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Boston Scientific
(NYSE:BSX)
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Rating:70Outperform
Price Target:
$53.00
▲(19.77% Upside)
Action:Upgraded
Date:08/04/26
BSX scores well on fundamentals, led by durable revenue growth and meaningful profitability/ROE improvement, but is held back by cash conversion quality and rising debt. The latest earnings call adds near-term risk due to WATCHMAN and U.S. EP weakness and a more cautious outlook for the second half and 2027. Valuation is reasonable (18.84x P/E), while technicals are mixed: short-term strength versus 20/50-day averages but still below longer-term trend levels.
Positive Factors
Revenue & margin expansion
Sustained multi-year revenue growth across franchises and clear net‑margin expansion indicate durable operating leverage. This supports reinvestment in R&D and commercialization, underpins ROE improvement, and improves long-term ability to fund growth without relying solely on financing.
Negative Factors
WATCHMAN slowdown & EP share pressure
Structural changes in referral patterns, competing entrants, and EP share shifts can persistently reduce procedure volumes for high‑margin devices. Lower adoption and competitive pressure in WATCHMAN and U.S. EP risk prolonged revenue and margin headwinds across upcoming fiscal years.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin expansion
Sustained multi-year revenue growth across franchises and clear net‑margin expansion indicate durable operating leverage. This supports reinvestment in R&D and commercialization, underpins ROE improvement, and improves long-term ability to fund growth without relying solely on financing.
Read all positive factors
Boston Scientific Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across regions (U.S., Europe, Asia and other markets), revealing where Boston Scientific is strongest, where it’s growing fastest, and how exposed it is to currency, reimbursement or regulatory risks. Regional trends show whether global demand and market access are likely to sustain overall revenue growth.
Breaks down revenue across regions (U.S., Europe, Asia and other markets), revealing where Boston Scientific is strongest, where it’s growing fastest, and how exposed it is to currency, reimbursement or regulatory risks. Regional trends show whether global demand and market access are likely to sustain overall revenue growth.
Data provided by:
The Fly
The FlyBoston Scientific (BSX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$71.46B
Dividend YieldN/A
Average Volume (3M)18.51M
Price to Earnings (P/E)20.3
Beta (1Y)0.71
Revenue Growth13.53%
EPS Growth46.29%
CountryUS
Employees59,000
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)2.48
Shares Outstanding1,449,229,500
10 Day Avg. Volume16,863,548
30 Day Avg. Volume18,508,544
Financial Highlights & Ratios
PEG Ratio0.88
Price to Book (P/B)5.82
Price to Sales (P/S)7.03
P/FCF Ratio38.59
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$62.41Price Target Upside41.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering24
EPS Forecast (FY)3.3
Revenue Forecast (FY)$21.35B
Boston Scientific Business Overview & Revenue Model
Company Description
Boston Scientific Corporation (BSX) operates as a global leader in medical technology, specializing in the design, manufacturing, and commercialization of innovative medical devices tailored for a diverse array of interventional medical specialtie...
How the Company Makes Money
Boston Scientific makes money primarily by selling single-use and implantable medical devices (and related accessories) to hospitals, clinics, and other healthcare providers, with revenue recognized from product sales across its medical device fra...
Boston Scientific Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: the company delivered a solid quarter with a top‑line beat, strong EPS growth (+15%), margin expansion, healthy cash generation and multiple business units growing double digits. However, management lowered near‑term expectations driven primarily by a sharp WATCHMAN market slowdown and competitive share pressure in U.S. Electrophysiology, which prompted updated guidance, margin mix headwinds and a restructuring to drive future savings. While long‑term catalysts (product launches, Penumbra and MiRus investments, and a $500M cost program) support confidence for recovery in 2028+, the near‑term outlook is tempered and uncertain.Positive Updates
Top-line Beat and Organic Growth
Consolidated revenue of $5.442B represented 7.5% reported growth vs. Q2 2025 and organic/operational revenue growth of 7.0% (in line with Q2 guidance of 5%–7%), with a ~50 bps FX tailwind.
Negative Updates
Updated Near‑Term Guidance and Revenue Pressure
Full‑year 2026 organic revenue guidance was narrowed/updated to 5%–6% (reported 5.5%–6.5%), with Q3 organic growth guided to 3%–5% and full‑year adjusted EPS guided to $3.28–$3.32 (7%–8% growth). Management signaled a more pressured second half and a challenging 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Top-line Beat and Organic Growth
Consolidated revenue of $5.442B represented 7.5% reported growth vs. Q2 2025 and organic/operational revenue growth of 7.0% (in line with Q2 guidance of 5%–7%), with a ~50 bps FX tailwind.
Read all positive updates
Company Guidance
Boston Scientific updated 2026 guidance with full‑year organic/operational revenue growth of 5%–6% (reported growth 5.5%–6.5% including an estimated ~50 bps FX tailwind), third‑quarter organic/operational growth of 3%–5%, and Q3 adjusted EPS of $0.80–$0.82; full‑year adjusted EPS is guided to $3.28–$3.32 (7%–8% growth vs. 2025) with an approximate $0.05 FX headwind, an adjusted tax rate around 11.5%, and adjusted below‑the‑line expense of about $485M. Management expects full‑year adjusted operating margin expansion of 0–25 bps (Q2 adj. operating margin was 28.4% and adj. gross margin in Q2 was 70.3%, though full‑year gross margin is expected below 2025), and reiterated Q2 results of $5.442B revenue (7.5% reported / 7.0% operational and organic), $0.86 adj. EPS (+15%), $1.29B FCF in Q2 and a ~$3.8B FCF outlook for the year. The update assumes EP will be roughly flat in H2 and WATCHMAN will decline mid‑ to high‑single digits in H2 (WATCHMAN full year now guided to flat to low‑single digits); company liquidity and capital actions include ~$539M cash, ~2.0x gross debt leverage, ~1.475B diluted shares (after a ~$2B ASR and ~40M share repurchase), a $1.5B MiRus investment, anticipated close of Penumbra in H2'26 (slightly dilutive to 2026 margins/EPS), and a restructuring targeting ~$500M run‑rate savings exiting 2029 (with over half the savings and spend realized/executed by the end of 2027).Boston Scientific Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
76
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.00B | 20.07B | 16.75B | 14.24B | 12.68B | 11.89B |
| Gross Profit | 14.94B | 13.85B | 10.27B | 8.83B | 7.71B | 7.46B |
| EBITDA | 5.68B | 5.10B | 3.94B | 3.45B | 2.74B | 2.52B |
| Net Income | 3.67B | 2.89B | 1.85B | 1.59B | 698.00M | 1.04B |
Balance Sheet | ||||||
| Total Assets | 45.22B | 43.67B | 39.40B | 35.14B | 32.47B | 32.23B |
| Cash, Cash Equivalents and Short-Term Investments | 539.00M | 2.04B | 414.00M | 865.00M | 928.00M | 1.93B |
| Total Debt | 12.62B | 12.42B | 11.15B | 9.49B | 9.28B | 9.45B |
| Total Liabilities | 20.04B | 19.20B | 17.39B | 15.61B | 14.90B | 15.61B |
| Stockholders Equity | 24.93B | 24.23B | 21.77B | 19.28B | 17.57B | 16.62B |
Cash Flow | ||||||
| Free Cash Flow | 3.63B | 3.66B | 2.65B | 1.70B | 914.00M | 1.32B |
| Operating Cash Flow | 4.53B | 4.53B | 3.44B | 2.50B | 1.53B | 1.87B |
| Investing Cash Flow | -3.56B | -2.64B | -5.69B | -2.57B | -2.01B | -1.60B |
| Financing Cash Flow | -958.00M | -395.00M | 1.81B | 5.00M | -548.00M | -95.00M |
Boston Scientific Risk Analysis
Boston Scientific disclosed 28 risk factors in its most recent earnings report. Boston Scientific reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Boston Scientific Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $18.42B | 23.68 | 6.11% | 1.05% | 8.62% | 0.09% | |
73 Outperform | $51.71B | 52.89 | 9.69% | ― | 14.55% | 15.09% | |
72 Outperform | $186.55B | 34.93 | 10.52% | 2.41% | 8.06% | -61.33% | |
72 Outperform | $130.04B | 35.54 | 16.36% | 1.05% | 8.48% | 27.36% | |
70 Outperform | $71.46B | 20.35 | 15.29% | ― | 13.53% | 46.29% | |
68 Neutral | $111.57B | 23.84 | 9.85% | 3.43% | 8.43% | 3.17% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BSX
Boston Scientific
50.46
-52.18
-50.84%
ABT
Abbott Laboratories
108.62
-19.44
-15.18%
EW
Edwards Lifesciences
92.03
15.10
19.63%
MDT
Medtronic
89.41
0.23
0.26%
SYK
Stryker
345.81
-27.00
-7.24%
ZBH
Zimmer Biomet Holdings
97.78
-2.98
-2.96%
Boston Scientific Corporate Events
Business Operations and Strategy
Boston Scientific Launches 2026 Global Restructuring Plan
Neutral
Jul 27, 2026
On July 21, 2026, Boston Scientific’s board approved a new global restructuring program, the 2026 Restructuring Plan, aimed at driving sustained cost efficiencies and supporting continued growth by realigning its structure and resources with...
Business Operations and StrategyPrivate Placements and Financing
Boston Scientific Invests in MiRus to Expand TAVR Portfolio
Positive
May 18, 2026
On May 18, 2026, Boston Scientific said it invested $1.5 billion for roughly a 34% non‑voting stake in MiRus, a private developer of biomaterials and implants, and secured an exclusive option to buy MiRus’s SIEGEL balloon‑expanda...
Business Operations and StrategyStock BuybackFinancial Disclosures
Boston Scientific Launches $2 Billion Accelerated Share Repurchase
Positive
May 18, 2026
Boston Scientific on May 18, 2026, entered into a $2 billion accelerated share repurchase agreement with JPMorgan Chase as part of its previously announced $5 billion buyback program, initially receiving about 30.4 million shares based on the May ...
Executive/Board ChangesShareholder Meetings
Boston Scientific Shareholders Approve Directors and Governance Changes
Positive
May 5, 2026
Boston Scientific held its 2026 annual meeting of stockholders on April 30, 2026, in a virtual-only webcast format, where shareholders elected all 10 director nominees to one-year terms and approved, on an advisory basis, the compensation of the c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.