BOSTON SCIENTIFIC (BSX) Company Report

Q4 2025 consolidated revenue of $5.286 billion, up 15.9% reported (14.3% operational) and 12.7% organic; Q4 adjusted EPS of $0.80, up 15%, exceeding the high end of guidance.
Full-year 2025 revenue of $20.074 billion, up 19.9% reported (19.2% operational) and 15.8% organic; full-year adjusted EPS of $3.06, up 22%, surpassing guidance.
Q4 adjusted gross margin of 70.7% and operating margin of 27.3%; full-year adjusted operating margin expanded 100 bps to 28.0%.
2026 guidance: full-year organic revenue growth of 10%-11%, adjusted EPS of $3.43–$3.49, and adjusted operating margin expansion of 50–75 bps; Q1 2026 organic growth of 8.5%–10% with adjusted EPS of $0.78–$0.80.

3 days ago

Transcript

Boston Scientific reports Q4 2025 results

BSX

Earnings

Guidance Update

Q4 2025 consolidated revenue of $5.286 bn (+15.9% y/y; 12.7% organic) and adjusted EPS of $0.80 (+15%).
Full year 2025 revenue of $20.074 bn (+19.9% y/y; 15.8% organic) and adjusted EPS of $3.06 (+22%).
Q4 adjusted gross margin 70.7%, operating margin 27.3%; FY adjusted gross margin 70.6% (+30 bps) and operating margin 28.0% (+100 bps).
2026 guidance: Q1 organic revenue growth 8.5–10% with EPS $0.78–$0.80; full-year organic growth 10–11% with EPS $3.43–$3.49.

3 days ago

Transcript

Boston Scientific reports Q4 2025 earnings

BSX

Earnings

Guidance Update

In Q4 2025, net sales rose 15.9% to $5.286 B, with 12.7% organic growth year-over-year.
Reported EPS was $0.45 (adjusted $0.80) vs. $0.38 (adj. $0.70) in Q4 2024.
Free cash flow was $1.013 B vs. $1.181 B in Q4 2024.
Segment performance: Watchman +29.4%, Electrophysiology +37.1%, Cardiovascular +18.2% Y/Y.
Q1 2026 guidance: net sales growth 10.5%–12.0% (organic 8.5%–10.0%), adj. EPS $0.78–$0.80; FY 2026: net sales +10.5%–11.5%, organic +10.0%–11.0%, adj. EPS $3.43–$3.49.

3 days ago

Presentation

Boston Scientific Reports Q4 and Full-Year 2025 Results

BSX

Earnings

Guidance Update

M&A

Q4 2025 consolidated revenue of $5.286 billion (+15.9% reported, +14.3% operational, +12.7% organic) and adjusted EPS of $0.80 (+15%); adjusted gross margin 70.7% and operating margin 27.3%.
Full-year 2025 revenue of $20.074 billion (+19.9% reported, +19.2% operational, +15.8% organic) with adjusted EPS of $3.06 (+22%); free cash flow $3.659 billion (38% growth, 80% conversion) and 28.0% operating margin (+100 bps).
2026 guidance: organic revenue growth of 10%–11%, adjusted operating margin expansion of 50–75 bps, and adjusted EPS of $3.43–3.49 (+12%–14%); Q1 2026 organic growth of 8.5%–10% with EPS of $0.78–0.80.
Business highlights: EP grew 35% in Q4 (market ~18%–20%), Watchman grew 29%, with strong Asia Pac (+15%) and MEA (+5%) performances; Urology and Endoscopy growth tempered by product discontinuations.
Capital deployment: 2026 free cash flow projected at $4.2 billion; closed Nalu Medical acquisition, pending Valencia and Penumbra deals; prioritizing strategic tuck-in M&A and share repurchases.

3 days ago

Transcript

Boston Scientific announces Q4 2025 results

BSX

Earnings

Guidance Update

Q4 net sales were $5.286 billion, up 15.9% on a reported basis and 12.7% on an organic basis year-over-year.
Q4 GAAP EPS was $0.45, versus $0.38 a year ago; adjusted EPS was $0.80, up from $0.70.
FY 2025 net sales reached $20.074 billion, up 19.9% reported and 15.8% organic; full-year GAAP EPS was $1.94, with adjusted EPS of $3.06.
2026 guidance calls for net sales growth of 10.5–11.5% reported (organic 10.0–11.0%) and adjusted EPS of $3.43–3.49; Q1 2026 growth is pegged at 10.5–12.0% reported (organic 8.5–10.0%) with adjusted EPS of $0.78–0.80.

3 days ago

8-K

Boston Scientific announces Q4 and full year 2025 results

BSX

Earnings

Guidance Update

Q4 net sales of $5.286 billion, up 15.9% reported year-over-year; GAAP net income of $672 million (EPS $0.45), adjusted EPS $0.80 per share.
Full year net sales of $20.074 billion, up 19.9% reported; GAAP net income of $2.898 billion (EPS $1.94), adjusted EPS $3.06 per share.
Full year 2026 guidance: reported net sales growth expected at 10.5–11.5%, adjusted EPS projected at $3.43–$3.49; Q1 2026 sales growth guidance 10.5–12.0%, adjusted EPS $0.78–$0.80.

3 days ago

Press Release

Boston Scientific: Cardiovascular devices market projected to reach US$157.32 billion by 2035

BSX

Global cardiovascular devices market was valued at US$74.58 billion in 2025 and is forecast to grow at a 7.70% CAGR to US$157.32 billion by 2035.
Therapeutic & surgical devices accounted for 77.5% of market revenue in 2025, driven by premium implantable technologies like CRM systems and structural heart implants.
Boston Scientific’s Farapulse pulsed field ablation system generated over US$1 billion in 2024, highlighting rapid adoption of PFA over thermal ablation.
Clinical research remains robust with 51 major cardiovascular trials between 2019–2024 enrolling 292,985 patients, signaling sustained R&D investment.
North America led the market with a 45.68% revenue share in 2025, underscoring regional dominance in device adoption.

Jan 16, 2026, 2:30 PM

Press Release

Boston Scientific announces merger agreement to acquire Penumbra

BSX

M&A

On January 14, 2026, Boston Scientific entered into a merger agreement to acquire Penumbra, Inc., with Penumbra becoming a wholly owned subsidiary at closing.
Penumbra shareholders may elect to receive 3.8721 Boston Scientific shares per Penumbra share or $374.00 in cash, with elections prorated to target 73.26% cash and 26.74% stock consideration.
Outstanding Penumbra options and RSUs will be cancelled or assumed and converted into cash and Boston Scientific stock or RSUs under specified terms, including acceleration for certain vested awards.
The merger is subject to customary closing conditions, including Penumbra stockholder approval, regulatory clearances and the effectiveness of a Form S-4 registration statement.

Jan 15, 2026, 10:05 PM

8-K

Boston Scientific to acquire Penumbra for $15 billion

BSX

M&A

Boston Scientific will acquire Penumbra for $374 per share in a transaction valuing the company at $15 billion, expected to close in 2026 (more likely H2) subject to customary conditions.
The deal will be funded with 73% cash ($11 billion) and 27% stock ($4 billion), including an issuance of approximately 41 million BSX shares based on the January 13 VWAP.
Penumbra will operate as a standalone unit within BSX’s Cardiovascular group, leveraging Boston Scientific’s global commercial footprint to enter high-growth segments like mechanical thrombectomy and neurovascular.
Financially, the acquisition is expected to be slightly dilutive to adjusted operating margin and EPS (–$0.06–$0.08) in year 1, neutral to accretive in year 2, and increasingly accretive by year 3 with over $200 million in revenue synergies and cost efficiencies.

Jan 15, 2026, 1:00 PM

Transcript

Boston Scientific acquires Penumbra in $15B deal

BSX

M&A

Boston Scientific will acquire Penumbra for $15 billion ($374 per share) in a mix of 73% cash and 27% stock, funded by cash on hand and new debt, issuing approximately 41 million shares.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions.
Penumbra will operate as a standalone unit within Boston Scientific’s cardiovascular group, enabling entry into high-growth segments such as mechanical thrombectomy and neurovascular.
The deal is projected to be dilutive to adjusted EPS by $0.06–0.08 in the first year, neutral to slightly accretive in year two, and increasingly accretive thereafter with over $200 million of synergies by year three, supporting Boston Scientific’s long-range targets of 10%+ revenue growth, 150 bps margin expansion, and leveraged double-digit EPS growth through 2028.
Penumbra anticipates Q4 2025 revenue growth of 21.4%–22%, driving full-year preliminary revenues of approximately $1.4 billion (+17.3%–17.5%).