Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Q4 2025 Earnings Presentation
36 slides from Boston Scientific's earnings presentation, Feb 4, 2026
Slide 1: Q4 2025 Highlights
Q4 2025 Highlights February 4, 2026 1 Q4 2025 Financial & Operational Highlights | February 4, 2026
Slide 2: Forward-Looking Statements and Use of Document
Forward-Looking Statements and Use of Document Forward-looking statements: This presentation 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 wor
Slide 3: Q4 2025 Highlights
Q4 2025 Highlights Financial Highlights Operational Highlights • Net sales growth: • Initiated U.S. launch of the SEISMIQ™ IVL System to treat patients with complex calcified peripheral artery disease. • +15.9% reported, +14.3% operational*,+12.7% • Received U.S. FDA approval and CE mark for the FAR
Slide 4: Reported Net Sales by Segment and Business
Reported Net Sales by Segment and Business Q4 2025 Reported Net Sales: $5.286B Net Sales by Business; Segment Percentage of Total Net Sales Cardiovascular MedSurg NM 34% $332M $263 M Uro $890 M $717M $587 M $535 M $1.202B Endo $760M Cardiovascular¹ IO&E $3.477B EP CRM Watchman ICVT Cardiovascular 66
Slide 5: MedSurg Performance Summary
MedSurg Performance Summary Measure Q4 2025 Q4 2024 Change Y/Y Reported Net Sales $1.809B $1.619B +11.7% Adjusted Operating Margin* 31.9% 34.4% (250 bps) * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclu
Slide 6: Cardiovascular Performance Summary
Cardiovascular Performance Summary Measure Q4 2025 Q4 2024 Change Y/Y Reported Net Sales $3.477B $2.942B +18.2% Adjusted Operating Margin* 30.3% 30.6% (30 bps) * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to
Slide 7: Our Approach to Corporate Responsibility
Our Approach to Corporate Responsibility 7 Q4 2025 Financial & Operational Highlights | February 4, 2026
Slide 8: Q4 & FY 2025 Net Sales vs. 2024
Q4 & FY 2025 Net Sales vs. 2024 Q4 2025 Reported FY 2025 Reported Organic* Growth Net Sales Net Sales (in millions) vs Q4 2024 vs FY 2024 Endoscopy $760 $2,916 8% 8% Urology $717 $2,709 3% 5% Neuromodulation $332 $1,199 10% 8% MedSurg $1,809 $6,824 7% 7% Interventional Cardiology & Vascular Therapie
Slide 9: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Three Months Ended December 31, 2025 (unaudited) Goodwill Acquisition Restructuring and other / and Intangible Divestiture- Restructuring- Litigation- Investment Deferred Asset Related Related Net Related Net Portfolio EU MDR Tax GAAP Amortization
Slide 10: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Year Ended December 31, 2025 (unaudited) Goodwill Acquisition Restructuring and other / and Litigation- Intangible Divestiture- Restructuring- Related Investment Deferred Asset Related Related Net Net Portfolio EU MDR Tax GAAP Amortization Impairm
Slide 11: Working Capital & Cash Flow Metrics
Working Capital & Cash Flow Metrics Days Sales Outstanding (DSO) Free Cash Flow* Dec Sept Jun Mar Dec Q4 Q4 FY2025 FY2024 2025 2025 2025 2025 2024 2025 2024 51 51 51 52 52 $1.013B $1.181B $3.659B $2.648B Days Inventory on Hand (DIOH) Capital Expenditures Dec Sept Jun Mar Dec Q4 Q4 FY2025 FY2024 2025
Slide 12: Use of Non-GAAP Measures
Use of Non-GAAP Measures To supplement Boston Scientific’s consolidated financial statements presented on a GAAP basis, the Company discloses certain non- GAAP financial measures. These measures are not in accordance with generally accepted accounting principles in the United States. A reconciliatio
Slide 13: Appendix A Net Sales Detail
Appendix A Net Sales Detail 13 Q4 2025 Financial & Operational Highlights | February 4, 2026
Slide 14: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Three Months Ended December 31, 2025 and 2024 Year-over-Year Change Impact of Foreign Q4 Q4 Currency (in millions) 2025 2024 Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 464 $ 423 9.5 % — % 9.5 % INTERNATIONAL 296 26
Slide 15: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Three Months Ended March 31, 2025 and 2024 Year-over-Year Change Impact of Foreign Q1 Q1 Currency (in millions) 2025 2024 As Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED STAT
Slide 16: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Three Months Ended June 30, 2025 and 2024 Year-over-Year Change Impact of Foreign Q2 Q2 Currency (in millions) 2025 2024 As Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED STATE
Slide 17: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Three Months Ended September 30, 2025 and 2024 Year-over-Year Change Impact of Foreign Q3 Q3 Currency (in millions) 2025 2024 As Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED
Slide 18: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Three Months Ended December 31, 2025 and 2024 Year-over-Year Change Impact of Foreign Q4 Q4 Currency (in millions) 2025 2024 As Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED S
Slide 19: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Year Ended December 31, 2025 and 2024 Year-over-Year Change Impact of Foreign Currency (in millions) FY 2025 FY 2024 As Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 1,802 $ 1,651 9.2 % — % 9.2 % INTERNATIONAL 1,115 1
Slide 20: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Year Ended December 31, 2025 and 2024 Year-over-Year Change Impact of Foreign Currency (in millions) FY 2025 FY 2024 As Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED STATES $
Slide 21: Appendix B Additional Information - Statement of Operations
Appendix B Additional Information - Statement of Operations 21 Q4 2025 Financial & Operational Highlights | February 4, 2026
Slide 22: Appendix B - Statement of Operations
Appendix B - Statement of Operations Profitability Margins Three Months Ended Adjusted Gross Margin 12/31/2025 12/31/2024 Basis Points Change Gross Margin, as reported 69.6 % 67.9 % 170 Non-GAAP adjustments 1.1 % 2.7 % Gross Margin, adjusted 70.7 % 70.6 % 10 Three Months Ended Adjusted Operating Mar
Slide 23: Appendix C Additional Non-GAAP Reconciliations
Appendix C Additional Non-GAAP Reconciliations 23 Q4 2025 Financial & Operational Highlights | February 4, 2026
Slide 24: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Certain Q1 Q1 As Reported Currency Operational Acquisitions/ Organic (in millions) 2025 2024 Basis Fluctuations Basis Divestitures Basis INTERVENTIONAL CARDIOLOGY & VASCULAR THERAPIES 1,124 1,021 10.1 % 1.9 % 12.0 % (4.7) %
Slide 25: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Certain Q2 Q2 As Reported Currency Operational Acquisitions/ Organic (in millions) 2025 2024 Basis Fluctuations Basis Divestitures Basis INTERVENTIONAL CARDIOLOGY & VASCULAR THERAPIES 1,178 1,040 13.3 % (1.4) % 11.9 % (5.1)
Slide 26: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Certain Q3 Q3 As Reported Currency Operational Acquisitions/ Organic (in millions) 2025 2024 Basis Fluctuations Basis Divestitures Basis INTERVENTIONAL CARDIOLOGY & VASCULAR THERAPIES 1,135 1,047 8.3 % (0.9) % 7.4 % (4.4) %
Slide 27: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Certain Q4 Q4 As Reported Currency Operational Acquisitions/ Organic (in millions) 2025 2024 Basis Fluctuations Basis Divestitures Basis ENDOSCOPY $ 760 $ 690 10.1 % (1.9) % 8.2 % — % 8.2 % UROLOGY 717 630 13.8 % (1.1) % 12
Slide 28: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Certain As Reported Currency Operational Acquisitions/ Organic (in millions) FY 2025 FY 2024 Basis Fluctuations Basis Divestitures Basis ENDOSCOPY $ 2,916 $ 2,687 8.6 % (0.8) % 7.8 % (0.1) % 7.7 % UROLOGY 2,709 2,200 23.1 %
Slide 29: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Year Ended Free Cash Flow (in millions) 12/31/2025 12/31/2024(1) 12/31/2025 12/31/2024 Cash provided by (used for) operating activities $ 1,364 $ 1,456 $ 4,534 $ 3,435 Purchases of property, plant and equipment and internal use soft
Slide 30: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 12/31/2025 Net income (loss) $ 672 $ 795 $ 755 $ 670 $ 2,892 Income tax (benefit) expense 133 146 183 30 493 Interest expense 82 90 87 90 349 Inter
Slide 31: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended December 31, 2025 % of net sales % of net sales of reportable of reportable Adjusted Operating Margin - by Reportable Segment MedSurg segments Cardiovascular segments Total Net sales, as reported $ 1,809 $ 3,477 $ 5,286 Impact of fo
Slide 32: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended December 31, 2024 % of net sales % of net sales of reportable of reportable Adjusted Operating Margin - by Reportable Segment MedSurg segments Cardiovascular segments Total Net sales, as reported $ 1,619 $ 2,942 $ 4,561 Impact of fo
Slide 33: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Year Ended Adjusted Below-the-Line Expenses (in millions) 12/31/2025 12/31/2025 Below-the-line expenses, as reported $ (124) $ (228) Non-GAAP adjustments 26 (203) Below-the-line expenses, adjusted $ (99) $ (430) Three Months Ended Y
Slide 34: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Year Ended Interventional Cardiology Therapies Net Sales Growth1 12/31/2025 12/31/2025 Net sales growth, as reported 12 % 8% Impact of foreign currency fluctuations (2) % (1) % Net sales growth, operational 10 % 8% Impact of certain
Slide 35: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Q1 2026 Estimate FY 2026 Estimate Net Sales Guidance (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
Slide 36: BSX: Acronym Reference Guide
BSX: Acronym Reference Guide AF Atrial Fibrillation CODM Chief Operating Decision Maker CRM Cardiac Rhythm Management DIOH Days Inventory on Hand DRG Diagnosis-Related Group Reimbursement DSO Days Sales Outstanding EBITDA Earnings Before Interest, Taxes, Depreciation, and EMEA Europe, the Middle Eas