BSX - Quick Take - MiRus Marks Third TAVR Attempt via Unique Balloon Expandable Architecture w/ASR 2026E EPS Gdce Inc. $0.02

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BSX - Quick Take - MiRus Marks Third TAVR Attempt via Unique Balloon Expandable Architecture w/ASR 2026E EPS Gdce Inc. $0.02

Truist Securities

Equity Research Report May 18, 2026

HEALTHCARE: Diversified MedTech Boston Scientific Corporation (BSX)

BSX - Quick Take - MiRus Marks Third TAVR Attempt via Unique Richard Newitter

212-319-5883 Balloon Expandable Architecture w/ASR 2026E EPS Gdce Inc.

Richard.Newitter@truist.com $0.02

Ravi Misra

212-590-0973 This morning BSX made two announcements: a $1.5B equity investment in MiRus

Ravi.Misra@truist.com with an option to acquire its SIEGEL TAVR business, and a $2B ASR under the

existing $5B authorization. For MiRus (private), the investment in a clinical stage company

Felipe Lamar represents a new approach (third attempt) to TAVR from BSX and fits in with prior mgmt

212-326-6137 commentary that future investments in the space would require a differentiated approach.

Felipe.Lamar@truist.com MiRus should fit this mold as its valve has a unique architecture (rhenium-alloy, with valve

preinstalled on scaffolding) and a low profile delivery sheath (~50% smaller than current

systems). Meanwhile, the ASR formalizes and quantifies mgmt commentary from the 1Q26

Current Price (May 15, $52.68 call suggesting the company would be buying back shares following the Penumbra (PEN, 2026) Hold) shareholder vote (and the $2B ASR represents an upfront chunk of the total $5B

authorization).

Stock Rating BUY

Unchanged With this latest TAVR investment we continue to believe that BSX has a number

of attractive assets in the pipeline to support a premium growth profile through

Price Target $85.00 the 2030+ time frame. 2026 reflects a transition year as BSX cycles through difficult