Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Q2 2025 Earnings Presentation
23 slides from Boston Scientific's earnings presentation, Jul 23, 2025
Slide 1: Q2 2025 Highlights
Q2 2025 Highlights July 23, 2025 1 Q2 2025 Financial & Operational Highlights | July 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: Q2 2025 Highlights
Q2 2025 Highlights Financial Highlights Operational Highlights • Net sales growth: • Received U.S. Food and Drug Administration approval to expand instructions for use labeling to include the treatment • +22.8% reported, +21.6% operational*, +17.4% of drug refractory, symptomatic persistent atrial f
Slide 4: Reported Net Sales by Segment and Business
Reported Net Sales by Segment and Business Q2 2025 Reported Net Sales: $5.061B Net Sales by Business; Segment Percentage of Total Net Sales Cardiology MedSurg NM $303M 34% Uro $840M $676M $590M Cardiology $486M Endo $2.647M $737M $731M EP PI CRM Watchman $698M ICTx Cardiovascular 66% 4 Q2 2025 Finan
Slide 5: MedSurg Performance Summary
MedSurg Performance Summary Measure Q2 2025 Q2 2024 Change Y/Y Reported Net Sales $1.716B $1.483B +15.7% Adjusted Operating Margin* 34.9% 34.9% 0 bps * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclude t
Slide 6: Cardiovascular Performance Summary
Cardiovascular Performance Summary Measure Q2 2025 Q2 2024 Change Y/Y Reported Net Sales $3.345B $2.637B +26.8% Adjusted Operating Margin* 31.9% 29.4% +250 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 Q2 2025 Financial & Operational Highlights | July 23, 2025
Slide 8: Q2 2025 Net Sales vs. Q2 2024
Q2 2025 Net Sales vs. Q2 2024 Q2:25 Reported Organic* Growth Net Sales vs Q2:24 (in millions) Endoscopy $737 8% Urology $676 6% Neuromodulation $303 7% MedSurg $1,716 7% Interventional Cardiology Therapies $731 9% Watchman $486 28% Cardiac Rhythm Management $590 1% Electrophysiology $840 94% Cardiol
Slide 9: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Three Months Ended June 30, 2025 (unaudited) Acquisition/ Intangible Divestiture- Restructuring and Investment Asset Related Net Restructuring- Portfolio Net EU MDR Deferred Tax Amortization Impairment Charges Related Net Losses Implementation Exp
Slide 10: Working Capital & Cash Flow Metrics
Working Capital & Cash Flow Metrics Days Sales Outstanding (DSO) Free Cash Flow* Jun Mar Dec Sep Jun Q2 Q2 2025 2025 2024 2024 2024 2025 2024 51 52 52 55 53 $1,129M $660M Days Inventory on Hand (DIOH) Capital Expenditures Jun Mar Dec Sep Jun Q2 Q2 2025 2025 2024 2024 2024 2025 2024 159 178 176 193 1
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 Q2 2025 Financial & Operational Highlights | July 23, 2025
Slide 13: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Three Months Ended June 30, 2025 and 2024 Year-over-Year Change Impact of Foreign Q2 Q2 Currency (in millions) 2025 2024 Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 456 $ 415 10.0 % — % 10.0 % INTERNATIONAL 281 261
Slide 14: 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 Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: ICTx UNITED STATES $ 252 $ 201 25.4 % — % 25.4 % INTERNATIONAL
Slide 15: Additional Information - Statement of Operations
Appendix B Additional Information - Statement of Operations 15 Q2 2025 Financial & Operational Highlights | July 23, 2025
Slide 16: Statement of Operations Profitability Margins
Appendix B - Statement of Operations Profitability Margins Three Months Ended Adjusted Gross Margin 6/30/2025 6/30/2024 Basis Points Change Gross Margin, as reported 67.7 % 69.2 % (150) Non-GAAP adjustments 1.7 % 1.2 % Gross Margin, adjusted 69.4 % 70.4 % (100) Three Months Ended Adjusted Operating
Slide 17: Appendix C Additional Non-GAAP Reconciliations
Appendix C Additional Non-GAAP Reconciliations 17 Q2 2025 Financial & Operational Highlights | July 23, 2025
Slide 18: 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 ENDOSCOPY $ 737 $ 676 9.1 % (1.3) % 7.8 % — % 7.8 % UROLOGY 676 525 28.9 % (0.8) % 28.
Slide 19: Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Free Cash Flow (in millions) 6/30/2025 Cash provided by (used for) operating activities $ 1,286 Purchases of property, plant and equipment and internal use software (157) Proceeds on disposals of property, plant and equipment 0 Free
Slide 20: Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 6/30/2025 Net income (loss) $ 468 $ 562 $ 672 $ 795 $ 2,498 Income tax (benefit) expense 200 23 133 146 502 Interest expense 79 80 82 90 332 Intere
Slide 21: Additional Non-GAAP Reconciliations
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) 6/30/2025 Below-the-line expenses, as reported $ ~(210) Below-the-line expenses, as reported $ 122 Non-GAAP adjustments
Slide 22: Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Q3 2025 Estimate Full Year 2025 Estimate Net Sales Guidance (Low) (High) (Low) (High) Reported growth 17.0 % 19.0 % 18.0 % 19.0 % Impact of foreign currency fluctuations (0.5) % (0.5) % (0.5) % (0.5) % Operational growth 16.5 % 18.5 % 17.5 % 18.5 % Im
Slide 23: BSX: Acronym Reference Guide
BSX: Acronym Reference Guide 23 Q2 2025 Financial & Operational Highlights | July 23, 2025