 million units
- ▸Recall scope expanded to 1.6 million Accolade pacemaker units
- ▸Software update issued to address identified device malfunction
- ▸Recall classification involves significant patient safety monitoring
- ▸Regulatory action follows repeated amendments to device safety protocols
Boston Scientific expands EMEA urology portfolio with upcoming Axonics F15 SNM system launch
- ▸Urology segment Q3 2025 revenue $682M, +28% YoY
- ▸Annual patient reach expanded from 1M to 3M via Axonics acquisition
- ▸Axonics F15 SNM system launch pending in European market
- ▸Portfolio includes eCoin ITNS system and Bulkamid urethral bulking system
- ▸Global neurological devices market projected to reach $20.9B by 2033
Masimo to be acquired for $9.9 billion cash at $180 per share
- ▸Acquisition price $180 per share in cash
- ▸Total transaction value approximately $9.9 billion
- ▸Parkman Healthcare Partners disclosed new 200,000 share position worth $26.01 million
- ▸Masimo shares surged 35% year-to-date following deal announcement
- ▸Target to operate as standalone brand within diagnostics platform
RAPT Therapeutics acquired by GSK for $58 per share, 75% premium
- ▸RAPT Therapeutics acquired by GSK for $58 per share
- ▸Acquisition completed March 3, 2026
- ▸Premium represents 75% over December 31 closing price of $33.15
- ▸OrbiMed Advisors held 1.64 million shares valued at $55.64 million
- ▸RAPT lead asset includes anti-IgE antibody candidate ozureprubart for food allergies
Boston Scientific Q4 EPS $0.80 beats $0.78 estimate, revenue +15.9% YoY
- ▸Q4 adjusted EPS $0.80, exceeding consensus $0.78 and guidance $0.79
- ▸Revenue growth 15.9% YoY in Q4
- ▸19.9% revenue growth delivered over trailing 12 months
- ▸Management reaffirmed full-year 2025 financial guidance
- ▸TD Cowen reiterated Buy rating with $100 price target
Boston Scientific Penumbra Acquisition Expected to Dilute EPS by $0.06–$0.08 in First Year
- ▸Penumbra acquisition price tag $14.5 billion
- ▸EPS dilution expected at $0.06–$0.08 in first full year
- ▸Debt financing of $11 billion for acquisition
- ▸Projected leverage 3.3x adjusted EBITDA by end of 2026
- ▸Current share price $69.13 vs $98.90 estimated fair value
Elutia Q4 Revenue $3.3M +16% YoY, Repays $28M Debt Following Bio Envelope Sale
- ▸Q4 revenue $3.3M, up 16% YoY from $2.8M
- ▸Adjusted gross margin expanded to 66.8% from 56.5% YoY
- ▸Paid off $28M in senior debt to SWK
- ▸Sold Bio Envelope business to Boston Scientific for $88M
- ▸Total cash position $44.4M including $8M in escrow