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BSX vs. MDT: Which Electrophysiology Stock Is the Better Bet Now?
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Key Takeaways
Boston Scientific expects flat Electrophysiology growth in H2 2026 amid competitive pressure.
Medtronic's Cardiac Ablation Solutions revenues rose 88% worldwide and 139% in the United States.
Medtronic trades above its 50-day and 200-day SMAs, while Boston Scientific remains below both.
The global Electrophysiology device market is valued at $16.73 billion in 2026 and is projected to expand at a 14.31% CAGR from 2026 to 2035, according to Precedence Research. The growing use of these devices in the diagnosis and treatment of cardiovascular diseases, an aging population and advances in high-performance technologies are among the key factors driving market growth. Boston Scientific (BSX - Free Report) and Medtronic plc (MDT - Free Report) are among the major companies competing in this rapidly expanding market.
Boston Scientific develops and manufactures less-invasive medical technologies for diagnosing and treating heart rate and rhythm disorders, including therapeutic and diagnostic catheters and equipment used in electrophysiology labs. Medtronic offers a full suite of electrophysiology solutions for treating arrhythmias, including paroxysmal and persistent atrial fibrillation (AF).
That said, their performance has been notably different over the past three months. BSX has declined 2.1%, while MDT has gained 18.6%.
Image Source: Zacks Investment Research
Both companies have solid fundamentals, but the key question for investors is which one presents the more attractive investment opportunity at current levels. Let’s analyze.
The Case for Boston Scientific
Boston Scientific’s Electrophysiology franchise benefits from the FARAPULSE platform, OPAL mapping system and an expanding catheter pipeline. FARAPULSE has driven the shift to pulsed field ablation (PFA) faster than expected, with U.S. PFA revenues now making up about 80% of the atrial fibrillation (AFib) market. The rapid adoption has also limited the company’s ability to offset competitive pressures, with management expecting Electrophysiology growth to be flat in the second half of 2026.
Third-quarter U.S. Electrophysiology sales are also projected to decline in mid-single digits sequentially. The introduction of FARAWAVE Ultra and entry into intracardiac echocardiography (ICE) could support U.S. performance in the back half of 2027, followed by FARAFLEX launch in 2028. Internationally, the company expects continued strength, with full-year growth of approximately 20%.
WATCHMAN’s U.S. market has also slowed sharply. New clinical evidence on stroke risk in AF patients has affected patient identification and referral patterns, while rapid adoption of concomitant procedures has created operational inefficiencies between concomitant and standalone workflows. Management expects WATCHMAN sales to decline in mid- to high-single digits in the second half of 2026, with full-year growth to be flat or in low single digits.
Beyond the most pressured Cardiovascular franchises, MedSurg continues to provide a diversified base. Boston Scientific’s acquisition of Nalu Medical expanded its Neuromodulation offerings and delivered a strong full-quarter contribution in the second quarter. Urology remains weak as sacral neuromodulation recovery takes longer than expected and stone-management portfolio gaps persist. Management expects these gaps to be addressed over the next three quarters.
Boston Scientific’s broad geographic footprint remains a long-term growth opportunity. The planned $14.5 billion Penumbra acquisition, expected to close in the second half of 2026, would broaden its presence in the fast-growing areas of the vascular market.
The Case for Medtronic
Medtronic is expanding its global Cardiovascular position as several franchises gain share. First-quarter fiscal 2027 Cardiovascular revenues grew 18.9% organically, led by 29.1% growth in Electrophysiology Therapies. Cardiac Ablation Solutions (“CAS”) remains the key growth driver, with revenues up 88% worldwide and 139% in the United States. CAS gained 9 U.S. share points and surpassed $2 billion in trailing 12-month revenues ahead of plan.
The Medical Surgical segment is seeing broader adoption of robotics, digital surgery and core procedural technologies. Medtronic recently formed a strategic partnership with Cornerstone Robotics, building on momentum for its Hugo robotic-assisted surgery system, which received FDA clearance for urologic procedures in December 2025.
In June 2026, Medtronic announced 510(k) submissions to expand Hugo into general and gynecologic procedures in the United States. Management expects Hugo to exceed 50,000 procedures by fiscal 2027 year-end, with procedure growth more than twice the robotic surgery market rate.
Meanwhile, Neuroscience continues to see growth across Cranial & Spinal Technologies, Specialty Therapies and select neuromodulation adjacencies. Medtronic has strengthened its neuromodulation position through the acquisition of SPR Therapeutics and a distribution agreement with Merit Medical. Both segments are growing more than 20% on an annual basis. The acquisition of Scientia Vascular strengthens the company’s ability to support physicians across the full procedural workflow.
Medtronic is also building its Hypertension business around the Symplicity Spyral renal denervation franchise as reimbursement and adoption improve. Procedure momentum increased following the final Medicare National Coverage Determination. The planned transradial catheter launch in the second half of fiscal 2027 could support broader use by fitting more easily into established interventional workflows.
Still, changing trade policies, inflation and geopolitical disruption remain risks to the company’s operating costs and margin recovery.
A Look at BSX and MDT’s Earnings Estimates
The consensus estimate for Boston Scientific’s 2026 EPS implies a year-over-year increase of 7.5% to $3.29. The estimate has dropped 1.8% in the past 60 days.
Image Source: Zacks Investment Research
For Medtronic, the fiscal 2027 consensus EPS estimate of $5.97 implies 8% growth from the prior year. The estimate has risen 0.5% over the past 60 days.
Image Source: Zacks Investment Research
BSX & MDT: Technical Analysis
Boston Scientific has been trading below both its 50-day and 200-day simple moving averages (SMAs), indicating weaker near- and longer-term momentum.
Image Source: Zacks Investment Research
In contrast, Medtronic has been trading above both its 50-day and 200-day SMAs, signaling a bullish sentiment.
Image Source: Zacks Investment Research
Endnote
Both Medtronic and Boston Scientific stand to benefit from long-term electrophysiology growth. Medtronic’s Cardiovascular growth is led by CAS, while Hugo, SPR Therapeutics and Scientia Vascular add strength across robotic surgery, neuromodulation and procedural care. Meanwhile, Boston Scientific’s key Cardiovascular franchises are under near-term pressure, although MedSurg provides a diversified base. The planned Penumbra acquisition could broaden the company’s vascular presence over time.
Medtronic has an edge in both technical trends and earnings estimate revisions. Its stock has also significantly outperformed BSX over the past three months. Overall, MDT appears worth holding at present, while existing BSX holders may consider exiting until operational visibility improves.
MDT carries a Zacks Rank #3 (Hold), while BSX has a Zacks Rank #5 (Strong Sell).
View the Zacks #1 Rank List
Image: Bigstock
BSX vs. MDT: Which Electrophysiology Stock Is the Better Bet Now?
Key Takeaways
The global Electrophysiology device market is valued at $16.73 billion in 2026 and is projected to expand at a 14.31% CAGR from 2026 to 2035, according to Precedence Research. The growing use of these devices in the diagnosis and treatment of cardiovascular diseases, an aging population and advances in high-performance technologies are among the key factors driving market growth. Boston Scientific (BSX - Free Report) and Medtronic plc (MDT - Free Report) are among the major companies competing in this rapidly expanding market.
Boston Scientific develops and manufactures less-invasive medical technologies for diagnosing and treating heart rate and rhythm disorders, including therapeutic and diagnostic catheters and equipment used in electrophysiology labs. Medtronic offers a full suite of electrophysiology solutions for treating arrhythmias, including paroxysmal and persistent atrial fibrillation (AF).
That said, their performance has been notably different over the past three months. BSX has declined 2.1%, while MDT has gained 18.6%.
Image Source: Zacks Investment Research
Both companies have solid fundamentals, but the key question for investors is which one presents the more attractive investment opportunity at current levels. Let’s analyze.
The Case for Boston Scientific
Boston Scientific’s Electrophysiology franchise benefits from the FARAPULSE platform, OPAL mapping system and an expanding catheter pipeline. FARAPULSE has driven the shift to pulsed field ablation (PFA) faster than expected, with U.S. PFA revenues now making up about 80% of the atrial fibrillation (AFib) market. The rapid adoption has also limited the company’s ability to offset competitive pressures, with management expecting Electrophysiology growth to be flat in the second half of 2026.
Third-quarter U.S. Electrophysiology sales are also projected to decline in mid-single digits sequentially. The introduction of FARAWAVE Ultra and entry into intracardiac echocardiography (ICE) could support U.S. performance in the back half of 2027, followed by FARAFLEX launch in 2028. Internationally, the company expects continued strength, with full-year growth of approximately 20%.
WATCHMAN’s U.S. market has also slowed sharply. New clinical evidence on stroke risk in AF patients has affected patient identification and referral patterns, while rapid adoption of concomitant procedures has created operational inefficiencies between concomitant and standalone workflows. Management expects WATCHMAN sales to decline in mid- to high-single digits in the second half of 2026, with full-year growth to be flat or in low single digits.
Beyond the most pressured Cardiovascular franchises, MedSurg continues to provide a diversified base. Boston Scientific’s acquisition of Nalu Medical expanded its Neuromodulation offerings and delivered a strong full-quarter contribution in the second quarter. Urology remains weak as sacral neuromodulation recovery takes longer than expected and stone-management portfolio gaps persist. Management expects these gaps to be addressed over the next three quarters.
Boston Scientific’s broad geographic footprint remains a long-term growth opportunity. The planned $14.5 billion Penumbra acquisition, expected to close in the second half of 2026, would broaden its presence in the fast-growing areas of the vascular market.
The Case for Medtronic
Medtronic is expanding its global Cardiovascular position as several franchises gain share. First-quarter fiscal 2027 Cardiovascular revenues grew 18.9% organically, led by 29.1% growth in Electrophysiology Therapies. Cardiac Ablation Solutions (“CAS”) remains the key growth driver, with revenues up 88% worldwide and 139% in the United States. CAS gained 9 U.S. share points and surpassed $2 billion in trailing 12-month revenues ahead of plan.
The Medical Surgical segment is seeing broader adoption of robotics, digital surgery and core procedural technologies. Medtronic recently formed a strategic partnership with Cornerstone Robotics, building on momentum for its Hugo robotic-assisted surgery system, which received FDA clearance for urologic procedures in December 2025.
In June 2026, Medtronic announced 510(k) submissions to expand Hugo into general and gynecologic procedures in the United States. Management expects Hugo to exceed 50,000 procedures by fiscal 2027 year-end, with procedure growth more than twice the robotic surgery market rate.
Meanwhile, Neuroscience continues to see growth across Cranial & Spinal Technologies, Specialty Therapies and select neuromodulation adjacencies. Medtronic has strengthened its neuromodulation position through the acquisition of SPR Therapeutics and a distribution agreement with Merit Medical. Both segments are growing more than 20% on an annual basis. The acquisition of Scientia Vascular strengthens the company’s ability to support physicians across the full procedural workflow.
Medtronic is also building its Hypertension business around the Symplicity Spyral renal denervation franchise as reimbursement and adoption improve. Procedure momentum increased following the final Medicare National Coverage Determination. The planned transradial catheter launch in the second half of fiscal 2027 could support broader use by fitting more easily into established interventional workflows.
Still, changing trade policies, inflation and geopolitical disruption remain risks to the company’s operating costs and margin recovery.
A Look at BSX and MDT’s Earnings Estimates
The consensus estimate for Boston Scientific’s 2026 EPS implies a year-over-year increase of 7.5% to $3.29. The estimate has dropped 1.8% in the past 60 days.
Image Source: Zacks Investment Research
For Medtronic, the fiscal 2027 consensus EPS estimate of $5.97 implies 8% growth from the prior year. The estimate has risen 0.5% over the past 60 days.
Image Source: Zacks Investment Research
BSX & MDT: Technical Analysis
Boston Scientific has been trading below both its 50-day and 200-day simple moving averages (SMAs), indicating weaker near- and longer-term momentum.
Image Source: Zacks Investment Research
In contrast, Medtronic has been trading above both its 50-day and 200-day SMAs, signaling a bullish sentiment.
Image Source: Zacks Investment Research
Endnote
Both Medtronic and Boston Scientific stand to benefit from long-term electrophysiology growth. Medtronic’s Cardiovascular growth is led by CAS, while Hugo, SPR Therapeutics and Scientia Vascular add strength across robotic surgery, neuromodulation and procedural care. Meanwhile, Boston Scientific’s key Cardiovascular franchises are under near-term pressure, although MedSurg provides a diversified base. The planned Penumbra acquisition could broaden the company’s vascular presence over time.
Medtronic has an edge in both technical trends and earnings estimate revisions. Its stock has also significantly outperformed BSX over the past three months. Overall, MDT appears worth holding at present, while existing BSX holders may consider exiting until operational visibility improves.
MDT carries a Zacks Rank #3 (Hold), while BSX has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.