Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

9a9755e7dcaf8aa047f02171aa5f247620e02776ce1799ba200e87abf49cb4d8

4a26ad4c10466a6dae57dec5cf3a706de47cdb8017585249bc070c236dd05452

Boston Scientific Corporation is a global company that develops, manufactures, and markets medical devices for various interventional medical specialties **[0000885725-24-000054_exhibit102-conflictmineral.htm:0]**. The company operates through two main segments: MedSurg and Cardiovascular, offering a diverse range of products **[0000885725-24-000017_bsx-20231231.htm:67]**. Boston Scientific's product portfolio includes devices for gastrointestinal, pulmonary, urological, neurological, and cardiovascular conditions, driven by strategic growth and expansion into emerging markets **[0000885725-24-000017_bsx-20231231.htm:4]** **[0000885725-24-000017_bsx-20231231.htm:166]**.

1. **Cardiology** - Develops and markets medical devices for heart-related conditions, contributing significantly to the company's overall sales.
2. **Peripheral Interventions** - Provides devices for treating peripheral vascular diseases, enhancing the company's cardiovascular offerings.
3. **Endoscopy** - Focuses on devices for gastrointestinal and pulmonary conditions, supporting minimally invasive procedures.
4. **Urology** - Offers medical devices for urological conditions, addressing a wide range of patient needs.
5. **Neuromodulation** - Addresses neurological movement disorders and chronic pain through innovative device solutions.

57847554de8e0642fac14f5be0d379b1de8968d89e7cc3322dd381b9c24bb1c4

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

e587b1a3209a82a783d9741dede98d660b30e9929f7fe901c3beed053a743d25

| Segment/Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-----------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Endoscopy (USD Million)** | N/A | **577**  **[0000885725-23-000026_bsx-20230331.htm:33]**  | **631**  **[0000885725-23-000043_bsx-20230630.htm:44]**  | **629**  **[0000885725-23-000048_bsx-20230930.htm:47]**  | **645**  **[0000885725-24-000011_q42023earningsrelease.htm:3]**  | **642**  **[0000885725-24-000046_bsx-20240331.htm:38]**  | **676**  **[0000885725-24-000068_bsx-20240630.htm:43]**  | **678**  **[0000885725-24-000073_bsx-20240930.htm:37]**  |
| **Urology (USD Million)** | N/A | **469**  **[0000885725-23-000026_bsx-20230331.htm:33]**  | **485**  **[0000885725-23-000043_bsx-20230630.htm:44]**  | **483**  **[0000885725-23-000048_bsx-20230930.htm:47]**  | **527**  **[0000885725-24-000011_q42023earningsrelease.htm:3]**  | **513**  **[0000885725-24-000046_bsx-20240331.htm:38]**  | **525**  **[0000885725-24-000068_bsx-20240630.htm:43]**  | **532**  **[0000885725-24-000073_bsx-20240930.htm:37]**  |
| **Neuromodulation (USD Million)** | N/A | **234**  **[0000885725-23-000026_bsx-20230331.htm:33]**  | **244**  **[0000885725-23-000043_bsx-20230630.htm:44]**  | **229**  **[0000885725-23-000048_bsx-20230930.htm:47]**  | **269**  **[0000885725-24-000011_q42023earningsrelease.htm:3]**  | **256**  **[0000885725-24-000046_bsx-20240331.htm:38]**  | **282**  **[0000885725-24-000068_bsx-20240630.htm:43]**  | **268**  **[0000885725-24-000073_bsx-20240930.htm:37]**  |
| **MedSurg (USD Million)** | N/A | **1,280**  **[0000885725-23-000026_bsx-20230331.htm:33]**  | **1,360**  **[0000885725-23-000043_bsx-20230630.htm:44]**  | **1,341**  **[0000885725-23-000048_bsx-20230930.htm:47]**  | **1,441**  **[0000885725-24-000011_q42023earningsrelease.htm:3]**  | **1,412**  **[0000885725-24-000046_bsx-20240331.htm:38]**  | **1,483**  **[0000885725-24-000068_bsx-20240630.htm:43]**  | **1,479**  **[0000885725-24-000073_bsx-20240930.htm:37]**  |
| **Cardiology (USD Million)** | N/A | **1,606**  **[0000885725-23-000026_bsx-20230331.htm:33]**  | **1,704**  **[0000885725-23-000043_bsx-20230630.htm:44]**  | **1,647**  **[0000885725-23-000048_bsx-20230930.htm:47]**  | **1,751**  **[0000885725-24-000011_q42023earningsrelease.htm:3]**  | **1,872**  **[0000885725-24-000046_bsx-20240331.htm:38]**  | **2,047**  **[0000885725-24-000068_bsx-20240630.htm:43]**  | **2,129**  **[0000885725-24-000073_bsx-20240930.htm:37]**  |
| **Peripheral Interventions (USD Million)** | N/A | **503**  **[0000885725-23-000026_bsx-20230331.htm:33]**  | **535**  **[0000885725-23-000043_bsx-20230630.htm:44]**  | **538**  **[0000885725-23-000048_bsx-20230930.htm:47]**  | **533**  **[0000885725-24-000011_q42023earningsrelease.htm:3]**  | **573**  **[0000885725-24-000046_bsx-20240331.htm:38]**  | **590**  **[0000885725-24-000068_bsx-20240630.htm:43]**  | **602**  **[0000885725-24-000073_bsx-20240930.htm:37]**  |
| **Cardiovascular (USD Million)** | N/A | **2,110**  **[0000885725-23-000026_bsx-20230331.htm:33]**  | **2,239**  **[0000885725-23-000043_bsx-20230630.htm:44]**  | **2,185**  **[0000885725-23-000048_bsx-20230930.htm:47]**  | **2,285**  **[0000885725-24-000011_q42023earningsrelease.htm:3]**  | **2,445**  **[0000885725-24-000046_bsx-20240331.htm:38]**  | **2,637**  **[0000885725-24-000068_bsx-20240630.htm:43]**  | **2,731**  **[0000885725-24-000073_bsx-20240930.htm:37]**  |

af65171c289bac16fb29955f852151fe0aec575440153974fcd52bffb44e6b2d

1. Can you provide more details on the unanticipated observations that led to the temporary pause of the AVANT GUARD trial for FARAPULSE in drug-naïve persistent AF patients, and how might this impact your timeline for resuming enrollment and obtaining label expansion?

2. With new pulse field ablation (PFA) catheters entering the market, what specific strategies are you implementing to ensure that existing FARAPULSE customers remain loyal and to attract new users, especially given the competitive landscape?

3. In the U.S., your core Cardiac Rhythm Management (CRM) growth was below market. What factors contributed to this underperformance, and what actions are you taking to improve your position in this segment?

4. Regarding the upcoming presentation of the ACURATE neo2 trial data at TCT, if the results are not as positive as anticipated, how will this affect your TAVR strategy in the U.S., and what contingency plans do you have in place?

5. Given your expectation that pulse field ablation adoption may exceed the previously communicated range of 40% to 60% of global AF ablations by 2026, do you foresee any potential supply constraints, and how are you ensuring your manufacturing capacity can meet this increased demand?

4d4ca284ad77f1fc06114cdb79423da77550603c5ad6847f353f03f0cb6a57f7

086315466523dd43b01345176e681a90e52189ba0f31d06ee400ccaebcb2fd96

ed0096e6f11518940a592e0283f3c3e9b824eb3316a53cdc6dd01edc6a737145

- Abbott Laboratories - Primary competitor in the medical device markets  **[0000885725-24-000017_bsx-20231231.htm:10]** **[0000885725-24-000017_bsx-20231231.htm:30]** .
- Medtronic plc - Primary competitor in the medical device markets  **[0000885725-24-000017_bsx-20231231.htm:10]** **[0000885725-24-000017_bsx-20231231.htm:30]** .
- Domestic medical device companies in certain countries, particularly in China, which may benefit from their status as local suppliers  **[0000885725-24-000017_bsx-20231231.htm:10]** .
- Non-medical device companies offering alternative therapies or technologies that could augment or replace procedures using Boston Scientific's products  **[0000885725-24-000017_bsx-20231231.htm:10]** .
- Pharmaceutical companies, biotech companies, and providers of various diagnostic tests offering alternative therapies or diagnostics  **[0000885725-24-000017_bsx-20231231.htm:30]** .

932c0e888a3ace663a8e0377fa725f2b3cc6bd133b3630a8c149e04885ab4468

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2024

#### Guidance:
1. **Q4 2024 Guidance**:
   - **Organic Growth**: 14% to 16%  **[BSX_3403357_2]** .
   - **Adjusted EPS**: $0.64 to $0.66  **[BSX_3403357_2]** .

2. **FY 2024 Guidance**:
   - **Organic Growth**: Approximately 15%  **[BSX_3403357_2]** .
   - **Reported Revenue Growth**: Approximately 16.5% versus 2023  **[BSX_3403357_6]** .
   - **Operational Revenue Growth**: Approximately 17%, excluding a 50 basis point headwind from foreign exchange  **[BSX_3403357_6]** .
   - **Organic Revenue Growth**: Approximately 15%, excluding a 200 basis point contribution from closed acquisitions  **[BSX_3403357_6]** .
   - **Adjusted EPS**: $2.45 to $2.47, growth of 20% to 21% versus 2023  **[BSX_3403357_2]** .
   - **Adjusted Operating Margin**: Approximately 27%  **[BSX_3403357_6]** .
   - **Adjusted Below-the-Line Expenses**: Approximately $300 million  **[BSX_3403357_6]** .
   - **Operational Tax Rate**: Approximately 13.5%  **[BSX_3403357_6]** .
   - **Adjusted Tax Rate**: Approximately 12.5%  **[BSX_3403357_6]** .
   - **Free Cash Flow**: Exceed $2 billion, including approximately $900 million of expected payments related to special items  **[BSX_3403357_6]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024

#### Guidance:
1. **Q3 2024 Guidance**:
   - **Organic Revenue Growth**: 13% to 15% versus Q3 2023  **[BSX_3394097_5]** .
   - **Operational Revenue Growth**: 14% to 16%, excluding a 100 basis point contribution from closed acquisitions  **[BSX_3394097_5]** .
   - **Reported Revenue Growth**: 13% to 15% versus Q3 2023  **[BSX_3394097_5]** .
   - **Adjusted EPS**: $0.57 to $0.59  **[BSX_3394097_1]** **[BSX_3394097_5]** .

2. **FY 2024 Guidance**:
   - **Organic Revenue Growth**: 13% to 14% versus 2023  **[BSX_3394097_1]** .
   - **Operational Revenue Growth**: 14.5% to 15.5%, excluding a 100 basis point headwind from foreign exchange  **[BSX_3394097_5]** .
   - **Reported Revenue Growth**: 13.5% to 14.5% versus 2023  **[BSX_3394097_5]** .
   - **Adjusted Operating Margin Expansion**: 50 to 70 basis points  **[BSX_3394097_1]** .
   - **Adjusted EPS**: $2.38 to $2.42, growth of 16% to 18% versus 2023  **[BSX_3394097_1]** **[BSX_3394097_5]** .
   - **Adjusted Tax Rate**: Approximately 12.5%  **[BSX_3394097_5]** .
   - **Operational Tax Rate**: Approximately 13.5%  **[BSX_3394097_5]** .
   - **Free Cash Flow**: Exceed $2 billion  **[BSX_3394097_4]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: Q2 2024 and FY 2024

#### Guidance:
1. **Q2 2024 Guidance**:
   - **Organic Revenue Growth**: 10% to 12% versus Q2 2023  **[BSX_3380427_1]** .
   - **Reported Revenue Growth**: 10.5% to 12.5% versus Q2 2023  **[BSX_3380427_5]** .
   - **Operational Revenue Growth**: 11.5% to 13.5%  **[BSX_3380427_5]** .
   - **Adjusted EPS**: $0.57 to $0.59  **[BSX_3380427_1]** .

2. **FY 2024 Guidance**:
   - **Organic Revenue Growth**: 10% to 12%, up from 8% to 9%  **[BSX_3380427_1]** .
   - **Reported Revenue Growth**: 11% to 13% versus 2023  **[BSX_3380427_5]** .
   - **Operational Revenue Growth**: 11.5% to 13.5%  **[BSX_3380427_5]** .
   - **Adjusted EPS**: $2.29 to $2.34, growth of 12% to 14%  **[BSX_3380427_1]** .
   - **Adjusted Operating Margin**: Expand by 30 to 50 basis points  **[BSX_3380427_4]** .
   - **Adjusted Below-the-Line Expense**: Approximately $315 million  **[BSX_3380427_5]** .
   - **Operational Tax Rate**: Approximately 14%  **[BSX_3380427_5]** .
   - **Adjusted Tax Rate**: Approximately 13%  **[BSX_3380427_5]** .
   - **Free Cash Flow**: Exceed $2 billion, including approximately $800 million of expected payments related to special items  **[BSX_3380427_4]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q1 2024 and FY 2024

#### Guidance:
1. **Q1 2024 Guidance**:
   - **Reported Revenue Growth**: 7.5% to 9.5% versus Q1 2023, excluding a 100 basis point headwind from foreign exchange  **[BSX_3371353_6]** .
   - **Operational Growth**: 8.5% to 10.5%, excluding a 150 basis point contribution from closed acquisitions  **[BSX_3371353_6]** .
   - **Organic Revenue Growth**: 7% to 9% versus Q1 2023  **[BSX_3371353_6]** .
   - **Adjusted EPS**: $0.50 to $0.52  **[BSX_3371353_6]** .

2. **FY 2024 Guidance**:
   - **Reported Revenue Growth**: 8.5% to 9.5% versus 2023, excluding a 50 basis point headwind from foreign exchange  **[BSX_3371353_6]** .
   - **Operational Revenue Growth**: 9% to 10%, excluding a 100 basis point contribution from closed acquisitions  **[BSX_3371353_6]** .
   - **Organic Revenue Growth**: 8% to 9% versus 2023  **[BSX_3371353_6]** .
   - **Adjusted EPS**: $2.23 to $2.27, growth of 9% to 11% versus 2023, including a $0.04 headwind from foreign exchange  **[BSX_3371353_6]** .
   - **Adjusted Operating Margin**: Expand by 30 to 50 basis points  **[BSX_3371353_5]** .
   - **Adjusted Gross Margin**: At or slightly below 70.7%  **[BSX_3371353_5]** .
   - **Operational Tax Rate**: Approximately 14%  **[BSX_3371353_6]** .
   - **Adjusted Tax Rate**: Approximately 13%  **[BSX_3371353_6]** .
   - **Free Cash Flow**: Exceed $2 billion, including approximately $800 million of expected payments related to special items  **[BSX_3371353_5]** .
   - **Adjusted Below-the-Line Expenses**: Approximately $330 million  **[BSX_3371353_6]** .

3f17fdb9591002acb18d6651792bdced6c57f9a5c4c7d002be81c52feb86ec39

2f77ee30d3a40092034a367a7e99812111b13852f3b1a1513890deb402625c30

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name                  | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------------------|--------------------------------------------------------------------------|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Wendy Carruthers      | Executive Vice President, Human Resources                                | February 2022    | Wendy Carruthers oversees global human resources activities, including operations, total rewards, talent management, diversity and inclusion, and community engagement. She joined Boston Scientific in 2004 and has held various positions, including Senior Vice President, Human Resources  **[0000885725-24-000033_bsx-20240320.htm:53]** **[0000885725-24-000029_bsx-20240307.htm:53]** **[0000885725-23-000022_bsx-20230323.htm:56]** **[0000885725-23-000017_a2023bostonscientificnps.htm:56]** .                                                                                                                                                                                                                                                                                                                                                           |
| Joseph M. Fitzgerald  | Executive Vice President and Group President, Cardiology                 | May 2022         | Joseph M. Fitzgerald is responsible for developing rhythm management technologies and solutions for coronary artery disease and structural heart disorders. He joined Boston Scientific in 1990 as a sales representative and has held various management positions  **[0000885725-24-000033_bsx-20240320.htm:53]** **[0000885725-24-000029_bsx-20240307.htm:53]** **[0000885725-23-000022_bsx-20230323.htm:56]** **[0000885725-23-000017_a2023bostonscientificnps.htm:56]** .                                                                                                                                                                                                                                                                                                                                                  |
| Daniel J. Brennan     | Executive Vice President and Chief Financial Officer                     | January 2014     | Daniel J. Brennan oversees Global Controllership, Global Internal Audit, Corporate Finance, Treasury, Corporate Tax, Investor Relations, and Corporate Business Development. He joined Boston Scientific in December 1996 and has held various roles with increasing responsibilities  **[0000885725-24-000033_bsx-20240320.htm:51]** **[0000885725-24-000029_bsx-20240307.htm:51]** **[0000885725-23-000022_bsx-20230323.htm:54]** **[0000885725-23-000017_a2023bostonscientificnps.htm:54]** .                                                                                                                                                                                                                                                                                                                            |
| Vance R. Brown        | Senior Vice President, General Counsel, Corporate Secretary              | June 2021        | Vance R. Brown provides global legal leadership and oversees the company's global compliance function. He joined Boston Scientific in 2010 and previously served as Vice President, Chief Corporate Counsel, and Assistant Secretary  **[0000885725-24-000029_bsx-20240307.htm:51]** **[0000885725-24-000033_bsx-20240320.htm:51]** .                                                                                                                                                                                                                                                                                                                                                                                    |
| Arthur C. Butcher     | Executive Vice President and Group President, MedSurg and Asia Pacific   | May 2022         | Arthur C. Butcher oversees the Asia Pacific region and the Urology, Endoscopy, and Neuromodulation businesses. He joined Boston Scientific in 1997 and has held various management roles  **[0000885725-24-000033_bsx-20240320.htm:51]** **[0000885725-24-000029_bsx-20240307.htm:51]** **[0000885725-23-000022_bsx-20230323.htm:54]** **[0000885725-23-000017_a2023bostonscientificnps.htm:54]** .                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Jeffrey B. Mirviss    | Executive Vice President and President, Peripheral Interventions         | February 2020    | Jeffrey B. Mirviss is responsible for solutions for treating arterial and venous system blockages and cancer. He joined Boston Scientific in 1997 and has held various roles, including Vice President, Group Global Marketing  **[0000885725-24-000033_bsx-20240320.htm:54]** **[0000885725-24-000029_bsx-20240307.htm:54]** **[0000885725-23-000022_bsx-20230323.htm:57]** **[0000885725-23-000017_a2023bostonscientificnps.htm:57]** .                                                                                                                                                                                                                                                                                                                                                                                    |
| John Bradley Sorenson | Executive Vice President, Global Operations                              | May 2022         | John Bradley Sorenson oversees Global Supply Chain, Quality and Regulatory Affairs, and other functions. He joined Boston Scientific in 2014 and has over 20 years of experience in medical device manufacturing  **[0000885725-24-000033_bsx-20240320.htm:54]** **[0000885725-23-000022_bsx-20230323.htm:57]** **[0000885725-23-000017_a2023bostonscientificnps.htm:57]** .                                                                                                                                                                                                                                                                                                                                                                                                   |
| Eric Thépaut          | Executive Vice President and President, Europe, Middle East and Africa   | February 2020    | Eric Thépaut joined Boston Scientific Europe in 1996 and has held various roles in marketing and finance. He is responsible for the Europe, Middle East, and Africa regions  **[0000885725-24-000029_bsx-20240307.htm:54]** **[0000885725-24-000033_bsx-20240320.htm:54]** .                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Michael F. Mahoney    | President and Chief Executive Officer                                    | November 2012    | Michael F. Mahoney joined Boston Scientific as President in October 2011 and became CEO in November 2012. He was appointed Chairman of the Board in May 2016. Prior to Boston Scientific, he held leadership roles at Johnson & Johnson and Global Healthcare Exchange  **[0000885725-24-000033_bsx-20240320.htm:22]** **[0000885725-24-000029_bsx-20240307.htm:22]** **[0000885725-23-000022_bsx-20230323.htm:24]** **[0000885725-23-000017_a2023bostonscientificnps.htm:24]** .                                                                                                                                                                                                                                                                                                                                          |
| David Habiger         | Board of Directors Member                                                | July 30, 2024    | David Habiger has over 30 years of business leadership experience and is the CEO of J.D. Power. He joined Boston Scientific's Board of Directors in 2024 and serves on several other boards  **[0000885725-24-000063_ex991pressrelease-newdirec.htm:0]** **[0000885725-24-000063_bsx-20240730.htm:1]** .                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Dr. Cheryl Pegus      | Board of Directors Member                                                | May 8, 2024      | Dr. Cheryl Pegus has over 25 years of clinical and business leadership experience. She joined Boston Scientific's Board of Directors in 2024 and has held executive roles at Walmart, Cambia Health Solutions, and other organizations. She began her career as a cardiologist  **[0000885725-24-000050_ex991pressrelease-newdirec.htm:0]** **[0000885725-24-000050_bsx-20240508.htm:1]** .                                                                                                                                                                                                                                                                                                                                          |

59fd23cee7772499b3b3e0c2eeac7dca93e967a45d744f1c1a90cc429abc8909

| Program Details           | Program 1       |
|---------------------------|-----------------|
| Approval Date             | December 14, 2020  **[0000885725-24-000073_bsx-20240930.htm:35]** **[0000885725-24-000073_bsx-20240930.htm:56]**  |
| End Date/Duration         | Not specified  **[0000885725-24-000073_bsx-20240930.htm:35]** **[0000885725-24-000073_bsx-20240930.htm:56]**  |
| Total additional amount   | **$1.000 billion**  **[0000885725-24-000073_bsx-20240930.htm:35]** **[0000885725-24-000073_bsx-20240930.htm:56]**  |
| Remaining authorization   | **$1.000 billion**  **[0000885725-24-000073_bsx-20240930.htm:35]** **[0000885725-24-000073_bsx-20240930.htm:56]**  |
| Details                   | No shares have been repurchased under this program  **[0000885725-24-000073_bsx-20240930.htm:35]** **[0000885725-24-000073_bsx-20240930.htm:56]**  |

cfb4798c342b55fd55aeca338760b98c75552bea7d3df7d6f1e50a3d8097ca48

**Quarterly guidance for Q4 2024:**
- **Organic Growth**: 14% to 16%  **[BSX_3403357_2]**  (raised from 13% to 15%  **[BSX_3394097_5]** )  
- **Adjusted EPS**: $0.64 to $0.66  **[BSX_3403357_2]**  (raised from $0.57 to $0.59  **[BSX_3394097_1]** **[BSX_3394097_5]** )

**Annual guidance for FY 2024:**
- **Organic Revenue Growth**: ~15%  **[BSX_3403357_6]**  (raised from 13% to 14%  **[BSX_3394097_1]** )  
- **Operational Revenue Growth**: ~17%  **[BSX_3403357_6]**  (raised from 14.5% to 15.5%  **[BSX_3394097_5]** )  
- **Reported Revenue Growth**: ~16.5%  **[BSX_3403357_6]**  (raised from 13.5% to 14.5%  **[BSX_3394097_5]** )  
- **Adjusted EPS**: $2.45 to $2.47  **[BSX_3403357_2]**  (raised from $2.38 to $2.42  **[BSX_3394097_1]** **[BSX_3394097_5]** )  
- **Adjusted Tax Rate**: ~12.5%  **[BSX_3403357_6]**  (no change from prior guidance  **[BSX_3394097_5]** )  
- **Operational Tax Rate**: ~13.5%  **[BSX_3403357_6]**  (no change from prior guidance  **[BSX_3394097_5]** )  
- **Free Cash Flow**: exceed $2B  **[BSX_3403357_6]**  (no change from prior guidance  **[BSX_3394097_4]** )  
- **Adjusted Operating Margin**: ~27%  **[BSX_3403357_6]**  (no prior guidance)  
- **Adjusted Below-the-Line Expenses**: ~$300 million  **[BSX_3403357_6]**  (no prior guidance)  

336efe862b2cfc15367e871414950b146eb0cf9562ae5526796351e38219142d

U.S.

Europe, Middle East, Africa

Asia-Pacific

Latin America and Canada

Emerging Markets

Other

- Japan

Total Revenue

05473a9cc777c678ca280bf7bdc638302d5fe862ffc7ab7030375429edf42beb

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1992  **[0000885725-24-000017_bsx-20231231.htm:104]**  | Present  | Current auditor   |

d3acc772aed0bc178a7808d60c115ff17a7a0eb91895699eddcedfc653872fb9

058217f38ec826e97a1166a99372c76ccc36d7fdae566f0ce94edd2ad155d972

- Total Revenue: $4,209 million (+19% YoY)  **[0000885725-24-000073_bsx-20240930.htm:1]** **[0000885725-24-000073_bsx-20240930.htm:36]** **[0000885725-24-000073_bsx-20240930.htm:48]**   
- Cardiovascular: $2,731 million (**+25% YoY**)  **[0000885725-24-000073_bsx-20240930.htm:36]**   
- U.S. Region: $2,593 million (**+24% YoY**)  **[0000885725-24-000073_bsx-20240930.htm:37]**   
- Operating Income (EBIT): $733 million (+6% YoY)  **[0000885725-24-000073_bsx-20240930.htm:1]** **[0000885725-24-000073_bsx-20240930.htm:36]** **[0000885725-24-000073_bsx-20240930.htm:48]**   
- Net Income: $469 million (-7% YoY)  **[0000885725-24-000073_bsx-20240930.htm:1]** **[0000885725-24-000073_bsx-20240930.htm:36]** **[0000885725-24-000073_bsx-20240930.htm:48]**   
- EPS (Diluted): $0.32 (-6% YoY)  **[0000885725-24-000073_bsx-20240930.htm:1]** **[0000885725-24-000073_bsx-20240930.htm:36]** **[0000885725-24-000073_bsx-20240930.htm:48]**   

27233e70335bbccb887c57d153408b1ac3545fd676880c6673f25802f742fb1e

| Year | Amount Due (in millions) | Debt Type                          | Interest Rate (%) | % of Total Debt                     |
|----------|------------------------------|-----------------------------------------|------------------------|------------------------------------------|
| 2025     | 1,605                        | March 2025 Senior Notes, June 2025 Senior Notes | 0.750, 1.900          | 14.8% = (1,605 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2026     | 255                          | March 2026 Senior Notes                | 3.750                 | 2.3% = (255 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2027     | 1,007                        | December 2027 Senior Notes             | 0.625                 | 9.3% = (1,007 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2028     | 1,183                        | March 2028 Senior Notes (2 tranches)   | 1.375, 4.000          | 10.9% = (1,183 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2029     | 1,111                        | March 2029 Senior Notes (2 tranches)   | 4.000, 3.375          | 10.2% = (1,111 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2030     | 1,200                        | June 2030 Senior Notes                 | 2.650                 | 11.0% = (1,200 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2031     | 839                          | March 2031 Senior Notes                | 1.625                 | 7.7% = (839 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2032     | 1,399                        | March 2032 Senior Notes                | 3.500                 | 12.9% = (1,399 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2034     | 560                          | March 2034 Senior Notes                | 1.875                 | 5.1% = (560 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2035     | 350                          | November 2035 Senior Notes             | 6.500                 | 3.2% = (350 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2039     | 450                          | March 2039 Senior Notes                | 4.550                 | 4.1% = (450 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2040     | 300                          | January 2040 Senior Notes              | 7.375                 | 2.8% = (300 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |
| 2049     | 650                          | March 2049 Senior Notes                | 4.700                 | 6.0% = (650 / 10,885) * 100 **[0000885725-24-000073_bsx-20240930.htm:23]** **[0000885725-24-000073_bsx-20240930.htm:2]** |

3b897c80da77b5559fbc7c0d9999973ee2767e5230b77f542e21bd13c74bd56d

Operational net sales growth (Consolidated) (percentage)

Organic net sales growth (Consolidated) (percentage)

Operational net sales growth (Neuromodulation) (percentage)

Organic net sales growth (Neuromodulation) (percentage)

Operational net sales growth (Cardiology) (percentage)

Operational net sales growth (Peripheral Interventions) (percentage)

Operational net sales growth (Endoscopy) (percentage)

Organic net sales growth (Endoscopy) (percentage)

Operational net sales growth (Urology) (percentage)

1be16d410f3ed57ee8abce0b4939f04dafcd880c89ce0308bc55de6acf1aad7b

3741311fb8ae3fcfd029b2db9245061aa7e53fe5b6d17f304ddfe1ef2ce19bfa

- **Boston Scientific is experiencing strong and sustainable organic growth, expected to continue through 2024 and into 2025, driven by strategic portfolio choices in high-growth markets and consistent execution across businesses and regions.**  **[BSX_3394097_6]**
- **The company's electrophysiology (EP) segment, particularly the FARAPULSE Pulsed Field Ablation system, is a major growth driver with significant adoption and potential to become one of the largest businesses for Boston Scientific; its safety, efficiency, and clinical benefits position it strongly against competitors, supporting durable growth in EP for years to come.**  **[BSX_3394097_11]** **[BSX_3394097_8]**
- **New product launches and approvals, such as the AGENT Drug-Coated Balloon in Interventional Cardiology and the modular CRM system in Cardiac Rhythm Management, are expected to contribute significantly to future growth, further enhancing Boston Scientific's market position and profitability.**  **[BSX_3394097_15]**

eca9a739c018a2f3da0124b42315dfa019c5cadb5be3614fa77418b297fb1113

- **Gross margins decreased due to higher-than-expected inventory charges**, with adjusted gross margin at **69.8%**, lower than anticipated. Daniel Brennan stated, "I didn't love that this quarter," attributing the decrease partly to inventory charges and less favorable product mix due to increased levels of capital placements.  **[BSX_3380427_10]**
- **Potential delays and uncertainty in U.S. approval of ACURATE neo**, which may impact growth prospects. Michael Mahoney mentioned, "In the U.S., there's really not going to be any new commentary... We are waiting for the full year follow-up... and we'll communicate in the future date the timing of the release of that clinical data and our next steps in the U.S."  **[BSX_3380427_8]**
- **Increased reliance on new product launches like FARAPULSE may impact margins**, as the launch led to higher inventory charges and a lower gross margin. Daniel Brennan indicated that inventory charges were "much more than we're used to in a given quarter," and that gross margin was "a little lower than we would have liked."  **[BSX_3380427_19]**

42f52cbaf70d226ce5a8644c206e9360d7befcdc14835aa2236167548810410b

1. **Growth Sustainability**  
   **Q:** Can growth continue into '24 and '25?  
   **A:** Management aims to sustain high growth, targeting to be the highest-performing med tech company in sales and EPS growth for many years. They've shifted into faster-growing markets with weighted average growth rates of **7%-8%**. Strong global growth includes double-digit increases in Europe and Asia Pacific, with robust performance in MedSurg and cardiovascular portfolios.  **[BSX_3394097_6]** 

2. **FARAPULSE Growth**  
   **Q:** Is FARAPULSE's growth sustainable amid competition?  
   **A:** The company believes FARAPULSE will be a differentiated growth driver for years, potentially becoming their biggest business. Early U.S. launch shows high physician adoption due to safety and efficacy advantages. They're confident despite upcoming competitors, as they've not seen material impact in Europe.  **[BSX_3394097_8]** 

3. **TAVR Update**  
   **Q:** Has there been a timing change on TAVR data release?  
   **A:** They completed enrollment of the **1,500-patient** TAVR trial and expect to present data in the first half of **2025**, likely at the ACC meeting. Due to the trial's size and complexity, they will miss fall meeting deadlines, so no data release before then.  **[BSX_3394097_13]** **[BSX_3394097_14]** 

4. **Margin Expansion**  
   **Q:** What is the impact of FARAPULSE on margins?  
   **A:** FARAPULSE will become a significant, accretive growth driver for gross margin by **2025-2026**. Initial stages are slightly dilutive due to inventory charges and under-absorbed manufacturing, but these will improve over time.  **[BSX_3394097_13]** 

5. **Profitability Reinvestment**  
   **Q:** How are you reinvesting profits to sustain growth?  
   **A:** The company balances reinvestment with margin improvement, investing in commercial functions across the portfolio—not just FARAPULSE. They leverage back-office efficiencies to support long-term top-line performance.  **[BSX_3394097_14]** 

6. **WATCHMAN Market Share**  
   **Q:** Are you losing share in WATCHMAN business?  
   **A:** They remain confident with nearly **90% U.S. market share** in WATCHMAN. Growth of **20%** is strong, and any occasional losses are minimal and limited to price-sensitive accounts. They're launching WATCHMAN Flex Pro and a new steerable sheath to maintain leadership.  **[BSX_3394097_16]** 

7. **Silk Road Acquisition**  
   **Q:** What excites you about the Silk Road acquisition?  
   **A:** Silk Road's TCAR technology adds a strong asset, expected to grow faster under Boston Scientific due to their portfolio and global reach. They aim to improve margins via integration and become more important to vascular surgeons.  **[BSX_3394097_12]** 

8. **EP Portfolio Evolution**  
   **Q:** How is the EP portfolio evolving beyond ablation?  
   **A:** They're expanding into mapping and ICE products, developing new catheters like FARAPOINT and FARAFLEX. Clinical trials aim to widen FARAPULSE indications beyond AFib. There's synergy with access solutions and WATCHMAN for pull-through opportunities.  **[BSX_3394097_11]** 

9. **Additional Growth Drivers**  
   **Q:** How will other products contribute to future growth?  
   **A:** Launching Agent DCB with a multiyear advantage and superior data for **10%** of the market. Planning to launch Modular ATP in **2025**, strengthening CRM growth. Endo and Uro businesses are growing near double digits, and the Axonics acquisition will enhance these divisions.  **[BSX_3394097_15]** 

10. **FARAPULSE Revenue and TPT**  
    **Q:** Can you break down FARAPULSE revenue and TPT status?  
    **A:** They won't break out capital vs. disposable revenues but note disposables are more sizable. They've submitted for TPT; though strict criteria apply, pricing isn't a barrier to adoption.  **[BSX_3394097_10]** 

11. **RHYTHMIA and FARAVIEW**  
    **Q:** What’s the impact of launching RHYTHMIA and FARAVIEW?  
    **A:** Expected approvals of the NAV-enabled FARAWAVE catheter and FARAVIEW software will drive RHYTHMIA adoption. FARAVIEW understands PFA, offering workflow advantages and minimizing fluoroscopy and catheter exchanges, leading to safer, efficient procedures.  **[BSX_3394097_9]** 

12. **FARAPULSE Adoption**  
    **Q:** Any update on FARAPULSE adoption metrics?  
    **A:** While specific numbers aren't disclosed, once sites adopt FARAPULSE, usage is quick and sustained. Hospitals show high utilization without interruption, indicating strong adoption.  **[BSX_3394097_17]** 

a6455b7fe8e737edae66719df5c48b5f327d22aa0bd4ac3cbe4e9ca46d53eb6b

- **FDA Approval and Launch of FARAPULSE in the U.S.**: Boston Scientific received FDA approval for FARAPULSE, its pulsed field ablation system for atrial fibrillation, and expects to disrupt the U.S. electrophysiology market with this innovative technology, driving significant growth in 2024 and beyond.  **[BSX_3371353_7]** ,  **[BSX_3371353_9]** ,  **[BSX_3371353_13]**
- **Strong Growth of WATCHMAN Device Sales**: The WATCHMAN left atrial appendage closure device achieved **23% organic sales growth** in Q4 2023 and **25%** for the full year, with continued strong utilization and new product launches expected to sustain this momentum in 2024.  **[BSX_3371353_7]**
- **Commitment to 8-10% Organic Revenue Growth**: Despite delays in U.S. approval of the ACURATE Neo2 TAVR system, Boston Scientific remains committed to its long-term goal of **8% to 10%** organic revenue growth over the 2024-2026 period, demonstrating confidence in its diversified portfolio and growth drivers.  **[BSX_3371353_14]** ,  **[BSX_3371353_11]**

7222ba54cff1ebb41c43db0c3730f2fe2ef4b4341eef3d0f32852ed414420186

1. **FARAPULSE Adoption and Impact on Guidance**  
   **Q:** How is FARAPULSE adoption affecting growth and guidance?  
   **A:** Management highlighted that FARAPULSE is experiencing rapid adoption, contributing significantly to growth. They are seeing excellent safety results, ease of use, and rapid adoption from both RF and cryo users in both the U.S. and Europe.  **[BSX_3380427_6]**  FARAPULSE drove **70% overall growth**, with **85% growth in the U.S.**, driven by new account openings and increased utilization.  **[BSX_3380427_11]**  They expect continued strong performance, and supply chain teams are able to meet demand.  **[BSX_3380427_6]** **[BSX_3380427_11]**  However, they are not quantifying specific revenue figures for FARAPULSE at this time.  **[BSX_3380427_16]** 

2. **2025 Growth Expectations and LRP Guidance**  
   **Q:** Will growth accelerate in 2025 following strong 2024 guidance?  
   **A:** Management updated their Long-Range Plan (LRP) to **8% to 10% organic growth** for 2024 to 2026.  **[BSX_3380427_7]**  They are pleased with the current momentum and raised 2024 guidance to **10% to 12% organic growth**.  **[BSX_3380427_7]**  While they aim to accelerate growth in 2025, they are not committing to it at this point.  **[BSX_3380427_7]** 

3. **Operating Margin Expansion Plans**  
   **Q:** How will operating margins improve over the next three years?  
   **A:** The LRP outlines a **150 basis point operating margin expansion** over the three years from 2024 to 2026.  **[BSX_3380427_9]**  Management expects all lines of the P&L to contribute, with OpEx leverage driving improvements this year and gross margin contributing in 2025 and 2026.  **[BSX_3380427_10]**  They are focused on getting back to previous gross margin levels of **72.4%** achieved in 2019.  **[BSX_3380427_10]** 

4. **Gross Margin Commentary and Inventory Charges**  
   **Q:** What impacted gross margins this quarter, and what's the outlook?  
   **A:** Gross margin was **69.8%**, lower than desired due to higher inventory charges, which were more than usual.  **[BSX_3380427_19]**  A significant portion of the charges was associated with the success of FARAPULSE.  **[BSX_3380427_19]**  Management is optimistic that gross margins will improve through the year, aiming to reach **70.7%** or slightly below for the full year.  **[BSX_3380427_19]** 

5. **Sustaining Growth in Legacy Businesses**  
   **Q:** Can Interventional Cardiology and CRM maintain strong growth?  
   **A:** Interventional Cardiology grew **13%**, driven by advanced imaging and complex coronary capabilities rather than drug-eluting stents, which now represent close to **4%** of the company's mix.  **[BSX_3380427_13]**  They expect further growth with the AGENT drug-coated balloon.  **[BSX_3380427_13]**  In CRM, growth is driven by the diagnostics business, including the Preventice platform and a second-generation loop recorder.  **[BSX_3380427_13]** 

6. **AGENT DCB Opportunity and Manufacturing Ramp-Up**  
   **Q:** What's the status of AGENT DCB in the U.S. and expansion plans?  
   **A:** AGENT is performing well in Japan, contributing to double-digit growth.  **[BSX_3380427_17]**  In the U.S., they are proceeding with contracting and expect sales to begin in the second quarter, ramping up in the second half and accelerating in 2025.  **[BSX_3380427_15]**  They are evaluating opportunities to expand indications beyond in-stent restenosis to include small vessel disease and bifurcation lesions.  **[BSX_3380427_17]** 

afc929a05ec4433e1dc78da35af6070a935ffd9b62f1d33a42e1bb46921e1b3e

- **Delayed U.S. approval and launch of ACURATE Neo2**: The company announced that the U.S. approval for the ACURATE Neo2 TAVR device will not occur in 2024 as previously expected, due to the need to wait for full one-year data from the ACURATE IDE study, potentially impacting growth in the U.S. market.  **[BSX_3371353_9]** **[BSX_3371353_14]** **[BSX_3371353_12]**
- **Flat to slightly decreased gross margins expected in 2024**: Management indicated that gross margins in 2024 are expected to be **flat or slightly below** the 2023 rate of **70.7%**, due to foreign exchange headwinds and investments in manufacturing capacity, which may challenge margin expansion goals.  **[BSX_3371353_6]** **[BSX_3371353_17]**
- **Uncertainty around ACURATE IDE study results**: The inability to disclose interim data from the ACURATE IDE study and the decision to await full one-year data introduces uncertainty in the regulatory strategy and may put the **U.S. TAVR launch at risk** or cause further delays.  **[BSX_3371353_12]**

17676a1dfcb8967f7df6c7431f912b6a3de1c34ff2354e2c699915a8cf2cef5b

- The **AVANT GUARD** clinical trial evaluating FARAPULSE in drug-naive persistent atrial fibrillation patients has been temporarily paused to assess "a few unanticipated observations," raising concerns about potential safety or efficacy issues.  **[BSX_3403357_4]**
- The core **Cardiac Rhythm Management (CRM)** business experienced "**below market growth in the U.S.,**" despite strong international growth, indicating challenges in the domestic market.  **[BSX_3403357_3]**
- The global **Spinal Cord Stimulation (SCS)** performance was "**below our expectations in a market that continues to be challenged,**" suggesting ongoing difficulties in this segment.  **[BSX_3403357_2]**

26a41568103105978bf3042b1eaf28dcf7ae95819ad09a986b2c7875af387756

1. **ACURATE Neo2 Delay**  
   **Q:** Does U.S. TAVR launch delay impact guidance?  
   **A:** Despite the delay of ACURATE Neo2 approval in the U.S., we remain fully committed to our **8% to 10% organic growth** CAGR over 2024–2026.  **[BSX_3371353_11]** **[BSX_3371353_14]**  We're awaiting the full one-year data readout of **1,500 patients** by year-end to determine our path forward, but this does not alter our financial targets.  **[BSX_3371353_11]** **[BSX_3371353_12]** **[BSX_3371353_14]** 

2. **Growth Guidance Confirmation**  
   **Q:** Are you sticking to long-term growth targets?  
   **A:** Absolutely, there's **no change** to our financial goals; we're fully committed to the **8% to 10% organic growth** over the 2024–2026 period.  **[BSX_3371353_11]** **[BSX_3371353_14]**  We grew **12%** in 2023 and continue to outpace most of our peers.  **[BSX_3371353_14]** 

3. **FARAPULSE U.S. Approval**  
   **Q:** How will FARAPULSE impact guidance?  
   **A:** The U.S. approval of FARAPULSE is included in our **8% to 9%** full-year growth guidance.  **[BSX_3371353_7]** **[BSX_3371353_10]**  While contributions will begin in Q1, more significant impact is expected from Q2 to Q4 as we roll out the technology and contract with hospitals.  **[BSX_3371353_7]** **[BSX_3371353_10]** 

4. **ACURATE Neo2 Interim Data**  
   **Q:** What happened with ACURATE Neo2 trial?  
   **A:** Based on an interim analysis, we decided to await the full one-year follow-up of **1,500 patients**.  **[BSX_3371353_12]** **[BSX_3371353_14]**  Consequently, U.S. approval won't occur in 2024; we'll assess our path forward after the full data readout in the second half of 2024.  **[BSX_3371353_12]** **[BSX_3371353_14]** 

5. **M&A Activity and Axonics Acquisition**  
   **Q:** How active will you be in M&A?  
   **A:** Tuck-in M&A remains our **#1 capital allocation priority**, and we'll continue to be active.  **[BSX_3371353_14]** **[BSX_3371353_15]**  The recent acquisition of **Axonics** is a strategic fit, and we're excited to leverage our urology channel to drive adoption and growth.  **[BSX_3371353_15]** 

6. **Gross Margin Outlook**  
   **Q:** What's the gross margin expectation for 2024?  
   **A:** We anticipate gross margins to be **flat or slightly below** the **70.7%** achieved in 2023.  **[BSX_3371353_17]**  While inflation is easing and product mix is favorable with FARAPULSE, headwinds like foreign exchange and manufacturing investments may impact margins.  **[BSX_3371353_17]** 

7. **International Expansion of FARAPULSE**  
   **Q:** What are FARAPULSE opportunities in China and Japan?  
   **A:** Approval in China and Japan is expected in the **second half of 2024**, opening significant opportunities in these large EP markets.  **[BSX_3371353_8]**  We'll build on our momentum in Japan and invest to expand our presence in China.  **[BSX_3371353_8]** 

8. **Electrophysiology (EP) Business Growth**  
   **Q:** Any reason EP growth would slow in 2024?  
   **A:** No, we don't anticipate a slowdown. With FARAPULSE approval and improved manufacturing capacity, we expect continued strong growth in our EP business.  **[BSX_3371353_9]** **[BSX_3371353_13]**  The underpenetrated market and FARAPULSE's advantages support ongoing expansion.  **[BSX_3371353_13]** 

9. **WATCHMAN Growth Outlook**  
   **Q:** How should we think about WATCHMAN growth?  
   **A:** WATCHMAN grew **25%** in 2023, and we plan to sustain robust growth by rolling out WATCHMAN FLX Pro in the U.S. starting in Q1.  **[BSX_3371353_7]**  We're committed to expanding the market through clinical trials and expect to continue gaining share.  **[BSX_3371353_7]** 

e7fba3ee418b1a9f330ce6500a65225d57fd2f79fea46040701e06278af26bc6

1. **AVANT GUARD Trial Pause**  
   **Q:** Is there any safety concern with FARAPULSE after pausing the AVANT GUARD trial?  
   **A:** Management reassured that they are **highly confident in the safety of the FARAPULSE system**  **[BSX_3403357_10]** **[BSX_3403357_14]** **[BSX_3403357_21]** . The AVANT GUARD trial was temporarily paused due to unanticipated observations in a new patient population—**drug-naïve patients with persistent atrial fibrillation**—not previously studied  **[BSX_3403357_10]** **[BSX_3403357_14]** . These observations were **not life-threatening**, and they intend to **resume enrollment in the near term**  **[BSX_3403357_10]** **[BSX_3403357_14]** **[BSX_3403357_21]** . The pause does not affect their overall confidence in FARAPULSE's performance, which has been used to treat over **125,000 patients globally**  **[BSX_3403357_10]** **[BSX_3403357_14]** **[BSX_3403357_21]** .

2. **2025 Growth Outlook**  
   **Q:** What are the key growth drivers and expectations for 2025 sales?  
   **A:** Management is excited about growth prospects for 2025, anticipating continued **above-market sales growth**.  **[BSX_3403357_15]**  Key drivers include the strong performance of **FARAPULSE and WATCHMAN**, with upcoming launches in **Japan and China** expected to fuel further growth.  **[BSX_3403357_15]**  They also highlighted robust contributions from other divisions like PI, ICTX, and Neurology, which are commonly growing in **double digits**.  **[BSX_3403357_15]** 

3. **Maintaining Leadership Amidst Competition**  
   **Q:** How will FARAPULSE retain its market leadership with new competitors entering PFA ablation?  
   **A:** FARAPULSE's leadership is expected to continue due to its **ease of use**, extensive clinical data, and superior safety and efficacy outcomes.  **[BSX_3403357_10]**  Physicians prefer FARAPULSE for its straightforward nature and have not switched back to thermal ablation after using it.  **[BSX_3403357_10]**  The **FARAVIEW mapping system**, designed around PFA, further enhances its unique advantages.  **[BSX_3403357_10]** 

4. **Manufacturing Capacity and System Constraints**  
   **Q:** Are there any capacity or supply constraints for FARAPULSE given its high demand?  
   **A:** Management confirmed there are **no supply issues** and praised the operations team for meeting the high demand  **[BSX_3403357_13]** **[BSX_3403357_19]** . Despite the rapid adoption, they do not anticipate any manufacturing capacity shortages next year.  **[BSX_3403357_19]**  Hospitals are also improving workflow efficiency, performing **25–30% more procedures per day** with FARAPULSE.  **[BSX_3403357_13]** 

5. **Mapping System Strategy**  
   **Q:** Will the FARAWAVE NAV Catheter be exclusive to Boston Scientific's mapping system?  
   **A:** While the FARAWAVE NAV Catheter integrates with their refreshed **OPL HDx mapping system**, Boston Scientific will not force exclusivity.  **[BSX_3403357_16]**  Physicians can continue using FARAPULSE with competitive mapping systems if they prefer.  **[BSX_3403357_16]**  They believe the **compelling advantages** of their system will naturally attract users.  **[BSX_3403357_16]** 

6. **TAVR Strategy and ACURATE neo2**  
   **Q:** What is the regulatory strategy for ACURATE neo2 in the U.S.?  
   **A:** The **ACURATE neo2 trial data** will be presented at TCT on **October 30**, marking an important milestone.  **[BSX_3403357_17]**  Management plans to discuss the broader cardiology portfolio and post-data plans at an investor meeting.  **[BSX_3403357_17]**  They have seen excellent momentum with ACURATE neo2 in Europe and aim to grow the business in the U.S..  **[BSX_3403357_17]** 

7. **Gross Margin Outlook**  
   **Q:** How does management view gross margin trends and leverage in the model for 2025?  
   **A:** Gross margin in Q3 was slightly below expectations due to **foreign exchange impacts**.  **[BSX_3403357_18]**  While full-year adjusted gross margin may be below the prior year, management continues to drive operating margin expansion through all P&L lines.  **[BSX_3403357_18]**  Going into 2025, they expect **product mix**—including contributions from FARAPULSE and WATCHMAN—to improve gross margins and support overall profitability.  **[BSX_3403357_18]** 

8. **Performance of Other Franchises**  
   **Q:** How are the other business units performing amid focus on FARAPULSE and WATCHMAN?  
   **A:** Boston Scientific's decentralized structure ensures focused attention on all divisions.  **[BSX_3403357_12]**  Leaders dedicate themselves to their specific areas, with teams that think about their markets all day.  **[BSX_3403357_12]**  Despite resource allocation to FARAPULSE, they have maintained investments in other businesses, which are the company's foundation.  **[BSX_3403357_12]**  They reported strong performance across divisions, with some growing in **double digits**.  **[BSX_3403357_15]** 

9. **China Launch and VBP Impact**  
   **Q:** What is the outlook for FARAPULSE in China, and how are VBPs affecting the business?  
   **A:** The China launch of FARAPULSE is expected to be slower due to approvals and launch cadence.  **[BSX_3403357_20]**  However, they anticipate a **strong launch in Japan**.  **[BSX_3403357_20]**  Despite significant VBP headwinds impacting certain franchises, the China team continues to grow at the **company average**, outperforming peers facing tougher results.  **[BSX_3403357_20]** 

10. **Price Premium on NAV Catheter**  
    **Q:** Will the FARAWAVE NAV Catheter have a price premium due to its advanced technology?  
    **A:** Management did not comment on specific pricing for the NAV Catheter.  **[BSX_3403357_11]**  They emphasized the catheter's **compelling ease of use** and integrated features that provide unique advantages.  **[BSX_3403357_11]** 

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- **Rapid Adoption of FARAPULSE Driving Strong Growth in Electrophysiology:** The company's transformative FARAPULSE platform has seen exceptional uptake, with U.S. first quarter sales growing **85% organically** and international sales growing **59%**. Physicians appreciate its unique safety profile, ease of use, and effectiveness, leading to rapid adoption from both RF and cryo users. This has significantly contributed to the guidance raise and showcases the company's ability to meet demand with its supply chain investments.  **[BSX_3380427_6]**
- **Innovation in Legacy Businesses Leading to Sustained Growth:** Boston Scientific has successfully revitalized its Interventional Cardiology Therapy (ICTx) and Cardiac Rhythm Management (CRM) businesses. ICTx grew **13% organically** driven by advanced imaging portfolios and the AGENT drug-coated balloon, while CRM's growth is propelled by their diagnostics business, including the second-generation LUX-Dx ICM device. This transformation demonstrates the company's commitment to innovation and ability to sustain growth in traditionally slower-growth markets.  **[BSX_3380427_13]**
- **Strong Performance and Market Expansion Potential for WATCHMAN:** The WATCHMAN device grew **19% globally**, maintaining a strong market-leading share. Upcoming clinical trials like OPTION and CHAMPION are expected to significantly widen the market if successful. Additionally, the proposed CMS rule for a new DRG that allows combining ablation procedures with left atrial appendage closure is viewed positively, offering procedural efficiencies and benefits for patients and hospitals, which could further drive growth.  **[BSX_3380427_12]**

083d0aa4384c6e59c50b71a04b8e69b741ae96aa1860dbad8a8d2decffcb1c23

- **FARAPULSE is exceeding expectations**, with Boston Scientific now expecting **PFA to likely exceed their previously communicated range of 40% to 60% of global AF ablations by 2026** due to rapid adoption and strong clinical outcomes.  **[BSX_3403357_9]**
- The **new reimbursement for concomitant WATCHMAN and PFA ablation** is anticipated to provide a **long-term tailwind for the WATCHMAN franchise**. If the upcoming **OPTION trial** shows compelling benefits, it could meaningfully alter usage patterns ahead of the CHAMPION trial results expected in the first half of 2026.  **[BSX_3403357_8]**
- **Boston Scientific expects to maintain category leadership in pulse field ablation** despite upcoming competition, owing to the **compelling ease of use** and **extensive clinical trial data** supporting their **FARAPULSE system**, which has treated over **125,000 patients** globally.  **[BSX_3403357_10]**

c5aba05f43ae47f1672e6c902a0e503edc7eac0710f7e2a6b48e00964b6d735e

Boston Scientific Corp (BSX)

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