Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Investor Day (September 2025)
138 slides from Boston Scientific's investor day presentation, Sep 30, 2025
Slide 1: Relentless Innovation Enduring Growth: Investor Day 2025
Relentless Innovation Enduring Growth Investor Day 2025 September 30, 2025
Slide 2: Welcome Video
Bost Scientific > | Welcome Video rong ee i
Slide 3: Welcome
Relentless Innovation Enduring Growth Welcome Lauren Tengler | Vice President, Investor Relations
Slide 4: Safe harbor for forward-looking statements
Safe harbor for 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 words like "anticipate," "expect,"
Slide 5: Regulatory disclaimers
Regulatory disclaimers Product Disclaimer SEISMIQ Coronary Intravascular Lithotripsy System U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. ASURYS Fluid Management System Device under development. Not available for use or s
Slide 6: Financial disclaimers
Financial disclaimers Market estimates: Unless noted otherwise, all references to market sizes, market share positions, and market growth rates are BSX internal estimates. Non-GAAP financial measures: This presentation contains non-generally accepted accounting principles in the United States (GAAP)
Slide 7: Agenda
Agenda Time Topic 8:30am – 9:00am Opening | Strategy 9:00am – 10:00am Medsurg: International, Neuromodulation, Urology, Endoscopy, Q&A Cardiovascular: Interventional Oncology & Embolization + Peripheral Vascular, 10:00am – 12:00pm Interventional Cardiology Therapies, Cardiac Rhythm Management, WATCH
Slide 8: Relentless Innovation Enduring Growth
Relentless Innovation Enduring Growth Mike Mahoney | Chairman and Chief Executive Officer
Slide 9: High-performing team executing with winning spirit
High-performing team executing with winning spirit Mike Mahoney, Jon Monson Joe Fitzgerald Strategy and Financials Cardiovascular Art Butcher Peter Pattison, Cat Jennings Medsurg and Asia Pacific Peripheral Interventions and Interventional Oncology & Embolization Jim Cassidy Scott Olson, Ken Stein,
Slide 10: Advancing science for life
Our purpose Advancing science for life Caring Meaningful innovation High performance Global collaboration Diversity Winning spirit 10
Slide 11: Delivering outstanding results in 2025
Delivering outstanding results in 2025 1H 2025 reported revenue and operational* growth vs. 2024 LACA APAC $0.3B, +11% $1.5B, +13% Total company Uro 3.5B $ 1H 2025 results $1.3B, C .3B l na +26% $3 ar Net sales: $9.7B tio dio US urg na $6.2 +18% +28% vasc Inter MedS Broad B Endo Organic growth* Adj.
Slide 12: What to expect from BSX: 2026E – 2028E
What to expect from BSX: 2026E – 2028E Strong and differentiated financial performance over the 3-year period – Organic* sales CAGR of 10%+, consistently outpacing market growth – Consistent adjusted operating margin expansion* of ~50bps per year – Leveraged strong double-digit adjusted EPS* growth
Slide 13: Driving differentiated organic revenue growth
Driving differentiated organic* revenue growth 10%+ +14-15% +16% +7% +7% -1% +6% ~$20B $17B $14B $13B $12B $11B $10B $10B $9B $7.6B $7.2B $7.1B $7.4B $7.5B $8B 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E1 2026E 2027E 2028E Average organic revenue growth Reported net s
Slide 14: Track record of consistent financial performance
Track record of consistent financial performance Adjusted operating margin* Adjusted EPS* FCF* Adj. op margin*, final year of period Adj. EPS*, final year of period Free cash flow*, final year of period ($B) Adj. op margin*, LRP goal Adj. EPS*, LRP goal Free cash flow* LRP goal Leveraged +DD growth
Slide 15: Meaningfully evolved our WAMGR
Meaningfully evolved our WAMGR ~$70B 2025E served market growing ~9% over LRP 30.0 BSX portfolio revenue mix (Broad exposure to faster growth markets) 25.0 High growth markets (>7% CAGR) 20.0 60% ICTx (cPCI, DCB, RDN, IVL, circulatory support), WM, EP, BSX revenue PI (IO&E, DE, venous), NM (BVNA), E
Slide 16: Innovation ecosystem fuels growth
Innovation ecosystem fuels growth Innovation R&D Venture capital Investing in global Filling the M&A metrics capabilities and pipeline via earlier innovative practices stage investments ~9-10% annual adj. R&D* percent of sales 65+ active clinical trials Clinical evidence M&A 40+ M&A deals executed S
Slide 17: Investing for differentiated growth through 2030+
Investing for differentiated growth through 2030+ Cardiovascular Medsurg Intravascular lithotripsy Circ support: high-risk PCI and shock Renal denervation Endobariatrics ICTx Heart failure: circ support pumps, shunts, flow mod. † Mitral and tricuspid valve repair and replace† Endo AI assisted ERCP T
Slide 18: Durable best-in-class innovation pipeline
Durable best-in-class innovation pipeline Potential ~$50B+ TAM opportunity over the LRP and beyond Existing $0-3B TAM $3-5B+ TAM Data Incl. VC market read out investment 2025 2026 2027 2028 2028+ Cardiovascular +DD CAGR TIVUSTM SEISMIQ Coronary Heart failure VITALYST ICTx FRACTURE Ultrasound Tricusp
Slide 19: Long-range plan financial goals, 2026E-2028E
Relentless Innovation Enduring Growth Long-range plan financial goals, 2026E-2028E 10% + ~+50bps +DD ~70-80% Organic revenue* Annual adj. operating Leveraged annual Free cash flow CAGR margin* expansion adj. EPS* growth conversion* 19
Slide 20: Advancing science for Rosanna
Advancing science for Rosanna. Treated with FARAPULSE PFA system
Slide 21: International & Medsurg
Relentless Innovation Enduring Growth International & Medsurg Art Butcher | Executive Vice President and Group President, Medsurg and Asia Pacific
Slide 22: International markets
International markets ~35% of 2025E BSX revenue in HSD growth markets Europe, Middle East & Africa Asia Pacific Latin America ~$15B ~7% ~$15B ~8% ~$2B ~7% 2025E served 2026E-2028E 2025E served 2026E-2028E 2025E served 2026E-2028E market mkt CAGR market mkt CAGR market mkt CAGR Key capabilities Resea
Slide 23: Differentiated performance in China
Differentiated performance in China BSX China revenue Mid-teens Talented team with global alignment CAGR Innovative and broad portfolio BSX revenue Diversified portfolio through strategic local partnerships ~$1.2B ~16% CAGR Effective management of VBP $0.5B Operational agility and digital investment
Slide 24: Medsurg: ~$20B served market growing ~7%
Medsurg ~$20B served market growing ~7% over LRP Neuromodulation Urology Endoscopy 2025E 2026 – 2028E 2025E 2026 – 2028E 2025E 2026 – 2028E Served mkt Mkt CAGR BSX goal Served mkt Mkt CAGR BSX goal Served mkt Mkt CAGR BSX goal ~$4B ~7% +HSD ~$7B ~7% +HSD ~$8B ~6% +HSD Aligned capabilities R&D and Ma
Slide 25: Advancing science for Steve
Advancing science for Steve. Treated with Vercise Genus DBS system
Slide 26: Neuromodulation
Relentless Innovation Enduring Growth Neuromodulation Jim Cassidy | Senior Vice President and President, Neuromodulation
Slide 27: Neuromodulation: ~$4B served market grows ~7%
Neuromodulation ~$4B served market grows ~7% over LRP Expect to grow HSD over LRP, enabled by innovative technologies Broad pain portfolio with robust SCS innovation cadence Intracept leads in transformative market for low back pain Differentiated DBS therapies drive consistent growth Large, untappe
Slide 28: Portfolio addresses broad, underpenetrated market
Portfolio addresses broad, underpenetrated market Interventional Pain Brain Spinal cord stimulation Intracept Basivertabral Radiofrequency ablation Deep brain stimulation (SCS) Nerve Ablation (BVNA) (RF) (DBS) 2025E ~$2.5B, +MSD CAGR ~$0.2B, +DD CAGR ~$0.5B, +HSD CAGR ~$1B, +MSD CAGR Market Neuropat
Slide 29: Innovating on our approach to pain stimulation
Innovating on our approach to pain stimulation Limitations of current stim Pulse Pattern stim offers Next-gen SCS with therapies† a different approach Pulse Pattern stim PATTERN TONIC PULSE Optimizes inhibitory pain response Improves energy Inflexible Changes electrode, amplitude, rate and efficienc
Slide 30: Interventional Spine
Interventional Spine Delivering ~$200M in revenue in 2025E, growing +DD over LRP Intracept Market Opportunity Leading in BVNA For treatment of chronic low back pain Consistent innovation cadence Next-gen Intracept 2026E Indication expansion 5.3M U.S. prevalence pool1 Market development Minimally inv
Slide 31: Expect continued above market growth in DBS
Expect continued above market growth in DBS 2025 launches Enabling efficient DBS procedures Unparalleled targeting Cartesia X/HX precision with Cartesia X/HX leads First and only high-span directional leads Expert-level programming in less than half the time, Illumina 3D automated ~20 min (56% reduc
Slide 32: Neuromodulation product innovation pipeline
Neuromodulation ~$4B served market grows ~7% over LRP Expect to grow HSD, enabled by innovative technologies Broad pain portfolio with robust SCS innovation cadence Intracept leads in transformative market for low back pain Differentiated DBS therapies drive consistent growth Large, untapped adjacen
Slide 33: Advancing science for Carmela
Advancing science for Carmela. Treated with Wavewriter Alpha SCS system
Slide 34: Urology
Relentless Innovation Enduring Growth Urology Meghan Scanlon | Senior Vice President and President, Urology
Slide 35: Urology: ~$7B served market growing ~7%
Urology ~$7B served market growing ~7% over LRP Expect to grow HSD over LRP, fueled by commercial execution in underpenetrated markets Category leader with broad, diversified portfolio across urology specialties Focused innovation, patient activation and globalization Investing today in high growth
Slide 36: Broad and diverse portfolio
Broad and diverse portfolio Addresses comprehensive set of urology specialties Endourology Prostate cancer Prosthetic urology Pelvic health Stone management + BPH Prostate spacing & TP biopsy Erectile restoration + male SUI OAB + female SUI 2025E ~$4B, +HSD CAGR ~$0.3B, +HSD CAGR ~$1B, +MSD CAGR ~$2
Slide 37: StoneSmart vision realized
StoneSmart vision realized Enabling efficient, intelligent treatment of kidney stones Launched 2023 Increase stone-free rates Reduce cognitive burden • Patient outcomes • Procedural efficiency • Patient safety • Procedural economics Software and AI innovation 7+ product launches over the LRP Future
Slide 38: Addressing meaningful unmet need in incontinence
Pelvic health Addressing meaningful unmet need in incontinence Mechanical Neurological Bulkamid urethral Mid-urethral sling Axonics F15 External bulking system systems and R20 systems Innovation Trialing System 2026E Focused Globalization EU AUS 46M adults with OAB Large, underserved 60% female | 40
Slide 39: Leveraging our capabilities to drive growth
Pelvic health Leveraging our capabilities to drive growth Customer Engagement Patient Activation Combined selling organization DTP expertise to advance patients Clinical excellence & support Field-based patient programming 450+ U.S. Field-based Organization 90k Digital Leads YTD Health Economics & M
Slide 40: Axonics R20 SNM Patient Video
Axonics R20 SNM Patient Video 40
Slide 41: Urology product innovation pipeline
Urology ~$7B served market growing ~7% over LRP Expect to grow HSD over LRP, fueled by commercial execution in underpenetrated markets Category leader with broad, diversified portfolio across urology specialties Focused innovation, patient activation and globalization Beyond LRP, investing today in
Slide 42: Advancing science for Ellen
Advancing science for Ellen. Treated with Endura Weight Loss Solutions
Slide 43: Endoscopy
Relentless Innovation Enduring Growth Endoscopy Adam Smith | General Manager, Endoscopy Brian Dunkin, M.D. | Chief Medical Officer, Endoscopy
Slide 44: Endoscopy: ~$8B served market growing ~6%
Endoscopy ~$8B served market growing ~6% over LRP Expect to outpace market growth with accretive operating margins Comprehensive portfolio addresses large endoscopy market Deep understanding of customers, history of innovating new markets Aim to win with proprietary products, supporting full portfol
Slide 45: Broad portfolio offers differentiated category leadership
Broad portfolio offers differentiated category leadership Pancreaticobiliary Endoluminal surgery Endobariatrics Core endoscopy 2025E Served Market 2025E Served Market 2025E Served Market 2025E Served Market ~$2.5B, +MSD CAGR ~$2.0B, +MSD CAGR ~$0.3B, +DD CAGR ~$3.5B, +LSD CAGR Disease Gallstone dise
Slide 46: Unique capabilities enable continued leadership
Unique capabilities enable continued leadership Innovation Commercial scale Consistent cadence of internal Mature organization with established innovation & strategic investments presence and dedicated teams Physician education Category Globalization Best-in-class professional education leadership ~
Slide 47: History of creating & advancing endoscopy markets
History of creating & advancing endoscopy markets Innovation developed new markets over time Tomorrow Future Improved Pancreaticobiliary tissue acquisition Next-gen access Endoscopic retrograde RX Biliary Spyglass EXALT Model D Enhanced imaging cholangiopancreatography Stent innovations System DS Sy
Slide 48: Developing the endobariatrics opportunity
Developing the endobariatrics opportunity Filling a gap between pharma and surgery for the ~1.4B patients with obesity Endobariatrics Non-surgical Surgical Anti-obesity medications, Sleeve gastrectomy diet & exercise and RNY gastric bypass Intragastric Endoscopic sleeve balloon gastroplasty Leading
Slide 49: Endoscopy product innovation pipeline
Endoscopy ~$8B served market growing ~6% over LRP Expect to outpace market growth with accretive operating margins Comprehensive portfolio addresses large endoscopy market Deep understanding of customers, history of innovating new markets Aim to win with proprietary products, supporting full portfol
Slide 50: Cardiovascular
Relentless Innovation Enduring Growth Cardiovascular Joe Fitzgerald | Executive Vice President and Group President, Cardiovascular
Slide 51: Cardiovascular: ~$50B served market growing ~9%
Cardiovascular ~$50B served market growing ~9% over LRP Expect to grow +DD over the LRP, with most businesses outpacing their markets Talented global team executing category leadership strategy Broad portfolio positioned to win in large, underpenetrated served markets Robust launch and clinical evid
Slide 52: Expect to outpace majority of our markets over LRP
Expect to outpace majority of our markets over LRP EP WM CRMDx ICTx PI + IO&E 2025E 2026 – 2028E 2025E 2026 – 2028E 2025E 2026 – 2028E 2025E 2026 – 2028E 2025E 2026 – 2028E Served Mkt BSX Served Mkt BSX Served Mkt BSX Served Mkt BSX Served Mkt BSX Mkt CAGR Goal Mkt CAGR Goal Mkt CAGR Goal Mkt CAGR G
Slide 53: Leading in clinical evidence over LRP & beyond
Leading in clinical evidence over LRP & beyond ~$15B TAM expansion via clinical evidence over the LRP & beyond Data Product TAM supports: approval expanding 2026 2027 2028+ STANCE AGENT DCB FRACTURE THRIVE AGENT DCB compared to VITALYST HR-PCI IDE ICTx Coronary IVL IDE to support SEISMIQ TIVUS RDN f
Slide 54: Significant value-creating launches over LRP & beyond
Significant value-creating launches over LRP & beyond Potential ~$40B+ TAM opportunity via product launches over the LRP & beyond Incl. VC Existing Mkt. $0-3B TAM $3-5B+ TAM Investment 2H 2025 2026 2027 2028 2028+ TIVUS Heart VITALYST SEISMIQ Coronary Ultrasound ICTx failure HR-PCI & Tricuspid, Mitr
Slide 55: Advancing science for Lamburtus
Advancing science for Lamburtus. Treated with ACCOLADE pacemaker
Slide 56: Peripheral Interventions and Interventional Oncology & Embolization
Relentless Innovation Enduring Growth Peripheral Interventions and Interventional Oncology & Embolization Peter Pattison | President, Interventional Oncology & Embolization Cat Jennings | President, Peripheral Vascular
Slide 57: Interventional Oncology & Embolization: ~$3B served market
Interventional Oncology & Embolization ~$3B served market growing HSD over LRP Expect to outpace market fueled by differentiated portfolio Comprehensive portfolio across broad oncology indications and embolization Leading with innovative therapies in liver cancer including TheraSphere and hepatic ar
Slide 58: Comprehensive portfolio for minimally invasive cancer care
Comprehensive portfolio for minimally invasive cancer care Interventional oncology Embolization & delivery 2025E Served Market: ~$1B, +DD CAGR 2025E Served Market: ~$2B, +HSD CAGR Focus Products Hepatic arterial Embold Obsidio TruSelect TheraSphere Cryoablation infusion (HAI) Hemorrhage Current Kidn
Slide 59: Expanding TheraSphere TAM by more than 5x
Expanding TheraSphere TAM by more than 5x Key Opportunities Deepening clinical evidence in liver cancer • PROACTIF: Large real-world evidence, data Oct. 2025E New cancer applications and clinical • ROWAN: Studying combination therapy, data 2027E evidence create significantly larger addressable marke
Slide 60: Peripheral Vascular: ~$8B served market
Peripheral Vascular ~$8B served market growing MSD over LRP Expect to outpace market growth with cadence of innovation Broad and differentiated portfolio backed by clinical science and real-world evidence Leading technology in the carotid space with ENROUTE TCAR system Entering complementary high gr
Slide 61: Addressing broad peripheral vascular market
Addressing broad peripheral vascular market Common call point with over 50% procedures performed by vascular surgeon Peripheral Vascular Market Bare metal Carotid Pulmonary Deep vein Atherectomy Guidewires DCB DES IVUS IVL PTA CVI stents solutions embolism thrombosis Arterial Venous 2025E Served Mar
Slide 62: TCAR offers compelling patient benefit & global opportunity
TCAR offers compelling patient benefit & global opportunity ~$220M in 2025E sales, estimated to grow DD in LRP, with TAM >$1B Vascular Market Bare Metal Carotid Pulmonary Deep Vein Atherectomy Guidewires DCB DES IVUS IVL PTA CVI Stents Solutions Embolism Thrombosis ENROUTE TCAR System Advances Treat
Slide 63: Extending arterial leadership with SEISMIQ IVL + DE therapy
Extending arterial leadership with SEISMIQ IVL + DE therapy ~$300M peripheral IVL market, growing DD Peripheral vascular market Bare Metal Carotid Pulmonary Deep Vein Atherectomy Guidewires DCB DES IVUS IVL PTA CVI Stents Solutions Embolism Thrombosis Established clear leadership in SEISMIQ enables
Slide 64: SEISMIQ IVL System Video
Boston, Scientific > | SEISMIQ™ IVL System Video noone ee re Highly deliverable catheters . Increased acoustic pressure LS ~ Precision energy delivery =a 8 —— 64
Slide 65: Interventional Cardiology Therapies (ICTx)
Relentless Innovation Enduring Growth Interventional Cardiology Therapies (ICTx) Lance Bates | Senior Vice President and President, ICTx Janar Sathananthan, M.D. | Chief Medical Officer, ICTx
Slide 66: ICTx: ~$11B served market growing ~10%
Interventional Cardiology Therapies ~$11B served market growing ~10% over LRP Expect above market +DD growth powered by innovation and diversification over LRP Category leading coronary therapies portfolio delivers breadth and innovation Entering high-growth markets over LRP: IVL, hypertension, circ
Slide 67: Expanding our portfolio into large and fast growth markets
Expanding our portfolio into large and fast growth markets Today: leveraging core portfolio LRP: expanding into high-growth markets Beyond LRP Coronary Therapies IVL RDN Circ Support Venture Investments See Prepare Treat Structural Heart & Heart Failure Mitral, tricuspid, TAVR, circ support pumps, s
Slide 68: Innovating to win with our differentiated imaging portfolio
Innovating to win with our differentiated imaging portfolio Today ~$2B +DD ~70% ~40% of PCIs Class 1A guideline market growth int’l revenue U.S. penetration updates from ESC, ACC Strategic initiatives Continue Meaningful Aspire to Transform to iterate innovation ~70% U.S. the cath lab catheters & SW
Slide 69: AVVIGO + Multi-Modality Guidance System
AVVIGO + Multi-Modality Guidance System 69
Slide 70: Investing in differentiation with AGENT DCB
Investing in differentiation with AGENT DCB 2030E U.S. addressable STANCE clinical trial AGENT advantages market ~$3B drives market expansion Deliverability across complex anatomies Proprietary design that N=~1,600, 1:1 RCT optimizes drug transfer AGENT vs. PCI with DES and/or balloon angioplasty in
Slide 71: Coronary intravascular lithotripsy: SEISMIQ IVL
Coronary intravascular lithotripsy: SEISMIQ IVL 2028E coronary IVL market ~$1.5B, growing +DD 4-emitter design with uniform acoustic pressure Efficient fracture of various types of calcium SEISMIQ Coronary IVL System Designed to prepare vessel for PCI Targeted therapy with on/off selectivity and rad
Slide 72: Hypertension: TIVUS Ultrasound System
Hypertension: TIVUS Ultrasound System TAM ~18M U.S. patients, 2028E served market ~$1.0B, growing +DD Precise ultrasound with high denervation depth TIVUS Ultrasound System Penetrates artery deeper for increased efficacy Designed to treat hypertension Non-occlusive and passive cooling system Enhance
Slide 73: TIVUS Ultrasound Technology
TIVUS Ultrasound Technology 73
Slide 74: Circulatory support: VITALYST
Circulatory support: VITALYST 2028E HR-PCI and shock market ~$2.5B, growing mid-teens Double bend design for enhanced stability VITALYST Circulatory Support System Improves safety and hemolysis risk Designed to support circulation Magnetic drive pump with no purge line required Enabling a lower prof
Slide 75: ICTx product innovation pipeline
Interventional Cardiology Therapies ~$11B served market growing ~10% over LRP Expect above market +DD growth powered by innovation and diversification over LRP Category leading coronary therapies portfolio delivers breadth and innovation Entering high-growth markets over LRP: IVL, Hypertension, Circ
Slide 76: Advancing science for Cynthia
Advancing science for Cynthia. Treated with SYNERGY stent
Slide 77: Cardiac Rhythm Management and Diagnostics
Relentless Innovation Enduring Growth Cardiac Rhythm Management and Diagnostics Scott Olson | Senior Vice President and President, Cardiac Rhythm Management and Diagnostics Ken Stein, M.D. | Senior Vice President and Global Chief Medical Officer
Slide 78: CRM and Diagnostics: ~$12B served market
Cardiac Rhythm Management and Diagnostics ~$12B served market growing ~4% over LRP Innovation cadence drives confidence in return to market growth over LRP Near-term growth led by conduction system pacing and leadless pacer launch Steady launch cadence over LRP powered by next-gen CRM platform Inter
Slide 79: Consistent cadence of meaningful launches over LRP
Consistent cadence of meaningful launches over LRP 2025 2026 2027 2028 2028+ S-ICD and EMPOWER Leadless leadless pacing Next-gen Next-gen Pacemaker leadless pacing 2025E market ~$1.5B, S-ICD & mCRM +HSD CAGR System Core CRM & conduction INGEVITY + Next-gen EluPro® PRECEDENT system pacing Pacing pace
Slide 80: Modular CRM System provides differentiated offering
Modular CRM System provides differentiated offering EMPOWER Leadless Pacemaker mCRM System • Leadless pacing 2025E market ~$1B Personalized patient care • EMPOWER : single chamber, fully retrievable, connects with EMBLEM S-ICD U.S. approval 2026E • Investing in NG leadless pacing MODULAR ATP achieve
Slide 81: Opportunity in high-growth adjacency: heart failure
Opportunity in high-growth adjacency: heart failure Unlocking a potential ~$2B market: 9M HF #2 Clinical evidence: U.S. HF patients1 cause of hospital readmissions in the U.S.2 Completed LUX-TRENDS Enrolling DANLOGIC, data 2028E Unmet need in heart failure monitoring & therapy optimization Planning
Slide 82: CRM product innovation pipeline
Cardiac Rhythm Management and Diagnostics ~$12B served market growing ~4% over LRP Innovation cadence drives confidence in return to market growth over LRP Near-term growth led by conduction system pacing and leadless pacer launch Steady launch cadence over LRP powered by next-gen CRM platform Inter
Slide 83: Advancing science for Abi-Gaye
Advancing science for Abi-Gaye. Treated with DYNAGEN MINI ICD
Slide 84: WATCHMAN
Relentless Innovation Enduring Growth WATCHMAN Angelo De Rosa | Global President, WATCHMAN Brad Sutton, M.D. | Chief Medical Officer, Atrial Fibrillation Solutions
Slide 85: Leading in ~$2B served market that grows ~20%
WATCHMAN Left Atrial Appendage Closure Leading in ~$2B served market that sustainably grows ~20% Expect to grow in line with market and maintain clear leadership Indicated patients grows from ~5M today to up to ~20M by 2030E+ Expanding access through clinical evidence and therapy awareness Leveragin
Slide 86: Leading the LAAC market for over two decades
Leading the LAAC market for over two decades 2010 2018 PREVAIL PINNACLE FLX Q3 2020 Q3/Q4 2023 Q3 2025 WATCHMAN FLX WATCHMAN FLX Pro Q1 2015 Q1 2024 600,000 FDA approval and US and JPN launch Legacy WATCHMAN 400,000 implants EU launch FDA approval Q2 2022 implants globally WM FLX globally 1H 2026E 2
Slide 87: Positive data enables meaningful market expansion
Positive data enables meaningful market expansion Global patients Market size indicated Includes positive clinical evidence, guideline and NCD update Expanding WATCHMAN presence around the globe Potential patients indicated & market by 2030E+ Today >$2.0B 5 million AF patients indicated ~$1B EMEA in
Slide 88: Establishing WATCHMAN as a frontline therapy
Establishing WATCHMAN as a frontline therapy WATCHMAN FLX vs. NOAC Data Expected 1H 2026E 3,000 Patients | 150 Sites Co-primary endpoints Randomization 1:1 Primary efficacy: non-inferiority Primary safety: superiority for occurrence of stroke, CV for non-procedural ~40% death and systemic embolism b
Slide 89: Driving concomitant FARAWATCH procedures
Driving concomitant FARAWATCH procedures Patients Physicians Hospitals Addresses AF and risk of stroke Addresses capacity in Maximize patient experience in one case high-growth AF procedures Concomitant opportunity WM positioned to lead Concomitant sheath ~50% ~25% Safer procedures Decreasing risks
Slide 90: NG WATCHMAN
Fueling the future of LAAC innovation 4th generation built on the WM platform designed to enhance seal & address complex anatomy NG WATCHMAN Launching 2028E Optimized strut architecture Chronic seal Fills & adapts to the unique Expanded sealing range characteristics of the LAA Stability NG WATCHMAN
Slide 91: Building an interconnected imaging ecosystem
Building an interconnected imaging ecosystem Enhanced transesophageal echo Exploring 4D intracardiac echo support (TEE) software (ICE) solutions TEE based AI guided 3D LAA reconstruction Smart ICE-based workflow and improved imaging • Developing through external partnership • Automated LAA ostium an
Slide 92: WATCHMAN product innovation pipeline
WATCHMAN Left Atrial Appendage Closure Leading in ~$2B served market that sustainably grows ~20% Expect to grow in line with market and maintain clear leadership Indicated patients grows from ~5M today to up to ~20M by 2030E+ Expanding access through clinical evidence and therapy awareness Leveragin
Slide 93: Atrial Fibrillation Solutions Video
Atrial Fibrillation Solutions Video 93
Slide 94: Electrophysiology
Relentless Innovation Enduring Growth Electrophysiology Nick Spadea-Anello | Senior Vice President and President, Electrophysiology Brad Sutton, M.D. | Chief Medical Officer, Atrial Fibrillation Solutions
Slide 95: 500,000 patients treated with FARAPULSE PFA system
500,000 Patients treated globally with FARAPULSE PFA system
Slide 96: Electrophysiology: ~$13B served market growing ~15%
Electrophysiology ~$13B served market growing ~15% over LRP Expect to durably outpace market, capture share and aim to achieve leading market position Massively underpenetrated patient population, ~60M AF patients globally Global PFA penetration of AF procedures grows from ~50% to ~80% by end of LRP
Slide 97: Global EP market grows ~15% over LRP
Global EP market grows ~15% over LRP Global EP Market Market Growth Drivers 2025E Global EP Market AF vs. Non-AF segments by Product Segment ($B) • Innovative technologies AF Mkt Non-AF Mkt 20 ~$20B • Efficiency & safety of PFA $1B +15% • Clinical evidence $1B $5B 15 • Patient & physician awareness
Slide 98: Building a complete EP ecosystem
Building a complete EP ecosystem Today Atrial fibrillation Complex arrhythmias Complex arrhythmia treatment 2028+ Ablation FARAWAVE FARAPOINT Next-gen FARAFLEX YE 2025E FARAWAVE NAV 2028E catheters 2027E Cortex HD mapping Mapping & OPAL HDx integration catheter navigation 2027E 2027E CHORUS IDx CHOR
Slide 99: Evolving the FARAPULSE advantage
Evolving the FARAPULSE advantage 2021 2024 2025+ FARAWAVE Non-Nav FARAWAVE Nav FARAPOINT Next-gen FARAWAVE FARAFLEX FARAWAVE Launched 2021 Launched 2024 YE 2025E 2027E 2028E beyond next-gen Proprietary waveform and consistent innovation evolves the versatile pentaspline design to treat comprehensive
Slide 100: Next-generation FARAWAVE
Investing in the pentaspline advantage Next-generation FARAWAVE Launch expected 2027E 4x increase in signals Individual petal deflection Higher density mapping and versatility More accurate shape detection in a single catheter with OPAL HDx Updated handle Enhanced contact sensing Improved usability
Slide 101: FARAFLEX
Large focal catheter for complex arrhythmias FARAFLEX Rapid high-density mapping with 19 sensing electrodes & PFA in a single catheter ELEVATE-PF Next-gen handling platform for FARAFLEX feasibility study precise catheter control N=~100, one-year follow-up with gold standard prospective remaps Clinic
Slide 102: Building a category-leading EP mapping system
Building a category-leading EP mapping system Contact sensing YE 2025E Poised to drive long-term growth AI ICE Integrated ICE with integrated mapping 2028E 2027E capabilities: OPAL Clinical mapping HDx specialist Today Future Software iterations 1 of 3 Nearly all FW accounts FW accounts Cortex integ
Slide 103: Complementing OPAL with CHORUS IDx ICE
Complementing OPAL with CHORUS IDx ICE ICE market opportunity 2026 2027 Addressable market ($B) U.S. Int’l. CHORUS IDx CHORUS IDx NAV CHORUS IDx NAV AI $1.8B ~10% 2D ICE for cardiac 2D ICE and 2D ICE in RA to $0.4B $1.3B procedures advanced EAM create 3D heart map $0.3B $1.4B $1.0B Powered by OPAL H
Slide 104: Investing in solutions for advanced AF disease
Investing in solutions for advanced AF disease Cortex (OptiMap) Clinical evidence • Designed to address unmet need in mapping complex cases in redo and persistent patients COMPLETE • Proprietary whole-chamber mapping catheter and software FLOW-AF RCT • Identifies extra-PV sources leveraging AI to de
Slide 105: Leading in clinical evidence generation
Leading in clinical evidence generation Farapulse most studied PFA device with over 35k+ in published clinical evidence Clinical Impact Across EP Clinical Impact Globally Number of clinical sites per region as of Sept 2025 Lead perAF Redo AF Expand ADVANTAGE AF ASCEND IDE 48 FARAVERSE AVANT GUARD Af
Slide 106: Expanding the reach of FARAPULSE through key clinical investments
Expanding the reach of FARAPULSE through key clinical investments 2028E Served Trial Studying Status Timing Market FARAPULSE vs. AAD as first Completed Data ~$1B AVANT GUARD line treatment for persistent AF enrollment 1H 2026E (AF) Global registry to measure Various N/A DISRUPT-AF efficiency, effect
Slide 107: EP product innovation pipeline
Electrophysiology ~$13B served market growing ~15% over LRP Expect to durably outpace market, capture share and aim to achieve leading market position Massively underpenetrated patient population, ~60M AF patients globally Global PFA penetration of AF procedures grows from ~50% to ~80% by end of LRP
Slide 108: Advancing science for Mike
Advancing science for Mike. Treated with FARAPULSE PFA system
Slide 109: Finance
Relentless Innovation Enduring Growth Finance Jon Monson | Executive Vice President and Chief Financial Officer
Slide 110: Financial goals
Financial goals Consistently delivering top tier financial performance Meaningful adjusted Sustained, differentiated Strong adjusted Significant free cash flow* operating margin* revenue growth EPS* growth growth expansion 2025 +14% – +15% 27.75% – 28% $2.95 – $2.99 ~75% guidance1 vs. 2024 organic*
Slide 111: Expanding adjusted operating margin
Expanding adjusted operating margin* Gross margin Consistent adjusted operating margin* improvement Aim to improve gross margin over the LRP Adj. op margin* Enablers: favorable product mix, standard Adj. op margin*, LRP goal cost reductions; partially offset by tariffs ~28.0% ~+50bps y/y 26.1% SG&A
Slide 112: Driving leverage through scale and discipline
Driving leverage through scale and discipline Adjusted SG&A* Disciplined approach to spend allows for investments in future growth Adj. SG&A* percent of sales Adj. SG&A* percent of sales, goal Continuously optimizing org structure 36.8% Effectively integrate new acquisitions 36.1% 35.1% 34.6% Implem
Slide 113: Significantly enhanced free cash flow profile
Significantly enhanced free cash flow* profile Free cash flow* of ~$3.5B in 20251 FCF* expected to grow +DD over LRP Free cash flow* Free cash flow*, LRP goal FCF conversion* % ~75% ~70-80% Improvements driven by operating margin 71% expansion and working capital efficiency 60% Continued integration
Slide 114: M&A strategy supports entry into high-growth markets
M&A strategy supports entry into high-growth markets Disciplined approach prioritizes strategic fit & financial return, with a consistent playbook to fully integrate acquisitions Since last Investor Day: 12 3 16 2 Acquisitions closed Companies acquired New investments in our Strategic partnership 7
Slide 115: Long-range plan financial goals, 2026E-2028E
Relentless Innovation Enduring Growth Long-range plan financial goals, 2026E-2028E 10% + ~+50bps +DD ~70-80% Organic revenue* Annual adj. operating Leveraged annual Free cash flow CAGR margin* expansion adj. EPS* growth conversion* 115
Slide 116: Appendix
Relentless Innovation Enduring Growth Appendix
Slide 117: BSX served markets: 2026E – 2028E
BSX served markets: 2026E – 2028E 2025 market size $B CAGR 2026E – 2028E Cardiovascular $50 ~9% Interventional Cardiology Therapies $11 ~10% Cardiovascular WATCHMAN $2 ~20% Cardiac Rhythm Management $12 ~4% Electrophysiology $13 ~15% Peripheral Interventions and Interventional Oncology & $11 ~7% Emb
Slide 118: Acronym reference guide
Acronym reference guide AAA Abdominal aortic aneurysm CRM Cardiac Rhythm Management EP Electrophysiology ACC American College of Cardiology CRT-D Cardiac resynchronization therapy device – defibrillators ELS Endoluminal surgery AF Atrial fibrillation CRT-P Cardiac resynchronization therapy device –
Slide 119: Acronym reference guide
Acronym reference guide HTN Hypertension NM Neuromodulation ROW Rest of world ICD Implantable cardioverter defibrillator NOAC Non-vitamin K antagonist oral anticoagulant SCS Spinal cord stimulation ICE Intracardiac echocardiography NTAP New technology add-on payment S-ICD Subcutaneous implantable ca
Slide 120: Neuromodulation references
Neuromodulation references Interventional spine slide 1. Truven Marketscan 2015 – 2017 – Navigant Research Deep brain stimulation slide 1. Lange F, et al. Reduced programming time and strong symptom control even in chronic course through imaging-based DBS programming. Front Neurol. 2021;12:785529. d
Slide 121: Cardiovascular references
Cardiovascular references Served market slide 1. Linz D, Gawalko M, Betz K, Hendriks JM, Lip GYH, Vinter N, Guo Y, Johnsen S. Atrial fibrillation: epidemiology, screening and digital health. Lancet Reg Health Eur. 2024;37:100786. doi:10.1016/j.lanepe.2023.100786 2. Incidence, Prevalence, and Lifetim
Slide 122: Peripheral Interventions and IO&E references
Peripheral Interventions and Interventional Oncology & Embolization references TCAR Slide 1. Malas MB, et. Al. TransCarotid revascularization with dynamic flow reversal versus Carotid Endarterectomy in the Vascular Quality Initiative Surveillance Project. Ann Surg. 2020 Sep 15. doi: 10.1097/SLA/0000
Slide 123: Cardiac Rhythm Management references
Cardiac Rhythm Management references Modular CRM slide 1. Boston Scientific CRM product performance report, Q3 2024 Heart Failure Slide 1. Journal of Cardiac Failure. 2024;31:P 66–116. 2. Jiang HJ, Barrett ML. Clinical conditions with frequent, costly hospital readmissions by payer, 2020. HCUP Stati
Slide 124: WATCHMAN references
WATCHMAN references Clinical slide 1. Tarn, D, Shih, K, Tseng, C. et al. Reasons for Nonadherence to the Direct Oral Anticoagulant Apixaban: A Cross-Sectional Survey of Atrial Fibrillation Patients. JACC Adv. 2023 Jan, 2 (1) . https://doi.org/10.1016/j.jacadv.2022.100175 FARAWATCH Slide 1. Hsu, J, D
Slide 125: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures This presentation contains certain non-GAAP financial measures associated with the company’s historical and future expected performance. These non-GAAP financial measures are not in accordance with generally accepted accounting principles (GAAP) in the United States
Slide 126: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2026E-2028E 2025 Estimate2 Year Ended December 31, (CAGR)1 Net Sales Growth (low) (high) 1H 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Net sales growth, as reported 18.0% 19.0% 21.9% 17.6% 12.3% 6.7% 19.9% (7.7)% 9.3% 8.6% 7.9% 12% 1%
Slide 127: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures Year Ended December 31, Adjusted EPS 1H 2025 1H 2024 2024 2023A 2022A 2021A 2020B 2019 2018G 2017 2016 2015C 2014D 2013E 2012F 2011 Net income (loss) per share, as reported $ 0.98 $ 0.55 $ 1.25 $ 1.07 $ 0.45 $ 0.69 $ (0.08) $ 3.33 $ 1.19 $ 0.08 $ 0.25 $ (0.18) $ (0.
Slide 128: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures FY 2025 Estimate2 Earnings Per Share Guidance (low) (high) GAAP results $ 1.89 $ 1.93 Amortization expense 0.52 0.52 Acquisition/divestiture-related net charges (credits) 0.11 0.11 Restructuring and restructuring-related net charges (credits) 0.24 0.24 Other adjustm
Slide 129: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 1H 2025 1H 2025 Net Sales Growth by Impact of Foreign Net Sales Growth Impact of Foreign Reported Basis Operational Basis Reported Basis Operational Basis Business Currency Fluctuations by Region Currency Fluctuations Endoscopy 7.0% (0.0)% 6.9% U.S. 30.9 % —% 30.9 %
Slide 130: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures Year Ended December 31, Free Cash Flow (in billions) 2025E2 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Cash provided by (used for) operating activities $ ~4.5 $ 3.4 $ 2.5 $ 1.5 $ 1.9 $ 1.5 $ 1.8 $ 0.3 $ 1.4 $ 1.2 $ 0.7 $ 1.3 $ 1.1 $ 1.3 $
Slide 131: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2025E2 Adjusted Net Income (loss) attributable to common Income (Loss) Before Income Tax Expense Net Income Net Income (Loss) Attributable Net Income (Loss) Attributable stockholders (in billions) Income Taxes (Benefit) (Loss) to Noncontrolling Interests to BSX Comm
Slide 132: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2023 Net Income (Loss) Net Income (Loss) Adjusted Net Income (loss) attributable to common stockholders (in Income (Loss) Before Income Tax Expense Net Income Preferred Stock Attributable to Attributable to BSX billions) Income Taxes (Benefit) (Loss) Dividends Nonco
Slide 133: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2021 Adjusted Net Income (loss) attributable to common Income (Loss) Before Income Tax Expense Net Income Preferred Stock Net Income (Loss) Attributable to stockholders (in billions) Income Taxes (Benefit) (Loss) Dividends BSX Common Stockholders Reported $ 1.1 $ 0.
Slide 134: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2019 Adjusted Net Income (loss) attributable to common Income (Loss) Before Income Tax Expense Net Income Preferred Stock Net Income (Loss) Attributable to stockholders (in billions) Income Taxes (Benefit) (Loss) Dividends BSX Common Stockholders Reported $ 0.7 $ (4
Slide 135: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2017 Adjusted Net Income (loss) attributable to common Income (Loss) Before Income Tax Expense Net Income Preferred Stock Net Income (Loss) Attributable to stockholders (in billions) Income Taxes (Benefit) (Loss) Dividends BSX Common Stockholders Reported $ 0.9 $ 0.
Slide 136: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2015 Adjusted Net Income (loss) attributable to common Income (Loss) Before Income Tax Expense Net Income Preferred Stock Net Income (Loss) Attributable to stockholders (in billions) Income Taxes (Benefit) (Loss) Dividends BSX Common Stockholders Reported $ (0.7) $
Slide 137: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2013 Adjusted Net Income (loss) attributable to common Income (Loss) Before Income Tax Expense Net Income Preferred Stock Net Income (Loss) Attributable to stockholders (in billions) Income Taxes (Benefit) (Loss) Dividends BSX Common Stockholders Reported $ (0.2) $
Slide 138: Supplemental non-GAAP disclosures
Supplemental non-GAAP disclosures 2011 Adjusted Net Income (loss) attributable to common Income (Loss) Before Income Tax Expense Net Income Preferred Stock Net Income (Loss) Attributable to stockholders (in billions) Income Taxes (Benefit) (Loss) Dividends BSX Common Stockholders Reported $ 0.6 $ (0