Boston Scientific Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw 7% organic sales growth and 15% adjusted EPS growth, exceeding guidance. Full-year 2026 outlook was revised down due to WATCHMAN and EP headwinds, with organic revenue now expected to grow 5%-6% and adjusted EPS 7%-8%. Restructuring and new launches are set to drive recovery by 2028.
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Management reaffirmed confidence in achieving margin and EPS growth despite lowering 2024 guidance due to challenges in WATCHMAN, EP, and urology. Key growth drivers include new product launches, the Penumbra acquisition, and innovation in TAVR and mapping. Robust pipeline and disciplined capital allocation support a positive long-term outlook.
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The meeting reviewed strong 2025 financial results, strategic growth initiatives, and board updates. All directors were re-elected, and most company proposals passed, but neither proposal to lower the threshold for calling special shareholder meetings was approved. Litigation risks were addressed.
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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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Delivered strong Q4 and full-year growth, exceeding guidance in revenue and EPS, with standout performances in EP, Watchman, and cardiovascular. 2026 guidance targets 10%-11% organic growth and 12%-14% EPS growth, supported by innovation, acquisitions, and market leadership.
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Key growth is driven by innovation in electrophysiology and interventional cardiology, with the FARAPULSE ecosystem and WATCHMAN franchise leading expansion. Major clinical trials and new product launches are set to broaden indications and market reach, while AI and strategic investments support future leadership.
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Watchman and ablation portfolios are experiencing strong growth, driven by expanded indications, positive real-world data, and increased concomitant procedures. FARAPulse PFA and Opal mapping are advancing adoption, while new innovations in renal denervation, bariatrics, and oncology support long-term growth.
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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, with cardiovascular and MedSurg segments outperforming expectations. Full-year organic growth and EPS guidance were raised, despite headwinds from tariffs and the ACURATE valve exit. WATCHMAN and FARAPULSE drove strong global momentum.
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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 robust 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 for both revenue and EPS despite a $200M tariff headwind, which will 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 organic growth, margin expansion, and high-performing acquisitions are driving sustained outperformance, with FARAPULSE and Watchman leading in innovation and profitability. Market leadership is reinforced by robust clinical data, new indications, and a disciplined M&A strategy.
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 diversified growth drivers and successful product launches such as AGENT DCB, AVVIGO+, and ACURATE Prime. The ACURATE IDE trial highlighted procedural factors impacting outcomes, and regulatory discussions for U.S. and global approvals are ongoing. Continued investment in AI, structural heart, and mechanical support underpins long-term strategy.
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Q3 2024 delivered 18% organic sales growth and 27% adjusted EPS growth, both above guidance, with strong performance across all major business units, especially in electrophysiology and cardiology. Full-year guidance was raised, and new product launches and acquisitions are expected to drive continued momentum.
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Strong organic growth and margin expansion are driven by leadership in EP and LAC, with FARAPULSE and Watchman as key growth engines. Continued M&A, robust VC investments, and upcoming clinical milestones in OPTION and ACURATE neo2 support a positive outlook through 2025 and beyond.
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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.