Boston Scientific (BSX) Q1 FY26 earnings call

A genuinely solid print overshadowed by a rare guidance cut: management now frames 2026 as a below-WAMGR year as WATCHMAN stand-alone volumes soften, PFA share erodes faster than modeled, and Urology stalls. The response is defensive on cost — tighter OpEx and structural efficiency to defend double-digit EPS while gross-margin mix fades — leaning on a dense 2027-2028 launch cadence and CHAMPION evidence to restore its above-market growth identity.