BSX (& EW & MDT): Will 3rd Time be the Charm? Punchy Price for Another Shot at TAVR (+ ASR)

研报英文原文证据摘录

BSX (& EW & MDT): Will 3rd Time be the Charm? Punchy Price for Another Shot at TAVR (+ ASR)

Medical Supplies & Devices

FLASH

FLASH: BOSTON SCIENTIFIC CORPORATION (BSX) May 18, 2026

BSX (& EW & MDT): Will 3rd Time be the Charm? Punchy Rating:

Price for Another Shot at TAVR (+ ASR) Outperform

Price:

A ‘wow’ to start this Monday in med tech. BSX to put up $1.5B to acquire a ~third $52.68

of a next gen TAVR valve with an exclusive option to acquire the rest at a later date. Price Target:

$75If the valve clears the pivotal trial and secures regulatory approvals, up to another % Upside:

$3B will be paid. To be clear – no revenue today, unlikely meaningful revenue until 42.4%

probably…2030? This is a punchy ticket size / “price” for sure. Global TAVR market

Source: FactSet, Wolfe Research

$7B in 2025 split $3.8B US and $3.2B OUS. Recall following the Neo2 shut down Priced as of 05/15/26

BSX’s share of this category = 0% today. It’s dominated by EW & MDT with a small

side dish of ABT. If the price of admission here winds up being $4.5B, you have to

think BSX believes this valve can earn 10%-20% of the market one day, give or take?

We’re eyeballing this but quick & dirty that’s the only way this deal makes sense.

Surely one doesn’t pay a punchy price like this for a zero, right? Diligence to this Mike Polark, CFA

point has been positive, but it is early is the problem. Very early. The pivotal trial just mpolark@wolferesearch.com

started enrolling. This study has one year primary endpoint follow up, is all surgical (617) 313-7810 View Mike’s Research

risk profiles of severe symptomatic disease, and is head to head vs commercially View BSX Model

available valves (i.e., EW/MDT). The most robust data set on the tape thus far is View Comp Table