Revisiting Our BSX Forecast for Intraquarter Update; Cutting PT from $80 to $65

Research evidence excerpt

Revisiting Our BSX Forecast for Intraquarter Update; Cutting PT from $80 to $65

June 2, 2026 Boston Scientific Corporation

(BSX, Buy, $65 PT)MEDICAL Marie Thibault

Revisiting Our BSX Forecast for Intraquarter Update; Cutting PT from (212) 527-3557 mthibault@btig.com

$80 to $65 Alexandra Pang

(332) 400-5092 apang@btig.com

WHAT YOU SHOULD KNOW: We are updating our Boston Scientific forecast to reflect Sam Eiber management's reduced growth expectations for its Watchman left atrial appendage (212) 588-6516 seiber@btig.com

closure (LAAC) franchise over the next couple quarters. These comments, made during Company Data

a sell-side conference last week, pointed to an expectation for flat sequential U.S.

Closing Price $48.31TECHNOLOGY Watchman sales in Q2 and likely Q3. We think visibility is limited for now and are

taking a cautious approach to the segment, modeling flattish sales in Q2 and Q3, Price Target $65.00

a slight sequential uptick in Q4, a mild, gradual recovery throughout 2027 for ~4% Market Cap (M) $72,223.45AND y/y annual growth, and projecting ~8% y/y growth in 2028. We intend for this to Enterprise Value (M) $81,475.10

be a conservative outlook and think that if procedure volumes increase following Shares Out (M) 1,495.00

the anticipated expanded label and reimbursement for Watchman, sales can recover Avg Daily Vol-3 Months (M) 17.92

more quickly. The burden is squarely on BSX's management to prove that they can

secure the expanded label, reimbursement, and guidelines and that in the meantime, RevisionsDIGITAL they can be successful with efforts to increase the volume of standalone Watchman Previous Current

procedures. Admittedly, management credibility is being questioned by investors, but Rating Buy Buy