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Boston Scientific's stock is down by about -22% compared to about -11% for Intuitive Surgical since early February. The current coronavirus crisis will likely impact medical devices companies on two fronts, 1. supply chain disruptions, and 2. decline in number of procedures performed. For Boston Scientific and Intuitive Surgical's, Q1 2020 revenue growth will likely be impacted by several elective procedures being cancelled or postponed. While its difficult to time the worst, procedure growth could get back to normal growth rate as soon as Q2 or Q3, thereby fueling growth for medical companies. The decline in the near term is unlikely to be significant. For instance, Boston Scientific's Q1 2020 revenues are still estimated to grow in high single-digits, while Intuitive Surgical's sales are expected to grow in low double digits, as per consensus estimates. These factors also explain the outperformance of these stocks compared to the S&P 500, which is down around 20% since early February. Below, we take a look at whether Boston Scientific could be a better bet compared to Intuitive Surgical by looking at their fundamental performance.
CORONAVIRUS CRISIS : Since early February Boston Scientific stock has moved -22.1% compared to -11.5% for the Intuitive Surgical.Boston Scientific's stock has declined by about 22% since early February, compared to 11% decline for Intuitive Surgical, after the WHO declared a global health emergency relating to Coronavirus.Boston Scientific's stock fell 13% while Intuitive Surgical's stock fell 11% since March 8th, as the U.S. cases accelerated.
Boston Scientific% Change For Key Dates: 2020 Crisis
Intuitive Surgical% Change For Key Dates: 2020 Crisis
HISTORICAL PERFORMANCE: From 2009-2019 Boston Scientific stock has grown at 0.8x the rate of the Intuitive Surgical
Boston Scientific stock went from $9.00 at the end of 2009 to $45.22 at the end of 2019, representing a change of 402.4%.
During the same time period, the Intuitive Surgical went from $101.14 to $591.15 representing a change of 484.5%.
This implies that Boston Scientific stock grew at 0.8x the rate of Intuitive Surgical
BSX Stock Price
ISRG Stock Price
BSX Stock Price Annualized Rate of Return
ISRG Stock Price Annualized Rate of Return
ANALYSIS: Is Boston Scientific stock expensive based on a review of the fundamentals?
P/E Ratio: Based on trailing 2019 P/E ratios, BSX stock looks attractive compared to prior years and attractive compared to Intuitive Surgical
Boston Scientific 2019 trailing P/E ratio of 28.6 is 0.6x that of the 2019 Intuitive Surgical P/E ratio of 46.3
* P/E Ratio is calculated based on year end market price and trailing adjusted earnings.
Historical Revenue Growth: Intuitive Surgical's revenues grew 2x faster compared to Boston Scientific between 2014 and 2019.
Boston Scientific 2014-19 annualized revenue growth of 8% is 0.5x that of the 2014-19 Intuitive Surgical's annualized revenue growth rate of 16%.
2014-19 Annualized Revenue Growth Comparison
BSX Annual Change in Revenue
ISRG Annual Change In Revenue
Historical EPS Growth: Both Boston Scientific and Intuitive Surgical's average EPS growth was similar between 2014 and 2019.
Boston Scientific 2014-19 annualized adjusted EPS growth of 15% is marginally lower than that of the 2014-19 Intuitive Surgical's annualized adjusted EPS growth rate of 16%.
2014-19 Annualized EPS Growth Comparison
BSX's EPS Growth
ISRG's EPS Growth
Survival Check: Total Debt Comparisons
Boston Scientific's Total Debt has increased from $5.5 billion to $10.0 billion between 2016 and 2019. In comparison, Intuitive Surgical is debt free.
BSX Total Debt
Both the companies' stocks have been more resilient through the crisis, thus far, and Intuitive Surgical could see a larger upside if the health crisis abates, considering its revenue and EPS growth has been higher than Boston Scientific. Also, Intuitive Surgical does not have any debt, compared to $10 billion debt for Boston Scientific. Usually less leveraged company's stocks tend to do better in times of crisis. Though Intuitive Surgical's P/E multiple is much higher than Boston Scientific and higher than its own historical levels, due to its high-growth business. We expect strong growth for Intuitive Surgical with growth in procedures, when the crisis winds down. In fact, our price estimate of $650 for Intuitive Surgical, reflects a premium of around 40% to the current market price.
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Boston Scientific (BSX): How many days did BSX stock increase or decrease by 1% or more in the last 3 months?
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Boston Scientific - BSX
Health Care Equipment & Supplies