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Boston Scientific Corp BSX

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Boston Scientific Gets Off to Fast Start in 2021 as Delayed Procedure Volume Returns

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Narrow-moat Boston Scientific got off to a fast start in the first quarter, and we plan to slightly raise our fair value estimate after incorporating a quicker resumption of procedure volume, especially in endoscopy, urology, and peripheral interventions, through the rest of this year. We also note that the firm has made significant progress on its recovery of profitability with operating leverage now moving in a positive direction. Boston’s quarterly operating margin of 13% puts it very close to the last prepandemic period in 2019. All of this reassures us that delayed procedures should be coming back, with some geographies moving faster than others depending on vaccination penetration, viral transmission, and the lifting of distancing measures.

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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 Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 38,000