Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Q1 2026 Earnings Presentation
27 slides from Boston Scientific's earnings presentation, Apr 22, 2026
Slide 1: Q1 2026 Highlights
Q1 2026 Highlights April 22, 2026 1 Q1 2026 Financial & Operational Highlights | April 22, 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 wo
Slide 3: Q1 2026 Highlights
Q1 2026 Highlights Financial Highlights Operational Highlights • Net sales growth: • Announced clinical trial results that were presented in late-breaking sessions at the 75th Annual Scientific Session of the American College of Cardiology and simultaneously published in The New England Journal of M
Slide 4: Reported Net Sales by Segment and Business
Reported Net Sales by Segment and Business Q1 2026 Reported Net Sales: $5.203B Net Sales by Business; Segment Percentage of Total Net Sales Cardiovascular MedSurg NM $318M 33% Uro $1.244B $646M $506M $905M Cardiovascular Endo $3.503B $578M $736M $268M ICVT WM EP CRM IO&E Cardiovascular 67% 4 Q1 2026
Slide 5: MedSurg Performance Summary
MedSurg Performance Summary Measure Q1 2026 Q1 2025 Change Y/Y Reported Net Sales $1.701B $1.577B +7.8% Adjusted Operating Margin* 31.3% 33.3% -200 bps * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclude
Slide 6: Cardiovascular Performance Summary
Cardiovascular Performance Summary Measure Q1 2026 Q1 2025 Change Y/Y Reported Net Sales $3.503B $3.085B +13.5% Adjusted Operating Margin* 32.1% 33.8% -170 bps * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to
Slide 7: Broad-based Innovation Pipeline
Broad-based Innovation Pipeline Timeline represents expected launch timing or data presentation. 7 Q1 2026 Financial & Operational Highlights | April 22, 2026
Slide 8: Our Approach to Corporate Responsibility
Our Approach to Corporate Responsibility 8 Q1 2026 Financial & Operational Highlights | April 22, 2026
Slide 9: Q1 2026 Net Sales vs. Q1 2025
Q1 2026 Net Sales vs. Q1 2025 Q1 2026 Reported Organic* Growth Net Sales vs Q1 2025 (in millions) Endoscopy $736 7% Urology $646 1% Neuromodulation $318 15% MedSurg $1,701 6% Interventional Cardiology and Vascular Therapies $1,244 8% Watchman $506 19% Electrophysiology $905 22% Cardiac Rhythm Manage
Slide 10: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Three Months Ended March 31, 2026 (unaudited) Investment Acquisition/ Restructuring and Portfolio Net Divestiture- Restructuring- Losses/ Gains EU MDR Deferred Tax Amortization Related Net Related Net and Implementation Expenses/ Adjusted* in mill
Slide 11: Working Capital & Cash Flow Metrics
Working Capital & Cash Flow Metrics Days Sales Outstanding (DSO) Free Cash Flow* Mar Dec Sep Jun Mar Q1 Q1 2026 2025 2025 2025 2025 2026 2025 52 51 51 51 52 $170M $354M Days Inventory on Hand (DIOH) Capital Expenditures Mar Dec Sep Jun Mar Q1 Q1 2026 2025 2025 2025 2025 2026 2025 177 168 177 159 178
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 Q1 2026 Financial & Operational Highlights | April 22, 2026
Slide 14: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Three Months Ended March 31, 2026 and 2025 Year-over-Year Change Impact of Foreign Q1 Q1 Currency (in millions) 2026 2025 Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 446 $ 420 6.2 % — % 6.2 % INTERNATIONAL 290 253 1
Slide 15: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Three Months Ended March 31, 2026 and 2025 Year-over-Year Change Impact of Foreign Q1 Q1 Currency (in millions) 2026 2025 Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED STATES
Slide 16: Appendix B Additional Information - Statement of Operations
Appendix B Additional Information - Statement of Operations 16 Q1 2026 Financial & Operational Highlights | April 22, 2026
Slide 17: Appendix B - Statement of Operations Profitability Margins
Appendix B - Statement of Operations Profitability Margins Three Months Ended Adjusted Gross Margin 3/31/2026 3/31/2025 Basis Points Change Gross Margin, as reported 69.4 % 68.8 % 60 Non-GAAP adjustments 1.0 % 2.7 % Gross Margin, adjusted 70.5 % 71.5 % (100) Three Months Ended Adjusted Operating Mar
Slide 18: Appendix C Additional Non-GAAP Reconciliations
Appendix C Additional Non-GAAP Reconciliations 18 Q1 2026 Financial & Operational Highlights | April 22, 2026
Slide 19: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Certain Q1 Q1 As Reported Currency Operational Acquisitions/ Organic (in millions) 2026 2025 Basis Fluctuations Basis Divestitures(1) Basis ENDOSCOPY $ 736 $ 673 9.4 % (2.6) % 6.8 % — % 6.8 % UROLOGY 646 633 2.1 % (1.6) % 0
Slide 20: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Free Cash Flow (in millions) 3/31/2026 Cash provided by (used for) operating activities $ 348 Proceeds on disposals of property, plant and equipment 0 Purchases of property, plant and equipment and internal use software (177) Free C
Slide 21: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 3/31/2026 Net income (loss) $ 795 $ 755 $ 670 $ 1,339 $ 3,559 Income tax (benefit) expense 146 183 30 (176) 183 Interest expense 90 87 90 90 357 In
Slide 22: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended March 31, 2026 % of net sales % of net sales of reportable of reportable Adjusted Operating Margin - by Reportable Segment (in millions, except percentages) MedSurg segments Cardiovascular segments Total Net sales, as reported $ 1,7
Slide 23: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended March 31, 2025 % of net sales % of net sales of reportable of reportable Adjusted Operating Margin - by Reportable Segment (in millions, except percentages) MedSurg segments Cardiovascular segments Total Net sales, as reported $ 1,5
Slide 24: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Adjusted Below-the-Line Expenses (in millions) 3/31/2026 Below-the-line expenses, as reported $ 61 Non-GAAP adjustments (173) Below-the-line expenses, adjusted $ (112) Three Months Ended Adjusted Tax Rate 3/31/2026 Tax Rate, as repo
Slide 25: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended 3/31/2026 Interventional Cardiology Net Sales Growth (in millions, except percentages) $ % Net sales growth, as reported $ 778 11.7 % Impact of foreign currency fluctuations (22) (3.1) % Net sales growth, operational 756 8.5 % Impac
Slide 26: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Q2 2026 Estimate Full Year 2026 Estimate Net Sales Guidance (Low) (High) (Low) (High) Reported growth 5.5 % 7.5 % 7.0 % 8.5 % Impact of foreign currency fluctuations (0.5) % (0.5) % (0.5) % (0.5) % Operational growth 5.0 % 7.0 % 6.5 % 8.0 % Impact of
Slide 27: 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