BSX – Market expectations are for Uniform ROA declines, but management is confident about their growth, portfolios, and WATCHMAN FLX

• Boston Scientific Corporation (BSX:USA) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with an 18.2x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is confident about their operational revenue growth, brain modulation, SCS portfolios, and the potential of WATCHMAN FLX
  
  

• Specifically, management is confident that they had 11.1% operational revenue growth, which was broad-based across business and regions, that they remain bullish on their pain and brain modulation portfolio, and that their Vertiflex acquisition complements their RF ablation and SCS portfolio. Moreover, they are confident that WATCHMAN FLX has improved their share-taking capabilities in Europe that is set to launch in the United States in the second half of the year and has the confidence of physicians who use it. In addition, they are confident that their organic growth revenue range of 6.5%-8.5% includes their ability to recapture some lost procedure volume in China