Leerink remains positive on Boston Scientific following CHAMPION-AF readout

Leerink analyst Mike Kratky notes that as expected, Boston Scientific’s (BSX) highly anticipated CHAMPION-AF readout achieved both of its primary safety and efficacy endpoints this weekend at ACC. The firm expects bears to latch onto a few key nuances within the data. However, in-person feedback Leerink received from key opinion leaders and physicians throughout the weekend gave the firm increasing confidence that these results will indeed support an uptick in WATCHMAN procedure volumes. Overall, not the home-run scenario that bulls may have been hoping for following the pronounced recent stretch of volatility, but the CHAMPION data seem likely to serve as a fundamental source of incremental WATCHMAN adoption supporting about 20% growth over the LRP. Leerink expects shares may remain sensitive to several other dynamics on a near-term basis. At Boston’s heavily discounted current valuation, the firm remains positive on the stock and reiterates an Outperform rating on the name.