Boston Scientific (BSX) 2024 Wells Fargo Healthcare Conference summary

Strategic growth and portfolio outlook

• Achieving 13%-14% organic growth in 2024, with strong momentum expected over the next five years driven by portfolio choices and category leadership in large, high-growth markets like EP and Watchman.

• All global regions are growing double digits, with accretive margins in Endo, Uro, PI, and strong performance in interventional oncology and cardiology.

• Ongoing tuck-in M&A strategy remains active, with Axonics and Silk Road deals integrating in 2025 and a robust VC portfolio expected to mature over the next 12–36 months.

• No LRP update planned for 2024; next update likely in 2025, maintaining a focus on consistent, above-peer growth and margin improvement.

• Operating margin expansion targeted at 50–70 basis points in 2024, balancing reinvestment and bottom-line growth.

Electrophysiology (EP) and FARAPULSE

• EP business is rapidly expanding, with potential to become the largest division, driven by 20%+ market growth and disruptive PFA technology.

• FARAPULSE adoption is exceeding expectations, with 40%-60% global penetration by 2026 considered conservative; technology enables higher lab throughput and efficiency.

• Mapping integration for EP is expected in the second half of 2024, with a focus on simplifying workflows and neutralizing competitors' installed base advantages.

• Ambitious goal to move from #3 to #2 in EP market share, with portfolio expansion and continued execution over the LRP.

• Global expansion in China and Japan is underway, with Japan expected to ramp faster due to market maturity and reimbursement.

WATCHMAN, clinical trials, and market expansion

• WATCHMAN continues to drive growth, with the OPTION trial data expected at AHA 2024 and concomitant subgroup data in early 2025.

• Positive OPTION results could enable patients to discontinue anticoagulation post-ablation, improving patient outcomes and workflow efficiency.

• New DRG for concomitant procedures goes live in October, supporting hospital economics.

• Market CAGR for LAC expected to sustain at 20% through 2030, with CHAMPION trial potentially accelerating growth.

• CHAMPION data expected in first half of 2026, with similar risk profiles anticipated between OPTION and CHAMPION populations.