BTIG Reiterates Buy Rating on Boston Scientific (BSX) following Bolt Medical deal

BTIG analyst Marie Thibault reiterated a Buy rating and $101.00 price target on Boston Scientific (NYSE: BSX).

The analyst commented: "Earlier this morning, Boston Scientific announced that it will acquire Bolt Medical. The deal consists of an upfront payment of roughly $443M and up to $221M based on the achievement of certain regulatory milestones. BSX has been a strategic investor in Bolt Medical since 2019 and has an existing equity stake of approximately 26%. On a 100% basis, the transaction price consists of $600M up front and up to $300M contingent consideration. The deal is expected to close in the first half of 2025. BSX expects the transaction to be slightly dilutive to 2025 adj. EPS and more dilutive on a GAAP basis. The company will also recognize a one-time gain at closing related to its existing equity stake in Bolt Medical. BSX will integrate Bolt Medical's pre-regulatory coronary and peripheral products into the broader Cardiovascular business upon closing. Bolt IVL fits neatly into BSX's portfolio of therapies for peripheral and coronary artery disease, including complex PCI products, imaging and drug-eluting stents and balloons within the Interventional Cardiology and Peripheral Intervention business units. The acquisition marks BSX's official entry into the IVL market and offers a path toward competing in this high-growth area that is dominated by Johnson & Johnson following its 2024 acquisition of Shockwave Medical. We think this is the right move for BSX and continue to see the company as forward-thinking on innovation across its Cardiovascular portfolio. We note BSX also has internal R&D efforts or bets in its venture pipeline on other buzzy areas like left ventricular circulatory support, renal denervation, heart valve repair/replacement, and the shunt space. We are pleased to see the flurry of 2025 MedTech M&A continue following Stryker's announcement to acquire Inari Medical earlier this week. Our estimates are not under review and we will update our BSX model after the transaction closes. We reiterate our Buy rating and $101 PT."

For an analyst ratings summary and ratings history on Boston Scientific click here. For more ratings news on Boston Scientific click here.

Shares of Boston Scientific closed at $91.99 yesterday.

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