BS BSX Boston Scientific 로딩 중... : 애널리스트의 강세 및 약세 의견

JNJ's electrophysiology growth was depressed ~400bps due to inventory destocking in China, suggesting a broader channel correction that may affect peers with China exposure. — If this is an industry-wide destocking, other medtech companies (Boston Scientific, Medtronic) may similarly see an EP growth headwind in coming quarters, beyond just JNJ.

JNJ anticipates second-half headwinds from volume-based procurement (VBP) in China for electrophysiology products, already factored into guidance. — China VBP expansion into electrophysiology will pressure pricing for all players, including Medtronic and Boston Scientific, and is a leading indicator of regulatory cost-containment actions in a key market.

JNJ's EP business growth accelerated to 9.5% in Q4 driven by Varipulse, but competitive PFA pressures remain, indicating ongoing share battles in the pulsed-field ablation market. — Varipulse adoption (40k+ cases) shows JNJ is regaining EP share, but 'competitive pressures' signal Medtronic and Boston Scientific are not ceding ground; a multi-year battle for PFA leadership is underway.