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    Boston Scientific Corp (BSX)

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    Business Description

    Boston Scientific Corporation is a global company that develops, manufactures, and markets medical devices for various interventional medical specialties . The company operates through two main segments: MedSurg and Cardiovascular, offering a diverse range of products . Boston Scientific's product portfolio includes devices for gastrointestinal, pulmonary, urological, neurological, and cardiovascular conditions, driven by strategic growth and expansion into emerging markets .

    1. Cardiology - Develops and markets medical devices for heart-related conditions, contributing significantly to the company's overall sales.
    2. Peripheral Interventions - Provides devices for treating peripheral vascular diseases, enhancing the company's cardiovascular offerings.
    3. Endoscopy - Focuses on devices for gastrointestinal and pulmonary conditions, supporting minimally invasive procedures.
    4. Urology - Offers medical devices for urological conditions, addressing a wide range of patient needs.
    5. Neuromodulation - Addresses neurological movement disorders and chronic pain through innovative device solutions.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Wendy CarruthersExecutive Vice President, Human ResourcesFebruary 2022Wendy Carruthers oversees global human resources activities, including operations, total rewards, talent management, diversity and inclusion, and community engagement. She joined Boston Scientific in 2004 and has held various positions, including Senior Vice President, Human Resources .
    Joseph M. FitzgeraldExecutive Vice President and Group President, CardiologyMay 2022Joseph M. Fitzgerald is responsible for developing rhythm management technologies and solutions for coronary artery disease and structural heart disorders. He joined Boston Scientific in 1990 as a sales representative and has held various management positions .
    Daniel J. BrennanExecutive Vice President and Chief Financial OfficerJanuary 2014Daniel J. Brennan oversees Global Controllership, Global Internal Audit, Corporate Finance, Treasury, Corporate Tax, Investor Relations, and Corporate Business Development. He joined Boston Scientific in December 1996 and has held various roles with increasing responsibilities .
    Vance R. BrownSenior Vice President, General Counsel, Corporate SecretaryJune 2021Vance R. Brown provides global legal leadership and oversees the company's global compliance function. He joined Boston Scientific in 2010 and previously served as Vice President, Chief Corporate Counsel, and Assistant Secretary .
    Arthur C. ButcherExecutive Vice President and Group President, MedSurg and Asia PacificMay 2022Arthur C. Butcher oversees the Asia Pacific region and the Urology, Endoscopy, and Neuromodulation businesses. He joined Boston Scientific in 1997 and has held various management roles .
    Jeffrey B. MirvissExecutive Vice President and President, Peripheral InterventionsFebruary 2020Jeffrey B. Mirviss is responsible for solutions for treating arterial and venous system blockages and cancer. He joined Boston Scientific in 1997 and has held various roles, including Vice President, Group Global Marketing .
    John Bradley SorensonExecutive Vice President, Global OperationsMay 2022John Bradley Sorenson oversees Global Supply Chain, Quality and Regulatory Affairs, and other functions. He joined Boston Scientific in 2014 and has over 20 years of experience in medical device manufacturing .
    Eric ThépautExecutive Vice President and President, Europe, Middle East and AfricaFebruary 2020Eric Thépaut joined Boston Scientific Europe in 1996 and has held various roles in marketing and finance. He is responsible for the Europe, Middle East, and Africa regions .
    Michael F. MahoneyPresident and Chief Executive OfficerNovember 2012Michael F. Mahoney joined Boston Scientific as President in October 2011 and became CEO in November 2012. He was appointed Chairman of the Board in May 2016. Prior to Boston Scientific, he held leadership roles at Johnson & Johnson and Global Healthcare Exchange .
    David HabigerBoard of Directors MemberJuly 30, 2024David Habiger has over 30 years of business leadership experience and is the CEO of J.D. Power. He joined Boston Scientific's Board of Directors in 2024 and serves on several other boards .
    Dr. Cheryl PegusBoard of Directors MemberMay 8, 2024Dr. Cheryl Pegus has over 25 years of clinical and business leadership experience. She joined Boston Scientific's Board of Directors in 2024 and has held executive roles at Walmart, Cambia Health Solutions, and other organizations. She began her career as a cardiologist .

    Questions to Ask Management

    1. Can you provide more details on the unanticipated observations that led to the temporary pause of the AVANT GUARD trial for FARAPULSE in drug-naïve persistent AF patients, and how might this impact your timeline for resuming enrollment and obtaining label expansion?

    2. With new pulse field ablation (PFA) catheters entering the market, what specific strategies are you implementing to ensure that existing FARAPULSE customers remain loyal and to attract new users, especially given the competitive landscape?

    3. In the U.S., your core Cardiac Rhythm Management (CRM) growth was below market. What factors contributed to this underperformance, and what actions are you taking to improve your position in this segment?

    4. Regarding the upcoming presentation of the ACURATE neo2 trial data at TCT, if the results are not as positive as anticipated, how will this affect your TAVR strategy in the U.S., and what contingency plans do you have in place?

    5. Given your expectation that pulse field ablation adoption may exceed the previously communicated range of 40% to 60% of global AF ablations by 2026, do you foresee any potential supply constraints, and how are you ensuring your manufacturing capacity can meet this increased demand?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateDecember 14, 2020
    End Date/DurationNot specified
    Total additional amount$1.000 billion
    Remaining authorization$1.000 billion
    DetailsNo shares have been repurchased under this program

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    20251,605March 2025 Senior Notes, June 2025 Senior Notes0.750, 1.90014.8% = (1,605 / 10,885) * 100
    2026255March 2026 Senior Notes3.7502.3% = (255 / 10,885) * 100
    20271,007December 2027 Senior Notes0.6259.3% = (1,007 / 10,885) * 100
    20281,183March 2028 Senior Notes (2 tranches)1.375, 4.00010.9% = (1,183 / 10,885) * 100
    20291,111March 2029 Senior Notes (2 tranches)4.000, 3.37510.2% = (1,111 / 10,885) * 100
    20301,200June 2030 Senior Notes2.65011.0% = (1,200 / 10,885) * 100
    2031839March 2031 Senior Notes1.6257.7% = (839 / 10,885) * 100
    20321,399March 2032 Senior Notes3.50012.9% = (1,399 / 10,885) * 100
    2034560March 2034 Senior Notes1.8755.1% = (560 / 10,885) * 100
    2035350November 2035 Senior Notes6.5003.2% = (350 / 10,885) * 100
    2039450March 2039 Senior Notes4.5504.1% = (450 / 10,885) * 100
    2040300January 2040 Senior Notes7.3752.8% = (300 / 10,885) * 100
    2049650March 2049 Senior Notes4.7006.0% = (650 / 10,885) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Abbott Laboratories - Primary competitor in the medical device markets .
    • Medtronic plc - Primary competitor in the medical device markets .
    • Domestic medical device companies in certain countries, particularly in China, which may benefit from their status as local suppliers .
    • Non-medical device companies offering alternative therapies or technologies that could augment or replace procedures using Boston Scientific's products .
    • Pharmaceutical companies, biotech companies, and providers of various diagnostic tests offering alternative therapies or diagnostics .

    Auditor

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1992 PresentCurrent auditor