BOSTON SCIENTIFIC (BSX) Company Report

Global cardiovascular devices market was valued at US$74.58 billion in 2025 and is forecast to grow at a 7.70% CAGR to US$157.32 billion by 2035.
Therapeutic & surgical devices accounted for 77.5% of market revenue in 2025, driven by premium implantable technologies like CRM systems and structural heart implants.
Boston Scientific’s Farapulse pulsed field ablation system generated over US$1 billion in 2024, highlighting rapid adoption of PFA over thermal ablation.
Clinical research remains robust with 51 major cardiovascular trials between 2019–2024 enrolling 292,985 patients, signaling sustained R&D investment.
North America led the market with a 45.68% revenue share in 2025, underscoring regional dominance in device adoption.

Jan 16, 2026, 2:30 PM

Press Release

Boston Scientific announces merger agreement to acquire Penumbra

BSX

M&A

On January 14, 2026, Boston Scientific entered into a merger agreement to acquire Penumbra, Inc., with Penumbra becoming a wholly owned subsidiary at closing.
Penumbra shareholders may elect to receive 3.8721 Boston Scientific shares per Penumbra share or $374.00 in cash, with elections prorated to target 73.26% cash and 26.74% stock consideration.
Outstanding Penumbra options and RSUs will be cancelled or assumed and converted into cash and Boston Scientific stock or RSUs under specified terms, including acceleration for certain vested awards.
The merger is subject to customary closing conditions, including Penumbra stockholder approval, regulatory clearances and the effectiveness of a Form S-4 registration statement.

Jan 15, 2026, 10:05 PM

8-K

Boston Scientific to acquire Penumbra for $15 billion

BSX

M&A

Boston Scientific will acquire Penumbra for $374 per share in a transaction valuing the company at $15 billion, expected to close in 2026 (more likely H2) subject to customary conditions.
The deal will be funded with 73% cash ($11 billion) and 27% stock ($4 billion), including an issuance of approximately 41 million BSX shares based on the January 13 VWAP.
Penumbra will operate as a standalone unit within BSX’s Cardiovascular group, leveraging Boston Scientific’s global commercial footprint to enter high-growth segments like mechanical thrombectomy and neurovascular.
Financially, the acquisition is expected to be slightly dilutive to adjusted operating margin and EPS (–$0.06–$0.08) in year 1, neutral to accretive in year 2, and increasingly accretive by year 3 with over $200 million in revenue synergies and cost efficiencies.

Jan 15, 2026, 1:00 PM

Transcript

Boston Scientific acquires Penumbra in $15B deal

BSX

M&A

Boston Scientific will acquire Penumbra for $15 billion ($374 per share) in a mix of 73% cash and 27% stock, funded by cash on hand and new debt, issuing approximately 41 million shares.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions.
Penumbra will operate as a standalone unit within Boston Scientific’s cardiovascular group, enabling entry into high-growth segments such as mechanical thrombectomy and neurovascular.
The deal is projected to be dilutive to adjusted EPS by $0.06–0.08 in the first year, neutral to slightly accretive in year two, and increasingly accretive thereafter with over $200 million of synergies by year three, supporting Boston Scientific’s long-range targets of 10%+ revenue growth, 150 bps margin expansion, and leveraged double-digit EPS growth through 2028.
Penumbra anticipates Q4 2025 revenue growth of 21.4%–22%, driving full-year preliminary revenues of approximately $1.4 billion (+17.3%–17.5%).

Jan 15, 2026, 1:00 PM

Transcript

Boston Scientific announces agreement to acquire Penumbra

BSX

M&A

Boston Scientific announced a definitive agreement to acquire Penumbra at $374 per share, implying a total equity value of $15 B
The transaction consideration will be funded with approximately 73% cash (~~$11 B) and 27% stock (~~$4 B), resulting in the issuance of ~41 M shares
The deal is expected to close in 2026, subject to Penumbra shareholder approval and customary closing conditions
The acquisition expands BSX into mechanical thrombectomy, embolization and neurovascular markets, delivering WAMGR accretive growth in large underserved segments

Jan 15, 2026, 1:00 PM

Presentation

Boston Scientific to acquire Penumbra for $15 billion

BSX

M&A

Boston Scientific agreed to acquire Penumbra at $374 per share in cash and stock for a total $15 billion consideration (73% cash, 27% stock), including $11 billion cash and $4 billion in new shares (≈41 million shares)
The deal is expected to close in the second half of 2026, subject to customary conditions
Anticipated to be slightly dilutive to adjusted operating margin and EPS in the first year, neutral to slightly accretive in year two, and increasingly accretive after realizing $200 million of synergies by year three
Penumbra will operate as a standalone within Boston Scientific’s cardiovascular group, leveraging Boston Scientific’s global footprint and supply chain; CEO Adam Elsesser will join Boston Scientific’s board

Jan 15, 2026, 1:00 PM

Transcript

Boston Scientific to acquire Penumbra in $14.5 B deal

BSX

M&A

Boston Scientific will acquire Penumbra for $374 per share, valuing the enterprise at approximately $14.5 billion, with election rights for stockholders to receive 73% cash and 27% Boston Scientific common stock (3.8721 shares per Penumbra share).
The transaction is expected to close in 2026, financed by about $11 billion of cash on hand and new debt, and to be $0.06–0.08 dilutive to adjusted EPS in the first full year, becoming neutral to accretive in year two and increasingly accretive thereafter.
Penumbra’s preliminary FY 2025 revenue is ~$1.4 billion (up 17.3–17.5% YoY) with Q4 growth of 21.4–22.0%, and projected gross and operating margins of 67.9–68.1% and 13.3–13.6%, respectively.
The acquisition broadens Boston Scientific’s portfolio into mechanical thrombectomy, embolization, and neurovascular markets, targeting large, underserved segments in PE, stroke, DVT, and related vascular therapies.

Jan 15, 2026, 12:21 PM

8-K

Boston Scientific to acquire Penumbra

BSX

M&A

Boston Scientific entered a definitive agreement to acquire Penumbra at $374 per share, valuing the transaction at an enterprise value of $14.5 billion.
Transaction consideration will be paid approximately 73% in cash and 27% in Boston Scientific stock (3.8721 shares per Penumbra share), subject to proration.
Penumbra projects Q4 revenue growth of 21.4–22.0% and full-year 2025 revenue of ~$1.4 billion (17.3–17.5% YoY growth).
The deal will be funded with cash on hand and new debt, is expected to be $0.06–0.08 dilutive to Boston Scientific’s adjusted EPS in the first year (neutral to slightly accretive in year two), and Penumbra CEO Adam Elsesser will join Boston Scientific’s board upon closing.

Jan 15, 2026, 12:00 PM

Press Release

Boston Scientific outlines growth drivers and strategy at JPM Healthcare Conference

BSX

Guidance Update

Product Launch

New Projects/Investments

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.

Jan 13, 2026, 5:00 PM

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.

Jan 13, 2026, 5:00 PM

Transcript

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