Boston Scientific

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Boston Scientific Corporation
IndustryMedical device
FoundersJohn Abele, Founder & Director Emeritus
Peter Nicholas, Founder & Director Emeritus
HeadquartersMarlborough, Massachusetts, United States
Key people
Michael F. Mahoney, Chairman and (CEO)
Daniel Brennan, CFO
RevenueIncrease $10.74 billion (2019)[1]
Increase $1.51 billion (2019)[1]
Increase $4.70 billion (2019)[1]
Total assetsIncrease $30.57 billion (2019)[1]
Total equityIncrease $13.88 billion (2019)[1]
Number of employees
36,000[2] (2019)

Boston Scientific Corporation, doing business as Boston Scientific, is a manufacturer of medical devices used in interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.

Boston Scientific is primarily known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries.[3] With the full acquisition of Cameron Health in June 2012, the company also became notable for offering a minimally invasive implantable cardioverter-defibrillator (ICD) which they call the EMBLEM Subcutaneous Implantable Defibrillator (S-ICD).[4][5]


Boston Scientific was formed June 29, 1979, in Watertown, Massachusetts, as a holding company for a medical products company called Medi-Tech, and to position the company for growth in interventional medicine.[6]


The company went public through an initial public offering on May 19, 1992.[6] Major acquisitions adding to their technology were intensified in 1995-1997, which included Cardiovascular Imaging Systems (intravascular ultrasound), SCIMED (cardiovascular), Vesica Medical (urology), Meadox (textile vascular prostheses), EPTechnologies (cardiac ablation controllers), MinTec (abdominal aortic aneurysm grafts), Symbiosis Corporation (specialty medical product manufacture) and Target Therapeutics (interventional neurology).[7]

The Taxus Stent was approved in 2003 in Europe and other countries and approved in the United States by the FDA in March 2004. It was the second drug-eluting stent approved in the United States.[3]

In April 2004 the company announced that it had exercised an exclusive option to acquire Precision Vascular Systems, Inc., as part of a series of agreements between Boston Scientific and Precision Vascular in 2002 - for an undisclosed sum.[8] In June Boston acquired Advanced Bionics Corporation for $740 million in cash, plus earn out payments.[9] In December Boston completed its acquisition of Advanced Stent Technologies, Inc. for $120 million payable in Boston Scientific stock, plus the possibility of future contingent payments. AST had been developing stent and stent delivery systems specifically designed to address the anatomical needs of coronary artery disease in bifurcated vessels.[10]

In April 2005, Boston exercised an exclusive option to acquire TriVascular, Inc. for an undisclosed sum. TriVascular was founded in 1998 to develop less-invasive medical devices and procedures for treating abdominal aortic aneurysms.[11] In the same month the company also announced it had exercised its option to acquire CryoVascular Systems, Inc. and its proprietary angioplasty device to treat atherosclerotic disease of the legs and other peripheral arteries.[12] In June Boston Scientific announced that its wholly owned subsidiary, Nemo I Acquisition, Inc., had successfully acquired Rubicon Medical Corporation, with Rubicon became a wholly owned subsidiary of Boston Scientific.[13]

Guidant merger[edit]

In January 2006, the company announced an offer for Guidant of $72 per share or $25 billion,[14] this offer was however, rejected. On April 21, the company acquired longtime competitor Guidant for $27.2 billion. Guidant was split between Boston Scientific and Abbott Laboratories.[15][16]


In December 2007, Boston Scientific announced it would sell its Fluid Management and Venous Access businesses for $425 million to Avista Capital Partners.[17]

In April 2008 the company acquired CryoCor, Inc. for $1.35 per share, $17.6 million in total.[18][19] Navilyst Medical was formed in February 2008 from Boston Scientific's Fluid Management and Vascular Access business units.[20]

In January 2009, Boston announced it would acquire Labcoat Limited, whose primary development was that of a development-stage drug-eluting stent - for an undisclosed sum.[21]

In October 2010, the company was fined $600,000 by the US Department of Justice for paying a US Army doctor to use their devices and recommend them to others.[22] In the same month Boston Scientific acquired Asthmatx, Inc. for $193.5 million, with payments of up to $250 million being paid on the achievement of specified revenue-based criteria through 2019.[23]

In January 2011 Boston acquired Atritech, Inc., for $100 million plus additional potential payments of up to $275 million. Atritech developed a novel device called the Watchman® designed to close the left atrial appendage in patients with atrial fibrillation who are at risk for ischemic stroke.[24] In the same month, Boston Scientific acquired Intelect Medical, Inc. for $78 million[25] and the remaining 86 percent of Sadra Medical, Inc. not already owned for $193 million plus contingent payments.[26] At the same time, the business divested its neurovascular business to Stryker Corporation for $1.5 billion.[27]

In June 2012, Boston Scientific officially acquired Cameron Health for a total sum of $1.3 billion, paid out incrementally as various revenue milestones were achieved.[4] In September the company announced it would acquire BridgePoint Medical, Inc., developer of a catheter-based system to treat coronary chronic total occlusions.[28] In October, the company acquired Rhythmia Medical, Inc., developer of mapping and navigation methods for use in cardiac catheter ablations and other electrophysiology procedures.[29] A month later the business acquired catheter-based renal denervation system developer, Vessix Vascular, Inc.[30]

In November 2013 Boston announced it would acquire Bard EP, the electrophysiology business of C.R. Bard, Inc.[31] for $275 million.[32]

In May 2014 Boston acquired hysteroscopic intrauterine tissue removal specialist, IoGyn, Inc.[33] In September, the business announced it would acquire the Interventional business of Bayer.[34]

In March 2015, the company announced it would acquire Endo International Plc's American Medical Systems urology business for at least $1.6 billion, expanding the company's health and prostate treatments.[35] In April, Boston announced its intention to acquire Xlumena, Inc.[36] In October Boston announced it had invested further in percutaneous mitral valve replacement system developer, MValve Technologies, gaining a right to acquire the business in the future.[37]

As of 2016 it operates in more than 100 countries, employs more than 24,000 people, and manufactures around 13,000 diverse products.[38] In July 2016 the business acquired the manufacturer of radiofrequency ablation systems, Cosman Medical, Inc.[39] In September, Boston announced it had acquired EndoChoice Holdings, Inc., becoming part of the Boston Scientific Endoscopy business for $8.00 per share or $210 million in total.[40] In November the company acquired the gynecology and urology portfolio of Distal Access, LLC, a company that designs minimally invasive medical devices.[41] In December 2016, the business acquired a 15% stake in Neovasc, Inc. for $75 million.[42]

In May 2017 the company acquired Symetis SA, a developer of minimally invasive transcatheter aortic valve implantation devices.[43] In October Boston acquired Apama Medical Inc. for up to $300 million.[44]

In April 2018 Boston Scientific announced the triple closure of its acquisitions of women's health company, nVision Medical Corporation,[45] NxThera[46] and Securus Medical Group, Inc. for up to $50 million.[47] In July, Boston announced it would acquire Cryterion Medical, Inc,[48] Veniti, Inc.,[49] in August Augmenix, Inc. and Claret Medical, Inc.[50] and in October[51] In late November Boston announce they would acquire UK medical device maker, BTG plc, for $4.2 billion.[52] In late December, the company announced it would acquire Millipede, Inc for $325 million - after previously investing $90 million in the company.[53]

In May 2019, the company announced it would acquire Vertiflex, Inc. increasing its interventional pain therapy offerings. Vertiflex principally developed treatment for lumbar spinal stenosis.[54]

In January 2021, Boston announced it would acquire Preventice Solutions, Inc.and its portfolio of mobile cardiac health solutions for up to $1.2 billion.[55] In March, the business announced it would acquire Lumenis Ltd for $1 billion.[56]

Boston Scientific Acquisitions
  • Boston Scientific
    • Precision Vascular Systems, Inc. (Acq 2004)
    • Advanced Bionics Corporation (Acq 2004)
    • Advanced Stent Technologies, Inc. (Acq 2004)
    • TriVascular, Inc. (Acq 2005)
    • CryoVascular Systems, Inc. (Acq 2005)
    • Nemo I Acquisition, Inc.
      • Rubicon Medical Corporation (Acq 2005)
    • Guidant (Acq 2006 and split between Boston and Abbott Laboratories)
    • CryoCor, Inc. (Acq 2008)
    • Labcoat Limited (Acq 2009)
    • Asthmatx, Inc. (Acq 2010)
    • Atritech, Inc. (Acq 2011)
    • Intelect Medical, Inc. (Acq 2011)
    • Sadra Medical, Inc. (Acq 2011)
    • Cameron Health (Acq 2012)
    • BridgePoint Medical, Inc. (Acq 2012)
    • Rhythmia Medical, Inc. (Acq 2012)
    • Vessix Vascular, Inc. (Acq 2012)
    • Bard EP (Acq 2013)
    • IoGyn, Inc. (Acq 2014)
    • Bayer (Interventional business, Acq 2014)
    • Endo International (Urology business, Acq 2015)
    • Xlumena, Inc. (Acq 2015)
    • Cosman Medical, Inc. (Acq 2016)
    • EndoChoice Holdings, Inc. (Acq 2016)
    • Distal Access, LLC (Gynecology and Urology business, Acq 2016)
    • Symetis SA (Acq 2017)
    • Apama Medical Inc. (Acq 2017)
    • nVision Medical Corporation (Acq 2018)
    • NxThera (Acq 2018)
    • Securus Medical Group, Inc. (Acq 2018)
    • Cryterion Medical, Inc. (Acq 2018)
    • Veniti, Inc. (Acq 2018)
    • Augmenix, Inc. (Acq 2018)
    • Claret Medical, Inc. (Acq 2018)
    • BTG plc (Acq 2018)
    • Millipede, Inc. (Acq 2018)
    • Vertiflex, Inc. (Acq 2019)
    • Preventice Solutions, Inc. (Acq 2021)
    • Lumenis Ltd (Acq 2021)

Organizational culture[edit]

The company is assessed quite positively by its own employees. In the 2019 Best Places to Work - Employee's Choice Survey, conducted by the Glassdoor website, Boston Scientific ranked 43rd out of 100 companies listed, with an average score of 4.3 out of 5 possible stars.[57] The feedback for this survey is given by current and former employees. Boston Scientific has 43% women among its employees, 38% of management positions and 23% of corporate top management positions are held by women (data for US workforce, as of 2018).[58]

Social commitment[edit]

Boston Scientific has the self-imposed standard of implementing an integrative organizational culture and actively strives to further improve this by increasing diversity at the level of management and executives. To this end, the company has set itself the following goals in 2018:[59]

  • Leadership role by belonging to the top 10 companies in the integration of employees of the following groups: women, people of color, disabled persons and members of the LGBTQ community.
  • Increase the proportion of people of color with supervisor or managerial functions to 20% in the USA including Puerto Rico (end of 2018: 19.6%, +1.8% compared to 2017).
  • Increase the proportion of women in supervisor or managerial positions to 40% worldwide (end of 2018: 38.4%, +1.0% against 2017).

The success of these efforts is confirmed by the following independent assessment results:

  • Forbes added the company in 2019 to its list of Best Employers For Diversity for its efforts to foster a corporate culture that welcomes and supports all employees. Boston Scientific ranked 85th out of 500 companies.[60]
  • Bloomberg recognized Boston Scientific for its inclusion in the Gender Equality Index in 2019, which includes companies that publicly demonstrate their commitment to equality and the advancement of women in the workplace. The index lists a total of 230 companies from ten economic sectors and 36 countries and regions.[61]
  • The US magazine Working Mother voted the company into the list of the 100 Best Companies for Working Mothers twice, most recently in 2018.[58]
  • The Human Rights Campaign has elected Boston Scientific as a Best Place to Work for LGBTQ Equality in its 2019 edition of the eponymous list.[62]


Johnson & Johnson lawsuits[edit]

Beginning in 2003, Boston Scientific and Johnson & Johnson were involved in a series of litigations involving patents covering heart stent medical devices. Both parties claimed that the other had infringed upon their patents. The litigation was settled once Boston Scientific agreed to pay $716 million to Johnson & Johnson in September 2009 and an additional $1.73 billion in February 2010.[63]

It was announced in November 2014 that Johnson & Johnson would have another chance for payback after a multibillion-dollar trial was set for 20 November 2014. A New York federal court judge would hear the case without a jury to decide whether Boston Scientific should be held liable for the contract breach.[64]

Transvaginal mesh[edit]

Boston Scientific is one of several manufacturers of a medical device called transvaginal mesh, a type of surgical mesh used to treat pelvic organ prolapse. In 2015, Boston Scientific announced it would pay $119 million to 2,970 lawsuit plaintiffs, who had been injured by the mesh.[65]

On Sunday, May 13, 2018, 60 Minutes broadcast a story suggesting that Boston Scientific used counterfeit Marlex polypropylene resin to manufacture their mesh product.[66] Boston Scientific responded by saying the broadcast was "irresponsible and misleading,"[67] citing a 2017 Food and Drug Administration (FDA) report stating that although they found variability in the polypropylene resin, "these differences do not present new safety or effectiveness concerns."[68]

The Mayo Clinic has described the advantages and risks associated with the use of transvaginal mesh.[69]


On Nov 3, 1998, Boston Scientific restated its financial results for 1997, as well as its quarterly results for the first three quarters of 1998, due to the occurrence of business irregularities in the operations of its Japanese subsidiary.[70]

Notable personnel[edit]

Notable personnel include:

  • Ian Meredith, Global Chief Medical Officer and Executive Vice President


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  62. ^ "Best Places to Work 2019". The Human Rights Campaign. Retrieved 2019-04-17.
  63. ^ Boston Scientific to Pay J&J $1.73B to Settle Stent Patent Disputes, The Wall Street Journal, February 2, 2010
  64. ^ J&J seeks over $5 billion in damages from Boston Scientific at trial. Reuters, 19 November 2014
  65. ^ Jessica Dye (May 28, 2015). "Boston Scientific ordered to pay $100 million in transvaginal mesh trial". Reuters. Retrieved May 14, 2018.
  66. ^ Scott Pelley (May 13, 2018). "Gynecological mesh: The medical device that has 100,000 women suing, A common surgical implant has generated the largest multi-district litigation since asbestos. 60 Minutes reports on one of the device's manufacturers, Boston Scientific, now facing 48,000 lawsuits". CBS News. Retrieved May 14, 2018.
  67. ^ Dave Pierce, Executive Vice President, MedSurg, Boston Scientific, President, Urology and Pelvic Health. "Our perspective on the "60 Minutes" report on transvaginal mesh". Boston Scientific. Retrieved May 14, 2018.CS1 maint: multiple names: authors list (link)
  68. ^ "Urogynecologic Surgical Mesh Implants". Food and Drug Administration. September 19, 2017. Retrieved May 14, 2018.
  69. ^ Mayo Clinic Staff (July 22, 2017). "Get the facts about transvaginal mesh complications, Concerned about transvaginal mesh complications associated with treatments for pelvic floor disorders? Here's what you need to know". The Mayo Clinic. Retrieved May 14, 2018.
  70. ^ "Boston Scientific Addresses Japan Business Irregularities".

External links[edit]

Coordinates: 42°21′37.3″N 71°33′32.6″W / 42.360361°N 71.559056°W / 42.360361; -71.559056