Boston Scientific

Capital is directed first to internal R&D (about $1.6 billion in 2024) and high‑return category leadership, then to focused M&A. Completed acquisitions of Silk Road Medical and Axonics add high‑growth adjacencies in TCAR and sacral neuromodulation. The company also continues bolt‑ons in cardiac mapping, ICE, and neuromodulation.

Importantly, Boston Scientific exited global TAVR when the path to attractive returns became unclear, reflecting a disciplined willingness to prune. Share repurchases have been minimal since 2020, and there is no dividend, which aligns with reinvestment priorities.

Stock‑based compensation exists but dilution is modest, with weighted average diluted shares around 1.49 billion in Q3 2025. Net: strong capital deployment toward advantaged niches and away from challenged areas.