Watchman Heart Device Usage Slowdown Sends Boston Scientific Shares Down 12%
BSX is trading near its 52-week low of $50.58 (2.8% above the low).
Summary
Boston Scientific's CEO announced a slowdown in standalone usage of its Watchman heart device, a critical growth product, at a recent conference. He expects flat dollar growth for Watchman in Q2 and Q3 due to a shift towards concomitant procedures. This news caused the stock to fall 12% to a two-year low. While the company maintains its full-year organic revenue growth forecast, this specific commentary on a key product's performance adds significant pressure and delays rebuilding investor trust after previous forecast cuts.
At the time of this announcement, BSX was trading at $52.02 on NYSE in the Life Sciences sector, with a market capitalization of approximately $77.3B. The 52-week trading range was $50.58 to $109.50. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.