Demographic Trends - The global population is aging rapidly, with life expectancies increasing and birth rates declining, leading to a demographic imbalance in both developed and emerging economies [1] - By 2030, one in six individuals globally will be over 60, and by 2050, this figure is expected to reach 2.1 billion, with 80% residing in low- and middle-income countries [2] Healthcare Market Dynamics - The global geriatric care market was valued at approximately $1.2 trillion in 2025, up from around $1 trillion in 2022, driven by the rising prevalence of chronic conditions among older adults [3] - There is a growing demand for pharmaceuticals, medical devices, home-based care, and digital health solutions tailored for aging populations [3] Company Strategies - Healthcare companies like Boston Scientific, AbbVie, Amgen, and Dexcom are enhancing operational efficiency to expand their presence in the Seniors & Aging Demographics domain [4] - Pharmaceutical companies are focusing on developing treatments for chronic conditions prevalent in older adults, particularly in immunology, oncology, and neurodegenerative diseases [5] Investment Opportunities - The Healthcare Real Estate Investment Trust (Healthcare REIT) sector is gaining attention, with companies like Community Healthcare Trust and CareTrust REIT focusing on specialized healthcare real estate for the aging population [6] - Digital health solutions, AI-driven diagnostics, and home-based monitoring systems are creating new revenue opportunities for healthcare firms [5] Company Highlights - Boston Scientific has developed devices like the WATCHMAN and SYNERGY systems, catering to the needs of elderly patients [8] - AbbVie is expanding its focus on the aging demographic through strategic acquisitions and partnerships, including the acquisition of Aliada Therapeutics for Alzheimer's treatment [10][11] - Amgen is advancing its R&D pipeline with a focus on elderly-targeted medicines, including osteoporosis treatments and obesity drugs [13][14][15] - Dexcom is enhancing its continuous glucose monitoring systems for seniors, including the launch of the Stelo system, which is designed for ease of use [16][17]

Core Insights - Emerging markets are crucial for Boston Scientific Corporation's (BSX) growth strategy, with a 9.8% year-over-year operational sales growth in Q1 2025 despite geopolitical challenges [1][8] - The medical device industry is experiencing strong growth opportunities in emerging markets, driven by trends such as preventive healthcare and digital health adoption [2] - Boston Scientific's sustained investment and localized strategies position it well to capture future growth in these high-potential regions [3] Emerging Market Performance - BSX's emerging market operations delivered robust sales growth of approximately 9.8% year over year in Q1 2025, supported by favorable economic trends and expanding healthcare infrastructure [1][8] - India’s medical device market is projected to grow from $15.35 billion in 2023 to $20.51 billion by 2029, reflecting a CAGR of 5.35% [2] - China and Brazil are highlighted as key markets due to their large populations and expanding economies, with Southeast Asian countries also gaining importance [2] Competitive Landscape - Competition in emerging markets is intense, with Abbott Laboratories and Medtronic actively expanding their global reach [4] - Abbott's Established Pharmaceuticals Division, focused on emerging markets, reported high single-digit organic growth in Q1 2025, driven by strong demand across Asia, Latin America, and the Middle East [5] - Medtronic generated nearly 49% of its revenues from international markets, with mid-single-digit growth in its emerging market business, particularly in India and Southeast Asia [6] Financial Performance - BSX shares have increased by 35.8% over the past year, outperforming the industry growth of 9.6% and the S&P 500's growth of 12.2% [7][8] - The company trades at a forward price-to-earnings ratio of 33.69, which is above the industry average of 21.73 [9] - The Zacks Consensus Estimate for BSX's earnings has been rising, indicating positive sentiment among analysts [10]

在心血管领域的治疗方面，过去临床上很多疗法都是姑息治疗，例如心衰或者严重的瓣膜疾病，很多时候患者来就医时，疾病已经发展到终末期了，没有很 好的治疗方法。 在PCI治疗诊断领域，血管内超声（IVUS）有"黄金眼"之称，对于优化医生在PCI治疗中的评估起到关键作用。借助于人工智能技术的发展，IVUS系统的诊 断精准性得到了进一步的提升。 5月31日，波士顿科学公司用于冠心病诊疗的IVUS诊断系统AVVIGO+正式发布，该系统具备人工智能辅助血管评估功能，可自动实现关键步骤的操作实 施，并提供直观、精确的血管测量数据，显著缩短操作时间。波士顿科学公司数据显示，相比于上一代血管内超声诊断系统，新一代系统可以减少62%的操 作时间。 此外，该系统同时整合了血流储备分数（FFR）和舒张期无充血比率（DFR）测量功能，能帮助评估冠状动脉内部阻塞和狭窄的严重程度，为精准治疗提供 决策依据。 在第十九届东方心脏病学会议OCC 2025（下称：东方会）上，包括全球首款介入主动脉预装干瓣、新一代血管内超声（IVUS）诊断系统、全球首款长效 PCSK9单抗在内的多款创新医疗器械和药品正式发布上市，为心血管疾病诊疗带来创新解决方案。 ...

Industry Overview - The medical device industry is central to delivering effective healthcare outcomes through advanced technology and engineering [1] - Key innovations include minimally invasive surgical tools, wearable technologies, and enhanced robotic capabilities [1] Company Highlights - Several standout companies are leading the advancements in the medical device sector [1]

Core Viewpoint - Boston Scientific has announced its exit from the global heart valve business due to increasing regulatory approval challenges in various countries [1] Company Summary - Boston Scientific's transcatheter aortic valve replacement (TAVR) device, ACURATE neo2, received approval in China last year [1] - Industry experts indicate that Boston Scientific's TAVR product failed to meet the primary objective of being non-inferior to other already marketed TAVR devices [1] - The company stated that the resources required to meet regulatory approval requirements hindered further investment [1] Industry Summary - With Boston Scientific's exit, the main foreign competitors in the TAVR market in China are now limited to Edwards Lifesciences and Medtronic [1] - Domestic manufacturers hold a larger market share in the TAVR market in China following Boston Scientific's withdrawal [1]

Core Viewpoint - Boston Scientific has announced the global withdrawal of its TAVR valve ACURATE series (ACURATE neo2™ and ACURATE Prime™) just three months after its commercial launch in China, indicating significant regulatory challenges and market dynamics [1][2]. Company Summary - The ACURATE series was considered a key player in Boston Scientific's strategy within the structural heart disease sector, competing with leading companies like Edwards Lifesciences and Medtronic [2]. - The ACURATE neo2 has been launched in over 60 countries, serving more than 80,000 patients globally [2]. - The decision to withdraw the product was influenced by discussions with regulatory bodies, which indicated that higher clinical and regulatory standards would be required for continued use in approved markets and for new market approvals [1]. Industry Summary - The TAVR market is characterized by high entry barriers and concentrated competition, with Edwards Lifesciences holding a 57.9% market share and Medtronic at 28.5%, together accounting for over 85% of the market [2]. - In China, the penetration rate for TAVR procedures is low, with only 25.83% of the 604 hospitals qualified to perform TAVR actually conducting the procedures, and about 73% of these surgeries occurring in the top 20 hospitals [2]. - Domestic brands, such as Qiming Medical and Xintong Medical, dominate the TAVR market in China, with a combined market share of approximately 80% in terms of implant volume [3].

Core Viewpoint - Boston Scientific has announced the termination of its global sales of transcatheter aortic valve replacement (TAVR) products due to stricter regulatory requirements for new clinical trial data from various countries [1] Company Summary - Boston Scientific's TAVR valve had recently held a launch event in China just a month prior to the announcement of its exit from the market [1]

Core Viewpoint - Boston Scientific Corporation has decided to cease global sales and regulatory efforts for its ACURATE neo2 and Prime aortic valve systems due to increased demands from health authorities making the process too costly [1][2][3] Group 1: Company Actions - The company has halted its pursuit of FDA approval for the ACURATE valve systems [2][3] - Boston Scientific based its decision on recent discussions with regulators, noting that the additional resources required to meet new clinical and regulatory demands are prohibitive [3] Group 2: Financial Outlook - Despite the setback, Boston Scientific remains confident in its broader portfolio and is on track to meet its financial targets for the quarter and full year [2] - The company has not reaffirmed its GAAP EPS guidance for the second quarter and full year 2025, but estimates 2025 GAAP earnings of $1.86-$1.93 per share and second-quarter earnings of $0.45 to $0.47 per share [4] - Boston Scientific forecasts net sales growth of approximately 15%-17% in 2025 on a reported basis and around 12%-14% on an organic basis, adjusting previous guidance [5]

Company Performance - Boston Scientific achieved 16.5% organic growth and 22% EPS growth in 2024, with a strong start to 2025 showing 18% organic growth and 34% EPS growth in Q1 [3][4]. Strategic Focus - The company aims to maintain high execution standards and strives to be a leading medtech company, with a commitment to achieving this goal over the next five years [4].

Financial Data and Key Metrics Changes - Boston Scientific reported 16.5% organic growth and 22% EPS growth for FY 2024, with a strong start to FY 2025 showing 18% organic growth and 34% EPS growth in Q1 [1][2] - The company raised its full-year guidance to 12-14% organic growth and enhanced its EPS and margin profile despite tariff impacts [4][5] Business Line Data and Key Metrics Changes - The weighted average market growth rate for Boston Scientific has improved from around 1% years ago to approximately 8% currently, driven by a focus on innovation and faster-growing markets [7][8] - The discontinuation of the Accurate neo two product is expected to impact full-year sales by about $200 million, but the company maintains its guidance for Q2 and full-year sales and adjusted EPS [15][16] Market Data and Key Metrics Changes - The overall health of the med tech market remains resilient, with Boston Scientific positioned in high-growth markets such as electrophysiology (EP) and left atrial closure (LAC) [6][8] - The company has successfully navigated macro headwinds, including tariffs and regulatory changes, maintaining strong patient volume due to aging demographics [9][10] Company Strategy and Development Direction - Boston Scientific aims to be the highest-performing med tech company, focusing on enhancing its market growth rate and delivering differentiated results over the next five years [4][21] - The company is investing heavily in its portfolio to position itself for future growth, particularly in the EP and LAC markets [21][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and emphasized the strength of its global team and supply chain [10][12] - The company anticipates continued growth in the FerriPulse product line, with expectations for PFA to exceed 60% of global AF ablations by 2026 [48][49] Other Important Information - The company has a robust venture capital portfolio that supports its growth strategy, with successful acquisitions contributing to its market position [88][90] - The launch of the FerriPulse product has been described as one of the best in med tech history, with significant market potential and positive feedback from healthcare professionals [35][39] Q&A Session Summary Question: Can you provide an update on the tariff situation? - The company has seen better news regarding tariffs, which is beneficial for its operations, and will provide updates in the second quarter [12][13] Question: What is the impact of discontinuing the Accurate neo two product? - The decision was made due to increased regulatory requirements, but the company expects to meet its sales and EPS guidance despite the financial impact [15][16] Question: How does the company view its growth prospects in the next few years? - Management believes the company will exceed its previous growth guidance and is focused on enhancing its market position and product portfolio [20][21] Question: What is the significance of the CHAMPION trial for WATCHMAN? - The CHAMPION trial aims to demonstrate the efficacy of WATCHMAN compared to oral anticoagulants, which could significantly expand the market for left atrial appendage closure [77][78] Question: How does Boston Scientific plan to compete in interventional cardiology without a TAVR asset? - The company is focusing on its strengths in coronary interventions and has a comprehensive portfolio that addresses unmet needs in the market [79][82]