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Boston Scientific Corp BSX

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Morningstar’s Analysis

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Economic Moat




Boston Benefits From Quick Return to Procedure Growth in 2Q; Raising Our Fair Value Estimate

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Though second-quarter results were clearly depressed by the COVID-19 crisis, Boston Scientific also saw relatively robust return of demand for its products through May and June, and we’re raising our fair value estimate to $33 per share, after adjusting our near-term expectations upward. As we’ve seen with other cardiac device makers, these cardiac rhythm, interventional cardiology, and structural heart procedures have staged a fairly strong return as states began to reopen. We continue to expect improving volume through the second half of 2020, though there may be some geographic areas within the U.S. that may rachet back on non-pandemic related procedures if hospitals reach capacity with COVID-29 patients. We stand behind Boston’s narrow moat rating and see little to change our view of the firm’s competitive advantages.

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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 tests, 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, 2020
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 36,000