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Boston Scientific Corp BSX

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Boston Scientific Rebounds in Second Quarter; Our Fair Value Estimate Remains Unchanged

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Boston Scientific posted an impressive rebound in the second quarter compared with the muted prior-year period, and we’re leaving our fair value estimate unchanged, as our assumption for a rise in the U.S. corporate tax rate largely offset cash flows realized. Perhaps we were even more impressed with Boston’s gains against the more normal performance seen in second-quarter 2019. In particular, endoscopy, urology, interventional cardiology, and neuromodulation all delivered strong, organic double-digit gains over the same quarter in 2019. While we think this rebound is partly reflective of the resumption of non-pandemic procedures, we also think it is driven by Boston’s new product portfolio that has allowed it a leg up on competition. This underscores the strength of Boston’s narrow economic moat, in our minds.

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Company Profile

Business Description

Boston Scientific produces less invasive medical devices that are inserted into the human body through small openings or cuts. It manufactures products for use in angioplasty, blood clot filtration, cardiac rhythm management, catheter-directed ultrasound imaging, structural heart disease, upper gastrointestinal tract diagnostics, interventional oncology, and treatment of incontinence. The firm markets its devices to healthcare professionals and institutions globally. Foreign sales account for nearly half of the firm's total sales.

300 Boston Scientific Way
Marlborough, MA, 01752-1234
T +1 508 683-4000
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 38,000