Boston Scientific stands out with one of the most exciting product pipelines in the medical technology industry. The core thesis centers on two transformative platforms: the FARAPULSE (PFA) system for electrophysiology and the Watchman left atrial appendage closure device for stroke prevention in atrial fibrillation patients. Global PFA penetration is expected to expand from current levels to roughly 50% by year-end 2025 and reach approximately 80% by 2028, positioning Boston Scientific as a potential market share leader not just in PFA but across the broader electrophysiology market. The company delivered Q3 2025 results with 15.3% organic revenue growth (beating guidance of 12–14%) and raised full-year 2025 organic growth guidance to approximately +15.5% and adjusted EPS guidance to +20–21% YoY. Management has outlined long-range targets through 2028 of 10%+ average organic revenue growth, ~50 basis points of annual operating margin expansion, leveraged double-digit EPS growth, and 70–80% free cash flow conversion.​

Fitch upgraded the company’s credit rating to A- in early 2025, underscoring balance sheet strength. Key risks include elevated valuation (forward P/E at 30x), but the stock has been coiling sideways all throughout 2025 as the high multiple was digested slowly. We believe this period could be ending in the coming months, with a big breakout in 2026. Another key risk is potential competitive pressures in PFA from larger players, and macro-driven rotation away from growth names that has recently weighed on shares. However, we view the recent pullback (stock trading ~8.5% below its 52-week high of $109.50) combined with largely sideways price action for the past 12 months while earnings per share continue to compound as an attractive setup heading into 2026 given continued product momentum and margin leverage. For investors seeking MedTech exposure with above-market growth and visible earnings drivers through the end of the decade, Boston Scientific offers a compelling combination of innovation-led revenue acceleration and improving profitability.