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Company Research29 Mar 2024
Companies That Had Their IPO in 1992: A Cautiously Optimistic Market
1992 marked a relatively cool IPO landscape and stock market sentiment, in the wake of the early 90s recession.
Boston Scientific (BSX) investor relations material
Boston Scientific Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 net sales reached $5.065 billion, up 20.3% year-over-year, with organic growth of 15.3%-15.5%, exceeding guidance and driven by strong performance in Cardiovascular, MedSurg, and U.S. regions.
Adjusted EPS was $0.75, up from $0.63 year-over-year, surpassing guidance; GAAP net income was $755 million ($0.51 per share).
Growth was supported by robust commercial execution, new product launches, and strategic acquisitions, notably in Electrophysiology and Watchman.
U.S. operational sales grew 27%, while Asia-Pac grew 17% operationally; EMEA growth was limited by ACURATE valve discontinuation and ERP backorder.
Multiple acquisitions and regulatory approvals, including Nalu Medical and Elutia, expanded the portfolio and market reach.
Financial highlights
Q3 consolidated revenue was $5.065 billion, up 20.3% reported and 19.4% operationally year-over-year.
Adjusted gross margin was 71% (up 60 bps), and operating margin reached 28% (up 80 bps); GAAP operating margin was 20.7%.
Free cash flow for Q3 was $1.163 billion; cash on hand at quarter-end was $1.275 billion; leverage ratio was 2.0x.
Gross profit for Q3 was $3.542 billion; operating income was $1.048 billion.
SG&A expenses were $1.741 billion (34.4% of net sales); R&D expenses were $514 million (10.1% of net sales).
Outlook and guidance
Q4 2025 organic revenue growth guided at 11%-13%; full-year 2025 organic growth raised to ~15.5%.
Full-year adjusted EPS guidance raised to $3.02-$3.04, up 20%-21% year-over-year; GAAP EPS guidance is $1.97–$2.01.
Q4 2025 adjusted EPS guidance is $0.77–$0.79.
Targeting 10%+ average organic revenue growth and 50 bps annual operating margin expansion from 2026-2028.
Management expects continued growth from innovation, acquisitions, and emerging market expansion.
How will Acurate valve discontinuation affect 2026 sales?
What caused EMEA's operational sales decline?
Identify key drivers of strong organic growth
What drives confidence in 20% WATCHMAN market CAGR?
Key drivers for future operating margin expansion
Strategy to improve CRM business growth
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Next Boston Scientific earnings date
Wolfe Research Healthcare Conference 202518 Nov, 2025
Next Boston Scientific earnings date
Wolfe Research Healthcare Conference 202518 Nov, 2025
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Frequently asked questions
Boston Scientific Corporation designs, develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The company's products include heart valves, falls prevention and mobility solutions, peripheral intervention devices, endovascular systems and services, and electrophysiology products. The company also provides a range of minimally invasive surgical procedures based on its innovative tissue acquisition technologies to expand the therapeutic applications for new drug therapies for gastrointestinal tract disorders. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.
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