BSX: Mirus Investment Could Shake Up TAVR Market; Will Third Time Be a Charm?

研报英文原文证据摘录

BSX: Mirus Investment Could Shake Up TAVR Market; Will Third Time Be a Charm?

Equity Research

Company Update — May 18, 2026

Med Tech - Cardiovascular

Boston Scientific Corporation

Mirus Investment Could Shake Up TAVR Market; Will Third Overweight

Time Be a Charm? Price Target: $75.00

Our Call Ticker BSX

Upside/(Downside) to Target 36.5%

BSX’s investment in Mirus could have significant impact on TAVR market: (1) signals

further shift to balloon expandable valves; (2) implied valuation of $4.5B supports Price (05/18/2026) $54.94

valuation of Anteris; (3) puts pressure on EW to develop X4. Watch Meril/MyVal. 52 Week Range $52.52 - 109.50

Market Cap (MM) $82,135

What happened? BSX announced it has invested $1.5B for a 34% equity stake in MiRus, Enterprise Value (MM) $92,467

a privately held company developing the Siegel TAVR system. As part of the investment, Average Daily Value (MM) $885

BSX also received an exclusive option to acquire the MiRus TAVR system, subject to Dividend Yield 0.0%

additional payments and the completion of certain milestones, for an add'l $3B plus add'l

payments (we assume royalties) based on net sales of the Siegel valve over a specified $ (Dec) Q1 Q2 Q3 Q4 FY

period of time. EPS

2026E 0.80 A 0.83 E 0.85 E 0.90 E 3.37 E

What is Siegel? The Siegel valve is a balloon expandable (like EW’s Sapien 3) built on a 2027E 0.88 E 0.93 E 0.93 E 0.98 E 3.73 E

proprietary rhenium alloy and is the first nickel-free, balloon-expandable TAVR valve. The

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Siegel valve is designed with leaflets made of dry porcine tissue and a nitric oxide-coated NA = Not Available, NC = No Change, NE = No Estimate

rhenium frame, which has a radial strength greater than cobalt or titanium. The open cell