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Boston Scientific

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Revenue and Net Profit billions $

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+ Boston Scientific

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White Paper: Boston Scientific Financial Performance

2021: Revenue growth 19.9%, to $11.8 billion

Boston Scientific completed 2021 with revenue of $11.8 billion, up 19.9% from $9.9 billion in 2020. The company's net profit reached $1.04 billion in 2021.

Sales of medical devices during this time increased by 22.5% and amounted to $11.87 billion, in 2020 this figure was $9.7 billion. The remaining part of the income was provided by special pharmaceuticals.

The largest share of the company's turnover is generated by solutions for the treatment of cardiovascular diseases: the company earned $4.9 billion on them in 2020 against $3.9 billion in 20120.

Boston Scientific ends 2021 with 20% revenue growth

Boston Scientific's revenue in the field of surgical solutions at the end of 2021 amounted to $3.72 billion, an increase of 21.4% compared to 2020. The sale of endoscopic instruments increased by 20.3%, to $2.14 billion compared to $1.7 billion in 2020. Solutions in the field of urology and pelvic pain added an annual revenue of $1.6 billion to the manufacturer (an increase of 23.1% compared to 2020, when the figure was $1.3 billion).

In the Rhythm and Neuro division in 2021, revenue amounted to $3.3 billion, an increase of 19.7% compared to 2020, when the figure reached $2.8 billion. Here, most of all, companies bring products to monitor beat hearts and conduction rhythm disturbances, heart failure.

The largest market for Boston Scientific remains at the end of 2021 in the United States. There, revenue reached $6.9 billion, which is 25.3% higher than a year ago - $5.5 billion. In EMEA countries, the company increased earnings by 20%, to $2.5 billion, while in 2020 the figure was $2.1 billion. In the Asia-Pacific region, the income of the manufacturer of medical devices increased by 16.2% (to $2.07 billion), in Latin America and Canada - by 25.6% (to $386 million).[1]

History

2023: M.I.Tech acquisition disruption

On May 24, 2023, the US Federal Trade Commission (FTC) announced that a deal to buy South Korean stent maker M.I.Tech from Boston Scientific would not take place. Read more here.

2022

Acquired cardiovascular device maker Acotec Scientific Holdings for $523 million

In early December 2022, Boston Scientific announced the purchase of a controlling stake in Chinese medical device manufacturer Acotec Scientific Holdings for $523 million to gain a foothold in the growing Chinese market for technologies for the treatment of vascular diseases. Read more here.

Acquired medical equipment and surgical consumables manufacturer Apollo Endosurgery

On November 29, 2022, medical equipment and surgical supplies manufacturer Boston Scientific announced an agreement to acquire Apollo Endosurgery. Read more here.

In the US, a federal network of clinics performed tens of thousands of dollars worth of unnecessary surgery on patients using Boston Scientific equipment

On September 19, 2022, a case was unsealed from which it became known that Boston Scientific ignored complaints from its employees about the federal medical network Modern Vascular conducting unnecessary operations using its devices. Read more here.

Purchase of hydrogel developer to block blood flow to Obsidio tumor

In mid-August 2022, Boston Scientific announced the purchase of Obsidio. The company did not disclose the value of the transaction. Read more here.

Payment of $85 million for theft of technology in the field of spinal cord stimulation

In early August 2022, it became known that Boston Scientific would pay $85 million, in addition to the $20 million previously awarded by the court, to resolve a legal dispute over intellectual property issues with Nevro. Read more here.

Boston Scientific bought M.I.TECH

In mid-June 2022, Boston Scientific announced an agreement to buy a controlling stake (64%) in M.I.TECH. The deal is valued at $230 million. Read more here.

2021

Recall of defective balloon catheters due to holes in them

In late October 2021, Boston Scientific issued a warning letter to recall some Hurricane RX biliary balloon dilation catheters. The company announced the recall due to complaints received about punctures in the cylinder. Read more here.

Buying heart surgery device developer Baylis Medical

In early October 2021, Boston Scientific bought heart surgery device developer Baylis Medical for $1.75 billion to expand its portfolio of electrophysiology and heart products. The company became one of the most active companies in medical technology in 2021. Read more here.

Purchase of Devoro Medical Blood Clot Removal System Developer

In late September 2021, Boston Scientific announced the acquisition of blood clot removal system developer Devoro Medical in a $269 million deal, continuing to spend on medical technology mergers and acquisitions. The deal is expected to close in the fourth quarter of 2021. Read more here.

Recall of defective pacemakers that have malfunctions

In early August 2021, Boston Scientific recalled, pacemakers Ingenio including the Advantio DR EL, Ingenio DR EL and Vitalio DR EL models, and pacemakers for resynchronization therapy due to malfunctions. Due to the defect, the devices go into safe mode designed for backup without warning, the company said. In this case, the device cannot be reprogrammed and must be replaced. More. here

Payment of a fine of $188.6 million for defective vaginal implants

At the end of March 2021, Boston Scientific agreed to pay a fine of $188.6 million to 47 states and the District of Columbia to resolve claims for the sale of defective transvaginal nets. Read more here.

Recall of defective stents that shift after implantation

In late May 2021, Boston Scientific initiated the recall of its Vici SDS and Vici RDS venous stent systems. The recall received a class I designation, that is, it is associated with problems that potentially threaten the life and health of patients. Read more here.

Buying Lumenis Surgical Business

In early March 2021, Boston Scientific entered into a final agreement to acquire Lumenis's surgical business, which develops and commercializes energy devices, for $1.1 billion. Read more here.

Purchase of the developer of remote heart rate monitoring systems Preventice Solutions

In late January 2021, Boston Scientific acquired Preventice Solutions, a developer of mobile health monitoring solutions and remote monitoring services for cardiac arrhythmia patients. Preventice Solutions include the PatientCare platform and the BodyGuardian family of monitors. Read more here.

2020

Global Cardiovascular Disease Treatment and Diagnosis Equipment Market Share - 11.1%

Boston Scientific's market share of cardiovascular treatment and diagnosis equipment was 11.1% (Evaluate data). Read more here.

Sale of antidote business to Stark International Lux

In early December 2020, Boston Scientific announced the sale of its antidote division, BTG Specialty Pharmaceuticals. The business was acquired for $800 million by Stark International Lux S.A.R.L. and SERP SAS company, which are subsidiaries of the European specialized pharmaceutical group SERB. Read more here.

Recall of defective heart valves and stop Lotus program

In mid-November 2020, Boston Scientific began recalling defective Lotus Edge aortic valves for transcatheter implantation and stopped the Lotus program. The company said it was recalling unused products solely because of problems with the delivery system, although the artificial valve implantation itself allows for clinically meaningful favorable results. Patients who have already had a Lotus Edge valve implanted are not being feared, the company said. Read more here.

Buying arrhythmia technology developer Farapulse

In late September 2020, Boston Scientific announced a contract to buy Farapulse, which specializes in developing a pulsed field ablation system for the treatment of atrial fibrillation and other cardiac arrhythmias. Read more here.

Selling the Intrauterine Instrument Business

In mid-May 2020, Boston Scientific sold its intrauterine instrument business to Minerva Surgical. Financial details of the deal were not disclosed.

The new combination of minimally invasive devices, now owned by the company, includes the Minerva endometrial ablation system and the Genesys HTA endometrial ablation system with uterine cavity imaging during treatment. The deal also includes the Symphion tissue removal system, which allows doctors to resect uterine fibroids, and the Resectr device for removing endometrial polyps.

Boston Scientific Sells Intrauterine Instrument Business
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We are proud to provide a full line of products to meet the needs of patients, be it treatment in a doctor's office, in an outpatient surgery center or in a hospital, "said Eugene Skalnyi, medical director of Minerva Surgical, in a press release. - The more effectively we treat conditions that cause abnormal uterine bleeding, the more likely we are to achieve reduced rates of hysterectomies in benign diseases. Thus, we have a positive impact on the patient's quality of life and reduce the cost of treatment.
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According to Minerva Surgical, hysterectomy is performed on about 400,000 women a year in the US alone. At least 80,000 of these procedures can be avoided with adequate treatment of the underlying disease, including abnormal uterine bleeding. Some doctors still prefer to perform hysterectomies instead of safe minimally invasive treatments for benign uterine conditions.

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Minerva is the worst nightmare of abnormal uterine bleeding, "said Dave Clapper, president and CEO of the company. - We are pleased to contribute to the fight against this disease, which too often leads to unnecessary hysterectomy.[2]
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Recall of defective angiographic catheters

In mid-April 2020, Boston Scientific is recalling 6,130 Imager II 5F angiographic catheters because there is a potential for the catheter tip to detach during the procedure or during preparation for the procedure. Read more here.

20% reduction in salaries for many of 36 thousand employees due to coronavirus

In early April 2020, it was reported that Boston Scientific had cut the wages of many of its 36,000 employees worldwide by 20%. The company justifies its actions with a sharp decline in revenues due to the COVID-19 coronavirus pandemic.

The company claims that production has risen as doctors at home and abroad postpone routine operations and procedures during the epidemic. Many of these procedures use the company's products, from coronary stents to endoscopic devices.

Boston Scientific slashes 20% in pay for many of 36,000 employees worldwide

Boston Scientific decided to move most of its full-time workers from USA those not in sales or manufacturing to a four-day working week, with a corresponding reduction in basic wages. Hourly pay for part-time employees will be maintained at a level that ensures benefits are maintained.

Boston Scientific employs about 17,000 people in the U.S., including about 3,000 in Massachusetts. A spokesman for the company declined to say what would happen to Boston Scientific's 19,000 foreign employees as part of "risk mitigation plans." It also declined to say the total number of workers whose pay would be cut over the next three months.

Boston Scientific claims that the COVID-19 pandemic in the second quarter of 2020 will lead to an even greater decline. The company also plans to significantly reduce the basic salaries of its chief executive officer Mike Mahoney and members of the board of directors and executive committee. Mahoney plans to waive his base salary for up to six months, other than the payments needed to preserve his benefits. His base salary in 2019 amounted to almost $1.28 million, and the total compensation is more than $15.7, including income from shares and option premiums.[3]

Paying tens of millions for defective transvaginal implants

In early March 2020, Boston Scientific agreed to pay Canadian women $21.5 million in a lawsuit for defective transvaginal implants. Boston Scientific has pledged to compensate 325 women. The proportion of each plaintiff will depend on the severity of the medical problems. Final judicial approval is expected in June 2020. Read more here.

2019

Revenue growth of 9.3% to $10.74 billion; profit - $4.7 billion

Boston Scientific completed 2019 with revenue of $10.74 billion, up 9.3% from a year earlier. Sales of medical devices during this time increased by 8.5% and amounted to $10.65 billion. The remaining part of the income (about $81 million) was provided by special pharmaceuticals.

The largest share of the company's turnover is generated by solutions for the treatment of cardiovascular diseases: the vendor earned $4.21 billion on them in 2019 against $3.78 billion in 2018.

Boston Scientific financials

Boston Scientific's revenue in the field of surgical solutions at the end of 2019 amounted to $3.31 billion, an increase of 10% compared to the previous year. The sale of endoscopic tools increased by 7.5%, to $1.89 billion. Solutions in the field of urology and pelvic pain added an annual revenue of $1.41 billion to the manufacturer (an increase of 13.1% compared to 2018).

In the Rhythm and Neuro division in 2019, revenue amounted to $3.14 billion, an increase of 3.3% compared to 2018. Here, the most companies bring products to monitor beat rhythm and hearts conduction, heart failure, which provided Boston Scientific with annual revenue of $1.94 billion.

The largest market for Boston Scientific remains the United States. There, revenue at the end of 2019 reached $6.1 billion, which is 10.1% higher than a year ago. In EMEA countries, the company increased earnings by 4%, to $2.26 billion. In the Asia-Pacific region, the income of the manufacturer of medical devices increased by 9.9% (to $1.9 billion), in Latin America and Canada - by 3.3% (to $395 million).

In 2019, Boston Scientific's net profit exceeded $4.7 billion, which is significantly more than a year earlier ($1.67 billion). However, this rise was due to a large tax subsidy that the company received in the United States.[4]

Purchase of heavy menstrual bleeding system manufacturer Channel Medsystems

In mid-December 2019, Boston Scientific, which entered into an agreement to buy the startup back in 2017, tried to withdraw the deal but was forced to back down. A Delaware court ruled that Boston Scientific is required to fulfill the terms of an earlier agreement and acquire Channel Medsystems for $275 million. Read more here.

US hides patient deaths

In mid-November 2019, it became known that the US authorities cover manufacturers of medical equipment, allowing them to hide real data on patient deaths. Read more here.

Sale to Varian of Minimal Injury Cancer Business

In early July 2019, Varian Medical Systems acquired two Boston Scientific product lines: drug microspheres and soft embolization beads, which are designed to treat arteriovenous malformations and hypervascular tumors.

The amount of the transaction is estimated at $90 million, which Varian is going to pay at the expense of its own and borrowed funds. The new products will complement the multi-disciplinary integrated cancer treatment lines that include the recent acquisitions of Endocare and Alicon. The cancer treatment technologies themselves were acquired by Boston Scientific with the purchase of BTG for $4.2 billion. Analysts suggest that Boston Scientific will gradually sell off other non-core assets of BTG.

Varian Medical Systems has acquired two Boston Scientific product lines: drug microspheres and soft embolization beads, which are designed to treat arteriovenous malformations and hypervascular tumors

Varian did not acquire Boston Scientific's manufacturing operations. Instead, Varian plans to manufacture and distribute Oncozene/Embozene Tandem microspheres and Embozene soft embolization balls along with Boston Scientific as part of a transition services agreement to avoid any interruption in customer service.

Varian President and CEO Dow Wilson explained that this acquisition will strengthen the company's position in the segment of highly effective interventional oncology and is consistent with Varian's long-term strategy to become a world leader in interdisciplinary integrated solutions for cancer treatment.

In 2018, Boston Scientific's assets generated $21.2 million in revenue. Varian expects the deal to have no material impact on its fiscal 2019 economic results. The acquisition may be completed in August 2019, subject to all stated conditions and regulatory approval.[5]

Purchase of Vertiflex spinal implant manufacturer

In early June 2019, Boston Scientific announced the acquisition of spinal implant manufacturer Vertiflex for $465 million. Read more here.

Medtronic and Boston Scientific continue to sell stents that are dangerous to humans

At the beginning of January 2019, Medtronic and Boston Scientific continue to sell stents coated with paclitaxel, despite the fact that a month earlier a study was published indicating an association between the use of devices and an increased mortality rate.

The meta-analysis analyzed data from 28 clinical studies using paclitaxel-coated devices that are used to stent the femoral and/or popliteal arteries. According to the study, the relative increase in total mortality among patients with paclitaxel stents compared to patients who were given an uncoated stent is 68% after two years, and 93% after five years. The results of the study were published in the Journal of the American Heart Association.

Paclitaxel-coated coronary stent made of chromium and platinum

In response, representatives from both companies spoke at the J.P. Morgan Healthcare Conference in San Francisco, noting that their own data did not support the higher mortality rates identified in the new study. Medtronic and Boston Scientific have been monitoring 1,800 patients in randomized controlled trials in the U.S. and Japan for more than five years, but there has been no such signal of a safety breach. The new study did not identify a potential mechanism for increasing mortality rates, and the findings differ from evidence from other observations.

Representatives of companies insist on testing the hypothesis in additional clinical studies. A Boston Scientific spokesman also recalled that paclitaxel has been used in oncology for more than 20 years in higher doses. The study authors countered that paclitaxel used in chemotherapy is water-soluble and has a half-life of about six hours, whereas paclitaxel on stents has a half-life of weeks to months.

The medical community is unlikely to immediately abandon the use of such devices, as the potential increase in mortality does not outweigh the risks of using drug-free stents, including the risk of repeated thrombosis and amputation.[6]

2018

Costs of $800 million to settle claims related to vaginal implants

By the end of February 2019, Boston Scientific had settled a total of nearly 50,000 trials involving mesh implants, which many patients claim lead to infections, urinary problems, pain and other problems. In 2018, the American company spent $800 million to resolve such claims.

Boston Scientific is one of the few companies to manufacture transvaginal mesh implants. The devices are used to treat pelvic organ prolapse, which can cause pain and urinary problems. Since 2009, Boston Scientific has received about 53,000 lawsuits from women who note painful side effects after installing transvaginal implants.

Boston Scientific spent $800 million in 2018 to settle claims for defective vaginal implants

While some cases were never closed, most of the claims were settled. The company's CFO Daniel Brennan said that between 2015 and 2018, the company invested $119 million in the settlement of almost 3,000 lawsuits, and another $655 million was postponed to finance other legal expenses.

Boston Scientific expects all lawsuits to be settled by the end of 2019. The company continues to manufacture and sell implants. However, a 2011 regulatory study concluded that serious adverse events with mesh implants were much more common than originally thought and that implantation did not improve clinical outcome. In early 2019, U.S. regulators convened an advisory group to discuss the safety of transvaginal mesh implants manufactured by Boston Scientific and other companies, but never reached a final decision by the end of February. [7]

Purchase of the developer of annulopolastics systems Millipede

On December 27, 2018, Boston Scientific announced the purchase of annulopolastics systems developer Millipede Medical. The transaction value is estimated at approximately $325 million with the possibility of paying an additional $125 million with the successful introduction of the products of the sold company to the market. Read more here.

Purchase of surgical equipment manufacturer BTG for $4.2 billion

On November 20, 2018, the American medical device manufacturer Boston Scientific announced the acquisition of BTG for 3.3 billion pounds sterling ($4.2 billion at the exchange rate at the time of the announcement of the agreement). The buyer will pay for the transaction using his own funds, not including his own shares in it. Read more here.

Purchase of hydrogel developer to alleviate effects of prostate cancer radiotherapy Augmenix

On September 6, 2018, Boston Scientific announced the acquisition of a hydrogel developer to alleviate the effects of prostate cancer radiation therapy Augmenix for $500 million. The buyer promises to pay another $100 million when certain sales indicators are achieved. Read more here.

Purchase of venous stent manufacturer Veniti

On August 8, 2018, Boston Scientific announced the acquisition of Veniti, whose investor has been since 2016. By the time the deal was announced, Boston Scientific owned a 25% stake in the company and must pay another $108 million for the acquisition of the rest of the stake and $52 million for registering the VICI stent for sale. Read more here.

Cryterion Medical Cardiac Rhythm Systems Developer Purchase

In July 2018, Boston Scientific announced it had acquired the remaining stake in Cryterion Medical. We are talking about buying a 65% stake in the amount of about $202 million. Boston Scientific sees great significance in this deal given the importance of the technologies being developed by Cryterion Medical. Read more here.

Purchase of ovarian cancer diagnostic equipment developer nVision Medical for $275 million

In April 2018, Boston Scientific announced the acquisition of ovarian cancer diagnostic equipment maker nVision Medical. The transaction value is up to $275 million. Read more here.

2017

Creation of a laboratory for the development of endoscopic equipment

In June 2017, Boston Scientific announced the creation of a new endoscopic research laboratory. It will be opened at the European Innovation Centre in the Irish city of Galway. Investments in the project amount to 17 million euros.

The venture, called RoadRunner, will attract more than 300 highly qualified doctors worldwide each year to promote the development of metal stents used in the treatment of gastrointestinal diseases. Thanks to experts, Boston Scientific hopes to reduce the development time of this medical device to just six months.

Boston Scientific is setting up a laboratory in Ireland to develop endoscopic equipment; project cost - 17 million euros

According to Darragh Colgan, vice president of Boston Scientific, the path to creating an effective and safe medical device can be "long and difficult."

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Using RoadRunner, our engineers will collect feedback from international doctors in real time. Ultimately, this will greatly improve the process of allowing the device to move from the machine to the patient's bed. Doctors will have quick access to the equipment they need to improve the condition of patients both in Ireland and in the world, Colgan said.
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The Irish RoadRunner lab is not the first for Boston Scientific. The company previously used the concept to develop two new enteral stents inserted into the colon and small intestine.

Irish Foreign Minister Sean Kyne noted that Boston Scientific's investments confirm the country's position as one of the global leaders in medical technology.

Boston Scientific opened a representative office in the city of Galway in 1994. By June 2017, about 3 thousand people work there and various medical equipment is being developed, including the one used to treat heart disease.[8]

Claims over defective vaginal implants

In May 2017, a story continued accusing Boston Scientific of selling defective vaginal implants. The company won one trial and tried to challenge dozens of other complaints. Read more here.

Purchase of Symetis for $435 million

At the end of March 2017, Boston Scientific announced the purchase of Symetis heart valves for $435 million. Thanks to this acquisition, the buyer hopes to strengthen its position in Europe after a series of recalls of heart valves in the region. Read more here.

Lease Extension for Microelectronic Implant Development

In March 2017, Boston Scientific extended the lease of buildings in Valencia (California, USA), in which the Neuromodulation Group division is based, specializing in the development of microelectronic implants for the treatment of chronic pain or neurological diseases. It is reported by BioSpace with reference to The Signal newspaper.

According to the latter, for another 10 years Boston Scientific will continue to rent two buildings: in one of them the area of ​ ​ office and technical premises is 16.7 thousand square meters, in the other - almost 15 thousand. The latter is also used to train employees and store products.

Boston Scientific

Under an agreement reached with Southern California authorities, Boston Scientific will increase the number of personnel in the region. How many jobs are planned to be created and in what time frame is not specified. The company has been operating in Valencia for about 9 years, according to a March 10, 2017 BioSpace publication.

It also reports that in recent years, Boston Scientific has been actively increasing its staff largely due to the temporary abolition of the tax on medical devices in the United States. The company finished 2016 with 27 thousand working employees against 25 thousand people a year earlier. About half of employees work outside the United States.

In June 2016, Boston Scientific announced a corporate restructuring aimed at the global development of commercial, technological and manufacturing capabilities in key markets of presence. At the same time, the company began to optimize the network of enterprises and measures to improve operational efficiency in order to fulfill the tasks of business profitability.

As part of corporate restructuring, it was planned to reduce operating costs by $150 million by 2020, as well as to ensure long-term business growth and innovation.[9]

Increase in staff after the abolition of the tax on medical equipment

In March 2017, it became known about the increase in the number of personnel at Boston Scientific. The company is recruiting more workers thanks to the temporary elimination of the medical device tax in the United States.

In 2010, a 2.3% medical technology tax was included in the Patient Protection and Affordable medical Care Act to fund some of the then-president's reforms Barack Obama in the area. health care

Boston Scientific Headquarters

The law, which came into force on January 1, 2013, affected the business of manufacturers and importers of equipment such as artificial hip joints, MRI machines and cardiodefibrilators. However, in 2015, the law was temporarily canceled - until the end of 2017.

As Mass Device writes with reference to the financial report of Boston Scientific, by the end of 2016, the company employed a total of 27 thousand people, 14 thousand of whom worked outside the United States. A year earlier, the staff of the American manufacturer of medical equipment totaled 25 thousand employees, including 12 thousand people working abroad.

A spokesman for Boston Scientific told the publication that in 2016, the company increased the number of jobs in the United States by "several hundred," but this data was not reflected in the report.

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Our total number of employees has grown globally, including the United States. However, in reporting, we usually round the numbers, since the exact indicators can change from month to month, and resources are sometimes redistributed towards ensuring high growth, the Boston Scientific explained.
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After eliminating the medical equipment tax, Boston Scientific was given the opportunity to invest in research and development, partnerships and "targeted recruitment."

In January 2013, when that tax took effect, the company reported eliminating 1,000 jobs worldwide.[10]

2016

Buying a stake in Neovasc

In early December 2016, Boston Scientific announced an investment of $75 million in medical device manufacturer Neovasc. As part of the transaction, the buyer will receive a 15 percent stake in the company and its business for the production of devices for histological wiring of biological tissues. Read more here.

Purchase of EndoChoice for $210 million

At the end of September 2016, Boston Scientific announced the acquisition of medical device manufacturer EndoChoice for $210 million. Thanks to this deal, the buyer is expanding its endoscopic devices business amid falling sales of some products, reports The Wall Street Journal (WSJ).

Under the terms of the agreement, Boston Scientific will pay $8 in its own funds for each EndoChoice share, which is 90% more than the company's securities by the time the exchange closes on the eve of the announcement of the transaction. After the announcement of the sale of EndoChoice, the shares rose to the same $8. Read more here.

2015

Boston Scientific Sales Structure by Region in 2015

Notes


Stock price dynamics

Ticker company on the exchange: NYSE:BSX