Boston Scientific: A Timeline of Events
1960s:
Late 1960s: Inventor Itzhak Bentov develops a steerable catheter at the request of radiologists at Boston’s Beth Israel Hospital.
1969:
Bentov's steerable catheter enables physicians to navigate arteries in unprecedented ways.
Young entrepreneur John Abele recognises the potential of Bentov's innovation and joins Bentov's company, Medi-Tech, located in a church basement in Belmont, Massachusetts.
1970:
John Abele exercises his option to buy into Medi-Tech, marking the initial step towards the creation of Boston Scientific.
1970s:
Throughout the decade, Abele fosters the growth of Medi-Tech in the emerging field of interventional medicine, focusing on treating diseases from inside the body using catheters.
1979:
June 29: John Abele and dynamic businessman Peter “Pete” Nicholas officially found Boston Scientific Corporation in a small office in Watertown, Massachusetts. The company is established as a holding entity to acquire Medi-Tech and expand into the broader interventional medical device field. The co-founders share a vision of pioneering less invasive surgical approaches.
Abele and Nicholas meet at their children’s football (soccer) game in Massachusetts.
Early 1980s:
Boston Scientific's mission is established: “transforming lives through innovative medical solutions.”
Boston Scientific begins a strategy of expanding its product offerings through strategic acquisitions.
1980:
Less than a year after its founding, Boston Scientific acquires Kimray Medical, known for vena cava filters and cardiac output monitors, broadening its portfolio beyond catheters.
1981:
Boston Scientific purchases Endo-Tech, later rebranded Microvasive, bringing in devices for gastrointestinal and pulmonary conditions. This acquisition forms the foundation of the company’s endoscopy division.
Mid-1980s:
Boston Scientific establishes its first manufacturing plant in a renovated mill building in Watertown, Massachusetts.
1988:
Boston Scientific establishes a presence in urology by acquiring Van-Tec, adding innovative urinary tract devices.
December 31: The original Medi-Tech, Microvasive, and other units are fully merged into Boston Scientific, consolidating their product lines into one company.
Late 1980s:
John Abele champions a culture of education and knowledge-sharing, personally training physicians on new Boston Scientific devices.
Under Pete Nicholas's leadership as CEO, Boston Scientific experiences rapid growth. By 1987, annual revenues have grown significantly.
1992:
May 19: Boston Scientific goes public with its initial public offering (IPO) on Wall Street, debuting at $17 per share. The IPO values the company at around $1.6 billion and provides capital for further expansion.
1990s:
A decade of rapid expansion through strategic acquisitions across various medical divisions.
1995: Boston Scientific acquires SCIMED Life Systems, enhancing its capabilities in cardiovascular catheters and coronary angioplasty.
Mid-1990s: Acquisition of Cardiovascular Imaging Systems, adding intravascular ultrasound technology.
Acquisitions of EP Technologies (cardiac ablation tools) and Meadox Medical (artificial blood vessels).
Acquisitions strengthening positions in urology (Vesica Medical) and oncology (Symbiosis).
The endoscopy business, originating from the Microvasive acquisition, flourishes with new tools for minimally invasive GI procedures.
Boston Scientific actively invests in physician training and education for new minimally invasive techniques like angioplasty and endoscopy.
1999:
Pete Nicholas steps down as CEO but remains Chairman of the Board.
Jim Tobin is appointed as the new CEO of Boston Scientific.
Early 2000s:
Boston Scientific focuses heavily on research and development of next-generation technologies.
Boston Scientific acquires Advanced Bionics, entering the neuromodulation field with spinal cord stimulation and cochlear implants.
2003:
The TAXUS™ drug-eluting coronary stent receives regulatory approval in Europe and other markets.
2004:
The TAXUS™ drug-eluting stent receives U.S. FDA approval. This breakthrough product propels Boston Scientific to the leading position in the interventional cardiology market.
Boston Scientific's market valuation briefly surpasses that of Medtronic.
2006:
Boston Scientific acquires Guidant Corporation, a major player in cardiac rhythm management (pacemakers and defibrillators), for approximately $27 billion in a highly competitive bidding war with Johnson & Johnson. This acquisition makes Boston Scientific a significant player in CRM but also brings challenges related to Guidant product recalls.
Mid-2000s:
Boston Scientific faces challenges integrating Guidant, addressing product recalls, and managing debt. The company emphasises its core values of caring and high performance to restore trust.
2009:
Ray Elliott is appointed as the new CEO to lead a turnaround effort.
2010:
Boston Scientific divests its Neurovascular division to Stryker Corp for $1.5 billion to focus on core cardiovascular, rhythm, endoscopy, and urology businesses.
2011:
Boston Scientific acquires Atritech, developer of the WATCHMAN™ Left Atrial Appendage Closure device.
Acquisition of Sadra Medical, a startup with the Lotus™ transcatheter aortic valve replacement (TAVR) system.
Ray Elliott retires as CEO.
2012:
Michael F. “Mike” Mahoney is appointed CEO, tasked with rekindling growth and transforming the company culture.
Boston Scientific acquires Cameron Health, gaining the EMBLEM™ Subcutaneous ICD (S-ICD).
2013:
Boston Scientific acquires the electrophysiology business of C.R. Bard, expanding its presence in cardiac arrhythmia treatment.
Mid-2010s:
Boston Scientific obtains regulatory approvals in Europe for the Lotus™ Valve System.
2015:
FDA approval for the WATCHMAN™ Left Atrial Appendage Closure device.
Boston Scientific acquires the Men’s Health and Prostate Health businesses of American Medical Systems (AMS), becoming a leader in urology.
Acquisition of Xlumena, developer of the AXIOS™ Stent and Electrocautery Enhanced Delivery System for endoscopic ultrasound.
2016:
Release of the LithoVue™ single-use ureteroscope for kidney stone removal.
Pete Nicholas steps down as Chairman of the Board.
2017:
U.S. FDA approval for Boston Scientific's Vercise™ Deep Brain Stimulation (DBS) system.
2018:
Boston Scientific acquires nVision Medical, a startup developing a device for early ovarian cancer detection.
Acquisition of NxThera, developer of the Rezūm™ Water Vapor Therapy for BPH.
Acquisition of Claret Medical, adding the Sentinel™ cerebral protection device.
Acquisition of Vertiflex, with a minimally invasive implant for lumbar spinal stenosis.
Late 2010s:
Boston Scientific introduces the SYNERGY™ Megatron stent.
Continued focus on cultural transformation under Mike Mahoney, emphasizing innovation, agility, and a “winning spirit.”
2019:
FDA clearance for the EXALT™ Model D, the world’s first fully disposable single-use duodenoscope.
Boston Scientific acquires BTG, expanding its interventional oncology portfolio with products like TheraSphere™ Y-90 radioembolization.
2020:
Boston Scientific makes the decision to retire the Lotus™ TAVR valve platform.
The COVID-19 pandemic impacts elective medical procedures globally.
2021:
Acquisition of Farapulse, a leader in Pulsed Field Ablation (PFA) technology for treating cardiac arrhythmias.
FDA clearance for the EXALT™ Model B single-use bronchoscope.
2022:
Pete Nicholas, co-founder of Boston Scientific, passes away.
Boston Scientific announces the acquisition of Apollo Endosurgery to expand its endoscopy business into obesity and GI closure technologies.
Acquisition of Biometrics Limited (external neuromodulation wearable for overactive bladder).
2023:
Completion of the acquisition of Apollo Endosurgery.
Planned acquisition of Relievant Medsystems (Intracept procedure for chronic back pain).
Early 2025:
Over half a million people worldwide have received a WATCHMAN™ implant.
The EMBLEM™ S-ICD has saved numerous patients from sudden cardiac death.
Boston Scientific’s Farapulse PFA system is in clinical trials in the U.S., with anticipation for its potential impact on atrial fibrillation treatment.
Rezūm™ Water Vapor Therapy has treated tens of thousands of patients for BPH.
Boston Scientific employs over 50,000 people worldwide and treats more than 44 million patients annually.
Actively involved in trials for drug-device combinations and research into bioresorbable materials.
