Boston Scientific Earnings: Farapulse Drives Impressive Start to 2024

Boston Scientific saw a fast start to 2024 thanks to the much-anticipated launch of its new pulsed field ablation, or PFA, platform for atrial fibrillation, or AF. With both Farapulse PFA and the Watchman franchise performing so strongly, we’ve raised our fair value estimate to $70 per share, up from $61, to reflect our more optimistic expectations for cardiology in the 2024-26 time frame. First-quarter revenue grew 15% in constant currency, fueled by strength in cardiology and peripheral interventions. With key products growing faster than the medical device market and the impending acquisition of Axonics, Boston is well positioned to accelerate growth through the midterm and reinforce the intangible assets supporting its narrow economic moat.