Boston Scientific Corp

BSX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$51.00	Ktsldn	Dzjgbgzqn

Boston Scientific Earnings: New Product Cycles and Medical Utilization Drove Strong Results

Debbie S. Wang

Jul 27, 2023

Narrow-moat Boston Scientific’s second-quarter results demonstrated similar strength as the double-digit growth seen in the previous quarter, and we plan to modestly raise our fair value estimate on slightly higher 2023 and 2024 projections. Boston delivered top-line growth in the double digits again, with quarterly operational revenue growth of 12% fueled by endoscopy, cardiology, and peripheral intervention. Boston kept a tight rein on expenses in the second quarter, with manufacturing and R&D expense falling slightly short of our expectations, but this was offset by slightly higher-than-expected SG&A.

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