Boston Scientific (BSX) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Financial performance and growth outlook

• Achieved strong organic growth in 2023 and 2024, with 15% organic growth guidance, 70 basis points margin improvement, and 20-21% adjusted EPS growth for 2024.

• Consistent revenue and operating margin growth over the past decade, with a 27% operating margin targeted for 2024 and long-term goals of 30% adjusted operating margin and double-digit EPS growth.

• Free cash flow continues to increase, with productive reinvestment and a focus on maintaining high performance through 2030.

• Portfolio mix increasingly weighted toward high-growth markets through strategic planning, tuck-in acquisitions, and disciplined M&A.

• Margin expansion remains a priority, with high-margin products like FARAPULSE and Watchman driving profitability.

Market leadership and innovation

• Maintains a strategy of category leadership, relentless innovation, and global team engagement to outperform market growth rates.

• Weighted average market growth rate (WAMGR) for served markets increased to at least 9% by 2026, with company growth consistently outpacing WAMGR since 2013.

• Major growth drivers include EP (electrophysiology), Watchman, and recent acquisitions, with a focus on expanding indications and clinical leadership.

• Endoscopy and neurology divisions are highly accretive, growing faster than their markets, and expected to strengthen further in 2025.

• Consistent M&A and venture capital investments support expansion in high-growth adjacencies.

Product and clinical highlights

• FARAPULSE PFA system rapidly adopted, with 40% of U.S. AF procedures using PFA in 2024 and global adoption expected to reach 60% by 2026.

• Watchman LAC device holds ~90% U.S. market share, with 20% CAGR expected and label expansion anticipated in late 2025.

• Concomitant procedures (PFA and Watchman together) now supported by favorable reimbursement, improving workflow and patient outcomes.

• AGENT DCB launch outperformed expectations, with plans for indication expansion to long lesions and small vessels.

• Commitment to long-term PFA leadership with robust clinical and product pipeline, including FARAVIEW, FARAWAVE NAV, and AVANT GUARD.