BOSTON SCIENTIFIC (BSX) Company Report

Boston Scientific reaffirmed its long-range targets of 10%+ revenue growth, 150 bps operating margin expansion, and lifting its weighted average market growth rate from ~8% in 2025 to 9% over the next three years.
The company is the pulsed field ablation (PFA) market leader with FARAPULSE, where the market grew ~20% in 2025 and is expected to grow 15%+ annually over the next three years, and it secured FDA approval for the FARAPOINT PFA catheter.
Its WATCHMAN left atrial appendage closure system holds ~90% share; concomitant AF ablation + WATCHMAN cases represent ~25% of procedures today with potential to exceed 50%, supported by OPTION data and an upcoming CHAMPION-AF readout in H1 2026.
In Vascular and Interventional Oncology, Boston Scientific launched Seismic intravascular lithotripsy above-the-knee, completed enrollment in the FRACTURE coronary IVL trial (H2 2026 results expected), and is expanding TheraSphere into Japan, China and glioblastoma indications.
The company invests ~10% of sales in R&D (organic and external), targets high-single-digit ROIC on acquisitions by year five, and aims for 70–80% free cash flow conversion via margin gains and disciplined working capital management.

1 day ago

Transcript

Boston Scientific discusses 2026 outlook and product pipeline

BSX

Product Launch

New Projects/Investments

Pulsed Field Ablation (PFA) remains the fastest-growing MedTech market with Boston Scientific as the share leader; the overall EP market grew over 20% in 2025 and is expected to expand at 15%+ annually through 2028, driven by new mappers and the recent U.S. approval of the FARAPOINT catheter.
WATCHMAN LAAC holds 91% U.S. share and, alongside FARAPULSE, underpins a growing concomitant AFib procedure business; roughly 25% of WATCHMAN implants are now done during ablation, with potential to exceed 50% as more sites move simple cases to ASCs.
In interventional oncology, TheraSphere leads with expanding indications and geographic trials, while peripheral IVL (Seismic) is in limited release above the knee and nearing coronary data (“Fracture”) due in H2 2026, positioning BSX for a major coronary launch in 2027.
Capital allocation blends organic R&D (~9–10% of sales) with venture-backed M&A, sustaining 10%+ growth targets, 150 bps annual margin expansion, and 70–80% free cash flow conversion over the long-range plan.

1 day ago

Transcript

Boston Scientific outlines 2026 growth targets and product pipeline at JPM Conference

BSX

Guidance Update

Product Launch

Reaffirmed 10%+ revenue growth and 150 bps margin expansion targets over the 2026–2028 period, underpinned by market share gains and new product rollouts.
Highlighted Pulsed Field Ablation market leadership: PFA segment grew 20% in 2025 and is forecast to expand 15%+ annually over the next three years; FARAPOINT catheter approved as adjunct for atrial flutter and FARAFLEX in clinical trials.
WATCHMAN left atrial appendage closure holds 91% share, with concomitant AF ablation procedures driving uptake; CHAMPION-AF trial results are expected in H1 2026.
Showcased expansion in vascular and interventional oncology: TheraSphere pursuing new indications in Japan/China, intravascular lithotripsy (Seismic) peripheral launch ready, with coronary FRACTURE trial data due H2 2026.

1 day ago

Transcript

Boston Scientific to acquire Valencia Technologies

BSX

M&A

Boston Scientific entered into a definitive agreement to acquire Valencia Technologies Corporation, a privately held medical device company focused on bladder dysfunction therapies.
The acquisition adds the eCoin System, an FDA-approved implantable tibial nerve stimulation device for urge urinary incontinence, which showed a 68% responder rate in pivotal trials.
This deal supports expansion of Boston Scientific’s Urology portfolio into the high-growth implantable tibial nerve stimulation (ITNS) market.
The transaction is expected to close in the first half of 2026, with an immaterial impact on adjusted EPS and anticipated GAAP dilution; specific financial terms were not disclosed.

3 days ago

Press Release

Boston Scientific outlines 2025 growth drivers at Citi Healthcare Conference

BSX

Product Launch

New Projects/Investments

Boston Scientific’s EP business, led by its FARAPULSE PFA ecosystem, is growing at roughly 2× the market since EU launch in 2021 and US entry in 2024; the company targets 80% PFA penetration by 2028 with forthcoming catheter approvals and ecosystem integrations.
The Watchman LAAC franchise is expected to sustain 20+% CAGR contingent on positive OPTION (completed) and CHAMPION (3,000-patient trial readout in H1 2026) results, potentially expanding the TAM to $6 billion by 2030.
In interventional cardiology, the internally developed Seismic IVL device is completing the Fracture ID trial in Q1 2026 with a planned commercial launch in H1 2027, and BSX has acquired an ultrasound-based renal denervation platform emphasizing depth of ablation and ease of use.
BSX is modernizing its CRM portfolio via the “Denali” program, having filled conduction system pacing gaps with new approvals and pursuing leadless EMPOWER systems under FDA review, while preparing for the shift of ablations and PCI into ASCs.
The company is embedding AI into imaging, with periodic software updates for the Avvigo+ IVUS system and planned AI-driven 2D/4D ICE and TEE enhancements for EP and Watchman procedures by 2027.

Dec 2, 2025, 2:00 PM

Transcript

Boston Scientific outlines pipeline growth and trial updates at Citi Healthcare Conference 2025

BSX

Product Launch

New Projects/Investments

EP business doubling market growth via the FARAPULSE ecosystem (FARAWAVE catheter integrated with Opal mapping), targeting 80% PFA penetration by 2028 and adding FARAPOINT to expand indications.
Watchman first-line CHAMPION trial (3,000 patients) reads out H1 2026, with positive results expected to expand the eligible population to 20 million and TAM to $6 billion by 2030.
Coronary IVL (Seismic) Fracture ID trial completes Q1 2026 with a H1 2027 launch; acquired ultrasound-based RDN device offers a single-device, ease-of-use therapy for hypertension.
CRM portfolio reboot (‘Denali’) nearing completion, with conduction system pacing approved in US/EU and leadless EMPOWER/modular systems under FDA review to drive market share.

Dec 2, 2025, 2:00 PM

Transcript

Boston Scientific presents at Citi Annual Global Healthcare Conference 2025

BSX

Product Launch

New Projects/Investments

Emphasis on Farapulse PFA ecosystem in electrophysiology, driving ~2× market growth with Farawave catheter and Opal mapping integration; targeting >80% PFA penetration by 2028 across key markets.
Long-term 20+% CAGR for Watchman hinging on positive OPTION and CHAMPION trials; CHAMPION’s 3,000-patient, first-line study readout expected H1 2026, aiming to expand Watchman TAM to $6 billion by 2030.
Seismic intravascular lithotripsy device in Fracture ID trial (completion Q1 2026) with planned commercial launch H1 2027 to treat calcified coronary lesions (~33% prevalence).
Acquisition of ultrasound-based renal denervation technology for hypertension, offering a single-device, circumferential energy delivery with deeper arterial penetration and simple workflow.
Complete refresh of CRM portfolio (“Denali”) underway, addressing conduction system pacing and leadless gaps with next-gen platforms (EMPOWER leadless and modular systems) pending approvals.

Dec 2, 2025, 2:00 PM

Transcript

Boston Scientific outlines Watchman growth drivers and PFA expansion at Wolf Research Healthcare Conference

BSX

M&A

Boston Scientific CMO Ken Stein explained the Closure trial failed to meet non-inferiority due to high procedural complications with legacy LAAC devices and dual antiplatelet therapy, but real-world data suggest Watchman Flex would have met endpoints.
The Champion trial readout is expected in H1 2026 at a major conference (AF Symposium, ACC or HRS), with a label update timeline of ~7–8 months and Medicare national coverage determination (~12 months) required for first-line Watchman use.
Concomitant Watchman implants paired with AF ablation are projected to be 25% of procedures by end-2025, driven by EP adoption and synergistic FARAWatch approaches.
FARAPulse pulsed-field ablation has achieved >50% global (and ~60% US) penetration in de novo AF ablations, with single-digit one-year redo rates, bolstered by the Cortex mapping acquisition and ongoing REMATCH and other trials.
Additional growth areas highlighted include renal denervation via TIVUS ultrasound catheter, agent drug-coated balloons, Bolt intravascular lithotripsy, endoscopic bariatrics, and Y90 beads in interventional oncology.

Nov 18, 2025, 1:00 PM

Transcript

Boston Scientific spotlights Watchman growth and PFA momentum at Wolfe Research Healthcare Conference

BSX

A recent German LAAC “closure” trial failed to meet non-inferiority vs. medical therapy due to high procedural complications with mixed, older devices; real-world data suggest Watchman Flex would likely meet non-inferiority with its lower bleeding rates.
OSHN and ALONE randomized studies in low-risk AF ablation patients show safe discontinuation of anticoagulation one year post-ablation, with no discernible impact on Watchman adoption.
The Champion trial (first-line LAAC vs. medical therapy) is expected in H1 2026, targeting AF Symposium, ACC or HRS; label update (~7–8 months post-data) and Medicare NCD revision (up to 12 months) would follow a positive readout.
Concomitant Watchman implants in the U.S. have accelerated to 25% of all procedures exiting 2025, supported by 60–65% of implants performed by EPs who also do ablations.
The FARAPulse PFA system has achieved ~50% global penetration (≈ 60% in the U.S.), with de novo ablation redo rates in the single digits at one year and growing adoption of the Opal mapping platform for streamlined workflows.

Nov 18, 2025, 1:00 PM

Transcript

Boston Scientific discusses growth drivers at Wolf Research Healthcare Conference 2025

BSX

Watchman LAAC trial context: The CLOSURE trial failed to meet non-inferiority vs best medical therapy largely due to high procedural complications with legacy devices and dual antiplatelet therapy, but showed equivalent ischemic stroke rates supporting Watchman Flex efficacy.
EP ablation impact on Watchman demand: Low-risk OSHN and ALONE trials confirmed no long-term anticoagulation needed post-successful ablation, have not reduced Watchman growth, and may increase AF ablation referrals.
CHAMPION first-line trial timeline: CHAMPION data expected in H1 2026, with a label update ~7–8 months later and potential Medicare coverage changes over ~12 months, which could enable Watchman as first-line therapy.
Watchman US momentum: US LAAC growth is accelerating, with 25% of Watchman implants performed concomitantly with AF ablation procedures by end-2025.
PFA adoption and mapping: FARAPulse pulsed-field ablation has ~50% global penetration (~60% in US), delivers single-digit one-year redo rates in de novo AF cases, and integrates with Opal mapping for efficient procedures.

Nov 18, 2025, 1:00 PM

Transcript

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