Boston Scientific (BSX) Q2 2025 earnings summary

Executive summary

• Q2 2025 net sales reached $5.061 billion, up 22.8% year-over-year, driven by strong commercial execution, recent acquisitions, and outperformance in Cardiovascular and MedSurg segments.

• Adjusted EPS rose 23% to $0.75, surpassing guidance and prior year’s $0.62, with reported EPS at $0.53.

• Growth fueled by organic expansion, integration of Silk Road Medical, Axonics, Intera Oncology, and strong performance in WATCHMAN, FARAPULSE, and AGENT DCB.

• Completed acquisitions of SoniVie, Intera Oncology, Anrei Medical, and Bolt Medical; received key regulatory approvals for FARAPULSE PFA and WATCHMAN FLX Pro.

• Margin expansion and continued investment in growth supported results.

Financial highlights

• Q2 consolidated revenue was $5.061 billion, up 22.8% year-over-year, with organic growth of 17.4%.

• Adjusted gross margin was 69.4% (down 100 bps); reported gross margin was 67.7% (down 150 bps), impacted by ACURATE valve charges.

• Adjusted operating margin expanded 50 bps to 27.6%; GAAP operating margin was 16.2%.

• Free cash flow for Q2 was $1.13 billion; full-year FCF expected at $3.5 billion.

• Net income attributable to common stockholders was $797 million as reported and $1.127 billion adjusted.

Outlook and guidance

• Q3 2025 organic revenue growth guided at 12%-14%; full-year organic growth raised to 14%-15%.

• Q3 adjusted EPS guidance is $0.70-$0.72; full-year adjusted EPS expected at $2.95-$2.99.

• Full-year reported EPS guidance is $1.89–$1.93.

• Full-year adjusted operating margin expansion of 75-100 bps expected.

• Management expects continued growth from innovation, acquisitions, and global expansion, but notes headwinds from inflation, supply chain, and regulatory changes.