Boston Scientific doubled its market cap in 2013. What's in store this year?

Boston Scientific CEO Mike Mahoney

When Mike Mahoney took the top spot at Boston Scientific ($BSX) in 2012, the company was trading at about $5.20 and facing declining sales and shrinking profits. Now, after roughly doubling its market cap in 2013, the once-stagnant giant is counting on deals, restructuring and FDA approvals to keep the momentum in the new year.

Boston Scientific's shares are hovering around $12, which is twice what they were this time last year and represents their highest value since 2008. The company is still facing strong headwinds in its banner cardiac rhythm devices business, but Mahoney's multifaceted turnaround plan has helped the company more than compensate, at once slashing jobs, buying into new technologies and internally investing in high-growth spaces.

First, the cuts: Boston Scientific has ditched thousands of jobs in the past year and reduced its global production footprint in an effort to trim costs and become a more nimble operation. Each round of layoffs was met with a bump in the company's stock price, and Boston Scientific managed to reduce its net losses each quarter.

But cuts alone won't propel Boston Scientific back to its pre-Guidant heights, and the company hasn't been shy about wielding its checkbook and buying into in-demand areas like electrophysiology, patient monitoring and renal denervation. And management has no plans of slowing down in 2014, keeping an eye out for emerging markets M&A and adding the co-founder of the high-dollar Silicon Valley investor Silver Lake to the board of directors.

Meanwhile, Boston Scientific is plugging away with some promising in-house technology, moving toward FDA approval with the stroke-preventing Watchman implant and launching its Lotus heart valve overseas, betting on both to drive revenue growth in 2014.

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