It is with mixed feelings that I bid farewell to the Boston Scientific (NYSE:BSX) that I have known and not loved for many years now. Quite soon, it will close its deal to buy Guidant (NYSE:GDT), give Abbott (NYSE:ABT) its pieces of the deal, and move on as a much larger company.

And this quarter's results certainly go some way toward supporting my long-held thesis that the folks at Boston Scientific had to do something to shake things up. Total revenue was essentially flat (up very slightly), gross margins fell again, and operating earnings were weaker -- though both quarters had some charges that muddy the waters.

The real question now is what Boston Scientific will be able to do with Guidant in tow. Because of the price tag involved, it's likely that the deal is going to put some pressure on the company for the next few years and will in all likelihood virtually rule out any other acquisitions of significance. And that will be quite a change for a business that has traditionally been a fairly active buyer of small companies.

It's also true that there will be some regulatory and marketing hurdles to overcome. Boston Scientific has recently once again run afoul of the Food and Drug Administration and received a warning letter that refers to some systemic quality issues. Given, then, that Guidant is going to need some TLC of its own to overcome its scandal involving implantable cardioverter defibrillators, that's a pretty hefty load for this management team to shoulder. Let's also not forget that the ICD market appears to be slowing -- at least according to St. Jude (NYSE:STJ) -- and that pricing/reimbursement in this market has recently been getting a little more attention of the unwanted variety.

All that being said, and I have the hunch I may live to regret writing this, I can't help being a little intrigued by the combination. Boston Scientific's management has more than earned my skepticism over the years, but I can't ignore what Guidant will do for the company in terms of diversification and deepening its R&D and technology base. I wouldn't pay anything more than the mid-$20s for this stock today, and that's not enough to induce me to buy, but it's certainly one to watch. For all of the risks that are present, there still could be rewards here.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).