"We delivered another exceptional quarter of strong performance across businesses and regions thanks to the winning spirit of our global team," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "As we shared at our recent Investor Day meeting, we are well-positioned for differentiated growth that is fueled by our category leadership strategy, relentless focus on innovation and commitment to scaling capabilities."
Third quarter financial results and recent developments:
Reported net sales of $5.065 billion, representing an increase of 20.3 percent on a reported basis, compared to the company's guidance range of 17 to 19 percent; 19.4 percent on an operational basis; and 15.3 percent on an organic basis, compared to the company's guidance range of 12 to 14 percent, all compared to the prior year period.
Reported GAAP net income attributable to Boston Scientific common stockholders of $0.51 per share, compared to the company's guidance range of $0.44 to $0.46 per share, and achieved adjusted EPS of $0.75 per share, compared to the guidance range of $0.70 to $0.72 per share.
Achieved the following net sales growth in each reportable segment, compared to the prior year period:
MedSurg: 16.4 percent reported, 15.6 percent operational and 7.6 percent organic
Cardiovascular: 22.4 percent reported, 21.5 percent operational and 19.4 percent organic
Achieved the following net sales growth/(declines) in each region, compared to the prior year period:
United States (U.S.): 27.0 percent reported and operational
Europe, Middle East and Africa (EMEA): 2.6 percent reported and (2.0) percent operational
In the second quarter of 2025, management made the decision to discontinue worldwide sales of the ACURATE neo2™ and ACURATE Prime™ Aortic Valve Systems, which had prior year global sales of approximately $50 million per quarter
Asia-Pacific (APAC): 17.1 percent reported and 16.9 percent operational
Latin America and Canada (LACA): 10.4 percent reported and 9.6 percent operational
Emerging Markets4: 11.8 percent reported and 11.5 percent operational
Announced Pharmaceuticals and Medical Device Agency (PMDA) approval in Japan for expanded labeling of the FARAPULSE™ Pulsed Field Ablation (PFA) System to include treatment of drug refractory, symptomatic persistent atrial fibrillation (AF).
Commenced enrollment in the AGENT DCB STANCE trial to assess the safety and effectiveness of the AGENT™ Drug-Coated Balloon (DCB) in patients with previously untreated coronary lesions, compared to standard of care percutaneous coronary intervention (PCI) treatment with drug-eluting stents and/or balloon angioplasty.
Published in JAMA Neurology outcomes from the five-year INTREPID study demonstrating sustained benefits of deep brain stimulation in people with moderate to advanced Parkinson's disease, including improved motor function and quality of life.
Completed asset acquisition with Elutia, Inc. to acquire the antibiotic-eluting EluPro™ BioEnvelope and the CanGaroo® Envelope, designed to prevent certain post-operative complications for devices such as pacemakers and defibrillators.
Announced agreement to acquire Nalu Medical, Inc., developer of the Nalu Neuromodulation System, which is designed to use peripheral nerve stimulation to deliver targeted relief for adults living with severe, intractable chronic pain of peripheral nerve origin, subject to customary closing conditions.
1.
Operational net sales growth excludes the impact of foreign currency fluctuations.
2.
Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales.
3.
Adjusted EPS excludes the impacts of certain charges (credits) which may include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), European Union (EU) Medical Device Regulation (MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items.
4.
Our Emerging Markets countries include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada.
Net sales for the third quarter by business and region:
Increase/(Decrease)
Three Months Ended September 30,
Reported Basis
Impact of Foreign Currency Fluctuations
Operational
Basis
Impact of Certain Acquisitions/Divestitures
Organic Basis
(in millions)
2025
2024
Endoscopy
$ 747
$ 678
10.1 %
(1.1) %
9.0 %
— %
9.0 %
Urology
682
532
28.1 %
(0.6) %
27.5 %
(22.1) %
5.4 %
Neuromodulation
293
268
9.1 %
(0.5) %
8.6 %
— %
8.6 %
MedSurg
1,722
1,479
16.4 %
(0.8) %
15.6 %
(8.0) %
7.6 %
Cardiology
2,641
2,129
24.0 %
(1.0) %
23.1 %
— %
23.1 %
Peripheral Interventions
702
602
16.7 %
(0.9) %
15.8 %
(9.5) %
6.3 %
Cardiovascular
3,343
2,731
22.4 %
(1.0) %
21.5 %
(2.1) %
19.4 %
Net Sales
$ 5,065
$ 4,209
20.3 %
(0.9) %
19.4 %
(4.2) %
15.3 %
Increase/(Decrease)
Three Months Ended
September 30,
Reported Basis
Impact of Foreign Currency Fluctuations
Operational
Basis
(in millions)
2025
2024
U.S.
$ 3,294
$ 2,593
27.0 %
— %
27.0 %
EMEA
793
773
2.6 %
(4.6) %
(2.0) %
APAC
802
684
17.1 %
(0.2) %
16.9 %
LACA
175
159
10.4 %
(0.8) %
9.6 %
Net Sales
$ 5,065
$ 4,209
20.3 %
(0.9) %
19.4 %
Emerging Markets4
$ 765
$ 684
11.8 %
(0.2) %
11.5 %
Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely.
Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of certain acquisitions/divestitures are not prepared in accordance with U.S. GAAP.
Guidance for Full Year and Fourth Quarter 2025The company estimates net sales growth for the full year 2025, versus the prior year period, to be approximately 20 percent on a reported basis and approximately 15.5 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $1.97 to $2.01 and estimates adjusted EPS, excluding certain charges (credits), of $3.02 to $3.04.
The company estimates net sales growth for the fourth quarter of 2025, versus the prior year period, to be in a range of approximately 14.5 to 16.5 percent on a reported basis, and 11 to 13 percent on an organic basis. Fourth quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $0.48 to $0.52 and estimates adjusted EPS, excluding certain charges (credits), of $0.77 to $0.79.
Conference Call InformationBoston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: investors.bostonscientific.com. Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website.
About Boston ScientificBoston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 45 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at www.bostonscientific.com and follow us on LinkedIn.
Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "may," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our expected net sales; reported, operational and organic revenue growth rates; reported and adjusted EPS for the fourth quarter and full year 2025; our financial performance; acquisitions; clinical trials; our business plans and product performance; and new and anticipated product approvals and launches. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Risks and uncertainties that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions, including changing trade and tariff policies; geopolitical events; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions; demographic trends; intellectual property; litigation; financial market conditions; the execution and effect of our business strategy, including our cost-savings and growth initiatives; and future business decisions made by us and our competitors. New risks and uncertainties may arise from time to time and are difficult to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. This ...
