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Symetis Transaction Strategic and Financial Highlights
Symetis Transaction
Strategic and Financial Highlights

March 30, 2017

Safe Harbor for Forward-Looking Statements

This material contains forward-looking statements within the meaning of federal securities laws which may be identified by words like “anticipate,” “expect,” “believe,” “estimate,” and other similar words. They include, among other things, statements about the transaction and transaction closing timeline, our growth, market growth and market share; new product approvals and launches; clinical trials; cost savings and growth opportunities; our cash flow and expected use; and our financial performance, including sales, margins, earnings and other guidance.

Actual results may differ materially from those discussed in the forward-looking statements. Factors that may cause such differences include those described in the risk factors section of our most recent 10-K and subsequent 10-Q’s filed with the SEC. These statements speak only as of today’s date and we

disclaim any intention or obligation to update them.

Transaction Overview
Transaction Overview

Definitive agreement to acquire Symetis

Privately-held Swiss structural heart company with ~300 employees

Deal consideration:

$435M up-front cash

Expected close Q2:17, subject to customary conditions

Summary financials

Boston Scientific deal metrics (est.)

Symetis

ROIC

~10% year 3

 

2015

2016

EPS impact

2017: breakeven

Revenue (CHF*)

24.9M

38.4M

 

2018+: accretive

Y/Y growth

+59%

+51%

*FX rate of ~1.00CHF/1.00USD

Compelling Strategic Fit & Financial Return

Increases exposure to large, fast-growing TAVR * segment: $4B+ by 2020

ACURATE : compelling self-expanding valve with strong pipeline & margins

ACURATE: strongly complementary to Lotus valve platform

Est. ROIC ~10% year 3; earnings neutral 2017 and accretive 2018+

Enhances portfolio and category leadership strategy in Structural Heart

and category leadership strategy in Structural Heart BSX Watchman LAAC * device BSX Lotus TAVR platform
and category leadership strategy in Structural Heart BSX Watchman LAAC * device BSX Lotus TAVR platform

BSX Watchman LAAC

* device

BSX Lotus TAVR platform

Symetis ACURATE TAVR platform

*TAVR = Transcatheter aortic valve replacement; LAAC = Left Atrial Appendage Closure The ACURATE TA™ and ACURATE neo/TF™ valve systems are CE marked. In the U.S., they are not available for use or sale. The

4 ACURATE neo/AS™ valve system is not available for use or sale. The Lotus valve system is currently not available for use or sale.

Symetis: Attractive TAVR Portfolio

Established TAVR clinical program with strong pipeline

Innovative TAVR technology: X-shaped structure and “top-down” approach

Stable, predictable procedure with short learning curve

Low paravalvular leak, best-in-class pacemaker rate, low gradients

Two CE-marked TAVR products with proven clinical success

ACURATE TA and ACURATE neo/TF, both in 3 sizes covering annulus 21-27mm

Well developed capabilities in R&D, IP, manufacturing, commercialization

Symetis Pipeline*

2017E

2018E

2019E

ACURATE neo AS

     

CE mark

 

ACURATE TA LP

CE mark

       

Accessories **

 

CE mark

     

*Target dates **Balloon catheter, guidewire, and introducer

Lotus: Strongly complemented by ACURATE

Cornerstone Lotus valve well complemented by Symetis ACURATE platform

Lotus: Able to fully reposition, retrieve; greater physician control

ACURATE: Excellent ease-of-use & deliverability, short learning curve for physicians

Together, valves address broader range of patient pathologies & anatomies

Combined TAVR offerings would include both

Intra-annular + supra-annular valves

Mechanically expanding + self-expanding valves

Transfemoral + transapical access routes

Other accessory products

Enhances ability to align TAVR offerings with patient and physician needs

̶ Broad portfolio with varying options for approach, features, and accessories

Building the broadest and most clinically differentiated offering in TAVR

Key Upcoming Clinical TAVR Milestones

EuroPCR 2017

May 16

May 16

May 18

May 16

May 16

Lotus REPRISE III: 912 pts RCT, 12 months

Lotus RESPOND: 1,000 pts registry, 12 months

Lotus RESPOND Extension: 50 pts, 30 days (Lotus + DG*)

ACURATE SAVI TF: 1,000 pts registry, 12 months

ACURATE neo /TF Low PPM: 175 pts, multi-center

London Valves 2017

Sept.

Sept.

ACURATE neo /TF PROGRESS PVL: 30 day corelab PVL

ACURATE neo/AS: 30 day cohort

EuroPCR 2018

May

SCOPE I RCT: ACURATE neo /TF vs Sapien 3 , 30 days

The ACURATE TA™ and ACURATE neo/TF™ valve systems are CE marked. In the U.S., they are not available for use or sale. The ACURATE

Enhances BSX Category Leadership Strategy in Structural Heart: TAVR + LAAC

TAVR: Committed to portfolio leadership with broadest offering

Lotus

Uniquely differentiated: best in class physician control & PVL * rates

Confident in the progress we have made to address Lotus manufacturing issues

On track for Lotus EU market re-entry and U.S. PMA filing expected Q4:17E ACURATE

Self-expanding, supra-annular approach complements Lotus and patient range

ACURATE platform has grown > 50% in 2015, 2016

LAAC: Leadership with Watchman device

Important option for stroke risk reduction with strong clinical results & safety profile

Excellent procedural growth and steady pace of new center openings

Long runway with no U.S. competition, extending lead with ASAP TOO & Japan

BSX uniquely positioned in Structural Heart

Breadth of products, unique innovations, strong commercial presence

$250M legacy franchise in 2017 with upside from Symetis

*PVL = paravalvular leak

8 The ACURATE TA™ and ACURATE neo/TF™ valve systems are CE marked. In the U.S., they are not available for use or sale. The ACURATE neo/AS™ valve system is not available for use or sale. The Lotus valve system is currently not available for use or sale.

Key Upcoming Investor Events

March 30

May 16

Q2:17E

June 27

Symetis transaction announced

BSX webcast from EuroPCR

Expected Symetis transaction close

BSX Investor Day and webcast (revised date)

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