In line / mixed
The quarter showed resilient core growth, while WATCHMAN remained weak and the 2027 recovery discussion became more cautious.
BSXHealth CareHealth Care Equipment
Boston Scientific
A widely anticipated annual cut produced little incremental downside after a severe year-to-date derating.
ResultIn line / mixedGuidanceLoweredEnvironmentmixed
Latest eventQ2 202629 Jul 2026Open full analysis
Latest quarter
The investment read-through
Lowered
Boston Scientific lowered 2026 expectations and tempered the 2027 setup, but the reset was close to already reduced buyside assumptions.
No clear inflection
Boston Scientific lowered 2026 expectations and tempered the 2027 setup, but the reset was close to already reduced buyside assumptions.
Qualitative
The shares were near flat because the bad news was priced; the 2027 caution prevented a stronger rebound.
Latest narrative
What the market is now debating
The market is now looking past the current year to the credibility of a 2027 growth reacceleration.
Market environment deltaEnvironmentmixed
A widely anticipated annual cut produced little incremental downside after a severe year-to-date derating.
- Demand
- Demand remained strong outside WATCHMAN, where referral behavior had not stabilized.
- Supply
- The product pipeline was intact and supply was adequate; launch timing and clinical adoption drove the bridge.
- Competition
- PFA competition and the unresolved WATCHMAN market limited the premium.
Industry-specific KPIs
What this company should be judged on
Organic sales growthProcedure growthProduct launchesAdjusted marginEPS
Latest KPI read-through
Boston Scientific lowered 2026 expectations and tempered the 2027 setup, but the reset was close to already reduced buyside assumptions.
[AS-ME-088]Eight-event history
Guidance and narrative timeline
8
29 Jul 2026
Q2 2026
GuidanceLoweredEnvironmentmixed
A widely anticipated annual cut produced little incremental downside after a severe year-to-date derating.
GuidanceBoston Scientific lowered 2026 expectations and tempered the 2027 setup, but the reset was close to already reduced buyside assumptions.NarrativeThe market is now looking past the current year to the credibility of a 2027 growth reacceleration.
Q2 2026Full analysis→
7
22 Apr 2026
Q1 2026
GuidanceMixed / newly framedEnvironmentmixed
A feared guidance cut de-risked the year and produced a relief rally, but WATCHMAN weakness made the recovery fragile.
GuidanceThe annual framework incorporated a slower growth profile without breaking the long-term portfolio case.NarrativeThe narrative shifted from electrophysiology share alone to a second franchise needing a visible bottom.
Q1 2026Full analysis→
6
04 Feb 2026
Q4 / FY2025
GuidanceRaisedEnvironmentworsening
Flat sequential US electrophysiology performance crystallized the share-loss fear embedded in a premium multiple.
GuidanceThe 2026 guide left less room for the high end of consensus and increased dependence on future WATCHMAN and product-cycle recovery.NarrativeThe market moved from valuing category creation to demanding proof of share retention.
Q4 / FY2025Full analysis→
5
22 Oct 2025
Q3 2025
GuidanceMixed / newly framedEnvironmentmixed
WATCHMAN acceleration and an above-Street fourth-quarter guide provided relief, but a narrower electrophysiology surprise capped the move.
GuidanceThe fourth-quarter organic-sales guide exceeded consensus and preserved the annual growth narrative.NarrativeThe narrative rotated from broad hypergrowth to whether the two largest franchises could take turns supporting estimates.
Q3 2025Full analysis→
4
23 Jul 2025
Q2 2025
GuidanceRaisedEnvironmentimproving
A broad beat and a guidance increase larger than the quarterly surprise reinforced estimate momentum.
GuidanceManagement raised the annual outlook by more than twice the quarterly dollar beat, implying confidence in the second half.NarrativeThe market accepted the growth rate and shifted its attention to share durability and valuation.
Q2 2025Full analysis→
3
23 Apr 2025
Q1 2025
GuidanceRaisedEnvironmentimproving
Boston Scientific raised growth through a tariff shock, reinforcing the resilience premium.
GuidanceThe company lifted 2025 organic growth by about two percentage points while absorbing roughly $200 million of tariff cost.NarrativeExecution through tariffs strengthened the premium-quality narrative.
Q1 2025Full analysis→
2
05 Feb 2025
Q4 / FY2024
GuidanceMixed / newly framedEnvironmentimproving
A clean beat and above-consensus 2025 growth plan validated the operating story but produced only modest upside at a high multiple.
GuidanceInitial 2025 organic growth was above Street expectations and supported further target-price increases.NarrativeThe narrative became an execution and valuation debate rather than a demand debate.
Q4 / FY2024Full analysis→
1
23 Oct 2024
Q3 2024
GuidanceMixed / newly framedEnvironmentimproving
A broad beat-and-raise was temporarily obscured by a clinical-trial pause unrelated to commercial demand.
GuidanceThe full-year organic-sales increase exceeded the dollar value of the quarterly beat, signaling confidence in the exit rate.NarrativeThe market moved from launch proof to durability of the 2025 electrophysiology growth rate.
Q3 2024Full analysis→