As all Fools know, sometimes the best and most profitable investment opportunities come along when things seem to be at their most bleak.

I guess that's why Rockefeller famously said, "The way to make money is to buy when blood is running in the streets."

Investors may be forgiven for thinking that Boston Scientific (NYSE:BSX) is a company without great prospects. Sure, in its last five years of operation, it has only managed to deliver a net profit in one of them, with some pretty hefty losses occurring in four of the five years.

So, it may seem as though there is little hope for investors in the company. But here's where Boston Scientific could actually surprise you and prove to be a great turnaround story.

Indeed of looking back, let's look ahead. Boston Scientific is forecast to deliver earnings per share (EPS) growth of 17% in 2014 and 19% in 2015. This is well up with many of its sector peers and shows that the company does have positive prospects ahead.

For instance, health care equipment sector peers Becton, Dickinson & Co. (NYSE:BDX) and Baxter International (NYSE:BAX) are forecast to grow EPS at an annualized rate of 19% and 8%, respectively, over the next two years. Sure, they have a more stable history of profitability, but as mentioned, the future is what matters, and on that front, Boston Scientific seems to be well-placed.

Furthermore, the future could also prove to be a lot different than the past for Boston Scientific because of its relatively new management team. They believe (and from the EPS forecasts it's clear to see why) that a renaissance is under way at the company, as they change the business strategy and implement fundamental improvements to the business model.

For instance, they have strengthened the local leadership teams as well as streamlined the business -- from research and development right through to the sales function. Although relatively simple, such improvements should make a significant impact upon the fortunes of the company in future years. Often, the simple changes have the most effect.

In addition, Boston Scientific also holds its own versus sector peers such as Becton, Dickinson & Co. and Baxter International in terms of valuation. For example, Boston Scientific currently trades on a price to book ratio of 2.48, which means investors are currently paying just 2.48 times net asset value for shares.

On an absolute basis, this appears to be cheap, with goodwill (the amount above and beyond net asset value) seemingly too low for a business set to return to profitability this year, and grow profits over the next two years.

However, on a relative basis, Boston Scientific looks to be an even better value. Indeed, Becton, Dickinson & Co. trades on a price to book ratio of 4.32, while Baxter International has a price to book ratio of 5.46 -- both significantly higher figures than the number for Boston Scientific.

Indeed, although Boston Scientific has had a difficult five years, it does seem to be turning the corner under new management. A fresh strategy, attractive valuation, and 18% annualized EPS growth over the next two years make this a great turnaround story indeed. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.