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Boston Scientific (BSX; Baa1, BBB+, BBB+; S) {BSX US Equity}

HEALTHCARE
  • Strong beat with headline sales at $3.86b (c$3.68b) up +14%yoy (c+8.7%) & EBITDA at $1.23b (c$1.07b). Analyst seem well optimistic on the release.
  • FCF in Q1 was -15m on $179m capex netting $164m of operating cash flows. "Estimated" operating cash flow in FY24 is unch at ~$2.7b with $700m in net capex netting $2b in FCF. Gross leverage sat at 2.55x, up from 2.3x last qtr - gross debt includes €2b debt raised to partially fund Axonics acquisition announced early this year (for $3.7b).
  • Headline guidance is firm; for Q2 at net sales growth of 10.5-12.5% & for FY24 at 11-13%. Organic growth around -1% shy on those rates.
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