MARLBOROUGH, Mass.,
June 27, 2017 /PRNewswire/
-- Boston Scientific Corporation (NYSE: BSX) is hosting a
meeting with the investment community today in New York City to provide an overview of its
business and long-term growth strategies. Chairman of the Board and
Chief Executive Officer Mike Mahoney
will discuss how the company's focus on expanding category
leadership and driving growth globally is advancing patient care
and delivering strong financial performance.
"We are committed to fulfilling our promises to patients,
customers and shareholders by delivering a comprehensive,
innovative and cost effective portfolio of products and solutions
within our served markets while also expanding into new, high
growth adjacent markets," said Mahoney. "We are also focused on
driving global expansion and further improving profitability so
that we can invest in our future portfolio and consistently deliver
long term, durable growth."
Driving Category Leadership
Boston Scientific
products reach more than 24 million patients around the world
annually, and address global markets that total more than
$40 billion today and are expected to
reach over $50 billion by 2020.
During today's meeting, Boston Scientific senior leaders will
highlight new products and pipeline technologies aligned with the
company's goal of category leadership within its Cardiovascular,
Rhythm Management and MedSurg segments.
Cardiovascular Segment
Interventional Cardiology: Boston Scientific continues to be
the U.S. leader in drug-eluting stents with its SYNERGY™
Bioabsorbable Polymer Drug Eluting Stent System for the treatment
of coronary artery disease, and a global leader in products for
complex percutaneous coronary interventions, intravascular
ultrasound imaging and chronic total occlusions.
Structural Heart: More than 30,000 patients have been
implanted with the WATCHMAN™ LAAC Device, and today the company
will review the global market opportunity and clinical strategies
for this technology as a safe alternative to long-term warfarin
therapy for embolic stroke risk reduction in eligible patients with
non-valvular atrial fibrillation. The company will also discuss
additional technologies and strategies intended to drive growth in
Structural Heart, including the complementary TAVR valve platforms,
LOTUS Edge™ Valve System1 and ACURATE neo™ AS Valve
System2. Boston Scientific continues to expect to launch
the LOTUS Edge Valve System in Europe and submit the
U.S. pre-market approval submission in the fourth quarter of 2017.
The company intends to leverage its existing
LOTUS infrastructure to expand the
ACURATE neo AS Valve system through increased
field support, geographic expansion and next generation
products, and plans to invest in U.S. and Japan approval trials.
Peripheral Interventions: In Peripheral Interventions,
updates will be provided on the Boston Scientific drug-eluting
stent and drug-coated balloon portfolio in development for
peripheral artery disease. The company has received the first ever
Expedited Access Pathway (EAP) designation in peripheral by the
U.S. Food and Drug Administration (FDA) for the study of a
drug-eluting vascular stent system for the treatment of critical
limb ischemia below the knee3, a condition for which
there are currently few treatment options. The EAP designation is
reserved for breakthrough technologies that may offer clinically
meaningful advantages over existing alternatives, and is expected
to accelerate the market approval of the drug-eluting
vascular stent system designed for treatment of critical limb
ischemia by approximately two years.
Rhythm Management Segment
Cardiac Rhythm Management: Boston Scientific continues to
deliver innovative technologies with global cardiac rhythm
management portfolio approvals and launches. Today the company will
highlight its Heartlogic™ Heart Failure Diagnostic4 that
is part of the RESONATE™ family of cardiac resynchronization
therapy defibrillator (CRT-D) devices and has been
validated for detecting early indications of worsening
heart failure. The system allows for multiple sensor
inputs without an additional implant, which may help
clinicians move from reactive treatment to proactive
care. The company will also discuss plans to provide an Insertable
Cardiac Monitor (ICM)3 solution in 2019 with a
diagnostic-only device platform designed for cardiac arrhythmia
monitoring through a mobile patient interface.
Electrophysiology: The company will present its cadence
of therapeutic portfolio expansion with DirectSense™
technology3 and Force Sensing Technology3 for
use with the RHYTHMIATM Mapping System. The RHYTHMIA
System has launched in more than 25 countries, been used in over
13,000 cases worldwide, and offers five times faster mapping and 25
times the data points over other available technology.
MedSurg Segment
Endoscopy: Boston
Scientific is investing in technologies to potentially enter
$3.5 billion in new endoscopy
markets, including endoluminal surgery for gastrointestinal cancer,
which is emerging as alternative to surgical resection of cancer or
pre-cancer. The business also continues to focus on developing
products and solutions in pathology and infection control following
the EndoChoice acquisition.
Urology and Pelvic Health: The company will discuss its
LithoVue™ Single-Use Digital Flexible Ureteroscope, which provides
new approaches to stone procedures that reduce the cost of
care per patient and has been the subject of more than 35
independent studies. Boston Scientific will also review its Men's
and Women's Health portfolios, as well as plans to potentially
expand globally and into $2.6 billion
in new segments such as urologic cancer.
Neuromodulation: The company will highlight recently
presented data, including the investigator initiated PROCO study,
demonstrating positive outcomes associated with the use of spinal
cord stimulation with advanced neural targeting and dosing
algorithms to deliver personalized therapy. The company will also
present its pipeline of innovation in deep brain stimulation (DBS)
for the treatment of movement disorders in patients with
Parkinson's Disease, dystonia and essential tremor, including the
Vercise™ Gevia™ Deep Brain Stimulation System5, which
recently received CE mark and is the industry's first
MR-conditional directional DBS system with stimulation
visualization. The company expects to introduce the Vercise DBS
System6 in the U.S.by early 2018, pending regulatory
approval.
Expanding Globally into Fast Growing Markets
Boston Scientific has plans to launch innovative products into high
growth adjacent markets that are expected to address an incremental
$13 billion in market opportunity by
2020. The company expects to be able to continue to diversify its
portfolio away from low growth markets, which represented nearly
50% of sales in 2012, to moderate and high growth markets, which
represented ~60% of sales in 2016 with a goal to reach an estimated
75% of sales by 2020.
"We are enhancing our long term outlook
by diversifying into large high-growth markets with a
differentiated portfolio and capabilities, as well as a focus
on expanding outside the United
States in both developed and emerging markets," said
Dan Brennan, executive vice
president and chief financial officer. "We are executing well on
our financial objectives for consistent revenue growth, adjusted
operating margin expansion and top tier adjusted earnings
growth."
Focus on Improving Profitability
Following
strong financial results in 2016 and the first quarter of 2017, the
company's goal is to achieve an organic revenue compound annual
growth rate for 2018-2020 of six to eight percent and consistent
double-digit adjusted EPS growth (excluding the negative impact of
foreign currency) through ongoing operating margin improvement
initiatives, as well as a differentiated five-year growth strategy
intended to help reach a 25 percent adjusted operating margin in
2017 and 28 percent in 2020.
About Today's Meeting
Investors and other
interested parties may access this meeting by visiting the
company's website at www.bostonscientific.com/investors.
Complete archives and summary materials from today's presentations
will also be available online for approximately one
year.
About Boston Scientific
Boston Scientific
transforms lives through innovative medical solutions that improve
the health of patients around the world. As a global medical
technology leader for more than 35 years, we advance science for
life by providing a broad range of high performance solutions that
address unmet patient needs and reduce the cost of healthcare. For
more information, visit www.bostonscientific.com and connect on
Twitter and Facebook.
1The Lotus Edge Valve System is not available for use
or sale.
2The ACURATE neo AS Valve System is pending CE Mark. Not
available for use or sale in the U.S.
3Device under development. Not available for
use or sale.
4The HeartLogic Heart Failure Diagnostic Service is not
currently available for use or sale.
5The Vercise Gevia system is CE Marked. Not available
for use or sale in the U.S.
6The Vercise DBS system is CE Marked. US: "Caution:
Investigational Device. Limited by Federal (or U.S.) law to
investigational use only. Not available for sale.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements may be identified by words
like "anticipate," "expect," "project," "believe," "plan,"
"estimate," "target," "intend" and similar words. These
forward-looking statements are based on our beliefs, assumptions
and estimates using information available to us at the time and are
not intended to be guarantees of future events or performance.
These forward-looking statements include, among other things,
statements regarding our business plans, regulatory approvals,
growth, expansion into new markets, new products, clinical trials,
financial performance and product performance and impact. If our
underlying assumptions turn out to be incorrect, or if certain
risks or uncertainties materialize, actual results could vary
materially from the expectations and projections expressed or
implied by our forward-looking statements. These factors, in some
cases, have affected and in the future (together with other
factors) could affect our ability to implement our business
strategy and may cause actual results to differ materially from
those contemplated by the statements expressed in this press
release. As a result, readers are cautioned not to place undue
reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other
things: future economic, competitive, reimbursement and regulatory
conditions; new product introductions; demographic trends;
intellectual property; litigation; financial market conditions; and
future business decisions made by us and our competitors. All of
these factors are difficult or impossible to predict accurately and
many of them are beyond our control. For a further list and
description of these and other important risks and uncertainties
that may affect our future operations, see Part I, Item 1A – Risk
Factors in our most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission, which we may update in Part
II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we
have filed or will file hereafter. We disclaim any intention or
obligation to publicly update or revise any forward-looking
statements to reflect any change in our expectations or in events,
conditions or circumstances on which those expectations may be
based, or that may affect the likelihood that actual results will
differ from those contained in the forward-looking statements. This
cautionary statement is applicable to all forward-looking
statements contained in this document.
Use of Non-GAAP Financial Information
A reconciliation of the company's non-GAAP financial measures to
the corresponding GAAP measures, and an explanation of the
company's use of these non-GAAP financial measures, is
included below.
Estimated Adjusted
Operating Margin
|
2017E
|
2020E
|
Estimated GAAP
operating margin
|
18%
|
23%
|
Less: Non GAAP
adjustments
|
-7%
|
-5%
|
Estimated adjusted
operating margin
|
25%
|
28%
|
CONTACT:
|
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Media:
|
Emily
Anderson
|
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508-683-6305
(office)
|
|
Media
Relations
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Boston Scientific
Corporation
|
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Emily.anderson2@bsci.com
|
|
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Investors:
|
Susan Lisa,
CFA
|
|
508-683-5565
(office)
|
|
Investor
Relations
|
|
Boston Scientific
Corporation
|
|
investor_relations@bsci.com
|
|
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SOURCE Boston Scientific Corporation