{"schemaVersion":1,"research":true,"symbol":"bsx","name":"Boston Scientific","topic":"moat","path":"/stock/bsx/moat","status":"stale","version":9,"updatedAt":"2026-10-19T20:40:48.610Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Boston Scientific has differentiated products, completed regulatory approvals and sustained demand, but the passages do not establish durable protection against competing devices and therapies. Intellectual property and physician familiarity support plausible moat mechanisms; their economic duration and customer dependence remain unproven. Competition affected Electrophysiology sales in 2026. Margins remained resilient, but realized pricing cannot be separated from volume and mix, while purchasing agreements constrain pricing discretion. This is insufficient evidence of a durable moat, rather than evidence of a broadly weak competitive position.","advantages":[{"mechanism":"intangible_assets","claim":"Current product differentiation is supported by Intracept's disclosed regulatory distinction, completed FARAPULSE indication approvals and product-led sales growth. WATCHMAN's global leadership is an issuer assertion. Patents and licenses support protection, but their existence alone does not establish a durable economic moat.","durability":"Regulatory development requirements and proprietary technology can delay replication. The catalog does not establish remaining exclusivity, competitor replication times or sustained product-level economic protection.","risks":"Electrophysiology competition already affected sales. Alternative therapies, patent circumvention, reimbursement changes and product discontinuation can erode differentiation. Abbott's disclosed PFA and mapping portfolio confirms overlapping competition without establishing relative clinical superiority.","invalidation":"The advantage would be undermined by comparable competing approvals followed by sustained share or pricing losses, loss of reimbursement for differentiated procedures, or invalidation or circumvention of commercially important proprietary rights.","competitors":["Abbott Laboratories","Medtronic plc"],"evidenceIds":["q462","q463","q480","q485","q210","q298","q300","q163","q1435"],"counterEvidenceIds":["q553","q2112","q191","q289","q358","q359"]},{"mechanism":"switching_costs","claim":"Physician familiarity is a disclosed competitive factor and may support switching friction. Continued product demand is demonstrated indirectly by organic growth, but customer lock-in, retraining costs and repeat purchasing by the same institutions are not established.","durability":"Potential rather than a demonstrated durable advantage; no quantified switching burden or contractual customer dependence is supplied.","risks":"Clinical improvements and competing platforms can overcome familiarity. Consolidated purchasers and negotiated purchasing agreements may override physician preferences.","invalidation":"Evidence of institutions readily substituting competing platforms without meaningful retraining, workflow disruption or economic cost would invalidate the proposed switching-friction mechanism.","competitors":["Abbott Laboratories","Medtronic plc"],"evidenceIds":["q291","q780","q1811","q1435"],"counterEvidenceIds":["q553","q382","q1335","q2112"]}],"evidence":[{"id":"q462","sourceId":"filing-1","location":"Business / Neuromodulation product offerings","excerpt":"Our product offerings include our WaveWriter Alpha™ Spinal Cord Stimulator (SCS) System, designed to provide improved pain relief to a wide range of patients who suffer from chronic pain, our Intracept™ Intraosseous Nerve Ablation System, the only U.S."},{"id":"q463","sourceId":"filing-1","location":"Business / Neuromodulation regulatory distinction","excerpt":"Food and Drug Administration (FDA)-cleared system to treat vertebrogenic pain, a form of chronic low back pain, our G4™ Generator and consumable portfolio in Radiofrequency Ablation (RFA) for pain management and our Vercise Genus™ Deep Brain Stimulation (DBS) System for the treatment of Parkinson's disease, tremor and intractable primary and secondary dystonia."},{"id":"q480","sourceId":"filing-1","location":"Business / WATCHMAN clinical history and issuer-reported leadership","excerpt":"WATCHMAN™ is the first device to offer a non-pharmacologic alternative to oral anti-coagulants that has been studied in a randomized clinical trial and is the leading device in percutaneous LAAC globally."},{"id":"q485","sourceId":"filing-1","location":"Business / Electrophysiology completed regulatory approvals","excerpt":"We received FDA approval in the United States, and Pharmaceuticals and Medical Device Agency (PMDA) approval in Japan, in the second and third quarters of 2025, respectively, to expand instructions for use labeling to include the treatment of drug refractory, symptomatic persistent AF with the FARAPULSE™ PFA System."},{"id":"q210","sourceId":"filing-1","location":"MD&A / Cardiovascular sales growth drivers","excerpt":"In 2025 and 2024, reported net sales growth was primarily driven by the growth of our Electrophysiology business unit, led by our Farapulse™ Pulsed Field Ablation (PFA) System, continued market penetration of Left Atrial Appendage Closure (LAAC) procedures with our WATCHMAN™ LAAC Devices, as well as our coronary therapies franchise led by our AGENT™ Drug-Coated Balloon."},{"id":"q298","sourceId":"filing-1","location":"Business / Proprietary rights and patents","excerpt":"We hold patents worldwide that cover various aspects of our technology."},{"id":"q300","sourceId":"filing-1","location":"Business / Aggregate importance of intellectual property","excerpt":"In the aggregate, these intellectual property assets and licenses are of material importance to our business; however, we believe that no single patent, trade secret, trademark, intellectual property asset or license is material in relation to our business as a whole."},{"id":"q163","sourceId":"filing-1","location":"Regulatory environment / PMA requirements","excerpt":"The PMA approval process generally requires clinical data to support the safety and effectiveness of the device, and is generally more detailed, lengthier and more expensive than the 510(k) process."},{"id":"q1435","sourceId":"filing-5","location":"Business / Named primary competitors","excerpt":"Our primary competitors include Abbott Laboratories and Medtronic plc, as well as a wide range of medical device companies that sell a single or limited number of competitive products or participate in only a specific market segment."},{"id":"q553","sourceId":"filing-2","location":"MD&A / Realized Electrophysiology competition and WATCHMAN procedure deceleration","excerpt":"Net sales for the second quarter and first six months of 2026 were impacted by increased competition within our Electrophysiology business unit and a deceleration of certain WATCHMAN™ procedures."},{"id":"q2112","sourceId":"filing-14","location":"Abbott business / Electrophysiology product portfolio","excerpt":"•electrophysiology products, including the Volt® Pulsed Field Ablation System, the TactiFlex® and TactiCath® families of ablation catheters, including the TactiFlex™ Duo Ablation Catheter, Sensor Enabled™, and FlexAbility® irrigated ablation catheters; the EnSite® family of cardiac mapping systems; Agilis® NxT and Swartz™ introducer catheters; the Advisor® HD Grid mapping catheter; and the ViewFlex® family of intracardiac echocardiography catheters;"},{"id":"q191","sourceId":"filing-1","location":"Risk factors / Patent challenges and circumvention","excerpt":"No assurance can be made that any pending or future patent applications will result in the issuance of patents, that any current or future patents issued to, or licensed by, us will not be challenged or circumvented by our competitors, or that our patents will not be found invalid."},{"id":"q289","sourceId":"filing-1","location":"Business / Alternative therapies and technologies","excerpt":"We also face competition from non-medical device companies, which may offer alternative therapies for disease states that could also be treated using our products, or from companies offering technologies that could augment or replace procedures using our products."},{"id":"q358","sourceId":"filing-1","location":"Restructuring / ACURATE worldwide sales discontinuation","excerpt":"In addition, on May 28, 2025, we announced the discontinuation of worldwide sales of the ACURATE neo2™ and ACURATE Prime™ Aortic Valve Systems and that we would no longer pursue U.S."},{"id":"q359","sourceId":"filing-1","location":"Restructuring / ACURATE approval pursuit discontinued","excerpt":"FDA approval for ACURATE or approval in other geographies."},{"id":"q360","sourceId":"filing-1","location":"Restructuring / Realized ACURATE exit charges","excerpt":"The decision resulted in total pre-tax restructuring and restructuring-related net charges of approximately $87 million in 2025."},{"id":"q291","sourceId":"filing-1","location":"Business / Physician familiarity as a competitive factor","excerpt":"We also compete on ease of use, comparative effectiveness, reliability and physician familiarity."},{"id":"q780","sourceId":"filing-3","location":"Compensation discussion / Reported 2025 results and 2023–2025 organic growth","excerpt":"ABP Financial Metrics 2025 Reported Results $20.074 billion GAAP Net Sales $1.94 GAAP Net Income Per Share 18.0% GAAP Operating Income Margin 2025 Adjusted Results for ABP $ 19.931 billion Adjusted Net Sales(1)(2) $3.06 Adjusted Net Income Per Share (Adjusted EPS)(1)(2) 28.0% Adjusted Operating Income Margin(1)(2) rTSR and ONSG PSP Financial Metrics 119.29% 3-year rTSR(4) For 2023 rTSR PSP 16.6% Average GAAP Net Sales Growth 2023 - 2025 14.8% Average Organic Net Sales Growth(1)(2) 2023 - 2025 For 2023 ONSG PSP(3) (1)Adjusted Net Sales, Adjusted EPS, Adjusted OIM and ONSG are non-GAAP financial measures."},{"id":"q1811","sourceId":"filing-7","location":"Second-quarter 2026 results / Actual sales growth versus guidance","excerpt":"•Reported net sales of $5.442 billion, representing an increase of 7.5 percent on a reported basis, compared to the company's guidance range of 5.5 to 7.5 percent; and 7.0 percent on an operational and organic basis, compared to the company's guidance range of 5 to 7 percent, all compared to the prior year period."},{"id":"q382","sourceId":"filing-1","location":"Receivables / Customer concentration and buying groups","excerpt":"We are not dependent on any single institution, and no single customer accounted for more than ten percent of our net sales in 2025, 2024 and 2023; however, large group purchasing organizations, hospital networks, international distributors and dealers and other buying groups are important to our business and represent a substantial portion of our net sales."},{"id":"q1335","sourceId":"filing-4","location":"Revenue / Negotiated group purchasing agreements","excerpt":"We have entered certain agreements with group purchasing organizations to sell our products to participating hospitals at negotiated prices."},{"id":"q39","sourceId":"filing-1","location":"Risk factors / Ongoing competitive and purchaser pressures","excerpt":"We continue to experience pressures across many of our businesses due to competitive activity, increased market power of our customers as the health care industry consolidates, national and regional government tenders, economic pressures experienced by our customers, capacity shortages within health care facilities that have and may continue to negatively impact demand for our products, public perception of our products, and the impact of managed care organizations and other third-party payers."},{"id":"q555","sourceId":"filing-2","location":"MD&A / Gross margin bridge and pricing, volume and mix","excerpt":"The following is a reconciliation of our gross profit margin and a description of the drivers of the changes from period to period: Three Months Six Months Period ended June 30, 2025 67.7% 68.2% Sales pricing, volume and mix 0.6% 0.7% Net impact of foreign currency fluctuations (0.4)% (0.6)% All other, including inventory charges and other period expenses 2.9% 1.8% Period ended June 30, 2026 70.7% 70.1% In the second quarter of 2026, the primary factors that impacted gross profit margin were increased sales of higher margin products, the benefit recognized in connection with the recovery of previously incurred tariffs and a decrease in inventory charges, slightly offset by an unfavorable impact from foreign currency."},{"id":"q556","sourceId":"filing-2","location":"MD&A / First-half gross margin drivers","excerpt":"These factors also impacted gross profit margin during the first six months of 2026, along with a decrease in the impact of inventory step-up adjustments associated with acquisitions."},{"id":"q847","sourceId":"filing-3","location":"Annex A / GAAP operating margin comparison","excerpt":"The following is a reconciliation of Operating Income Margin (OIM) prepared in accordance with GAAP to Adjusted OIM as used in our Annual Bonus Plan: Adjusted Operating Income Margin 2025 2024 Operating Income Margin, as reported 18.0 % 15.5 % Non-GAAP adjustments 10.0 % 11.5 % Operating Income Margin, adjusted 28.0 % 27.0 % Use of Non-GAAP Financial Measures To supplement our consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures."},{"id":"q563","sourceId":"filing-2","location":"Liquidity / Actual first-half cash flows","excerpt":"45 Table of Contents The following provides a summary and description of our net cash inflows (outflows): Six Months Ended June 30, (in millions) 2026 2025 Cash provided by (used for) operating activities $ 1,822 $ 1,827 Cash provided by (used for) investing activities (2,547) (1,626) Cash provided by (used for) financing activities (670) (107) Operating Activities During the first six months of 2026, cash provided by (used for) operating activities remained relatively flat compared to the prior year period primarily due to comparatively higher sales and corresponding operating income, offset by an increase in employee and working capital-related payments."},{"id":"q564","sourceId":"filing-2","location":"Liquidity / Actual acquisition, investment and capital spending","excerpt":"Investing Activities During the first six months of 2026, cash provided by (used for) investing activities included net cash payments of $718 million for acquisitions of multiple businesses, primarily related to Nalu Medical, Inc., net payments for investments and acquisitions of certain technologies of $1.501 billion, primarily related to the investment in MiRus LLC (MiRus), and purchases of property, plant and equipment and internal use software of $372 million."},{"id":"q568","sourceId":"filing-2","location":"Liquidity / Commercial paper, repurchases and debt repayment","excerpt":"Financing Activities During the first six months of 2026, cash provided by (used for) financing activities included net proceeds from the issuance of commercial paper of $1.675 billion, a $2.000 billion payment to repurchase shares of our common stock, and a $255 million payment of the remaining balance of 3.750% Senior Notes due March 2026."},{"id":"q478","sourceId":"filing-1","location":"Business / Planned Penumbra transaction financing","excerpt":"We plan to fund the transaction consideration through a combination of cash on hand and newly issued debt in an aggregate amount equal to approximately $11.000 billion, and the remaining portion of the transaction consideration will be paid in shares of our common stock."},{"id":"q775","sourceId":"filing-3","location":"Compensation discussion / Actual 2025 performance-based awards","excerpt":"2025 Long-Term Incentives: Fifty percent (50%) of our 2025 long-term incentive awards granted to our executive officers were in the form of performance-based RSUs pursuant to our 2025 Organic Net Sales Growth Performance Share Program (ONSG PSP) and 2025 relative Total Shareholder Return Performance Share Program (rTSR PSP)."},{"id":"q91","sourceId":"filing-1","location":"Stock compensation / Three-year relative TSR award terms","excerpt":"The number of shares ultimately issued to the recipient is based on the total stockholder return (TSR) of our common stock as compared to the TSR of the common stock of the other companies in the S&P 500 Health Care Index over a three-year period."},{"id":"q901","sourceId":"filing-3","location":"Compensation policies / Hedging and pledging prohibition","excerpt":"Do not permit pledging or hedging of the economic value of our common stock by executives or directors."},{"id":"q820","sourceId":"filing-3","location":"Compensation discussion / Annual bonus metric exclusions","excerpt":"For purposes of our 2025 ABP: (i) Adjusted Net Sales is calculated on a constant currency basis that excludes the impact of foreign currency fluctuations, which are highly variable and difficult to predict, and net sales from acquisitions completed after the establishment of the internal financial plan, as applicable; (ii) Adjusted EPS equals adjusted net income (loss) divided by weighted average shares outstanding for the performance year (adjusted net income (loss) equals GAAP net income (loss) excluding certain charges (credits) from GAAP net income, including, but not limited to, amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), and certain litigation-related net charges (credits), European Union Medical Device Regulation (EU MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and discrete tax items); and (iii) Adjusted OIM reflects the Company’s adjusted operating income (GAAP revenue less cost of goods sold less operating expenses, adjusted for certain items consistent with those excluded to determine Adjusted EPS) as a percentage of net sales."},{"id":"q1020","sourceId":"filing-3","location":"Compensation policies / Adopted clawback policy and effective date","excerpt":"Clawback Policies\nOur Compensation Committee adopted, effective November 17, 2023, the Boston Scientific Dodd-Frank Clawback Policy (the \"Dodd-Frank Clawback Policy\") to comply with final rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the SEC, and the applicable NYSE listing standards."},{"id":"q1021","sourceId":"filing-3","location":"Compensation policies / Mandatory recoupment terms","excerpt":"The Dodd-Frank Clawback Policy provides for the mandatory recoupment of erroneously awarded incentive-based compensation in the event of an accounting restatement."},{"id":"q761","sourceId":"filing-3","location":"Governance / Actual independent-director executive sessions","excerpt":"During 2025, our independent directors met in executive session without non-independent directors five times."},{"id":"q765","sourceId":"filing-3","location":"Governance / Key committee independence","excerpt":"All of the members of the Audit Committee, Compensation Committee, and Nominating and Governance Committee meet the applicable independence requirements of the NYSE and the SEC."},{"id":"q889","sourceId":"filing-3","location":"Governance / Actual externally facilitated board evaluation","excerpt":"In 2025, the Nominating and Governance Committee engaged a third-party facilitator to conduct interviews with each member of the Board, informed by priority areas identified in consultation with Board leadership."},{"id":"q2023","sourceId":"filing-12","location":"Annual meeting results / Approval to remove supermajority voting provisions","excerpt":"For\nAgainst\nAbstain\nBroker Non-Votes\n1,205,130,032\n2,818,667\n2,445,694\n81,271,529\n(5) The stockholders approved the amendment of the Company’s Third Restated Certificate of Incorporation to remove supermajority voting provisions."},{"id":"q2024","sourceId":"filing-12","location":"Annual meeting results / Approval of officer exculpation amendment","excerpt":"For\nAgainst\nAbstain\nBroker Non-Votes\n1,189,271,431\n17,774,053\n3,348,909\n81,271,529\n(6) The stockholders approved the amendment of the Company’s Third Restated Certificate of Incorporation to provide for exculpation of certain officers as permitted by Delaware law."},{"id":"q2025","sourceId":"filing-12","location":"Annual meeting results / Special-meeting amendment not approved","excerpt":"For\nAgainst\nAbstain\nBroker Non-Votes\n1,057,086,923\n150,458,633\n2,848,837\n81,271,529\n(7) The stockholders did not approve the amendment of the Company’s Third Restated Certificate of Incorporation and Amended and Restated By-Laws to permit stockholders owning not less than 25% of the Company’s common stock to call a special meeting of stockholders."},{"id":"q1905","sourceId":"filing-8","location":"April 2026 release / Full-year sales growth guidance","excerpt":"The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 7.0 to 8.5 percent on a reported basis and 6.5 to 8.0 percent on an organic basis."},{"id":"q1824","sourceId":"filing-7","location":"July 2026 release / Revised full-year sales growth guidance","excerpt":"The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 5.5 to 6.5 percent on a reported basis and 5 to 6 percent on an organic basis."}],"changes":["Retained the uncertain moat verdict after reassessing the current catalog; all moat criterion grades remain null.","Added Abbott Laboratories and Medtronic plc from the explicit competitor disclosure in the 2023 annual report. Abbott's later electrophysiology disclosure supports specific product overlap; compensation-peer membership is not treated as competitive evidence.","Updated governance for actual annual-meeting outcomes: shareholders approved removal of supermajority provisions and officer exculpation, but did not approve the disclosed special-meeting amendment.","Re-established pricing and management grades from current catalog citations rather than carrying forward earlier evidence IDs."],"limitations":["All source dates supplied in this catalog have dateKind filed; filing dates are not treated as publication or retrieval dates.","Product leadership, regulatory distinctions and clinical achievements are issuer disclosures. The passages do not establish comparative long-term economic protection or exceptional durability.","Named primary competitors come from the older 2023 annual report. Newer Boston Scientific competition passages describe generic categories; Abbott provides specific electrophysiology overlap, while comparable Medtronic product-level coverage is missing.","No separately identified realized selling-price trend, customer retention rate, quantified switching cost, patent expiry schedule or unilateral repricing right is supplied.","Actual executive beneficial ownership is missing. Disclosed award terms and adopted policies support alignment assessment without establishing ownership compliance or future vesting.","Penumbra financing is a disclosed plan, not proof of completion or realized returns. Later leadership and compensation arrangements do not establish future execution."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Differentiated products, intellectual property and completed approvals identify plausible advantages, but their ability to exclude substitutes and protect economic returns remains unestablished.","evidenceIds":["q462","q463","q485","q298","q553","q2112"]},{"criterion":"durability","grade":null,"rationale":"Regulatory requirements can impede replication, but remaining exclusivity and sustained competitive protection are missing. Patent risk disclosures describe possibilities, while actual competition shows that approvals do not ensure insulation.","evidenceIds":["q163","q300","q191","q553"]},{"criterion":"customer_dependency","grade":null,"rationale":"Physician familiarity and organic growth do not establish customer dependence, switching burdens or retention of the same purchasing institutions.","evidenceIds":["q291","q780","q1811","q382"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Continued growth coexists with realized Electrophysiology competition and an ACURATE exit. The catalog cannot establish resilience of a durable structural advantage.","evidenceIds":["q1811","q553","q358","q359"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"The gross margin bridge combines pricing, volume and mix and principally attributes improvement to higher-margin products and other factors. Ongoing purchasing pressure does not establish a realized selling-price outcome in either direction.","evidenceIds":["q555","q556","q39"]},{"criterion":"retention","grade":2,"rationale":"Average organic growth of 14.8% during 2023–2025 and 7.0% second-quarter 2026 organic growth demonstrate continued demand indirectly. Competition and WATCHMAN procedure deceleration temper that evidence; no customer retention rate or same-customer repeat purchasing is inferred.","evidenceIds":["q780","q1811","q553"]},{"criterion":"margin_resilience","grade":3,"rationale":"GAAP operating margin increased from 15.5% in 2024 to 18.0% in 2025, and first-half gross margin increased from 68.2% to 70.1% in 2026 despite unfavorable currency. Mix, tariff recovery and lower charges contributed, limiting attribution to pricing and evidence of repeatability.","evidenceIds":["q847","q555","q556"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Actual group purchasing agreements specify negotiated prices, buying groups represent substantial sales, and ongoing purchaser pressure limits discretion. This supports a weak assessment; contractual duration, escalators and unilateral repricing rights remain undisclosed.","evidenceIds":["q1335","q382","q39"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash generation of $1.822 billion contrasts with $2.547 billion of investing outflows, a $2.000 billion repurchase payment and $1.675 billion of commercial-paper proceeds. ACURATE exit charges and planned Penumbra financing add execution and funding risk. Actual deployment is established, but acquisition returns and repurchase value creation are not.","evidenceIds":["q563","q564","q568","q360","q478"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 grants included 50% performance-based long-term awards, with disclosed three-year relative TSR terms, a hedging and pledging prohibition and an adopted mandatory clawback policy. Broad annual bonus exclusions weaken alignment with full economic costs. Actual executive ownership and future award vesting are unestablished.","evidenceIds":["q775","q91","q901","q1020","q1021","q820"]},{"criterion":"execution","grade":3,"rationale":"Multi-year organic growth, completed FARAPULSE indication approvals and second-quarter growth at the top of guidance demonstrate strong execution, partly assessed through indirect operating evidence. Realized competition, ACURATE discontinuation and lower July full-year growth guidance temper the assessment.","evidenceIds":["q780","q485","q1811","q553","q358","q359","q1905","q1824"]},{"criterion":"governance","grade":3,"rationale":"Independent key committees, five actual independent-director executive sessions in 2025, externally facilitated board interviews and an adopted mandatory clawback policy demonstrate functioning oversight processes. Shareholders subsequently approved removal of supermajority provisions and officer exculpation, while the disclosed special-meeting amendment failed. 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