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Boston Scientific

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Analysis

BSX 10-K Analysis: ROIC Inflection Meets the $14.5B Penumbra Gamble

Boston Scientific has written off $9.9 billion in cumulative goodwill impairments — 35% of every dollar ever booked. Yet in FY2025, the serial acquirer's ROIC crossed 9.1% for the first time in 20 quarters. Then BSX announced $14.5 billion for Penumbra, which will spike leverage from 1.95× to ~4.1× net debt/EBITDA — landing 0.65× below the covenant ceiling. The 10-K reveals a company at a binary inflection: the acquisition lifecycle model either compounds from here, or a history of goodwill destruction repeats at unprecedented scale.

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15 min

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