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Drug-Eluting Technologies Drive BSX’s Peripheral Interventions

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Overview

In 4Q17, Boston Scientific’s (BSX) Cardiovascular segment registered strong YoY (year-over-year) sales growth of ~8.7% on a reported basis. The segment contributed ~38% to BSX’s total reported sales of $2.4 billion in 4Q17.

The segment’s PI (peripheral interventions) division came in at $277 million, registering a YoY rise of 8.4%, whereas the IC (interventional cardiology) division reported sales of $636 million, a YoY rise of ~8.8%. The operational sales growth of BSX’s Cardiovascular segment came in at ~6.8%.

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Major growth drivers of PI business

The operational sales growth reported by the PI division of Boston Scientific’s Cardiovascular segment came in at ~6.7% in 4Q17 and 6.6% in 2017. In 2017, the company’s drug-eluting technologies continued to lead the performance of its PI business. However, many other franchises, including stents, IVUS (intravascular ultrasound) catheters, atherectomy, and CeloNova, reported double-digit growth.

Boston Scientific is the only company in the market offering a DES (drug-eluting stent) and DCB (drug-coated balloon). The company has witnessed a rise in the demand for these technologies in Europe. It expects to launch its Eluvia DES and Ranger DCB in the United States in 2019 and 2020, respectively. Abbott Laboratories’ (ABT) Xience is a competing DES technology in the market.

Ongoing trial results

The data from Imperial, the ongoing trial for Boston Scientific’s Eluvia DES, is expected to be presented in 2H18. In January 2018, Boston Scientific released encouraging results from a comparative study of its Ranger DCB and Medtronic’s (MDT) IN.PACT and IN.PACT Admiral DCBs. According to the early data from the Compare 1 trial, “Interim 12 month data on the first 150 patients showed Ranger achieved similar patency to IN.PACT and with the lowest profile of any DCB.”

Recently, Becton, Dickinson and Company (BDX) entered the DCB space with its acquisition of C. R. Bard, which has the attractive DCB Lutonix in its product pipeline. The company completed its enrollment in the Lutonix DCB trial in January 2018.

Next, we’ll discuss the growth drivers and new product launches in the interventional cardiology division of Boston Scientific’s Cardiovascular segment.

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