5 keys to Mike Mahoney and Boston Scientific’s success
Boston Scientific’s market capitalization has grown nearly 10 times larger since Mike Mahoney joined as CEO in 2011. He shared key insights about corporate strategy at DeviceTalks Boston in May.
Boston Scientific is one of the bright spots as the medical device industry goes through a rough patch.
It’s more expensive to run a business, and health provider customers face operational challenges. But while other medtech companies are laying off workers, Boston Scientific is hiring. The interventional medical device giant’s workforce grew 10% over the past year to 45,000 employees.
Boston Scientific sales grew 6.7% to $12.7 billion in 2022, and CEO Mike Mahoney and other top company officials expect it to grow another 8–10% on an organic basis this year.
“Thankfully, we have a very strong innovation cadence right now. In Europe, we grew 20% [operationally] in the first quarter. So why I’m so bullish about the future is many of the products that are driving that growth in Europe are going to be launching in the U.S. from now over the next two years,” Mahoney said during a keynote interview at our annual DeviceTalks Boston show in early May.
Mahoney went on: “It’s always about the innovation that we’ve created that’s driving the growth, and we’ve got an excellent operations/supply chain team with great depth globally that have helped us manage the supply chain issues better than most.”
BSX shares were selling for under $6 apiece when Mahoney joined the company as CEO in October 2011. They’re now trading at more than $51 apiece.
So how did Mahoney lead Boston Scientific to this point? Go to our sister site Medical Design & Outsourcing to read about five leadership themes that came out of his DeviceTalks Boston talk.