Core Insights - The demand for global neuromodulation devices is driven by increasing incidences of chronic pain, neurological disorders, and mental health conditions, with a projected CAGR of 8.51% through 2030 [1] - Boston Scientific (BSX) maintains a leading position in the neuromodulation market, supported by technological advancements and strong sales growth [1][9] Company Performance - In Q3 2025, Boston Scientific's Neuromodulation business achieved a sales growth of 9%, continuing its strong performance for the year [2][9] - The Brain franchise experienced low single-digit growth, bolstered by positive results from the INTREPID study on Deep Brain Stimulation (DBS) for Parkinson's disease [2] - The Pain franchise grew in the high single digits, driven by strong double-digit growth in the U.S. from the Intracept system [3] Acquisitions and Expansion - The acquisition of Relievant in 2023 is contributing to growth by adding the Intracept Intraosseous Nerve Ablation System for treating vertebrogenic pain [3] - Boston Scientific has entered into an agreement to acquire the remaining stake in Nalu Medical for approximately $533 million, expanding its Neuromodulation offerings into peripheral nerve stimulation [4] Peer Comparisons - Medtronic reported a 4.5% year-over-year growth in its Neuroscience Portfolio, reaching $2.56 billion, with Neuromodulation growing by 7% [5] - Abbott's Neuromodulation sales grew by 7% year-over-year, driven by the Eterna rechargeable spinal cord stimulation device [6] Stock Performance and Valuation - Over the past 12 months, Boston Scientific shares have increased by 10.1%, contrasting with a 0.6% decline in the industry [7] - The company's shares trade at a forward five-year Price-to-Sales (P/S) ratio of 6.68, significantly higher than the industry average of 2.98 [10] Earnings Estimates - Earnings estimates for Boston Scientific show an upward trend, with current estimates for Q4 2025 at $0.78 and for the full year at $3.04 [12][13]