# Boston Scientific Corp. (BSX) — Stock CV

Boston Scientific Corp. is a $61.8B healthcare company. Revenue grew 13.5% over the last year, it keeps 17¢ of every dollar of sales as profit, and its net debt equals ~2.6 years of free cash flow. It trades at 16.9× earnings — near the lowest of its own history.

> Boston Scientific focuses on less invasive medical devices that are inserted into the human body through small openings or cuts.

## Identity

- **Ticker**: BSX
- **Sector**: Healthcare
- **Industry**: Medical Devices
- **Headquarters**: MARLBOROUGH, MA
- **Employees**: 59 000
- **Website**: https://www.bostonscientific.com
- **Market cap**: $61.8B
- **Last price**: $42.62
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $21.0B
- **Net income**: $3.67B
- **Free cash flow**: $3.63B
- **Net debt**: $9.47B
- **P/E**: 16.9
- **Revenue growth (YoY)**: 13.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 85 |
| Growth | 65 |
| Profitability | 64 |
| Health | 67 |
| Quality | 84 |
| Moat | 48 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +13.5% YoY
- [x] Profitable — $3.67B TTM
- [x] Profit growing — +58.7% YoY
- [x] Generates cash — $3.63B TTM
- [x] Debt under control — ~2.6y of cash flow to repay
- [x] Established company — $61.8B market cap
- [x] Not printing shares — +5.5% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [x] Financially stable — Altman Z 2.6 — grey
- [ ] Pays a dividend — none
- [x] Valuation not extreme — P/E 16.9

## Experience (career milestones)

- **Q3 2026** — 6 open-market insider purchases: ~197K shares bought by insiders
- **FY2019** — Revenue crossed $10B: $10.7B for the year
- **FY2019** — Positive free cash flow every year since: 7-year streak
- **FY2019** — Best year on record: $4.70B net income
- **FY2016** — First recorded profitable year: $347M net income
- **FY2016** — Revenue already above $1B: $8.39B in first reported year
- **2016** — Boston Scientific acquired EndoChoice, located in Alpharetta, Georgia
- **2014** — Boston acquired hysteroscopic intrauterine tissue removal specialist, IoGyn, Inc
- **2011** — Boston acquired Atritech, Inc., for $100 million, plus up to $275 million in additional potential…
- **2010** — Four years later, in 2010, when moving its heart-rhythm business from its acquisition of Guidant, Boston Scientific…
- **Apr 21, 2006** — BSC acquired Guidant for $27.2 billion
- **2005** — BSC exercised an exclusive option to acquire TriVascular, Inc., for an undisclosed sum and renamed it…
- **2004** — The company announced that it had exercised an exclusive option to acquire Precision Vascular…
- **Nov 3, 1998** — Boston Scientific restated its financial results for 1997
- **May 19, 1992** — Boston Scientific launched an initial public offering of 23.5 million shares, of which 18.8 million…
- **1965** — Little think tank in Cambridge, Massachusetts, and ran a contract research company from his rented house in Belmont,…

## Strengths

- High gross margin (69.5%)
- Revenue growing 13.5% year over year
- Strong cash conversion — FCF is 17.3% of revenue
- Interest covered 18.5× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Loss-making in 1 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $11.9B | $985M | $1.32B |
| FY2022 | $12.7B | $642M | $938M |
| FY2023 | $14.2B | $1.57B | $1.79B |
| FY2024 | $16.7B | $1.85B | $2.65B |
| FY2025 | $20.1B | $2.90B | $3.66B |

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Source: https://stockcv.com/BSX — derived from company filings; may be delayed or incomplete. Information, not investment advice.