Boston Scientific announces results for fourth quarter and full year 2025

Rhea-AI Summary

Boston Scientific (NYSE: BSX) reported strong fourth-quarter 2025 results with Q4 net sales of $5.286 billion (+15.9% reported, +12.7% organic) and GAAP EPS of $0.45 (adjusted EPS $0.80). For full-year 2025, net sales were $20.074 billion (+19.9% reported) and adjusted EPS was $3.06. The company provided 2026 guidance of ~10.5–11.5% reported net sales growth and adjusted EPS of $3.43–3.49. Key developments include FDA/CE approvals for FARAPOINT PFA catheter, launches of SEISMIQ IVL and TheraSphere 360 clearance, enrollment and trial progress across AF, SCS and LAA closure studies, announced acquisitions of Penumbra and Valencia Technologies, and completion of the Nalu Medical acquisition.

Positive

• Q4 net sales of $5.286 billion, +15.9% reported
• Full‑year net sales $20.074 billion, +19.9% reported
• Full‑year adjusted EPS of $3.06, up from $2.51 prior year
• 2026 guidance for adjusted EPS $3.43–3.49 and ~10.5–11.5% reported sales growth
• Regulatory/launch wins: FARAPOINT PFA approval and SEISMIQ IVL U.S. launch
• Strategic M&A: announced Penumbra and Valencia deals; closed Nalu acquisition

Negative

• Q4 GAAP EPS of $0.45 missed company guidance range of $0.48–$0.52
• Discontinued ACURATE neo2/Prime valve sales (~$50M/quarter prior) may reduce recurring valve revenue
• Company cannot reconcile forward‑looking adjusted EPS to GAAP due to unpredictable charges
• Full‑year 2026 sales growth guidance (~10.5–11.5%) is materially below 2025 reported growth (19.9%)

Market Reaction

-9.41% $83.00

15m delay 31 alerts

-9.41% Since News

$83.00 Last Price

$79.44 $93.13 Day Range

-$14.11B Valuation Impact

$135.87B Market Cap

0.1x Rel. Volume

Following this news, BSX has declined 9.41%, reflecting a notable negative market reaction. Our momentum scanner has triggered 31 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $83.00. This price movement has removed approximately $14.11B from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 net sales: $5.286 billion Q4 2025 GAAP EPS: $0.45 Q4 2025 adjusted EPS: $0.80 +5 more

8 metrics

Q4 2025 net sales $5.286 billion Fourth quarter 2025 reported net sales, +15.9% year-over-year

Q4 2025 GAAP EPS $0.45 GAAP EPS vs $0.38 in prior-year quarter

Q4 2025 adjusted EPS $0.80 Adjusted EPS vs $0.70 a year ago and guidance of $0.77–$0.79

2025 net sales $20.074 billion Full year 2025 reported net sales, +19.9% year-over-year

2025 GAAP EPS $1.94 Full year 2025 GAAP EPS vs $1.25 in 2024

2025 adjusted EPS $3.06 Full year 2025 adjusted EPS vs $2.51 in 2024

2026 adj. EPS guide $3.43–$3.49 Full year 2026 adjusted EPS guidance range

Q1 2026 EPS guide $0.78–$0.80 First quarter 2026 adjusted EPS guidance range

Market Reality Check

Price: $91.62 Vol: Volume 19810108 is 1.47x ...

normal vol

$91.62 Last Close

Volume Volume 19810108 is 1.47x the 20-day average of 13432652, indicating elevated pre-news activity. normal

Technical Shares at 91.62 are trading below the 200-day moving average of 100.49 and 16.33% under the 52-week high.

Peers on Argus

BSX was down 0.27% pre-release with mixed peer moves: SYK -1.98%, MDT +0.46%, EW...

BSX was down 0.27% pre-release with mixed peer moves: SYK -1.98%, MDT +0.46%, EW -0.34%, ABT +1.89%, PHG +0.07%, pointing to stock-specific factors rather than a clear sector rotation.

Previous Earnings Reports

5 past events · Latest: Oct 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 22	Q3 2025 earnings	Positive	+4.0%	Q3 2025 sales and EPS above guidance with raised full-year outlook.
Jul 23	Q2 2025 earnings	Positive	+4.5%	Strong Q2 growth, EPS beats guidance, and higher 2025 growth targets.
Apr 23	Q1 2025 earnings	Positive	+4.1%	Q1 double-digit growth, EPS above guidance, and increased 2025 outlook.
Feb 05	Q4 2024 earnings	Positive	+1.4%	Strong Q4 and 2024 results with robust growth across segments and regions.
Oct 23	Q3 2024 earnings	Positive	-0.6%	Q3 2024 beat and positive outlook but modest negative price reaction.

Pattern Detected

Recent earnings releases have generally driven positive share reactions, often on double-digit sales growth and EPS above guidance.

Recent Company History

Over the last five earnings-related announcements from Oct 2024 through Oct 2025, Boston Scientific consistently reported strong double-digit net sales growth and adjusted EPS at or above guidance. Cardiovascular and U.S. sales have been key growth drivers, and management repeatedly raised full-year outlooks. Price reactions were positive in four of five cases, indicating the market has typically rewarded these updates. Today’s Q4 and full-year 2025 report continues that pattern of double-digit growth and detailed 2026 guidance.

Historical Comparison

earnings

+2.6 %

Average Historical Move

Historical Analysis

In the past five earnings releases, BSX averaged a 2.64% move, usually positive on strong double-digit growth and EPS beats. Today’s Q4 and full-year 2025 update fits this pattern of robust fundamentals and detailed guidance.

Typical Pattern

Earnings updates from 2024–2025 show a progression of sustained double-digit net sales growth, recurring adjusted EPS outperformance versus guidance, and repeated upward revisions to full-year growth and EPS targets.

Market Pulse Summary

The stock is down -9.4% following this news. A negative reaction despite solid 2025 growth and detai...

Analysis

The stock is down -9.4% following this news. A negative reaction despite solid 2025 growth and detailed 2026 guidance would fit periods where investors refocused on valuation, prior acquisition-related dilution, or profit-taking after strong multi-quarter performance. Historically, earnings news for BSX produced mostly positive moves, with only an occasional divergence. Any sharp downside could therefore reflect repositioning around growth expectations rather than a break in the company’s operational momentum.

Key Terms

gaap, adjusted eps, operational net sales growth, organic net sales growth, +4 more

8 terms

gaap financial

"The company reported GAAP net income attributable to Boston Scientific..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

adjusted eps financial

"and achieved adjusted3 EPS of $0.80 for the period..."

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

operational net sales growth financial

"growing 15.9 percent on a reported basis, 14.3 percent on an operational1 basis..."

Operational net sales growth measures how a company's sales changed from one period to the next after removing effects that mask underlying performance, such as currency swings, acquisitions, or one-time accounting shifts. Investors care because it shows the true momentum in demand and business operations—like judging how much a garden produced without counting new planting beds or temporary weather boosts—so you can compare performance across time and companies more fairly.

organic net sales growth financial

"and 12.7 percent on an organic2 basis, all compared to the prior year period."

Organic net sales growth measures how much a company’s core revenue rose from its existing operations, excluding effects from buying or selling businesses and from changes in currency values. Investors use it to see whether customers are actually buying more or paying higher prices — like checking growth from the same orchard year-to-year rather than counting fruit from newly added orchards — which helps assess true demand and underlying business health.

u.s. food and drug administration regulatory

"Received U.S. Food and Drug Administration (FDA) approval and CE mark..."

The U.S. Food and Drug Administration is the federal agency that evaluates and enforces safety, effectiveness and labeling standards for medicines, medical devices, vaccines, food and related products before they reach consumers. For investors it matters because FDA approvals, warnings or recalls determine whether a product can be sold, how quickly it reaches the market and how costly compliance will be—changes that directly affect a company’s revenue, costs and stock value.

ce mark regulatory

"Received U.S. Food and Drug Administration (FDA) approval and CE mark..."

A CE mark is a regulatory stamp placed on products to show they meet the European Union’s basic safety, health and environmental rules and can be sold in the European Economic Area. For investors it matters because the mark unlocks market access, affects how quickly a product can generate revenue, and signals regulatory risk and potential compliance costs—think of it as a passport that lets a product enter a large market.

510(k) clearance regulatory

"Received U.S. FDA 510(k) clearance for the TheraSphere 360™ Y-90 Management Platform..."

A 510(k) clearance is a U.S. regulatory approval that lets a medical device be sold because it is shown to be substantially similar to an already-legal device; think of it as a passport saying the new product is close enough to a known item to enter the market without a full, lengthy review. For investors, 510(k) clearance signals faster, lower-cost market access and reduced regulatory risk compared with new, untested device pathways, which can materially affect timelines, costs and revenue prospects.

rule 10b5-1 trading plan financial

"The filing states these trades were made under a pre-established Rule 10b5‑1 trading plan..."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

AI-generated analysis. Not financial advice.

MARLBOROUGH, Mass., Feb. 4, 2026 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated net sales of $5.286 billion during the fourth quarter of 2025, growing 15.9 percent on a reported basis, 14.3 percent on an operational¹ basis and 12.7 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 $672 million or $0.45 per share (EPS), compared to $566 million or $0.38 per share a year ago, and achieved adjusted³ EPS of $0.80 for the period, compared to $0.70 a year ago.

For the full year 2025, the company generated net sales of $20.074 billion, growing 19.9 percent on a reported basis, 19.2 percent on an operational¹ basis and 15.8 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 $2.898 billion or $1.94 per share, compared to $1.853 billion or $1.25 per share a year ago, and delivered full year adjusted³ EPS of $3.06, compared to $2.51 a year ago.

"2025 was another exceptional year for Boston Scientific, with our global teams delivering differentiated innovation and high performance that enabled us to exceed our goals," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "As a direct result of the dedication, consistency and winning spirit of our team, we have impacted millions of patient lives and are well-positioned to continue on our strong growth trajectory well into the future."

Fourth quarter financial results and recent developments:

• Reported net sales of $5.286 billion, representing an increase of 15.9 percent on a reported basis, compared to the company's guidance range of 14.5 to 16.5 percent; 14.3 percent on an operational basis; and 12.7 percent on an organic basis, compared to the company's guidance range of 11 to 13 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 $0.48 to $0.52 per share, and achieved adjusted EPS of $0.80 per share, compared to the guidance range of $0.77 to $0.79 per share.
• Achieved the following net sales growth in each reportable segment, compared to the prior year period:
  • MedSurg: 11.7 percent reported, 10.2 percent operational and 6.5 percent organic
  • Cardiovascular: 18.2 percent reported, 16.5 percent operational and 16.1 percent organic
• Achieved the following net sales growth in each region, compared to the prior year period:
  • United States (U.S.): 17.0 percent reported and operational
  • Europe, Middle East and Africa (EMEA): 12.4 percent reported and 4.8 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): 15.2 percent reported and 14.8 percent operational
  • Latin America and Canada (LACA): 15.9 percent reported and 10.4 percent operational
  • Emerging Markets⁴: 15.4 percent reported and 13.0 percent operational
• Received U.S. Food and Drug Administration (FDA) approval and CE mark for the FARAPOINT™ Pulsed Field Ablation (PFA) Catheter, a nav-enabled, focal PFA catheter that can create focal and linear-shaped lesions within a single device.
• Commenced enrollment in the OPTIMIZE clinical trial, which uses the Cortex OPTIMAP™ Electrographic Flow (EGF) Mapping Technology with the FARAPULSE™ PFA Platform to evaluate how EGF-guided mapping and delivery of PFA to atrial fibrillation (AF) sources outside the pulmonary veins impacts outcomes for patients with persistent AF, compared to traditional anatomic approaches.
• Completed enrollment in the SIMPLAAFY clinical trial evaluating two single-drug regimens as post-procedural alternatives to dual anti-platelet therapy following implantation of the WATCHMAN FLX™ Pro Left Atrial Appendage Closure Device in patients with AF.
• Initiated U.S. launch of the SEISMIQ™ Intravascular Lithotripsy (IVL) System to treat patients with complex calcified peripheral artery disease.
• Completed enrollment in the global FRACTURE IDE clinical trial evaluating the use of the SEISMIQ IVL System to treat patients with complex calcified coronary artery disease.
• Received U.S. FDA 510(k) clearance for the TheraSphere 360™ Y-90 Management Platform, a web-based platform that simplifies ordering TheraSphere Y-90 and helps care teams plan, dose and track the therapy for patients with liver cancer.
• Received positive coverage for the Intracept™ Procedure from Health Care Service Corporation and launched the Intracept EDGE J Stylet, the latest advancement to the Intracept Procedure System, designed to improve access to the basivertebral nerve and streamline the treatment experience.
• Commenced enrollment in the MOSAIC study, using commercially approved Boston Scientific Spinal Cord Stimulation (SCS) Systems, to evaluate the effectiveness of time variant pulse patterns of SCS and compile real-world clinical outcomes in subjects with chronic, intractable low back and/or leg pain.
• Received U.S. coverage of Endoscopic Sleeve Gastroplasty (ESG), using the OverStitch™ Endoscopic Suturing System, by Elevance Health (formerly Anthem) beginning December 18, 2025, and recognition by The American Society for Metabolic and Bariatric Surgery of ESG as an endorsed procedure, expanding patient access to an innovative, less invasive weight-loss solution.
• Received CE mark for the MOSES Raydar™ Holmium Laser System, which is designed to increase ablation efficiency by maintaining an effective proximity range between the laser fiber tip and kidney stone during lithotripsy procedures.
• Announced agreement to acquire Penumbra, Inc., (NYSE: PEN) a publicly traded company that offers thrombectomy products for use in peripheral vascular procedures, minimally invasive peripheral embolization technologies and differentiated neurovascular solutions for access, stroke revascularization and neuro embolization – subject to customary closing conditions.
• Announced agreement to acquire Valencia Technologies Corporation, a privately held company focused on the development and commercialization of the eCoin® System, an implantable tibial nerve stimulation device for the treatment of urge urinary incontinence — subject to customary closing conditions.
• Completed the acquisition of Nalu Medical, Inc., developer of the Nalu Neuromodulation System, designed to use peripheral nerve stimulation to deliver targeted relief for adults living with severe, intractable chronic pain of peripheral nerve origin.

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 fourth quarter by business and region:

					Increase/(Decrease)
		Three Months Ended December 31,			Reported Basis		Impact of Foreign Currency Fluctuations		Operational Basis		Impact of Certain Acquisitions/ Divestitures		Organic Basis
(in millions)		2025	2024
	Endoscopy	$          760	$          690		10.1 %		(1.9) %		8.2 %		— %		8.2 %
	Urology	717	630		13.8 %		(1.1) %		12.7 %		(9.5) %		3.2 %
	Neuromodulation	332	299		11.1 %		(1.2) %		9.9 %		— %		9.9 %
	MedSurg	1,809	1,619		11.7 %		(1.5) %		10.2 %		(3.7) %		6.5 %
	Cardiovascular	3,477	2,942		18.2 %		(1.7) %		16.5 %		(0.4) %		16.1 %
Net Sales		$       5,286	$       4,561		15.9 %		(1.6) %		14.3 %		(1.6) %		12.7 %
									Increase/(Decrease)
					Three Months Ended December 31,				Reported Basis		Impact of Foreign Currency Fluctuations		Operational  Basis
(in millions)					2025		2024
	U.S.				$         3,385		$         2,893		17.0 %		— %		17.0 %
	EMEA				933		830		12.4 %		(7.6) %		4.8 %
	APAC				788		684		15.2 %		(0.4) %		14.8 %
	LACA				179		155		15.9 %		(5.5) %		10.4 %
Net Sales					$         5,286		$         4,561		15.9 %		(1.6) %		14.3 %
Emerging Markets4					$           771		$           668		15.4 %		(2.5) %		13.0 %

	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.

Net sales for the full year by business and region:

					Increase/(Decrease)
		Year Ended December 31,			Reported Basis		Impact of Foreign Currency Fluctuations		Operational Basis		Impact of Certain Acquisitions/ Divestitures		Organic Basis
(in millions)		2025	2024
	Endoscopy	$       2,916	$       2,687		8.6 %		(0.8) %		7.8 %		(0.1) %		7.7 %
	Urology	2,709	2,200		23.1 %		(0.4) %		22.7 %		(17.9) %		4.7 %
	Neuromodulation	1,199	1,106		8.4 %		(0.4) %		8.0 %		— %		8.0 %
	MedSurg	6,824	5,993		13.9 %		(0.6) %		13.3 %		(6.6) %		6.7 %
	Cardiovascular	13,250	10,755		23.2 %		(0.7) %		22.5 %		(1.6) %		20.8 %
Net Sales		$     20,074	$     16,747		19.9 %		(0.7) %		19.2 %		(3.4) %		15.8 %
									Increase/(Decrease)
					Year Ended December 31,				Reported Basis		Impact of Foreign Currency Fluctuations		Operational  Basis
(in millions)					2025		2024
	U.S.				$       12,864		$       10,210		26.0 %		— %		26.0 %
	EMEA				3,451		3,228		6.9 %		(3.7) %		3.2 %
	APAC				3,080		2,686		14.7 %		(0.2) %		14.5 %
	LACA				678		624		8.7 %		2.0 %		10.7 %
Net Sales					$       20,074		$       16,747		19.9 %		(0.7) %		19.2 %
Emerging Markets4					$         2,985		$         2,680		11.4 %		0.2 %		11.6 %

	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 First Quarter 2026

The company estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 10.5 to 11.5 percent on a reported basis and 10.0 to 11.0 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 adjusted EPS, excluding certain charges (credits), of $3.43 to $3.49.

The company estimates net sales growth for the first quarter of 2026, versus the prior year period, to be approximately 10.5 to 12.0 percent on a reported basis and 8.5 to 10.0 percent on an organic basis. First 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 adjusted EPS, excluding certain charges (credits), of $0.78 to $0.80. 

The company has not provided reconciliations of the forward-looking adjusted EPS guidance to GAAP guidance as it is unable to predict with reasonable certainty and without unreasonable efforts the impact of certain items such as intangible asset impairment charges, acquisition-related charges, restructuring and restructuring-related charges and litigation-related charges. The combined impact of these items is uncertain, dependent on various factors and cannot be predicted with reasonable certainty, and could be material to our GAAP measures of financial results.

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 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; adjusted EPS for the first quarter and full year 2026; 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 and tensions; 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:	Lauren Tengler
	508-382-0288 (office)			508-683-4479 (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 December 31,			Year Ended December 31,
in millions, except per share data	2025	2024		2025	2024
Net sales	$     5,286	$     4,561		$    20,074	$    16,747
Cost of products sold (excluding amortization expense)	1,608	1,466		6,221	5,257
Gross profit	3,678	3,095		13,854	11,490
Operating expenses:
Selling, general and administrative expenses	1,834	1,612		6,887	5,984
Research and development expenses	569	460		2,052	1,615
Royalty expense	6	10		46	33
Amortization expense	228	225		897	856
Intangible asset impairment charges	—	111		46	386
Contingent consideration net expense (benefit)	6	(1)		18	(5)
Restructuring net charges (credits)	16	4		101	16
Litigation-related net charges (credits)	194	—		194	—
	2,854	2,420		10,241	8,887
Operating income (loss)	825	675		3,613	2,603
Other income (expense):
Interest expense	(90)	(80)		(349)	(305)
Other, net	(34)	(10)		121	(16)
Income (loss) before income taxes	700	585		3,385	2,282
Income tax expense (benefit)	30	23		493	436
Net income (loss)	$        670	$        562		$     2,892	$     1,846
Net income (loss) attributable to noncontrolling interests	(2)	(4)		(6)	(8)
Net income (loss) attributable to Boston Scientific common                                                                                   stockholders	$        672	$        566		$     2,898	$     1,853
Net income (loss) per common share - basic	$       0.45	$       0.38		$       1.96	$       1.26
Net income (loss) per common share - diluted	$       0.45	$       0.38		$       1.94	$       1.25
Weighted-average shares outstanding
Basic	1,482.7	1,474.2		1,480.4	1,471.5
Diluted	1,495.8	1,490.2		1,494.5	1,485.9
Amounts may not add due to rounding.

 

BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited)
	Three Months Ended December 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	$    3,678	$      2,854	$        825	$       (124)	$        700	$        670	$                  (2)	$                672	$     0.45
Non-GAAP adjustments:
Amortization expense	—	(228)	228	—	228	194	2	192	0.13
Goodwill and other intangible asset impairment charges	—	—	—	—	—	0	—	0	0.00
Acquisition/divestiture-related net charges/credits	24	(65)	89	0	89	29	—	29	0.02
Restructuring and restructuring-related net charges/credits	26	(71)	97	—	97	83	—	83	0.06
Litigation-related net charges/credits	—	(194)	194	—	194	149	—	149	0.10
Investment portfolio net losses/gains and impairments	—	—	—	26	26	26	—	26	0.02
EU MDR implementation costs	7	(5)	12	—	12	10	—	10	0.01
Deferred tax expenses/benefits	—	—	—	—	—	67	—	67	0.04
Discrete tax items	—	—	—	—	—	(27)	—	(27)	(0.02)
Adjusted	$    3,735	$      2,291	$      1,444	$        (99)	$      1,345	$      1,202	$                    0	$              1,201	$     0.80
	Three Months Ended December 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	$    3,095	$      2,420	$        675	$        (90)	$        585	$        562	$                  (4)	$                566	$     0.38
Non-GAAP adjustments:
Amortization expense	—	(225)	225	—	225	198	2	196	0.13
Goodwill and other intangible asset impairment charges	—	(111)	111	—	111	96	—	96	0.06
Acquisition/divestiture-related net charges/credits	63	(84)	147	0	147	61	—	61	0.04
Restructuring and restructuring-related net charges/credits	56	(24)	80	—	80	70	—	70	0.05
Litigation-related net charges/credits	—	—	—	—	—	(0)	—	(0)	(0.00)
Investment portfolio net losses/gains and impairments	—	—	—	2	2	1	—	1	0.00
EU MDR implementation costs	9	(5)	13	—	13	12	—	12	0.01
Deferred tax expenses/benefits	—	—	—	—	—	45	—	45	0.03
Discrete tax items	—	—	—	—	—	(4)	—	(4)	(0.00)
Adjusted	$    3,222	$      1,971	$      1,251	$        (87)	$      1,164	$      1,041	$                  (1)	$              1,043	$     0.70
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 NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited)
	Year Ended December 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	$  13,854	$    10,241	$      3,613	$       (228)	$      3,385	$      2,892	$                  (6)	$              2,898	$     1.94
Non-GAAP adjustments:
Amortization expense	—	(897)	897	—	897	770	9	761	0.51
Goodwill and other intangible asset impairment charges	—	(46)	46	—	46	37	—	37	0.02
Acquisition/divestiture-related net charges/credits	182	(291)	473	(229)	245	186	—	186	0.12
Restructuring and restructuring-related net charges/credits	110	(233)	343	—	343	298	—	298	0.20
Litigation-related net charges/credits	—	(194)	194	—	194	149	—	149	0.10
Investment portfolio net losses/gains and impairments	—	—	—	26	26	26	—	26	0.02
EU MDR implementation costs	29	(17)	46	—	46	39	—	39	0.03
Deferred tax expenses/benefits	—	—	—	—	—	206	—	206	0.14
Discrete tax items	—	—	—	—	—	(27)	—	(27)	(0.02)
Adjusted	$  14,175	$      8,563	$      5,612	$       (430)	$      5,182	$      4,577	$                    3	$              4,574	$     3.06
	Year Ended December 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	$  11,490	$      8,887	$      2,603	$       (321)	$      2,282	$      1,846	$                  (8)	$              1,853	$     1.25
Non-GAAP adjustments:
Amortization expense	—	(856)	856	—	856	743	9	734	0.49
Goodwill and other intangible asset impairment charges	—	(386)	386	—	386	339	—	339	0.23
Acquisition/divestiture-related net charges/credits	111	(291)	402	1	403	375	—	375	0.25
Restructuring and restructuring-related net charges/credits	139	(90)	229	—	229	199	—	199	0.13
Litigation-related net charges/credits	—	—	—	—	—	(0)	—	(0)	(0.00)
Investment portfolio net losses/gains and impairments	—	—	—	20	20	19	—	19	0.01
EU MDR implementation costs	35	(17)	52	—	52	45	—	45	0.03
Deferred tax expenses/benefits	—	—	—	—	—	165	—	165	0.11
Discrete tax items	—	—	—	—	—	(4)	—	(4)	(0.00)
Adjusted	$  11,776	$      7,246	$      4,529	$       (301)	$      4,229	$      3,726	$                    1	$              3,725	$     2.51
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 Q1 and FY 2026 GUIDANCE RECONCILIATIONS (Unaudited)
Net Sales
	Q1 2026 Estimate			Full Year 2026 Estimate
	(Low)	(High)		(Low)	(High)
Reported growth	10.5 %	12.0 %		10.5 %	11.5 %
Impact of foreign currency fluctuations	(2.0) %	(2.0) %		(0.5) %	(0.5) %
Operational growth	8.5 %	10.0 %		10.0 %	11.0 %
Impact of certain acquisitions/divestitures	— %	— %		— %	— %
Organic growth	8.5 %	10.0 %		10.0 %	11.0 %

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." In addition to the explanation below, 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 following is an explanation of each incremental or revised adjustment type, since our most recent Annual Report on Form 10-K, that management excluded as part of these non-GAAP financial measures as well as the reason for excluding each item:

• Restructuring and restructuring-related net charges (credits) - These adjustments primarily represent severance and other compensation-related charges, fixed asset write-offs, contract cancellations, project management fees, facility shut down costs, costs to transfer manufacturing lines between geographically dispersed facilities and other direct costs associated with our restructuring plans. These restructuring plans each consist of distinct initiatives that are fundamentally different from our ongoing, core cost reduction initiatives in terms of, among other things, the frequency with which each action is performed and the required planning, resourcing, cost and timing. Examples of such initiatives include the movement of business activities, facility consolidations and closures and the transfer of product lines between manufacturing facilities, which, due to the highly regulated nature of our industry, requires a significant investment in time and cost to create duplicate manufacturing lines, run product validations and seek regulatory approvals. Restructuring plans take place over a defined timeframe and have a distinct project timeline that requires, and begins subsequent to, approval by our Board of Directors. In contrast to our ongoing cost reduction initiatives, restructuring plans typically result in duplicative cost and exit costs over the defined timeframe and are not considered part of our core, ongoing operations. In addition, in 2025, we incurred restructuring and restructuring-related net charges (credits) associated with management's decision to discontinue worldwide sales of the ACURATE neo2^TM and ACURATE Prime^TM Aortic Valve Systems. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring-related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance.

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

FAQ

What were Boston Scientific (BSX) fourth quarter 2025 results and EPS?

Q4 2025 net sales were $5.286 billion and GAAP EPS was $0.45. According to the company, adjusted EPS for the quarter was $0.80, with reported net sales growth of 15.9% versus the prior year.

What full‑year 2025 financials did Boston Scientific (BSX) report?

Boston Scientific reported full‑year 2025 net sales of $20.074 billion and GAAP EPS of $1.94. According to the company, adjusted EPS for 2025 was $3.06, with reported sales growth of 19.9% year‑over‑year.

What guidance did Boston Scientific (BSX) give for 2026 sales and adjusted EPS?

The company guided 2026 reported net sales growth of ~10.5–11.5% and adjusted EPS of $3.43–3.49. According to the company, organic sales guidance excludes foreign currency and certain recent acquisitions/divestitures.

Which strategic deals and acquisitions did Boston Scientific (BSX) announce on Feb 4, 2026?

Boston Scientific announced agreements to acquire Penumbra and Valencia Technologies and completed the acquisition of Nalu Medical. According to the company, these moves expand thrombectomy, neurovascular, and neuromodulation portfolios.

What clinical and regulatory milestones did Boston Scientific (BSX) report in Q4 2025?

Boston Scientific received FDA and CE approval for the FARAPOINT PFA catheter and FDA 510(k) for TheraSphere 360. According to the company, it also launched SEISMIQ IVL in the U.S. and advanced multiple clinical trials.