Boston Scientific (BSX) Wolfe Research Healthcare Conference 2025 summary

Key growth drivers and clinical trial insights

• Watchman growth is driven by positive real-world data, expanded indications, and increased concomitant procedures with ablation, especially after the Option trial and improved CMS coverage.

• Recent trials (Closure, PROG-17, OSHN, Alone) show that Watchman remains effective, with negative results in Closure attributed to older devices and high-risk populations, not current-generation Watchman Flex.

• Low-risk patients post-ablation do not impact Watchman growth, as current Watchman candidates are higher risk; new data encourages more ablations and supports diagnostics and EP growth.

• Champion trial results are expected in the first half of 2026, with potential to expand Watchman to first-line therapy pending label and reimbursement changes.

• Concomitant Watchman and ablation procedures are expected to reach 25% of implants by end of 2025, with bidirectional growth between Watchman and ablation portfolios.

Ablation and mapping technology advancements

• FARAPulse PFA is seeing high adoption in the U.S., with penetration likely above 50% for de novo ablations, and single-digit redo rates at one year.

• The market is shifting toward more de novo ablations, similar to the historical shift in coronary interventions with stents.

• Opal mapping system is purpose-built for PFA, offering superior catheter visualization, field tagging, and cost-effective procedures, especially as ablations move to ambulatory surgical centers.

• Competition in PFA is seen as a rising tide, with FARAPulse focused on the larger de novo market, while competitors target redo cases.

• Acquisition of Cortex and development of AI-based mapping aim to further improve outcomes, especially in complex redo cases.

Broader innovation and portfolio highlights

• Ultrasound-based renal denervation technology is positioned as safer due to natural blood flow cooling and unique catheter stabilization, differentiating from balloon-based competitors.

• Agent drug-coated balloon has seen a successful launch and is a key growth product.

• Intravascular lithotripsy (Bolt) is entering the market for calcified coronary lesions, competing with established players.

• Endoluminal bariatric surgery devices are FDA cleared and well positioned to benefit from increased focus on obesity treatment.

• Interventional oncology and embolization, particularly Y90 beads for solid tumors, are highlighted as long-term growth opportunities.