Boston Scientific Corporation (BSX) — Company Research

Last Updated: 9 November 2026

Boston Scientific Corporation (NYSE: BSX) makes medical devices used in heart, vascular, digestive, urological and nerve procedures, including the FARAPULSE pulsed field ablation system for atrial fibrillation and the WATCHMAN left atrial appendage closure device. In 2025 net sales rose 19.9% to $20,074m (15.8% organic), GAAP EPS was $1.94 and adjusted EPS $3.06. 2026 has been much harder: a cyberattack detected on 25 Aug 2026 disrupted manufacturing and shipping worldwide, electrophysiology and WATCHMAN sales fell in Q3 as competition grew, and on 28 Oct 2026 the company cut its full-year guidance for the third time, to about 3.75% organic sales growth and adjusted EPS of $3.16 to $3.18. Its $14.5bn purchase of Penumbra is now expected to close in early 2027. Every figure here comes from Boston Scientific's own releases and SEC filings.

1. Company Snapshot

Field	Value
Company	Boston Scientific Corporation
Ticker / Exchange	BSX / NYSE
Sector	Healthcare (medical devices)
CEO / Leadership	Mike Mahoney (Chairman & CEO); Jon Monson (EVP & CFO since Jun 2025); Joseph Fitzgerald becomes COO on 01 Jan 2027
Employees	About 59,000 at 31 Dec 2025, about 60% outside the US (FY2025 10-K)
Headquarters	Marlborough, Massachusetts
Founded	1979
Fiscal year end	31 December
Revenue (FY2025)	$20,074m net sales (+19.9% reported, +15.8% organic); trailing four quarters to 30 Sep 2026 $21,070m
Net income (FY2025)	GAAP diluted EPS $1.94; adjusted EPS $3.06
Market cap	~$62.0bn ($42.75 close on 06 Nov 2026 × 1,449.5m shares outstanding at 29 Oct 2026)
Dividend	None — the company does not pay a cash dividend

2. Investment Thesis: Bull vs Bear

Bull Case

• FARAPULSE built a large franchise fast: Electrophysiology sales grew from $800m in 2023 to $3,325m in 2025, driven by the FARAPULSE pulsed field ablation system, with new FARAPOINT and FARASTAR products approved since Q4 2025.
• Strong WATCHMAN trial data: CHAMPION-AF, comparing WATCHMAN FLX with blood thinners as a first-line option, met all primary and secondary endpoints in Mar 2026, and SIMPLAAFY met its primary endpoints on 02 Nov 2026.
• Insiders bought after the fall: CEO Mike Mahoney bought 186,240 shares for about $9.0m on 03 Aug 2026, and four directors also made open-market purchases between May and Aug 2026.
• Still growing and cash generative: FY2026 sales are still guided up about 4.25% reported, operating cash flow was $4,534m in 2025, and Neuromodulation grew 13.1% in Q3 2026.

Bear Case

• Three guidance cuts: FY2026 organic growth guidance has fallen from 10–11% in Feb 2026 to about 3.75%, and adjusted EPS guidance from $3.43–$3.49 to $3.16–$3.18; Q4 2026 sales are guided down 1–3%.
• Losing share in ablation: Electrophysiology sales fell about 5.7% in Q3 2026 to $816m, and the 10-Q cites increased competition from rival pulsed field ablation systems.
• WATCHMAN slowing: WATCHMAN sales fell about 5.9% in Q3 2026 to $482m, which the company put down to a deceleration in the left atrial appendage closure market.
• Cyberattack damage: The incident detected on 25 Aug 2026 disrupted manufacturing, ordering and shipping, cut the Q3 gross margin by 1.7 points and was disclosed as material.
• Quality problems: The FDA classed recalls of AXIOS stents, Infinion CX spinal cord stimulator leads and Imager II angiographic catheters as Class I in 2026.

3. Business Segments

Boston Scientific reports two segments, MedSurg and Cardiovascular. Figures are FY2025 net sales from the FY2025 10-K; percentages are of total net sales of $20,074m.

Segment	% of revenue	What it is
Cardiovascular — Interventional Cardiology & Vascular Therapies	23.1% ($4,639m)	Stents, balloons, intravascular lithotripsy, structural heart and vascular devices used to open blocked arteries and veins.
Cardiovascular — Electrophysiology	16.6% ($3,325m)	Ablation catheters, mapping and the FARAPULSE pulsed field ablation system for heart rhythm disorders such as atrial fibrillation.
Cardiovascular — Cardiac Rhythm Management	11.6% ($2,332m)	Pacemakers, defibrillators and cardiac diagnostics.
Cardiovascular — WATCHMAN	9.8% ($1,958m)	Left atrial appendage closure implant that lowers stroke risk in atrial fibrillation patients as an alternative to long-term blood thinners.
Cardiovascular — Interventional Oncology & Embolization	5.0% ($996m)	Devices that treat tumours and block blood vessels from inside the body.
MedSurg — Endoscopy	14.5% ($2,916m)	Devices for diagnosing and treating digestive and lung conditions, including AXIOS stents.
MedSurg — Urology	13.5% ($2,709m)	Kidney stone, prostate, pelvic health and men's health products.
MedSurg — Neuromodulation	6.0% ($1,199m)	Spinal cord and deep brain stimulation systems for chronic pain and movement disorders.

The US was $12,864m (64%) of FY2025 sales. From 01 Jan 2027 the company will report three segments: Interventional Therapies, Rhythm Solutions and MedSurg.

4. Business Model & Moat

How it makes money. Boston Scientific sells single-use and implantable devices to hospitals and clinics; sales rise with procedure volumes and with new products that win share. It spent $2,052m (10.2% of sales) on research and development in 2025 and runs 13 principal manufacturing plants.

Category leadership. WATCHMAN leads left atrial appendage closure, and FARAPULSE was the leading US pulsed field ablation system through 2024. The company backs its devices with large clinical trials such as ADVENT, AVANT GUARD, OPTION and CHAMPION-AF, which support label expansions and physician adoption.

Buying growth. Boston Scientific adds technologies through many tuck-in deals: in 2025 it bought Cortex, Bolt Medical, Intera Oncology, SoniVie, Anrei Medical and Elutia's BioEnvelope business, and in 2026 Valencia Technologies, Nalu Medical and Scivita Medical.

Where the moat is tested. Medtronic, Johnson & Johnson and Abbott have all launched pulsed field ablation systems, and US purchasing data from Qsight suggest Boston Scientific's share of US pulsed field ablation spend fell from about 83% through 2024 to about 41% in early 2026.

5. Financial Health

Annual figures come from Boston Scientific's fourth-quarter earnings releases and 10-K filings, cross-checked against SEC XBRL data. Revenue is net sales. Long-term debt is the year-end non-current balance including finance leases.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$11,888m	+19.9%	$0.69	$1.63	Nil	$8,804m
FY2022	$12,682m	+6.7%	$0.45	$1.71	Nil	$8,915m
FY2023	$14,240m	+12.3%	$1.07	$2.05	Nil	$8,571m
FY2024	$16,747m	+17.6%	$1.25	$2.51	Nil	$8,968m
FY2025	$20,074m	+19.9%	$1.94	$3.06	Nil	$11,137m

FY2021 growth is against FY2020 net sales of $9,913m. Adjusted EPS excludes amortisation, acquisition, restructuring, litigation and other items, as defined by Boston Scientific. The company did not pay cash dividends in any year shown.

Quarterly results, most recent first.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 2026 (to 30 Sep 2026)	$5,138m	$0.73	$0.40
Q2 2026 (to 30 Jun 2026)	$5,442m	$0.86	$0.61
Q1 2026 (to 31 Mar 2026)	$5,203m	$0.80	$0.90
Q4 2025 (to 31 Dec 2025)	$5,286m	$0.80	$0.45
Q3 2025 (to 30 Sep 2025)	$5,065m	$0.75	$0.51
Q2 2025 (to 30 Jun 2025)	$5,061m	$0.75	$0.53
Q1 2025 (to 31 Mar 2025)	$4,663m	$0.75	$0.45
FY2025 total	$20,074m	$3.06	$1.94

Q1 2026 GAAP EPS includes a $320m deferred tax benefit, and Q2 2026 an $83m tariff refund. The 2025 quarterly adjusted EPS figures add up to $3.05 because of rounding. Q3 2026 gross margin was 66.7% against 69.9% a year earlier.

Cash flow and balance sheet. Operating cash flow was $4,534m in 2025 and $2,870m in the first nine months of 2026; capital spending was $876m and $552m. Depreciation and amortisation (including amortisation of acquired intangibles) was $1,368m in 2025 and $1,067m in the nine months. At 30 Sep 2026 the company had long-term debt of $10,909m, current debt of $1,044m (including $1,029m of commercial paper), cash of $609m and stockholders' equity of $25,630m. A $6bn term loan agreed on 26 Feb 2026 can only be drawn when the Penumbra deal closes. Follow the shares on ChartsView Live Charts.

6. Valuation

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$62.0bn ($42.75 close on 06 Nov 2026 × 1,449.5m shares outstanding)
Trailing P/E (GAAP)	~18.1x ($42.75 / GAAP diluted EPS of $2.36 over the four quarters to 30 Sep 2026). On adjusted EPS of $3.19 for the same period the multiple is ~13.4x.
P/E (forward)	~13.5x ($42.75 / midpoint of management's FY2026 adjusted EPS guidance of $3.16–$3.18)
P/S (TTM)	~2.9x (~$62.0bn / net sales of $21,070m over the four quarters to 30 Sep 2026)
Enterprise value	~$73.3bn (market cap ~$62.0bn + total debt $11,953m (long-term $10,909m + current $1,044m) − cash $609m, per 30 Sep 2026 balance sheet)
EV/EBITDA (TTM)	~13.7x (EV ~$73.3bn / EBITDA ~$5,364m; EBITDA = operating income $3,932m + depreciation and amortisation $1,432m over the four quarters to 30 Sep 2026, using the total D&A figure that includes amortisation of acquired intangibles)
P/FCF	~18.6x (market cap ~$62.0bn / FCF ~$3.33bn; FCF = operating cash flow $4,234m − capex $903m over the four quarters to 30 Sep 2026)
Dividend yield	Nil — no cash dividend
52-week high	$105.65 (13 Nov 2025, intraday)
52-week low	$39.57 (28 Oct 2026, intraday, the day of Q3 results)
Short interest (% of float)	~2.81% (40.7m shares at settlement 15 Oct 2026, Yahoo Finance from exchange data)
Days to cover	~2.2 (15 Oct 2026, Yahoo Finance)

7. What Are They Building

Penumbra. Announced on 15 Jan 2026, the deal values Penumbra at $374 a share, about $14.5bn, paid roughly 73% in cash and 27% in Boston Scientific shares. Penumbra holders approved it on 06 May 2026, but the FTC issued a Second Request on 16 Mar 2026, and the Q3 10-Q now expects completion in early 2027. Penumbra will join the new Interventional Therapies segment.

Next-generation ablation. The FARAPOINT focal pulsed field ablation catheter was approved in Q4 2025 and the FARASTAR generator in Jan 2026; the FARADIGM pivotal trial of FARAFLEX has started enrolling. ADVENT four-year data and the AVANT GUARD trial in persistent atrial fibrillation were positive.

WATCHMAN expansion. After CHAMPION-AF and SIMPLAAFY, the company is pursuing wider use of WATCHMAN, and the Elite AF trial of the next-generation WATCHMAN Elite device has started enrolling. No FDA label change based on CHAMPION-AF had been announced as of early Nov 2026.

Other deals and stakes. In 2026 Boston Scientific closed Valencia Technologies (tibial nerve stimulation for urge incontinence), Nalu Medical (about $523m, peripheral nerve stimulation) and Scivita Medical ($213m, endoscopes in China), agreed to buy Jiangsu TingSN (about $250m, intravascular ultrasound) and invested $1.5bn for about 34% of MiRus, with an option on its SIEGEL TAVR heart valve business.

Reorganisation. A restructuring plan approved on 21 Jul 2026 carries $700–800m of pre-tax charges and targets about $500m of gross annual savings, and the company completed a $2bn accelerated share repurchase in Q2 2026.

8. Competitive Landscape

Peer	Market cap (November 2026)	Key 2025 metric
Johnson & Johnson (JNJ)	~$665.0bn for the whole group ($276.22 close on 06 Nov 2026)	FY2025 MedTech sales $33,792m, +6.1% (Q4 2025 release)
Abbott (ABT)	~$190.4bn ($109.93 close on 06 Nov 2026)	FY2025 sales about $44.3bn; adjusted EPS $5.15 (Q4 2025 release)
Medtronic (MDT)	~$130.2bn ($101.80 close on 06 Nov 2026)	FY2026 (to 24 Apr 2026) revenue $36.4bn, +8.4%; Q4 cardiac ablation solutions +78% (Q4 FY2026 release)
Stryker (SYK)	~$124.1bn ($325.87 close on 06 Nov 2026)	FY2025 net sales about $25.1bn, +11.2% (FY2025 results release)
Edwards Lifesciences (EW)	~$58.7bn ($102.14 close on 06 Nov 2026)	FY2025 sales +11.5%, TAVR about $4.5bn (Q4 2025 release); its Ecliptis left atrial appendage system was cleared by the FDA in Jun 2026

Medtronic, Johnson & Johnson and Abbott compete directly in pulsed field ablation, and Edwards is entering left atrial appendage closure. Boston Scientific's shares closed at $42.75 on 06 Nov 2026, against $95.35 at the end of 2025. Discuss the sector on the ChartsView Forum.

9. Leadership & Insider Activity

Mike Mahoney is Chairman and CEO, Jon Monson has been CFO since Jun 2025, and Joseph Fitzgerald becomes Chief Operating Officer on 01 Jan 2027, when MedSurg and Asia-Pacific head Arthur Butcher retires. After the share price fell, the CEO and four directors bought shares on the open market; earlier in the year the CEO sold under a Rule 10b5-1 plan. Transactions from SEC Form 4 filings (weighted-average prices):

Name	Date	Type	Shares	Price	Value	Plan Type
Susan Morano (Director)	25 Aug 2026	Buy	2,040	$49.22	~$0.10m	Open market
David Habiger (Director)	05 Aug 2026	Buy	2,100	$47.59	~$0.10m	Open market
Mike Mahoney (Chairman & CEO)	03 Aug 2026	Buy	186,240	$48.33	~$9.0m	Open market
Edward Ludwig (Director)	31 Jul 2026	Buy	5,000	$45.48	~$0.23m	Open market
Edward Ludwig (Director)	20 May 2026	Buy	3,580	$56.68	~$0.20m	Open market
Cheryl Pegus (Director)	20 May 2026	Buy	1,770	$56.49	~$0.10m	Open market
David Habiger (Director)	20 May 2026	Buy	2,250	$55.92	~$0.13m	Open market
Mike Mahoney (Chairman & CEO)	02 Feb 2026	Sell	159,701	$93.49	~$14.9m	10b5-1 (adopted 29 Aug 2025)

Other 2026 filings were annual stock awards, tax withholding, 401(k) plan transactions and gifts, including 386,755 shares Mahoney gifted to a family trust on 28 May 2026.

10. Key Risks

• Cybersecurity incident (Operational): The attack detected on 25 Aug 2026 disrupted manufacturing, order processing and shipping worldwide; an 8-K under Item 1.05 said it was likely to have a material impact on Q3 and FY2026, and the timing of full recovery is uncertain.
• Ablation competition (Competitive): Medtronic, Johnson & Johnson and Abbott now sell pulsed field ablation systems; Electrophysiology sales fell in Q3 2026 and the company cites share loss and pricing pressure in China.
• WATCHMAN demand (Commercial): WATCHMAN sales fell in Q3 2026, Edwards has a newly cleared rival device, and wider use depends on label changes and Medicare coverage that are still pending.
• Penumbra deal (Financial): The FTC review has pushed closing to early 2027; the roughly $11bn cash portion will be funded partly with new debt, adding integration risk on top of many smaller 2025–2026 deals.
• Product quality (Regulatory): Class I recalls in 2026 of AXIOS stents, Infinion CX leads (1,081 serious injuries reported as of 27 May 2026) and Imager II catheters could bring further costs and FDA scrutiny.
• China pricing (Regulatory): Volume-based procurement in China is cutting prices in Endoscopy and the Urology stone business.
• Litigation (Legal): Litigation-related charges were $157m in the first nine months of 2026 and $194m in Q4 2025, and transvaginal mesh claims are still pending.
• Tariffs and currency (Macro): About 36% of sales are outside the US, so currency moves shift reported growth, and changing US tariff policy affects costs.

11. Recent Developments

• 02 Nov 2026 — SIMPLAAFY trial positive. The WATCHMAN SIMPLAAFY trial met its primary endpoints. The Q3 10-Q filed the same day said the Penumbra deal is now expected to close in early 2027.
• 28 Oct 2026 — Q3 results and third guidance cut. Net sales rose 1.5% to $5,138m, below July guidance of 3–5%; adjusted EPS was $0.73 and GAAP EPS $0.40. FY2026 guidance was cut to about 3.75% organic growth and adjusted EPS of $3.16–$3.18, and the shares hit a 52-week low of $39.57 intraday.
• 07 Oct 2026 — New COO and segments. Joseph Fitzgerald was named Chief Operating Officer from 01 Jan 2027, when the company moves to three reporting segments.
• 25 Sep 2026 — Class I recall. The FDA classed the recall of Imager II angiographic catheters as Class I.
• 11 Sep 2026 — TingSN agreement. Boston Scientific agreed to buy Jiangsu TingSN, a Chinese maker of intravascular and intracardiac ultrasound, for about $250m upfront plus up to $75m.
• 08 Sep 2026 — Cyberattack judged material. An 8-K said the incident was likely to have a material impact and the company was unlikely to meet its prior Q3 and full-year guidance.
• 26 Aug 2026 — Cyberattack disclosed. The company said an attack detected on 25 Aug 2026 had disrupted operations globally.
• 03 Aug 2026 — CEO buys shares. Mike Mahoney bought 186,240 shares for about $9.0m, with directors Habiger and Ludwig also buying.

Macro data such as US inflation and interest-rate decisions are on the ChartsView Economic Calendar.

12. Key Dates

• 11 Nov 2026 — Presentation at the Stifel 2026 Healthcare Conference (webcast).
• Expected Dec 2026 — Completion of the Jiangsu TingSN acquisition (expected in Q4 2026).
• 01 Jan 2027 — Joseph Fitzgerald becomes COO, three-segment reporting begins and Arthur Butcher retires.
• Expected Feb 2027 — Q4 and full-year 2026 results (Q4 2025 results were released on 04 Feb 2026; date not yet confirmed).
• Expected early 2027 — Completion of the Penumbra acquisition, subject to the FTC review.
• Expected Apr 2027 — Annual shareholder meeting (the 2026 meeting was held on 30 Apr 2026).

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