BSX: SEISMIQ 4CE Coronary IVL Meets Study Endpoints with 1H'27 Commercialization

研报英文原文证据摘录

BSX: SEISMIQ 4CE Coronary IVL Meets Study Endpoints with 1H'27 Commercialization

RBC Capital Markets, LLC

Shagun Singh (Analyst)

(646) 618-6886, shagun.singh@rbccm.com

Kendall Au (AVP)

(212) 548-3164, kendall.au@rbccm.com

RBC Dominion Securities Inc.

Moe Mansour (Associate)

(416) 842-7635, moe.mansour@rbccm.com

May 19, 2026

Boston Scientific Corporation

OutperformRESEARCH SEISMIQ 4CE Coronary IVL Meets Study Endpoints NYSE: BSX; USD 55.92

with 1H'27 Commercialization Price Target USD 100.00

Our view: We view FRACTURE IDE data positively supporting a near- Scenario Analysis*

term regulatory submission of the SEISMIQ 4CE catheter with a full U.S.

commercial launch in 1H'27E. The launch would allow BSX to participate in Downside Current Price Upside Scenario Price Target Scenario

a large and fast-growing IVL market (up to $3B TAM), adding a differentiated

coronary option to complement its existing peripheral IVL clearance and 45.00 55.92 100.00 110.00 20% 79% 97%EQUITY further building out its Interventional Cardiology category leadership. The

IVL launch is among the many upcoming growth catalysts for BSX that *Implied Total Returns Key Statistics is not meaningfully factored into consensus expectations and could drive Shares O/S (MM): 1,475.0 Market Cap (MM): 82,483

potential upside to 2027 growth targets. We reiterate our OP/$100PT on Dividend: 0.00 Yield: 0.0%

BSX. Avg. Daily Volume: 17,860,626

RBC Estimates Key points: FY Dec 2024A 2025A 2026E 2027E

KOLs are bullish on the IVL space. Our KOLs during the Doctor Day Revenue 16,746.5 20,075.0 21,731.4 23,706.2

note that IVL is a transformative technology that has rapidly become EPS, Adj Diluted 2.51 3.06 3.40 3.80

the standard of care for treating severely calcified vascular lesions. JNJ’s P/AEPS 22.3x 18.3x 16.5x 14.7x