Boston Scientific Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 delivered 9.4% organic sales growth and 6% adjusted EPS growth, but full-year guidance was reduced due to headwinds in EP, WATCHMAN, and Urology. Management expects improvement in the second half, with key product launches and commercial investments supporting future growth.
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HI-PEITHO and CHAMPION-AF trials showed significant clinical and safety benefits for device-based therapies in pulmonary embolism and atrial fibrillation, supporting label expansion and market growth. The company targets a 20% growth rate, with regulatory submissions and new device launches planned.
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Management reaffirmed double-digit growth and margin improvement targets, driven by strong execution, innovation in EP and PFA, and portfolio expansion through acquisitions like Penumbra. WATCHMAN's upcoming CHAMPION-AF trial could significantly expand its market.
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A $15 billion cash and stock acquisition will bring high-growth neurovascular and thrombectomy technologies into the portfolio, with Penumbra operating as a standalone entity. The deal is expected to be slightly dilutive to EPS in year one, accretive thereafter, and supports long-term double-digit EPS growth and margin expansion.
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Management reaffirmed strong growth and margin targets, driven by leadership in PFA and WATCHMAN, robust innovation, and operational discipline. Expansion into new markets and product categories, especially in EP, oncology, and cardiology, supports a positive long-term outlook.
Fiscal Year 2025
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Q4 and full-year 2025 delivered double-digit revenue and EPS growth, with strong performance in EP and Watchman. 2026 guidance calls for 10%-11% organic revenue growth and 12%-14% EPS growth, with continued margin expansion and robust free cash flow expected.
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Key growth drivers include the FARAPULSE ecosystem and Watchman franchise, with major clinical trials like CHAMPION poised to expand addressable markets. New technologies in interventional cardiology and CRM, along with AI integration and a shift to outpatient settings, support a strategy of category leadership and innovation.
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Watchman and ablation portfolios are driving strong growth, supported by new clinical data and expanded indications. FARAPulse PFA is rapidly penetrating the U.S. market, while upcoming trials and regulatory changes could further expand opportunities.
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Q3 2025 saw 19% operational and 15% organic sales growth, with strong U.S. and Asia-Pac performance, and standout results in cardiovascular and MedSurg. Full-year guidance was raised for both revenue and EPS, while WATCHMAN and EP drove significant growth.
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Management targets 10%+ organic growth and 50 bps annual margin expansion, driven by innovation in MedSurg, Cardiovascular, and Electrophysiology. WATCHMAN and FARAPULSE lead growth, with robust clinical programs and global expansion, while disciplined capital allocation and operational excellence support sustained double-digit EPS and cash flow.
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Q2 2025 saw 22% operational sales growth and 23% adjusted EPS growth, both exceeding guidance, led by strong cardiovascular and EP performance. Full-year organic growth guidance was raised to 14%-15%, with robust momentum across regions and product lines, despite headwinds from tariffs and the Acurate valve exit.
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Strong organic growth and margin improvement continue, with robust performance in high-growth MedTech markets. Farapulse and Watchman drive rapid adoption and innovation, while portfolio management and M&A fuel expansion. Regulatory and macro headwinds are being effectively managed.
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Leadership transition is underway with a focus on continuity. Q1 saw strong revenue and margin growth, leading to raised guidance. FARAPULSE and WATCHMAN products are driving market share gains, with ongoing innovation and international expansion supporting long-term growth.
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Q1 2025 saw 22% operational and 18% organic sales growth, with adjusted EPS up 34% and strong performance across all major business units. Full-year guidance was raised, and a $200M tariff headwind is expected to be offset by sales and cost actions.
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Executives outlined a strategy focused on sustained double-digit growth through category leadership, targeted tuck-in acquisitions, and margin expansion. FARAPULSE and WATCHMAN are driving innovation and market penetration, while China and MedSurg divisions continue to deliver strong results.
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Strong 2023 and 2024 performance is driven by innovation, high-margin products, and strategic M&A. FARAPULSE and Watchman lead growth, with new clinical data and reimbursement expanding their markets. Endoscopy and urology divisions sustain high-margin, above-market growth.
Fiscal Year 2024
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Delivered record 2024 results with 16% organic sales growth and 22% adjusted EPS growth, driven by strong global execution and innovation. 2025 guidance calls for 10%-12% organic growth and 12%-14% adjusted EPS growth, with continued margin expansion and robust free cash flow expected.
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Strong Q3 results and robust 2024 outlook are driven by broad-based growth and innovation in AFib ablation and structural heart therapies. FARAPULSE and WATCHMAN are expanding rapidly, supported by clinical trials and new product launches, with significant market opportunities in the U.S., Europe, and Asia.
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Cardiology markets are growing robustly, with strong product launches in TAVR, drug-coated balloons, and AI-driven imaging. The ACURATE IDE trial highlighted procedural factors affecting outcomes, while regulatory discussions for U.S. and global approvals continue.
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Q3 2024 delivered 18% organic sales growth and 27% adjusted EPS growth, both above guidance, driven by strong global performance in EP, cardiology, and AF Solutions. Full-year guidance was raised, with continued momentum expected from new product launches and international expansion.
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Strong double-digit growth is driven by leadership in EP and Watchman, with FARAPULSE adoption outpacing expectations and global expansion in China and Japan. Key clinical trials (OPTION, CHAMPION) and new product launches (AGENT, ACURATE neo2) are set to sustain momentum and margin improvement.
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Q2 2024 delivered strong double-digit organic growth, led by cardiovascular and EP performance, with raised full-year guidance for revenue and EPS. Margin expansion and robust cash flow support continued investment and M&A, while new product launches and clinical evidence drive future growth.