BSX changes
Pick any two versions below to diff them.
- Price
- $41.98 → $45.13(+7.5%)
- Discount category
- Below intrinsic value → Close to intrinsic value
- Balance sheet
- Cash: removed: $539M added: $609M Debt: removed: $12.6B added: $12.0B Net debt: removed: $12.1B added: $11.3B Interest cover: removed: 12× added: 11× Debt due within 12 months: removed: $1.7B added: $1.0B Boston Scientific funds itself with senior notes, commercial paper and bank facilities. At removed: June added: September 30, 2026, debt was removed: $12.62 added: $11.95 billion: removed: $1.71 added: $1.04 billion of current debt, which included removed: $1.69 added: $1.03 billion of commercial paper, and removed: $10.92 added: $10.91 billion of long-term debt. Cash was removed: $539 added: $609 million, down from $1.97 billion at December 31, 2025, after the $2 billion share repurchase and the $1.5 billion investment in MiRus. Interest cover is operating income divided by interest expense for the first removed: half added: nine months of 2026. The covenant leverage ratio, total debt to EBITDA as the credit agreements define it, was removed: 2.02 added: 1.95 times against a limit of removed: 4.00 added: 3.75 times. added: The limit rises to 4.75 times for four quarters after an acquisition of more than $1 billion. For the Penumbra purchase, the company signed a $6.0 billion term loan agreement and a $2.0 billion 364-day revolving credit agreement on February 26, 2026; it can draw the term loans only at closing. removed: On added: It plans to pay about $11.0 billion of the removed: Q3 2026 call on October 28, 2026, management said that added: Penumbra price with cash removed: was $609 million and added: new debt, and the removed: gross debt leverage ratio was 1.9 times at September 30, 2026, as a press transcript reports. The Q3 2026 Form 10-Q was not filed on October 28, 2026, added: rest with its own shares, so added: debt will rise when the removed: other figures here are from June 30, 2026. added: deal closes. As of removed: Jun added: Sep 30, 2026.
- Recent events
- added: Nov 2, 2026: Boston Scientific said that the SIMPLAAFY trial of the WATCHMAN FLX Pro device met its primary endpoints at six months. The trial had 1,857 patients in the US. After the implant, aspirin alone and a reduced dose of an oral anticoagulant alone each were non-inferior to dual anti-platelet therapy, with less bleeding and the same ischemic stroke rate of 0.7%. These single-drug regimens are not yet approved for the device. Oct 28, 2026: Boston Scientific reported Q3 2026 results. Net sales grew 1.5% to $5.138 billion, on a reported and an organic basis. Adjusted EPS was $0.73, down from $0.75. The company cut its 2026 guidance to organic sales growth of about 3.75% and adjusted EPS of $3.16 to $3.18, and it expects Q4 2026 sales to fall 1% to 3%. On the call, as a press transcript reports, management said that the cyber incident cut Q3 sales growth by about 300 basis points, that U.S. electrophysiology sales fell 8% and U.S. WATCHMAN sales fell 7%, and that it now expects the Penumbra purchase to close in early 2027. It also said that 2027 will be the low point of the cycle. Oct 7, 2026: Boston Scientific promoted Joe Fitzgerald, head of the Cardiovascular group, to Chief Operating Officer from January 1, 2027. From that date, it will report three segments: Interventional Therapies, which will include Penumbra after closing, Rhythm Solutions and MedSurg. added: Oct 2, 2026: Boston Scientific agreed with funds managed by Blackstone Life Sciences that they co-fund the development of VITALYST, a temporary heart pump for patients in cardiogenic shock after a heart attack. Boston Scientific can receive up to $455 million until US approval and records it as lower research and development expense. After approval, the funds can receive milestone payments of up to 2.5 times the money that they paid, and royalties on sales. The company disclosed the agreement in its Q3 2026 quarterly report. Sep 21, 2026: Arthur Butcher, Executive Vice President and Group President of MedSurg and Asia Pacific, told the company that he will retire from that role on January 1, 2027. Sep 8, 2026: Boston Scientific said that the cybersecurity incident will likely have a material impact on Q3 and full-year 2026 results, and that it will likely miss its sales growth and adjusted EPS guidance. Distribution centers shipped at or above normal levels again, and manufacturing restarted at most sites. The company will update its outlook on October 28, 2026. Aug 25, 2026: Boston Scientific found a cybersecurity incident that caused a global disruption of its operations, including its ability to process and ship customer orders. Jul 29, 2026: Boston Scientific reported Q2 2026 results. Net sales grew 7.5% to $5.442 billion, and organic growth was 7.0%. Adjusted EPS was $0.86. It lowered its 2026 guidance to organic sales growth of 5% to 6% and adjusted EPS of $3.28 to $3.32, and guided Q3 organic growth of 3% to 5%. It completed a $2 billion accelerated share repurchase of about 40 million shares. Jul 21, 2026: The board approved a 2026 restructuring plan. It expects pre-tax charges of $700 million to $800 million through 2029 and gross annual savings of about $500 million. May 18, 2026: Boston Scientific invested $1.5 billion for about 34% of MiRus, with an option to buy its SIEGEL TAVR valve business for $3 billion more. It also started a $2 billion accelerated share repurchase. May 6, 2026: Penumbra stockholders approved the purchase by Boston Scientific. The FTC asked for more information on March 16, 2026, and the review continues.