This management misses their number every quarter, that number being the guided earnings of six months earlier. This valuation issue is all about continuing to screw shareholders by trying to write as much off as possible and then be able to report distorted higher earnings later.
A long process but eventually BSX will see the teens.
BSX is doing what all companies do when acquiring companies, they're attempting to write off as much as possible in a one time charge so as to reduce the goodwill amortization charge later. Thus reducing the future drag on earnings. Wall Street expects and demands this. I don't see this as screwing shareholders, but instead, trying to maximize share price.
Why would management, who still have extremely large ownership in the equity of the company want to screw shareholders when they have the largest positions?
If BSC had no SCIMED division whatsover the stock would still be worth more than the "teens". The other divisions continue to be consistent growth engines.
I agree that BSC has consistently missed projections and should do a better job in managing analyst expectations, however this has little to nothing to do with the overall value and strength of the company. They've always tried to act like a private company even after going public and they have paid a price for that through missing external projections.
Think about their competitors and who has positioned themselves better than BSC. Guidant, Medtronic and J&J will all hold significant market shares in the various markets in which they compete as will BSC. There will be room for everyone as long as they all continue to innovate.