Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Q1 2025 Earnings Presentation
23 slides from Boston Scientific's earnings presentation, Apr 23, 2025
Slide 1: Q1 2025 Highlights
Q1 2025 Highlights April 23, 2025 1 Q1 2025 Financial & Operational Highlights | April 23, 2025
Slide 2: Safe Harbor for Forward-Looking Statements and Use of Document
Safe Harbor for Forward-Looking Statements and Use of Document 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 st
Slide 3: Q1 2025 Highlights
Q1 2025 Highlights Financial Highlights Operational Highlights • Net sales growth: • Commenced enrollment in the ELEVATE-PF clinical trial to evaluate the safety and effectiveness of the FARAFLEX™ Mapping and Pulsed Field • +20.9% reported, +22.2% operational*, +18.2% Ablation (PFA) Catheter for tre
Slide 4: Reported Net Sales by Segment and Business
Reported Net Sales by Segment and Business Q1 2025 Reported Net Sales: $4.663B Net Sales by Business; Segment Percentage of Total Net Sales Cardiology MedSurg NM $271M 34% Uro $633M $730 M $578 M Cardiology $425 M Endo $2.429M $673M $697 M EP PI CRM Watchman $656M ICTx Cardiovascular 66% 4 Q1 2025 F
Slide 5: MedSurg Performance Summary
MedSurg Performance Summary Measure Q1 2025 Q1 2024 Change Y/Y Reported Net Sales $1.577B $1.412B +11.7% Adjusted Operating Margin* 33.1% 34.2% -110 bps * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclud
Slide 6: Cardiovascular Performance Summary
Cardiovascular Performance Summary Measure Q1 2025 Q1 2024 Change Y/Y Reported Net Sales $3.085B $2.445B +26.2% Adjusted Operating Margin* 33.6% 27.4% +620 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 Q1 2025 Financial & Operational Highlights | April 23, 2025
Slide 8: Q1 2025 Net Sales vs. Q1 2024
Q1 2025 Net Sales vs. Q1 2024 Q1:25 Reported Organic* Growth Net Sales vs Q1:24 (in millions) Endoscopy $673 6% Urology $633 4% Neuromodulation $271 7% MedSurg $1,577 5% Interventional Cardiology Therapies $697 9% Watchman $425 24% Cardiac Rhythm Management $578 1% Electrophysiology $730 145% Cardio
Slide 9: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Three Months Ended March 31, 2025 (unaudited) Acquisition/ Divestiture- Restructuring and Investment Related Net Restructuring- Portfolio Net EU MDR Deferred Tax Amortization Charges Related Net Losses Implementation Expenses Adjusted* in millions
Slide 10: Working Capital & Cash Flow Metrics
Working Capital & Cash Flow Metrics Days Sales Outstanding (DSO) Free Cash Flow* Mar Dec Sep Jun Mar Q1 Q1 2025 2024 2024 2024 2024 2025 2024 52 52 55 53 54 $354M $(15)M Days Inventory on Hand (DIOH) Capital Expenditures Mar Dec Sep Jun Mar Q1 Q1 2025 2024 2024 2024 2024 2025 2024 178 176 193 187 19
Slide 11: 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 12: Appendix A Net Sales Detail
Appendix A Net Sales Detail 12 Q1 2025 Financial & Operational Highlights | April 23, 2025
Slide 13: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Three Months Ended March 31, 2025 and 2024 Year-over-Year Change Impact of Foreign Q1 Q1 Currency (in millions) 2025 2024 Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 420 $ 395 6.3 % — % 6.3 % INTERNATIONAL 253 247 2
Slide 14: 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 Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: ICTx UNITED STATES $ 232 $ 195 19.1 % — % 19.1 % INTERNATIONA
Slide 15: Appendix B Additional Information - Statement of Operations
Appendix B Additional Information - Statement of Operations 15 Q1 2025 Financial & Operational Highlights | April 23, 2025
Slide 16: Appendix B - Statement of Operations Profitability Margins
Appendix B - Statement of Operations Profitability Margins Three Months Ended Adjusted Gross Margin 3/31/2025 3/31/2024 Basis Points Change Gross Margin, as reported 68.8 % 68.7 % 10 Non-GAAP adjustments 2.7 % 1.1 % Gross Margin, adjusted 71.5 % 69.8 % 170 Three Months Ended Adjusted Operating Margi
Slide 17: Appendix C Additional Non-GAAP Reconciliations
Appendix C Additional Non-GAAP Reconciliations 17 Q1 2025 Financial & Operational Highlights | April 23, 2025
Slide 18: 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 ENDOSCOPY $ 673 $ 642 4.7 % 1.2 % 5.9 % (0.4) % 5.5 % UROLOGY 633 513 23.5 % 1.0 % 24.
Slide 19: Additional Non-GAAP Reconciliations: Free Cash Flow and Segment Margins
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Free Cash Flow (in millions) 3/31/2025 Cash provided by (used for) operating activities $ 541 Purchases of property, plant and equipment and internal use software (187) Proceeds on disposals of property, plant and equipment 0 Free C
Slide 20: Reconciliation of Debt to Adjusted EBITDA
Appendix C - Additional Non-GAAP Reconciliations 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 3/31/2025 Net income (loss) $ 322 $ 468 $ 562 $ 672 $ 2,025 Income tax (benefit) expense 98 200 23 133 454 Interest expense 77 79 80 82 318 Interes
Slide 21: Additional Non-GAAP Reconciliations: Below-the-Line Expenses and Tax Rate
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Estimated Adjusted Below-the-Line Expenses (in millions) FY 2025 Adjusted Below-the-Line Expenses (in millions) 3/31/2025 Below-the-line expenses, as reported $ ~(435) Below-the-line expenses, as reported $ (116) Non-GAAP adjustment
Slide 22: Net Sales and EPS Guidance Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Q2 2025 Estimate Full Year 2025 Estimate Net Sales Guidance (Low) (High) (Low) (High) Reported growth 17.5 % 19.5 % 15.0 % 17.0 % Impact of foreign currency fluctuations 0.0 % 0.0 % 0.5 % 0.5 % Operational growth 17.5 % 19.5 % 15.5 % 17.5 % Impact of
Slide 23: BSX: Acronym Reference Guide
BSX: Acronym Reference Guide 23 Q1 2025 Financial & Operational Highlights | April 23, 2025