Boston Scientific (BSX) TD Cowen 46th Annual Health Care Conference summary

Growth outlook and financial guidance

• Maintaining 10-11% growth guidance for 2024 and 2026, with 50-75 bps margin improvement and double-digit EPS, aiming to outperform high-end peer group WAMGR.

• Confident in sustaining above-market growth due to a strong, diversified business mix and successful execution across business units.

• Margin improvement expected from operational efficiencies, supply chain investments, and favorable business mix, with gross margins stable and gains driven by OpEx and SG&A.

• Geopolitical risks in the Middle East impact only about 1% of revenue, with limited expected disruption.

Electrophysiology (EP) and PFA leadership

• Expect to maintain global leadership in PFA ablation catheters, with the FARAPULSE platform leading in user-friendliness and safety.

• U.S. PFA market projected to grow 10%+ in 2026, with the segment where FARAPULSE plays growing closer to 20%.

• Continued innovation with new products like FARAPOINT and FARAWAVE Ultra, and expansion of mapping and ancillary technologies.

• Strong presence in low-volume and non-academic centers, with FARAPULSE often among the top platforms adopted.

WATCHMAN and CHAMPION-AF trial

• WATCHMAN is the market leader in left atrial appendage closure, with upcoming CHAMPION-AF trial results at ACC expected to be a major milestone.

• Positive trial results could expand WATCHMAN from a niche to a first-line therapy, potentially quadrupling the addressable patient population.

• Immediate impact expected in reinforcing current indications, with broader adoption dependent on future guideline and coverage changes.

• Recent trials (CLOSURE-AF, OCEAN-AF) seen as supportive for high-risk patients and ablation, with little negative impact on WATCHMAN's outlook.