Boston Scientific Returns to Growth as Pandemic Recedes in U.S.; Raising Our Fair Value Estimate

Boston Scientific has solidified its footing as one of three major cardiac device makers and significantly improved its innovation and operational chops. We think the firm's ability to emerge strongly from nearly a decade of acquisition and management upheaval underscores just how tough a competitor Boston is as well as how difficult it is for any new competitors to establish a foothold in these highly consolidated device markets. Under CEO Michael Mahoney, the firm has focused on introducing meaningful innovation and leveraging its historically formidable sales and marketing resources.