Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Q4 2024 Earnings Presentation
29 slides from Boston Scientific's earnings presentation, Feb 5, 2025
Slide 1: Q4 2024 Highlights
Q4 2024 Highlights February 5, 2025 1 Q4 2024 Financial & Operational Highlights | February 5, 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 sta
Slide 3: Q4 2024 Highlights
Q4 2024 Highlights Financial Highlights Operational Highlights • Net sales growth: • Presented positive 36-month primary endpoint findings from the OPTION clinical trial at the American Heart Association Scientific Sessions demonstrating superior bleeding risk reduction and similar efficacy with the
Slide 4: Reported Net Sales by Segment and Business
Reported Net Sales by Segment and Business Q4 2024 Reported Net Sales: $4.561B Net Sales by Business; Segment Percentage of Total Net Sales Cardiology MedSurg NM 36% $299M $649 M Uro $630M $566 M $413 M Cardiology $2.297B $668 M Endo $690M EP CRM Watchman ICTx PI $645M Cardiovascular 64% 4 Q4 2024 F
Slide 5: MedSurg Performance Summary
MedSurg Performance Summary Measure Q4 2024 Q4 2023 Change Y/Y Reported Net Sales $1.619B $1.441B +12.4% Adjusted Operating Margin* 34.1% 35.7% (160 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 2024 Q4 2023 Change Y/Y Reported Net Sales $2.942B $2.285B +28.8% Adjusted Operating Margin* 30.3% 24.9% +540 bps * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to
Slide 7: Living Our Values: ESG Update
Living Our Values: ESG Update Company culture fostering Empowering people with Shaping a healthier planet innovative care disabilities through carbon neutrality Innovation doesn’t happen by accident; it In honor of International Day of Persons Reducing our carbon footprint is a requires a deliberate
Slide 8: Q4 & FY 2024 Net Sales vs. 2023
Q4 & FY 2024 Net Sales vs. 2023 Q4 2024 Reported FY 2024 Reported Organic* Growth Net Sales Net Sales (in millions) vs Q4 2023 vs FY 2023 Endoscopy $690 $2,687 7% 8% Urology $630 $2,200 8% 9% Neuromodulation $299 $1,106 5% 3% MedSurg $1,619 $5,993 7% 7% Interventional Cardiology Therapies $668 $2,64
Slide 9: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Three Months Ended December 31, 2024 (unaudited) Restructuring Acquisition/ and Intangible Divestiture- Restructuring- Litigation- Investment Asset Related Related Net Related Net Portfolio EU MDR Deferred Tax Discrete GAAP Amortization Impairment
Slide 10: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Year Ended December 31, 2024 (unaudited) Restructuring Acquisition/ and Litigation Intangible Divestiture- Restructuring- -Related Investment Deferred Asset Related Related Net Net Portfolio EU MDR Tax Discrete GAAP Amortization Impairment Charges
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 FY2024 FY2023 2024 2024 2024 2024 2023 2024 2023 52 55 53 54 55 $1.181B $691M $2.648B $1.796B Days Inventory on Hand (DIOH) Capital Expenditures Dec Sept Jun Mar Dec Q4 Q4 FY2024 FY2023 2024 2
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 2024 Financial & Operational Highlights | February 5, 2025
Slide 14: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Three Months Ended December 31, 2024 and 2023 Year-over-Year Change Impact of Foreign Q4 Q4 Currency (in millions) 2024 2023 Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 423 $ 394 7.5 % — % 7.5 % INTERNATIONAL 267 25
Slide 15: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Three Months Ended December 31, 2024 and 2023 Year-over-Year Change Impact of Foreign Q4 Q4 Currency (in millions) 2024 2023 As Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: ICTx UNITED STATES $ 217 $ 188 15.2 % — % 15.2 % INTERN
Slide 16: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Year Ended December 31, 2024 and 2023 Year-over-Year Change Impact of Foreign Currency (in millions) FY 2024 FY 2023 As Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 1,651 $ 1,511 9.2 % — % 9.2 % INTERNATIONAL 1,036 9
Slide 17: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Year Ended December 31, 2024 and 2023 Year-over-Year Change Impact of Foreign Currency (in millions) FY 2024 FY 2023 As Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: ICTx UNITED STATES $ 824 $ 743 11.0 % — % 11.0 % INTERNATIONAL
Slide 18: Appendix B Additional Information - Statement of Operations
Appendix B Additional Information - Statement of Operations 18 Q4 2024 Financial & Operational Highlights | February 5, 2025
Slide 19: Appendix B - Statement of Operations
Appendix B - Statement of Operations Profitability Margins Three Months Ended Adjusted Gross Margin 12/31/2024 12/31/2023 Basis Points Change Gross Margin, as reported 67.9 % 69.2 % (130) Non-GAAP adjustments 2.7 % 1.2 % Gross Margin, adjusted 70.6 % 70.4 % 20 Three Months Ended Adjusted Operating M
Slide 20: Appendix C Additional Non-GAAP Reconciliations
Appendix C Additional Non-GAAP Reconciliations 20 Q4 2024 Financial & Operational Highlights | February 5, 2025
Slide 21: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Recent Q4 Q4 As Reported Currency Operational Acquisitions/ Organic (in millions) 2024 2023 Basis Fluctuations Basis Divestitures Basis ENDOSCOPY $ 690 $ 645 7.0 % 0.6 % 7.6 % (0.7) % 7.0 % UROLOGY 630 527 19.5 % 0.5 % 20.1
Slide 22: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Recent As Reported Currency Operational Acquisitions/ Organic (in millions) FY 2024 FY 2023 Basis Fluctuations Basis Divestitures Basis ENDOSCOPY $ 2,687 $ 2,482 8.3 % 0.6 % 8.9 % (1.0) % 8.0 % UROLOGY 2,200 1,964 12.0 % 0.
Slide 23: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Year Ended (1) Free Cash Flow (in millions) 12/31/2024 12/31/2023 12/31/2024 12/31/2023 Cash provided by (used for) operating activities $ 1,456 $ 957 $ 3,435 $ 2,503 Purchases of property, plant and equipment and internal use softw
Slide 24: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Year ended December 31, 2024 Net Income Net Income (Loss) (Loss) Attributable to Income (Loss) Income Tax Attributable to Boston Scientific Before Income Expense Net Income Noncontrolling Common Adjusted Net Income available to common stockholders (in
Slide 25: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended December 31, 2023 Adjusted Operating Margin - by Segment MedSurg Cardiovascular Operating Margin, as reported 35.3 % 24.7 % Non-GAAP adjustments 0.4 % 0.2 % Operating Margin, adjusted 35.7 % 24.9 % Three Months Ended December 31, 20
Slide 26: Reconciliation of Debt to Adjusted EBITDA
Appendix C - Additional Non-GAAP Reconciliations 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 12/31/2024 Net income (loss) $ 493 $ 322 $ 468 $ 562 $ 1,846 Income tax (benefit) expense 115 98 200 23 436 Interest expense 69 77 79 80 305 Intere
Slide 27: Appendix C - Additional Non-GAAP Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Year Ended Adjusted Below-the-Line Expenses (in millions) 12/31/2024 12/31/2024 Below-the-line expenses, as reported $ (90) $ (321) Non-GAAP adjustments 3 21 Below-the-line expenses, adjusted $ (87) $ (301) Estimated Adjusted Below-
Slide 28: Q1 and FY 2025 Guidance Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Q1 2025 Estimate FY 2025 Estimate Net Sales Guidance (Low) (High) (Low) (High) Reported growth 17.0 % 19.0 % 12.5 % 14.5 % Impact of foreign currency fluctuations 1.0 % 1.0 % 1.0 % 1.0 % Operational growth 18.0 % 20.0 % 13.5 % 15.5 % Impact of acquisi
Slide 29: BSX: Acronym Reference Guide
BSX: Acronym Reference Guide 29 Q4 2024 Financial & Operational Highlights | February 5, 2025