Boston Scientific Corp: Core Business Enough to Sustain HSD Growth. Buy at $74 PT.

研报英文原文证据摘录

Boston Scientific Corp: Core Business Enough to Sustain HSD Growth. Buy at $74 PT.

Figure 9: We project sustained HSD growth… Figure 10: ...with our estimates modestly above consensus

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Source: Company Reports, UBS estimates, Visible Alpha Source: Company Reports, UBS estimates, Visible Alpha

Our forecasts do not take into consideration some of the key platform launches

anticipated over the next 12-18 months. While some are product approvals/data

readouts that should improve existing market position for BSX (mCRM, Next-gen

FARAWAVE, International launches), we see the most incremental opportunity

stemming from those launches that could drive incremental TAM/served markets. Most

notably in 2027/Early 2028:

SEISMIQ Coronary IVL: Coronary IVL(intravascular lithotripsy) (PCI vessel prep)

could represent a ~$1.5B served market growing DD. The launch of SEISMIQ

(expected in 1H27) will allow the company to have a comprehensive calcium

portfolio in addition to platforms like Rotablator and WOLVERINE. The platform

will enable physicians to deliver maximum IVL energy through a highly deliverable

and visible catheter that enables precision and customized energy delivery.

TIVUS Ultrasound System (RDN, Renal Denervation): The TIVUS system is a

precise ultrasound platform with high denervation depth and a nonocclusive/

passive cooling system which management claims as enhancing safety and

efficiency. US launch is slated for the 2028E timeframe, but could represent a

meaningful opportunity to enter a high growth -- and high focus area of MedTech.

With ~18M US patients alone (BSX company estimates, in line with industry peer