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Boston Scientific — Presentation (company IR deck)
Boston Scientific (BSX) · 6 slides · Filed Oct 28, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All BSX deck slides
Slide 1 — Boston Scientific Announces
Boston Scientific Announces Investment in MiRus LLC May 18, 2026
Slide 2 — Safe harbor for forward-looking statements
Safe harbor for forward-looking statements Certain statements that we may make from time to time, including statements contained in this presentation and information incorporated by reference herein, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "may," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward- looking statements include, among other things, statements regarding the financial and business impact of the investment and anticipated benefits of the investment, the closing of the transaction and the timing thereof, business plans and strategy, clinical trials, product launches and product performance and impact, and expected financial results. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this presentation. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. Factors that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions, including changing trade and tariff policies; geopolitical events, conflicts and tensions; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions, including our ability or determination to exercise the option and our ability to achieve the anticipated benefits of the investment or the option (if exercised); business disruptions (including disruptions in relationships with employees, customers and suppliers) following the announcement and/or closing of the investment or the exercise of the option; demographic trends; intellectual property; litigation; financial market conditions; future business decisions made by us and our competitors; the conditions to the completion of the investment or the exercise of the option, including the receipt of the required regulatory approvals and clearances, may not be satisfied at all or in a timely manner; and the fact that the exercise of the option may not occur or may be delayed. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. This cautionary statement is applicable to all forward-looking statements contained in this presentation. 2
Slide 3 — MiRus LLC
Background Founded in 2015, MiRus is a privately held developer of a novel, balloon-expandable TAVR device constructed with a proprietary rhenium-based alloy frame. 3 MiRus LLC SIEGEL TAVR technology The MiRus technology leverages a uniquely strong, proprietary alloy that is entirely nickel-free providing a differentiated offering with the potential to disrupt the TAVR market. MoRe® rhenium-based superalloy The MoRe® rhenium-based superalloy has potential benefits versus current medical alloys such as titanium and cobalt chromium. MoRe® is strong, fatigue resistant, biofriendly and generates low levels of metal ions in tissue. Clinical evidence Early feasibility study findings presented last year with strong 30-day results; Currently enrolling in the STAR trial, a pivotal study to bring the SIEGEL TAVR valve to market. Source: https://www.mirusmed.com/ accessed May 15, 2026 *Trademarks of MiRus LLC * *
Slide 4 — MiRus LLC
MiRus LLC 4 SIEGEL Balloon Expandable Transcatheter Aortic Valve Replacement system STAR Pivotal trial: Currently enrolling • Prospective, multicenter RCT (1:1 vs commercially available TAVR), up to 1,025 patients • All risk: includes patients with severe, symptomatic aortic stenosis who are considered low, intermediate or high risk for surgical complications • Includes broad size matrix: 23mm, 26mm, 29mm The pivotal data from the STAR trial will be used to support regulatory submissions in the U.S., EMEA and Japan CAUTION: Investigational device. Limited by Federal law to investigational use only. Not available for sale. 1 1 Source: https://www.mirusmed.com/unconditional-fda-approval-of-the-star-trial-siegel-transcatheter-aortic-valve-replacement-in-patients-with-symptomatic-severe-aortic-stenosis/ accessed on May 15, 2026 2 2 Unique Rhenium alloy Established clinical use in orthopaedic applications First nickel free alloy used for TAVR valves with nitric oxide coating Strong alloy with superior radial force to traditional materials Procedural advantages for the implanter Zero foreshortening allows precise and predictable valve positioning Clinical Impact Valve is crimped on the balloon and aids procedural efficiency Small 8F sheath reduces risk of vascular complications Novel alloy allows optimal expansion and leaflet function with potential to aid durability Early results demonstrate impressive hemodynamic valve performance Potential for lower pacemaker and vascular complication rates Potential Benefits of SIEGEL TAVR
Slide 5 — Strategic Rationale
Strategic Rationale 5 Fundamental benefits of SIEGEL TAVR start with the superalloy which is designed to provide: Strategic Value to Boston Scientific • Precise placement and expansion: Unique rhenium alloy avoids foreshortening allowing precise valve placement reducing pacemaker complications. • Improved Hemodynamics: Optimal expansion facilitates better leaflet function and improved gradients leading to increased durability with uniform cylindricity. • Reduced vascular complications: A stronger frame enables fewer cells and a smaller profile that is crimped directly on the balloon, which supports precise deployment through an 8 French sheath. TAVR market is highly attractive: ~$7B served global market in '25 growing high single-digits. Distinctive design of MiRus TAVR system sets it apart from current offerings Investment and exclusive option provide opportunity to strengthen future structural heart portfolio 1 CAUTION: Investigational device. Limited by Federal law to investigational use only. Not available for sale. 2 2 Source: https://www.mirusmed.com/solutions/structural-heart/siegel-transcatheter-aortic-valve-2/ accessed May 15, 2026. 1
Slide 6 — Transaction Details
6 Transaction Details Transaction Structure • $1.5B Investment results in ~34% equity in MiRus and exclusive option to acquire MiRus TAVR business. • Boston Scientific may exercise the option by making additional aggregate cash payments totaling $3.0 billion, at Boston Scientific's option following Mirus’ achievement of certain clinical and regulatory milestones, which would result in 100% ownership of the TAVR business, subject to customary closing conditions. • If Boston Scientific exercises the option, MiRus will have the right to receive additional payments based on net sales of the TAVR System over a specified period, and Boston Scientific will also have an option to acquire mitral and tricuspid replacement valve assets from MiRus for an additional payment. Financing • Expect to finance ~$1.5B investment with a mix of cash on hand and new short-term borrowings which we expect to repay during the 2nd half of 2026. • Expect to maintain current credit ratings and de-leverage back to our gross debt to EBITDA goal of 2.25 - 2.5x within 12-18 months of the close of Penumbra1. Capital Allocation • Strong free cash flow generation of ~$4B expected in 2026. • Strategic, tuck-in M&A continues to be the primary use of capital, albeit at a lower level while we de-lever. 1 Signed, not yet closed; anticipated closing in H2 2026