Boston Scientific (NYSE: BSX) announced on February 21, 2025, that its wholly-owned financial subsidiary, American Medical Systems Europe B.V. ("AMS Europe"),Priced €1.5 billion (approximately RMB 11.377 billion) worth of notes (a form of bond issuance).

The proceeds from this offering, together with the company's cash on hand, will be used forDebt repayment, working capital, and potential future acquisitions.

As of February 21, the latest share price of Boston Scientific was $104.49 per share, with a total market value of $154 billion, reaching a high point since its listing.

PFA's Performance Surges 172%

The notes issued this time are divided into two tranches: one with a total principal amount of 850 million euros, an interest rate of 3.000%, and maturing in 2031; the other with a total principal amount of 650 million euros, an interest rate of 3.250%, and maturing in 2034. The notes will be fully and unconditionally guaranteed by the company.

This offering is expected to close on February 26, 2025, subject to customary closing conditions. The Company intends to use the net proceeds from this offering, together with cash on hand, to repay the 0.750% Senior Notes due March 8, 2025, issued by AMS Europe, and to pay any accrued and unpaid interest related to such notes, as well as for general corporate purposes, which may include short-term investments, reducing short-term debt, funding working capital, and financing potential future acquisitions.

Shortly before this issuance of bills, Boston Scientific announced its financial results for the fourth quarter and full year of 2024. According to Mike Mahoney, Chairman and Chief Executive Officer of the company:"2024 is one of the best years in Boston Scientific's history, thanks to our innovative product portfolio, the launch of the FARAPULSE™ Pulsed Field Ablation System, and significant clinical achievements and commercial excellence across businesses and regions."

For the full year 2024, the company's net sales were $16.747 billion, representing a 17.6% increase in net sales based on financial reporting., operational growth of 18.5%, organic growth of 16.4%. The company reported that GAAP net income attributable to Boston Scientific Corporation common shareholders was $1.853 billion or $1.25 per share, compared to $1.570 billion or $1.07 per share for the same period last year. Adjusted earnings per share for the full year were $2.51, compared to $2.05 a year ago.

In the fourth quarter of 2024, the company reported net sales of $4.561 billion. Compared with the same period last year, the company's sales based on financial reports increased by 22.4%., higher than the company's forecast range of 16.5%-18.5%; operational sales increased by 23.1%; organic net sales grew by 19.5%, surpassing the company’s forecast range of 14%-16%.

Mahoney said on the earnings call that the Farapulse pulsed field ablation system had achieved "significant" growth.And pointed out that Farapulse achieved global sales exceeding 1 billion US dollars within a year.

With this as the growth engine,In the fourth quarter of 2024, its electrophysiology business achieved a year-on-year growth rate of up to 172%.

According to Mahoney's introduction at this year's J.P. Morgan Healthcare Conference,In 2024, approximately 20% of global atrial fibrillation cases were treated with PFA. The company expects this proportion to surge to 60% by 2026.

Apart from the U.S. market, Boston Scientific plans to increase promotional efforts in China and Japan in the future. It is expected that,This business will maintain a high growth rate of around 20% for at least three years.

$1.18 Billion to Acquire the World's Only TCAR Minimally Invasive Platform

In September 2024, Boston Scientific completed the acquisition of Silk Road Medical for approximately $1.18 billion, expanding its products and services in the vascular medical field.According to reports, Silk Road's product is the only commercially available device for Transcarotid Artery Revascularization (TCAR), a minimally invasive procedure used to treat patients with carotid artery disease.

The platform can temporarily reverse blood flow direction when patients need stents to clear plaque-blocked vessels, thereby directing potential dangerous clots away from the brain and reducing the risk of stroke.

ENROUTE® Transcarotid Neuroprotection System

The core technology of the TCAR system platform —— ENROUTE® Transcarotid Neuroprotection System —— was approved by the U.S. Food and Drug Administration (FDA) in 2015 and is, to date, the only commercially available device for minimally invasive TCAR procedures.

During the surgery, the doctor makes a small incision in the neck, inserts a tubular sheath, and connects it to the ENROUTE Neuroprotection System to temporarily reverse blood flow and prevent plaque debris. Then, the doctor places a stent at the site of the blockage to stabilize the plaque and achieve long-term stroke prevention.

$3.7 Billion for Sacral Neuromodulation Layout

In November 2024, Boston Scientific announced the completion of the $3.7 billion acquisition of Axonics, a manufacturer of sacral nerve stimulation therapy.

Axonics, known for its neuromodulation systems, has long been regarded as a strong competitor to Medtronic. The global sacral neuromodulation market is currently significantly underpenetrated. Medtronic currently dominates this field, while Axonics holds a 27% market share.

The company has developed the world's first rechargeable sacral nerve modulation system for the treatment of bladder and bowel dysfunction, allowing patients to control symptoms without medication. It is the first company globally to overcome the miniaturization challenges of implantable electrode stimulation devices. Axonics' third-generation rechargeable device, the Axonics R15™, launched in 2021, only requires charging once a month for about an hour each time and needs replacement approximately every 15 years, representing a significant technological advancement over existing products in this field.

Overactive Bladder (OAB) and fecal incontinence significantly impact quality of life, mental health, sleep, productivity, and social activities. SNM therapy is a minimally invasive surgical procedure used to treat OAB and fecal incontinence. It works by delivering mild electrical pulses to the sacral nerves to restore communication between the brain and the bladder.

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In addition to the remarkable performance boost achieved by the Farapulse Pulsed Field Ablation System, Boston Scientific has successively tapped into high-growth potential markets last year, demonstrating strong momentum. The issuance of this large-scale note will provide Boston Scientific with a more abundant cash flow. So, in the coming year, where will Boston Scientific focus its attention? Instrument Home will continue to follow up.

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