Ahead of Management Meetings, A Quick Take on BSX and What's Next for the Company

研报英文原文证据摘录

Ahead of Management Meetings, A Quick Take on BSX and What's Next for the Company

Investment Thesis

Our Boston Scientific rating is Buy. In our view, BSX’s broad product portfolio in Cardiovascular and Med-Surg markets, healthy

profitability metrics, and potential for upside from new products support our positive investment thesis.MEDICAL

Upcoming Catalysts Price Performance

■ 2026: FDA approval of Empower leadless pacemaker & mCRM system $140

■ 2026: ATK peripheral IVL limited release $130

$120 ■ 2026: ASCEND-VT Readout $110TECHNOLOGY ■ 2026: BTK peripheral IVL launch $100

■ 2H26: CHORUS IDx (2D ICE) $90

■ 2H26: SIMPLAAFY data readout $80AND $70 ■ 1H27: SEISMIQ Coronary IVL System U.S. launch, next-gen Farawave Ultra launch $60

■ 2027: Cortex integration, HD Mapping catheter, Integrated ICE $50

■ 2027: REMATCH-AF Readout $40

■ 2027: NG Watchman, OPTION-A trial readouts Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26DIGITAL ■ 2027: Next-gen Agent launch BSX

■ 2027: ROWAN data release (TheraSphere combination therapy) S&P 500 (rebased)

Source: FactSet

■ 2H27/1H28: Next-gen Watchman Elite and concomitant sheath launch

■ TBD: 4D ICE catheter approval and launch

■ Quarterly: Updates on revenue, margins, earnings, FCF, capital allocation, and Company DescriptionHEALTH product pipeline Boston Scientific is one of three

major players in the Cardiac

Base Case Assumptions: $65 Price Target Rhythm Management market, making

implantable devices that are used ■ Stable procedure growth and pricingEQUITY to maintain a normal heart rhythm. ■ Expansion within current total addressable market (TAM)

Boston Scientific also develops and

markets products in the Interventional

Cardiology, Endoscopy, Peripheral

Interventions, Urology, Women's Health,