思宇年度活动回顾： 首届全球眼科大会 | 首届全球骨科大会 | 首届全球心血管大会 即将召开： 2025年6月12日，首届全球医美科技大会 2025年7月17日，第二届全球医疗科技大会 2025年9月4-5日，第三届全球手术机器人大会 2025年5 月 23 日， 波士顿科学 Vercise Genus™ 植入式脑深部神经刺激（ DBS ）系统 （简称 " Vercise Genus DBS 系统 "）全国上市会 于第十四届亚澳立 体定向与功能神经外科学会（ AASSFN ）年会上 成功举办 。 Vercise Genus DBS 系统的上市将为国内帕金森病患者带来更多元的治疗选择，引领中国帕金森病 治疗加速迈入精准新时代。 帕金森病是中老年人常见的神经系统退行性疾病 。 中国流行病学调查数据显示，中国有着数量最大的帕金森病患者群体， 2021 年帕金森病患者人数已 超过 500 万 ， 发病率也高于全球平均 1 。 帕金森病严重影响患者生活质量，且目前无法治愈。虽然药物治疗可控制部分症状，但药效会随着病情发展逐渐变差，还可能会 产生副作用。 DBS 疗法则因其微创、可逆、可调节等优点，成为安全有效的治疗手段 ...

Core Viewpoint - Boston Scientific's first-quarter 2025 performance is characterized by strong international expansion and strategic acquisitions, although it faces challenges from currency fluctuations and competitive pressures [1][10]. Group 1: Financial Performance - In the past year, Boston Scientific's shares have increased by 40%, outperforming the industry and S&P 500, which grew by 10.2% and 11.2% respectively [2]. - The company has a market capitalization of $152.31 billion and has consistently beaten earnings expectations over the last four quarters, with an average surprise of 8.79% [2]. - The Zacks Consensus Estimate for Boston Scientific's 2025 earnings per share has increased by 2.1% to $2.91, while the revenue estimate is projected at $19.49 billion, reflecting a 16.4% increase year-over-year [12]. Group 2: International Expansion - Boston Scientific is actively expanding its operations in international markets, particularly in emerging markets, which show strong growth potential due to favorable economic conditions and healthcare sector developments [3]. - In the first quarter of 2025, emerging markets reported a nearly 9.8% year-over-year growth in net sales on an operational basis [4]. - The Europe, Middle East, and Africa (EMEA) region saw an 8% year-over-year sales growth, driven by strong performance in electrophysiology and double-digit growth in key technologies [5]. - In the Asia Pacific (APAC) region, Japan experienced double-digit growth, while China achieved high single-digit growth despite a challenging comparison from the previous year [6]. Group 3: Strategic Acquisitions - Recent acquisitions by Boston Scientific, including Bolt Medical and Cortex, are expected to enhance the company's product offerings and long-term revenue growth [7]. - The company is also in the process of acquiring SoniVie and Intera Oncology, which will expand its capabilities in renal denervation and interventional oncology, respectively [8]. Group 4: Challenges - Boston Scientific is significantly exposed to currency fluctuations, with 40% of its sales coming from international markets, which has negatively impacted its performance in recent quarters [10]. - The medical devices market is highly competitive, with Boston Scientific facing challenges from both large, well-capitalized companies and smaller players across various segments [11].

Core Insights - Boston Scientific Corporation has experienced significant stock performance, with a 750% increase since January 1, 2014, compared to the S&P's 285% increase during the same period, resulting in an annual return of nearly 21% for Boston Scientific [5]. Company Performance - The company has created substantial shareholder value, outperforming the healthcare sector, which returned 10%, and the S&P, which returned 12.6% [5]. Leadership Transition - Daniel Brennan, the current CFO, is transitioning out, and there is a succession plan in place with John as the successor. The expectation is that there will not be significant changes with this transition [7].

Boston Scientific (BSX) 2025 Conference Summary Company Overview - **Company**: Boston Scientific (BSX) - **Event**: 2025 Conference - **Date**: May 13, 2025 - **Key Speakers**: Dan Brennan (CFO), Joe Fitzgerald (Head of Cardiology) Key Points Financial Performance - **Q1 Results**: Achieved 18.2% organic revenue growth, 28.9% adjusted operating margin, and 34% adjusted EPS growth [11][12] - **Gross Margin**: Reported at 71.5%, aiming to return to 72.4% from 2019 levels [12] - **Revenue Guidance**: Increased from 10-12% to 12-14% for the year [14] Market Dynamics - **Tariff Impact**: Absorbed $200 million in tariffs, offset by revenue growth and discretionary spending reductions [16][17] - **Margin Expansion**: Targeting adjusted operating margins of 27.5% to 27.75% for the year, with a long-term goal of exceeding 30% [19][21] Growth Drivers - **Product Performance**: Strong growth in key products such as Ferrapulse, Agent drug-coated balloon, and Watchman device [13][14] - **Electrophysiology (EP) Market**: Significant disruption in the EP market due to the introduction of PFA technology, with a projected increase in market penetration from 40% to 80% [38][39] - **M&A Strategy**: Continued focus on tuck-in acquisitions, with nearly 50 deals completed over the past decade [33][34] Future Outlook - **Long Range Plan (LRP)**: Upcoming Investor Day on September 30, 2025, to discuss future growth strategies [25][28] - **Market Expansion**: Anticipated growth in Japan and China, with Japan showing rapid adoption post-reimbursement [60][61] - **Concomitant Procedures**: Growth in concomitant procedures for the Watchman device, with a 26% increase in Q1 driven by this segment [71] Competitive Landscape - **EP Market Competition**: Shift from a duopoly to a more fragmented market, with Boston Scientific aiming for a leading position through innovation and acquisitions [42][46] - **Mapping and Imaging**: Development of mapping systems and ice-guided imaging to enhance procedural efficiency and revenue potential [50][52] Additional Insights - **Customer Adoption**: Positive feedback on new mapping systems, indicating strong customer preference and potential for increased market share [52] - **Clinical Evidence**: Extensive clinical data supporting the efficacy and safety of Boston Scientific's products, particularly in the PFA space [64] Conclusion Boston Scientific is positioned for continued growth with strong financial performance, innovative product offerings, and strategic market expansion plans. The company is focused on maintaining its competitive edge in the evolving medical device landscape while addressing challenges such as tariffs and market dynamics.

Core Viewpoint - Boston Scientific (BSX) has been a highly searched stock recently, indicating potential investor interest and market activity [1] Earnings Estimate Revisions - For the current quarter, Boston Scientific is expected to report earnings of $0.72 per share, reflecting a year-over-year increase of +16.1% [5] - The Zacks Consensus Estimate for the current fiscal year is $2.91, indicating a year-over-year change of +15.9%, with a +2.2% revision over the last 30 days [5] - The consensus earnings estimate for the next fiscal year is $3.26, showing a change of +11.8% from the previous year, with a +0.9% revision over the past month [6] - Boston Scientific holds a Zacks Rank 2 (Buy), suggesting a favorable outlook based on recent earnings estimate changes [7] Revenue Growth Forecast - The consensus sales estimate for the current quarter is $4.89 billion, indicating a year-over-year increase of +18.6% [11] - For the current fiscal year, the sales estimate is $19.49 billion, reflecting a change of +16.4%, while the next fiscal year's estimate is $21.55 billion, indicating a +10.6% change [11] Last Reported Results and Surprise History - In the last reported quarter, Boston Scientific achieved revenues of $4.66 billion, a year-over-year increase of +20.9%, and an EPS of $0.75 compared to $0.56 a year ago [12] - The company exceeded the Zacks Consensus Estimate for revenues by +2.31% and for EPS by +11.94% [12] - Boston Scientific has consistently beaten consensus EPS and revenue estimates over the past four quarters [13] Valuation - Boston Scientific is graded D on the Zacks Value Style Score, indicating it is trading at a premium compared to its peers [17] - Valuation metrics such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF) are essential for assessing whether the stock is overvalued, fairly valued, or undervalued [15][16] Bottom Line - The information presented suggests that Boston Scientific may outperform the broader market in the near term, supported by its Zacks Rank 2 [18]

报名：首届全球心血管大会 | 最新议程 合作伙伴征集：2025全球手术机器人大会 2025年5月7日，波士顿科学（纽约证券交易所代码：BSX）宣布， 完成对 血管内超声系统开发商 SoniVie的收购。 此次收购使波士顿科学正式进入竞争激烈的肾动脉去神经术（Renal Denervation, RDN）领域。 # 收购详情 波士顿科学此前已是SoniVie的战略投资者，持有其约 10%的股权 。此次交易中，波士顿科学为收购尚 未持有的 90%股权支付了约 3.6亿美元 的预付款 。 此外，交易还包括最高达 1.8亿美元 的潜在监管里程碑付款 。不考虑股权因素，波士顿科学将此次交易 估值为4亿美元预付款加上2亿美元里程碑付款， 总计6亿美元 （约合43亿人民币）。 波士顿科学全球副总裁及心脏介入事业部总裁Lance Bates 表示，"经肾动脉去交感神经术治疗高血压是 一项激动人心的医学进步，有望造福数百万患者。这一疗法已在当前临床试验与持续开展的研究中收获了 积极成果。 我们相信，TIVUS 系统能为我们丰富的介入产品组合增添针对高血压患者的微创疗法，为这 一领域的未来发展提供更多可能。 " # TIVUS血 ...

Core Insights - The Q1 2025 earnings cycle is underway, with guidance being a crucial factor due to economic uncertainties from recent tariff announcements [1] - Several companies, including Boston Scientific, Meta Platforms, and Microsoft, have reported positive earnings results, leading to bullish share reactions [2][10] Boston Scientific (BSX) - Boston Scientific exceeded both revenue and earnings expectations, achieving a 12% EPS beat and sales 2.3% above forecasts [3] - The company upgraded its current-year guidance, projecting 16% EPS growth and 17% higher sales, supported by strong segment performance [4][8] - The stock currently holds a Zacks Rank 2 (Buy) and a Style Score of 'B' for Value [3][4] Meta Platforms (META) - Meta Platforms reported strong growth, with sales increasing 16% year-over-year, driven by robust advertising revenue totaling $41.3 billion [9][16] - The company's average price per ad rose 10% year-over-year, and daily active users increased by 6% [16] Microsoft (MSFT) - Microsoft reported EPS of $3.46 and sales of $70.0 billion, both exceeding consensus expectations, with sales growing 13% year-over-year and EPS climbing 18% [12] - The strong results were driven by Microsoft Cloud and AI, with cloud revenue increasing 20% year-over-year to $42.4 billion, and Intelligent Cloud revenue reaching $26.8 billion, up 21% [13] - The demand for Microsoft's services is expected to remain strong for the foreseeable future [13]

Core Insights - Boston Scientific Corporation will participate in two investor conferences in May 2025 [1] Group 1: Upcoming Events - On May 13, 2025, Dan Brennan and Joe Fitzgerald will engage in a 30-minute Q&A session at Bank of America's 2025 Health Care Conference starting at 8:00 a.m. PT / 11:00 a.m. ET [2] - On May 28, 2025, Mike Mahoney and Ken Stein will participate in a 50-minute Q&A session at Bernstein's 41st Annual Strategic Decisions Conference starting at 8:00 a.m. ET [3] Group 2: Webcast Information - A live webcast and replay for each event will be available at Boston Scientific's investor relations website, with the replay accessible approximately one hour after the event concludes [4] Group 3: Company Overview - Boston Scientific is a global leader in medical technology, transforming lives through innovative solutions that improve patient health and reduce healthcare costs [5]

Financial Performance - Boston Scientific's net sales for Q1 2025 were $4.663 billion, a 20.9% increase from $3.856 billion in Q1 2024, driven by strong commercial execution and operational net sales growth of 22.2%[132] - The reported net income for Q1 2025 was $674 million, or $0.45 per diluted share, compared to $495 million, or $0.33 per diluted share in Q1 2024[132] - Adjusted net income for Q1 2025 was $1.121 billion, or $0.75 per diluted share, compared to $832 million, or $0.56 per diluted share in Q1 2024[134] - Gross profit for Q1 2025 was $3.210 billion, up from $2.648 billion in Q1 2024, with a gross profit margin of 68.8% compared to 68.7% in the prior year[151] Segment Performance - The Cardiology segment generated $2.429 billion in net sales for Q1 2025, representing 52% of total sales, with a 29.8% increase year-over-year[143] - Urology net sales increased by $120 million, or 23.5%, to $633 million in Q1 2025, supported by a significant contribution from the acquisition of Axonics[139] - The Endoscopy segment reported net sales of $673 million, a 4.7% increase, with operational growth of 5.9% despite foreign currency impacts[137] - Neuromodulation sales reached $271 million, up 5.8%, primarily driven by spinal cord stimulation systems[141] - Peripheral Interventions net sales increased by $83 million, or 14.4%, to $656 million, with operational growth of 15.8%[145] - Emerging Markets accounted for 15% of consolidated net sales in Q1 2025, with a reported growth of 6.5% driven by strong performance in China[148] Expenses and Cash Flow - SG&A expenses increased by $233 million, or 17%, in Q1 2025, totaling $1.597 billion, which is 34.2% of net sales, down from 35.4% in Q1 2024[153] - R&D expenses rose by $77 million, or 21%, in Q1 2025, amounting to $443 million, maintaining 9.5% of net sales[154] - Cash provided by operating activities was $541 million in Q1 2025, an increase of $378 million compared to $164 million in Q1 2024[175] - Cash used for investing activities was $(500) million in Q1 2025, including $239 million for the acquisition of Cortex, Inc.[174] Debt and Financing - Interest expense increased to $82 million in Q1 2025 from $69 million in Q1 2024, primarily due to increased debt from a €1.500 billion public offering[162] - The company had $725 million in unrestricted cash and cash equivalents as of March 31, 2025[171] - The company raised €1.500 billion from the issuance of euro-denominated senior notes, resulting in cash proceeds of $1.558 billion after discounts and costs[177] - As of March 31, 2025, the company maintained a leverage ratio of 2.21 times, well below the maximum permitted ratio of 4.75 times following a Qualified Acquisition[179] Acquisitions and Investments - The company announced an agreement to acquire SoniVie Ltd. for approximately $360 million upfront, with an additional $180 million contingent on regulatory milestones[181] - The company plans to use the net proceeds from the 2025 Eurobonds for general corporate purposes, including potential future acquisitions[177] Compliance and Risks - The company anticipates ongoing economic challenges due to inflation, tariffs, and geopolitical factors impacting operations[149] - The company faces risks from economic conditions, supply chain disruptions, and competitive pressures that could impact future performance[198] - The company is subject to geopolitical and economic conditions that may disrupt operations or impact sanctions on U.S. manufacturers doing business in affected regions[204] - The company faces risks associated with regulatory compliance and quality systems in the U.S., EU, and globally, which could affect operational performance[200] Market and Operational Factors - The company’s dependency on international net sales is essential for achieving growth and maintaining market positions in various regions, including investments in China and other emerging markets[204] - The impact of increased pressure on the availability and rate of third-party reimbursement for products is a significant concern for the company[200] - The potential failure to successfully integrate strategic acquisitions could hinder the realization of expected benefits, including cost synergies[204] - The company is exposed to market risk from changes in currency exchange rates and interest rates, which is managed through a risk management program including derivative financial instruments[207] - The company had currency derivative instruments outstanding with a contract amount of $9.546 billion as of March 31, 2025, compared to $7.636 billion as of December 31, 2024[208] - A ten percent appreciation in the U.S. dollar's value relative to the hedged currencies would increase the derivative instruments' fair value by $554 million as of March 31, 2025[208] - As of March 31, 2025, $11.243 billion in aggregate principal amount of the company's outstanding debt obligations was at fixed interest rates, representing approximately 100 percent of total debt[209] Corporate Governance - The company utilizes non-GAAP financial measures, including adjusted net income and operational net sales, to provide transparency in performance evaluation[187] - The company is in compliance with the financial covenant required by the 2021 Revolving Credit Facility as of March 31, 2025[178] - The company has $274 million remaining in restructuring charge exclusions and $1.429 billion in litigation exclusions as of March 31, 2025[180] - The company has not repurchased any shares during Q1 2025 or 2024, with $1.000 billion remaining under its stock repurchase program[184] - The company’s ability to attract and retain talent, including key personnel associated with acquisitions, is critical for maintaining corporate culture in a hybrid work environment[200]

Core Insights - The Q1 2025 earnings cycle is heavily focused on guidance, influenced by recent economic uncertainties and tariff announcements [1][9] - Several companies, including Centene, Boston Scientific, and Celestica, have raised their guidance, indicating positive performance [2][17] Centene (CNC) - Centene reported an adjusted EPS of $2.90 and sales of $46.6 billion, exceeding consensus estimates with a year-over-year earnings growth of 28% [3] - The company raised its 2025 premium and service revenues guidance by $6.0 billion, reflecting a 17% year-over-year improvement [3][6] - Analysts now expect Centene to post $172.8 billion in revenues for the current fiscal year, with a favorable Zacks Rank 2 (Buy) [6] Boston Scientific (BSX) - Boston Scientific surpassed both top and bottom line expectations, achieving a 12% EPS beat and sales 2.3% above expectations [8] - The company now anticipates FY25 sales growth between 15% and 17%, with current year sales expectations adjusted to $19.4 billion, a 10% increase from the previous year [10] Celestica (CLS) - Celestica exceeded Zacks Consensus EPS estimates by 8% and reported sales nearly 4% ahead of expectations, with a year-over-year sales growth of 20% [12] - The company raised its full-year 2025 revenue outlook to $10.85 billion from $10.7 billion, expecting non-GAAP adjusted EPS of $5.00, up from $4.75 [13] - Strong demand for solutions amid the AI trend and a shift to higher-margin products contributed to Celestica's stellar performance [13]