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Morningstar's Boston Scientific Corp Stock Analysis

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Boston Scientific Gains Strength as Omicron Recedes; No Change to Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Boston Scientific saw strong first-quarter results that generally fell in line with our expectations, and we’re standing pat on our fair value estimate. Like other medical device makers, Boston felt the pinch of omicron depressing procedure volume in January, followed by increasing improvement as the quarter unfolded, which translated into quarterly organic revenue growth of 10% versus the prior-year period. Similarly, Boston has been under pressure from rising transportation and component costs, which we expect should damp margin expansion this year. However, underlying demand remains strong, and some delayed procedures should return in 2022, though hospital staffing remains a constraint on growth in procedure volume through the near term. Importantly, we remain confident in Boston’s narrow moat, which is supported by intangible assets and its product pipeline.

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Boston Scientific Corp's 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 Mar 31, 2022
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 41,000

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