MARLBOROUGH, Mass., April 23, 2025 /PRNewswire/ -- Boston Scientific Corporation (NYSE:BSX) generated net sales of $4.663 billion during the first quarter of 2025, growing 20.9 percent on a reported basis, 22.2 percent on an operational¹ basis and 18.2 percent on an organic² basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $674 million or $0.45 per share (EPS), compared to $495 million or $0.33 per share a year ago, and achieved adjusted³ EPS of $0.75 for the period, compared to $0.56 a year ago.

"We delivered an exceptional quarter to start the year, reflecting the effectiveness of our highly engaged global team and the strength of our product portfolio," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "We remain well-positioned for the future as we continue to focus on meaningful innovation, clinical science and the execution of our category leadership strategy to drive differentiated growth and performance for the long-term."

First quarter financial results and recent developments:

Reported net sales of $4.663 billion, representing an increase of 20.9 percent on a reported basis, compared to the company's guidance range of 17 to 19 percent; 22.2 percent on an operational basis; and 18.2 percent on an organic basis, compared to the company's guidance range of 14 to 16 percent, all compared to the prior year period.
Reported GAAP net income attributable to Boston Scientific common stockholders of $0.45 per share, compared to the company's guidance range of $0.43 to $0.45 per share, and achieved adjusted EPS of $0.75 per share, compared to the guidance range of $0.66 to $0.68 per share.
Achieved the following net sales growth in each reportable segment, compared to the prior year period:
- MedSurg: 11.7 percent reported, 12.8 percent operational and 5.3 percent organic
- Cardiovascular: 26.2 percent reported, 27.6 percent operational and 25.6 percent organic
Achieved the following net sales growth in each region, compared to the prior year period:
- United States (U.S.): 31.1 percent reported and operational
- Europe, Middle East and Africa (EMEA): 5.5 percent reported and 7.9 percent operational
- Asia-Pacific (APAC): 8.2 percent reported and 10.6 percent operational
- Latin America and Canada (LACA): 4.4 percent reported and 14.1 percent operational
- Emerging Markets⁴: 6.5 percent reported and 9.8 percent operational
Commenced enrollment in the ELEVATE-PF clinical trial to evaluate the safety and effectiveness of the FARAFLEX™ Mapping and Pulsed Field Ablation (PFA) Catheter for treatment of persistent atrial fibrillation (AF).
Began the OPTION-A clinical trial in the Asia-Pacific region to evaluate the safety and effectiveness of catheter ablation with the FARAPULSE™ PFA System and subsequent implant of the WATCHMAN™ Left Atrial Appendage Closure Device in a concomitant procedure.
Published in The New England Journal of Medicine and presented as late-breaking science at the 2025 European Heart Rhythm Association annual meeting were results from the investigator-sponsored SINGLE SHOT CHAMPION clinical trial which demonstrated the FARAPULSE™ PFA System achieved superior effectiveness for the treatment of symptomatic paroxysmal AF versus the Arctic Front Advance™ cardiac cryoablation catheter (Medtronic).
Presented late-breaking findings from the VITALYST Early Feasibility Study at the Technology and Heart Failure Therapeutics conference which demonstrated successful early experience with the investigational VITALYST™ Temporary Percutaneous Transvalvular Circulatory Support System in patients undergoing elective high-risk percutaneous coronary intervention.
Published in JAMA Network Open real-world data demonstrating that patients with prostate cancer treated with SpaceOAR™ Hydrogel showed a 25% reduction in bowel disorder risk and a 46% decrease in procedures like colonoscopies four years post-radiation therapy.
Completed the acquisition of Bolt Medical, Inc., the developer of an intravascular lithotripsy advanced laser-based platform for the treatment of coronary and peripheral artery disease.
Announced agreement to acquire SoniVie Ltd., the developer of the TIVUS™ Intravascular Ultrasound System, an investigational nerve denervation technology designed to treat hypertension — such as renal artery denervation in the kidneys — 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 first quarter by business and region:

				Increase/(Decrease)
		Three Months Ended March 31,		Reported Basis	Impact of Foreign Currency Fluctuations	Operational Basis	Impact of Certain Acquisitions/Divestitures	Organic Basis
(in millions)		2025	2024	Reported Basis	Impact of Foreign Currency Fluctuations	Operational Basis	Impact of Certain Acquisitions/Divestitures	Organic Basis
	Endoscopy	$ 673	$ 642	4.7 %	1.2 %	5.9 %	(0.4) %	5.5 %
	Urology	633	513	23.5 %	1.0 %	24.5 %	(20.1) %	4.4 %
	Neuromodulation	271	256	5.8 %	0.9 %	6.8 %	— %	6.8 %
	MedSurg	1,577	1,412	11.7 %	1.1 %	12.8 %	(7.5) %	5.3 %
	Cardiology	2,429	1,872	29.8 %	1.4 %	31.2 %	— %	31.2 %
	Peripheral Interventions	656	573	14.4 %	1.4 %	15.8 %	(8.4) %	7.4 %
	Cardiovascular	3,085	2,445	26.2 %	1.4 %	27.6 %	(2.0) %	25.6 %
Net Sales		$ 4,663	$ 3,856	20.9 %	1.3 %	22.2 %	(4.0) %	18.2 %

				Increase/(Decrease)
		Three Months Ended March 31,		Reported Basis	Impact of Foreign Currency Fluctuations	Operational Basis
(in millions)		2025	2024	Reported Basis	Impact of Foreign Currency Fluctuations	Operational Basis
	U.S.	$ 2,960	$ 2,258	31.1 %	— %	31.1 %
	EMEA	846	803	5.5 %	2.4 %	7.9 %
	APAC	701	647	8.2 %	2.4 %	10.6 %
	LACA	155	149	4.4 %	9.6 %	14.1 %
	Net Sales	$ 4,663	$ 3,856	20.9 %	1.3 %	22.2 %

	Emerging Markets⁴	$ 690	$ 648	6.5 %	3.3 %	9.8 %

	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 Second Quarter 2025

The company estimates net sales growth for the full year 2025, versus the prior year period, to be approximately 15 to 17 percent on a reported basis and 12 to 14 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 $1.86 to $1.93 and estimates adjusted EPS, excluding certain charges (credits), of $2.87 to $2.94.

The company estimates net sales growth for the second quarter of 2025, versus the prior year period, to be in a range of approximately 17.5 to 19.5 percent on a reported basis, and 13 to 15 percent on an organic basis. Second 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 $0.45 to $0.47 and estimates adjusted EPS, excluding certain charges (credits), of $0.71 to $0.73.

Conference Call Information

Boston 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 Scientific

Boston 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 connect on LinkedIn and X.

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 second 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 cautionary statement is applicable to all forward-looking statements contained in this press release.

Note: Amounts reported in millions within this press release are computed based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.

Use of Non-GAAP Financial Information

A reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this press release.

CONTACT:
Media:	Chanel Hastings	Investors:	Jonathan Monson
	508-382-0288 (office)		508-683-5450 (office)
	Media Relations		Investor Relations
	Boston Scientific Corporation		Boston Scientific Corporation
	chanel.hastings@bsci.com		BSXInvestorRelations@bsci.com

BOSTON SCIENTIFIC CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended March 31,
in millions, except per share data	2025	2024

Net sales	$ 4,663	$ 3,856
Cost of products sold	1,453	1,209
Gross profit	3,210	2,648

Operating expenses:
Selling, general and administrative expenses	1,597	1,364
Research and development expenses	443	366
Royalty expense	14	10
Amortization expense	219	214
Contingent consideration net expense (benefit)	5	17
Restructuring net charges (credits)	10	3
	2,288	1,973
Operating income (loss)	921	675

Other income (expense):
Interest expense	(82)	(69)
Other, net	(34)	2
Income (loss) before income taxes	805	608
Income tax expense (benefit)	133	115
Net income (loss)	672	493
Net income (loss) attributable to noncontrolling interests	(2)	(1)
Net income (loss) attributable to Boston Scientific common stockholders	$ 674	$ 495

Net income (loss) per common share - basic	$ 0.46	$ 0.34
Net income (loss) per common share - diluted	$ 0.45	$ 0.33

Weighted-average shares outstanding
Basic	1,477.2	1,468.4
Diluted	1,493.1	1,481.7

Amounts may not add due to rounding.

BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited)

	Three Months Ended March 31, 2025
(in millions, except per share data)	Gross Profit	Operating Expenses	Operating Income (Loss)	Other Income (Expense)	Income (Loss) Before Income Taxes	Net Income (Loss)	Net Income (Loss) Attributable to Noncontrolling Interests	Net Income (Loss) Attributable to Boston Scientific Common Stockholders	Impact per Share
Reported	$ 3,210	$ 2,288	$ 921	$ (116)	$ 805	$ 672	$ (2)	$ 674	$ 0.45
Non-GAAP adjustments:
Amortization expense	—	(219)	219	—	219	189	2	187	0.13
Acquisition/divestiture-related net charges (credits)	89	(58)	148	1	149	154	—	154	0.10
Restructuring and restructuring-related net charges (credits)	24	(24)	49	—	49	42	—	42	0.03
Investment portfolio net losses (gains) and impairments	—	—	—	8	8	7	—	7	0.00
EU MDR implementation costs	9	(4)	12	—	12	11	—	11	0.01
Deferred tax expenses (benefits)	—	—	—	—	—	47	—	47	0.03
Adjusted	$ 3,332	$ 1,982	$ 1,350	$ (106)	$ 1,243	$ 1,121	$ 0	$ 1,121	$ 0.75


	Three Months Ended March 31, 2024
(in millions, except per share data)	Gross Profit	Operating Expenses	Operating Income (Loss)	Other Income (Expense)	Income (Loss) Before Income Taxes	Net Income (Loss)	Net Income (Loss) Attributable to Noncontrolling Interests	Net Income (Loss) Attributable to Boston Scientific Common Stockholders	Impact per Share
Reported	$ 2,648	$ 1,973	$ 675	$ (67)	$ 608	$ 493	$ (1)	$ 495	$ 0.33
Non-GAAP adjustments:
Amortization expense	—	(214)	214	—	214	184	2	182	0.12
Acquisition/divestiture-related net charges (credits)	10	(54)	64	(0)	64	77	—	77	0.05
Restructuring and restructuring-related net charges (credits)	25	(21)	46	—	46	40	—	40	0.03
Investment portfolio net losses (gains) and impairments	—	—	—	(14)	(14)	(11)	—	(11)	(0.01)
EU MDR implementation costs	9	(5)	14	—	14	12	—	12	0.01
Deferred tax expenses (benefits)	—	—	—	—	—	37	—	37	0.02
Adjusted	$ 2,692	$ 1,680	$ 1,012	$ (80)	$ 932	$ 833	$ 1	$ 832	$ 0.56

An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document.
Amounts may not add due to rounding.

BOSTON SCIENTIFIC CORPORATION

Q2 and FY 2025 GUIDANCE RECONCILIATIONS

(Unaudited)

Net Sales

	Q2 2025 Estimate		Full Year 2025 Estimate
	(Low)	(High)	(Low)	(High)
Reported growth	17.5 %	19.5 %	15.0 %	17.0 %
Impact of foreign currency fluctuations	0.0 %	0.0 %	0.5 %	0.5 %
Operational growth	17.5 %	19.5 %	15.5 %	17.5 %
Impact of certain acquisitions/divestitures	(4.5) %	(4.5) %	(3.5) %	(3.5) %
Organic growth	13.0 %	15.0 %	12.0 %	14.0 %

Earnings per Share

	Q2 2025 Estimate		Full Year 2025 Estimate
	(Low)	(High)	(Low)	(High)
GAAP results	$ 0.45	$ 0.47	$ 1.86	$ 1.93

Amortization expense	0.13	0.13	0.51	0.51
Acquisition/divestiture-related net charges (credits)	0.05	0.05	0.22	0.22
Restructuring and restructuring-related net charges (credits)	0.04	0.04	0.13	0.13
Other adjustments	0.04	0.04	0.16	0.16
Adjusted results	$ 0.71	$ 0.73	$ 2.87	$ 2.94

Amounts may not add due to rounding.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share (EPS) that exclude certain charges (credits); operational net sales, which exclude the impact of foreign currency fluctuations; and organic net sales, which exclude the impact of foreign currency fluctuations as well as the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States and should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. Further, other companies may calculate these non-GAAP financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.

To calculate adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share, we exclude certain charges (credits) from GAAP net income and GAAP net income attributable to Boston Scientific common stockholders, which 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), EU MDR implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items. Amounts are presented after-tax using the company's effective tax rate, unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate." Please refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission or Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in any Quarterly Report on Form 10-Q that we have filed or will file thereafter for an explanation of each of these adjustments and the reasons for excluding each item.

The GAAP financial measures most directly comparable to adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share are GAAP net income (loss), GAAP net income (loss) attributable to Boston Scientific common stockholders and GAAP net income (loss) per common share – diluted, respectively.

To calculate operational net sales growth rates, which exclude the impact of foreign currency fluctuations, we convert actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior periods. To calculate organic net sales growth rates, we also remove the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. The GAAP financial measure most directly comparable to operational net sales and organic net sales is net sales reported on a GAAP basis.

Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules.

Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses these non-GAAP financial measures to further its understanding of the performance of our operating segments. The adjustments excluded from our non-GAAP financial measures are consistent with those excluded from our operating segments' measures of net sales and profit or loss. These adjustments are excluded from the segment measures reported to our chief operating decision maker that are used to make operating decisions and assess performance.

We believe that presenting adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders, adjusted net income (loss) per share, operational net sales growth rates and organic net sales growth rates, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information used by management for its operational decision-making and allows investors to see our results "through the eyes" of management. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance.

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SOURCE Boston Scientific Corporation

Boston Scientific announces results for first quarter 2025