# BOSTON SCIENTIFIC CORP (BSX) Informational only - not investment advice. CIK: 0000885725 SIC: 3841 Surgical & Medical Instruments & Apparatus SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/) Latest 10-K filed: 2026-02-17 SEC page: https://www.sec.gov/edgar/browse/?CIK=885725 Filing source: https://www.sec.gov/Archives/edgar/data/885725/000088572526000010/bsx-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-17 · accession 0000885725-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000885725.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 20,074,000,000 USD | 2025 | verified | | Net income | 2,892,000,000 USD | 2025 | verified | | Assets | 43,673,000,000 USD | 2025 | verified | | Free cash flow | 3,658,000,000 USD | 2025 | computed | | Net margin | 14.41% | 2025 | computed | | Operating margin | 18.00% | 2025 | computed | | Revenue YoY | +19.87% | 2025 | computed | | ROE | 11.93% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Medical devices and instruments](/compare/medical-devices/) · SIC 3841 Surgical & Medical Instruments & Apparatus No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including BSX - Medical devices and instruments: [peer review](/compare/medical-devices/) · [market-risk page](/compare/medical-devices/risk/) ### Peer percentile fingerprint | Ratio | BSX | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 14.4% | -6.0% | 84 | 63 | | Operating margin | 18.0% | -2.7% | 84 | 63 | | Revenue growth | 19.9% | 13.6% | 70 | 64 | | FCF margin | 18.2% | 0.2% | 87 | 63 | | ROE | 11.9% | -9.1% | 72 | 58 | | ROA | 6.6% | -4.8% | 70 | 65 | | Liabilities / equity | 0.80 | 0.89 | 47 | 63 | | Current ratio | 1.62 | 3.23 | 9 | 65 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 20074000000 | USD | 2025 | 2026-02-17 | | Net income | 2892000000 | USD | 2025 | 2026-02-17 | | Assets | 43673000000 | USD | 2025 | 2026-02-17 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000885725.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 8,386,000,000 | 9,048,000,000 | 9,823,000,000 | 10,735,000,000 | 9,913,000,000 | 11,888,000,000 | 12,682,000,000 | 14,240,000,000 | 16,747,000,000 | 20,074,000,000 | | Net income | 347,000,000 | 104,000,000 | 1,671,000,000 | 4,700,000,000 | -82,000,000 | 1,041,000,000 | 698,000,000 | 1,592,000,000 | 1,846,000,000 | 2,892,000,000 | | Operating income | 447,000,000 | 1,285,000,000 | 1,506,000,000 | 1,518,000,000 | -80,000,000 | 1,199,000,000 | 1,649,000,000 | 2,343,000,000 | 2,603,000,000 | 3,613,000,000 | | Gross profit | 5,962,000,000 | 6,455,000,000 | 7,011,000,000 | 7,620,000,000 | 6,448,000,000 | 8,177,000,000 | 8,727,000,000 | 9,896,000,000 | 11,490,000,000 | 13,854,000,000 | | Diluted EPS | 0.25 | 0.08 | 1.19 | 3.33 | -0.08 | 0.69 | 0.45 | 1.07 | 1.25 | 1.94 | | Operating cash flow | 1,182,000,000 | 1,426,000,000 | 310,000,000 | 1,836,000,000 | 1,508,000,000 | 1,870,000,000 | 1,526,000,000 | 2,503,000,000 | 3,435,000,000 | 4,534,000,000 | | Capital expenditures | 376,000,000 | 319,000,000 | 316,000,000 | 461,000,000 | 376,000,000 | 554,000,000 | 588,000,000 | 711,000,000 | 790,000,000 | 876,000,000 | | Dividends paid | | | 0.00 | 0.00 | 28,000,000 | 55,000,000 | 55,000,000 | 28,000,000 | 0.00 | | | Assets | 18,096,000,000 | 19,042,000,000 | 20,999,000,000 | 30,565,000,000 | 30,777,000,000 | 32,229,000,000 | 32,469,000,000 | 35,136,000,000 | 39,395,000,000 | 43,673,000,000 | | Stockholders' equity | | | | | | 16,622,000,000 | 17,573,000,000 | 19,282,000,000 | 21,770,000,000 | 24,233,000,000 | | Cash and cash equivalents | 196,000,000 | 188,000,000 | 146,000,000 | 217,000,000 | 1,734,000,000 | 1,925,000,000 | 928,000,000 | 865,000,000 | 414,000,000 | 1,965,000,000 | | Free cash flow | 806,000,000 | 1,107,000,000 | -6,000,000 | 1,375,000,000 | 1,132,000,000 | 1,316,000,000 | 938,000,000 | 1,792,000,000 | 2,645,000,000 | 3,658,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 4.14% | 1.15% | 17.01% | 43.78% | -0.83% | 8.76% | 5.50% | 11.18% | 11.02% | 14.41% | | Operating margin | 5.33% | 14.20% | 15.33% | 14.14% | -0.81% | 10.09% | 13.00% | 16.45% | 15.54% | 18.00% | | Return on equity | | | | | | 6.26% | 3.97% | 8.26% | 8.48% | 11.93% | | Return on assets | 1.92% | 0.55% | 7.96% | 15.38% | -0.27% | 3.23% | 2.15% | 4.53% | 4.69% | 6.62% | | Liabilities / equity | | | | | | 0.94 | 0.85 | 0.82 | 0.81 | 0.80 | | Current ratio | 0.90 | 0.68 | 0.76 | 0.97 | 1.82 | 1.48 | 1.51 | 1.32 | 1.08 | 1.62 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/BSX/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000885725.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.12 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.21 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.18 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 3,527,000,000 | 504,000,000 | 0.34 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 3,725,000,000 | 504,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 3,856,000,000 | 493,000,000 | 0.33 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 4,120,000,000 | 322,000,000 | 0.22 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 4,209,000,000 | 468,000,000 | 0.32 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 4,561,000,000 | 562,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 4,663,000,000 | 672,000,000 | 0.45 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 5,061,000,000 | 795,000,000 | 0.53 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 5,065,000,000 | 755,000,000 | 0.51 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 5,286,000,000 | 670,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 5,203,000,000 | 1,339,000,000 | 0.90 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 5,442,000,000 | 905,000,000 | 0.61 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BSX's latest 10-K: [/company/BSX/business/](/company/BSX/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BSX's latest 10-K: [/company/BSX/risk-factors/](/company/BSX/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/885725/000088572526000053/bsx-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-03 Report date: 2026-06-30 ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Introduction Boston Scientific Corporation is a global developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties. Our mission is to transform lives through innovative medical solutions that improve the health of patients around the world. As a medical technology leader for more than 45 years, we have advanced the practice of less-invasive medicine by helping physicians and other medical professionals diagnose and treat a wide range of diseases and medical conditions and improve patients’ quality of life by providing alternatives to surgery and other medical procedures that are typically traumatic to the body. We advance science for life by providing a broad range of high-performance solutions to address unmet patient needs and reduce the cost of healthcare. When used in this report, the terms "we," "us," "our" and "the Company" mean Boston Scientific Corporation and its divisions and subsidiaries. Executive Summary The following section describes some of our financial highlights and trends on a consolidated basis. For additional information on our business units and product offerings, refer to Item 1. Business of our most recent Annual Report on Form 10-K. [[GREPCENT_TABLE]] [["(in millions, except percentages and per share data)","Three Months Ended June 30,","","2026 versus 2025","","2026 versus 2025"],["2026","","2025","","$","","%"],["Reported net sales","$","5,442","","","$","5,061","","","$","381","","","7.5","%"],["Reported net income (loss) attributable to Boston Scientific common stockholders","907","","","797","","","110","","","13.8","%"],["Adjusted net income (loss) attributable to Boston Scientific common stockholders (non-GAAP measure)","1,275","","","1,127","","","148","","","13.1","%"],["Net income (loss) per common share \u2014 diluted","0.61","","","0.53","","","0.08","","","15.2","%"],["Adjusted net income (loss) per common share \u2014 diluted (non-GAAP measure)","0.86","","","0.75","","","0.11","","","14.6","%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(in millions, except percentages and per share data)","Six Months Ended June 30,","","2026 versus 2025","","2026 versus 2025"],["2026","","2025","","$","","%"],["Reported net sales","$","10,646","","","$","9,724","","","$","922","","","9.5","%"],["Reported net income (loss) attributable to Boston Scientific common stockholders","2,247","","","1,471","","","776","","","52.8","%"],["Adjusted net income (loss) attributable to Boston Scientific common stockholders (non-GAAP measure)","2,464","","","2,248","","","216","","","9.6","%"],["Net income (loss) per common share \u2014 diluted","1.51","","","0.98","","","0.53","","","53.6","%"],["Adjusted net income (loss) per common share \u2014 diluted (non-GAAP measure)","1.66","","","1.51","","","0.15","","","10.2","%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026 versus 2025","","2026 versus 2025"],["Net sales reported growth","7.5","%","","9.5","%"],["Impact of foreign currency fluctuations","(0.5)","%","","(1.4)","%"],["Net sales operational growth (non-GAAP measure)","7.0","%","","8.1","%"],["Impact of certain acquisitions and divestitures","\u2014","%","","\u2014","%"],["Net sales organic growth (non-GAAP measure)","7.0","%","","8.1","%"]] [[/GREPCENT_TABLE]] 39 Table of Contents During the second quarter and first six months of 2026, the increase in our reported net sales was primarily driven by innovation and strong commercial execution in our Interventional Cardiology and Vascular Therapies and Electrophysiology business units. Refer to Results of Operations for a discussion of our net sales by business. During the second quarter of 2026, the increase in our reported net income attributable to Boston Scientific common stockholders was primarily driven by higher net sales. During the first six months of 2026, the increase in our reported net income attributable to Boston Scientific common stockholders was primarily driven by higher net sales and a discrete tax benefit recorded in the first quarter of 2026. Refer to Tax Rate for additional details pertaining to the discrete tax benefit. To supplement our unaudited consolidated financial statements prepared on a generally accepted accounting principles in the United States (GAAP) basis, we disclose certain non-GAAP measures, including operational and organic net sales growth, adjusted net income attributable to Boston Scientific common stockholders and adjusted net income per common share - diluted. Operational net sales growth excludes the impact of foreign currency fluctuations. Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. There were no applicable acquisitions in the first six months of 2026 or 2025. Our adjusted net income attributable to Boston Scientific common stockholders and adjusted net income per common share - diluted exclude certain charges and/or credits as reported in our net income attributable to Boston Scientific common stockholders and net income per common share - diluted for purposes of assessing operating performance. Adjusted measures, including operational and organic net sales growth, adjusted net income attributable to Boston Scientific common stockholders and adjusted net income per common share - diluted, exclude certain items required by GAAP, are not prepared in accordance with GAAP and should not be considered in isolation from, or as a replacement for, the most directly comparable GAAP measure. Refer to Additional Information for a discussion of management’s use of these non-GAAP financial measures. Macroeconomic Environment Our business is affected by global macroeconomic and geopolitical conditions. There continues to be significant uncertainty with respect to global trade policies, including changing tariff rates, tariff imposition delays, and the potential for reciprocal restrictive trade policies by the U.S. or other governments around the world, which could adversely impact our operations and results. We may also experience higher distribution costs and supply chain disruptions, including those arising from global conflicts and energy market volatility. While we seek to mitigate these impacts, their extent and duration remain uncertain and could negatively impact our business and results of operations. For additional information, refer to Item 1A. Risk Factors and Macroeconomic Environment contained in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our most recent Annual Report on Form 10-K. Results of Operations Net Sales The following section describes our net sales by reportable segment and business. In the fourth quarter of 2025, an organizational change combined our legacy Cardiology and Peripheral Interventions businesses into a single Cardiovascular business. We have revised prior periods to conform to the current year presentation. The change had no impact on our reportable segments. For additional information on our business units and product offerings, refer to Item 1. Business of our most recent Annual Report on Form 10-K. [[GREPCENT_TABLE]] [["","","","","","Increase/(Decrease)"],["(in millions, except percentages)","Three Months Ended June 30,","$","","Reported Basis","","Impact of Foreign Currency Fluctuations","","Operational Basis","","Impact of Certain Acquisitions / Divestitures(1)","","Organic Basis"],["2026","","2025"],["Endoscopy","$","793","","$","737","","$","56","","","7.6","%","","(0.7)","%","","7.0","%","","\u2014","%","","7.0","%"],["Urology","684","","676","","7","","","1.1","%","","(0.3)","%","","0.8","%","","\u2014","%","","0.8","%"],["Neuromodulation","341","","303","","39","","","12.7","%","","(0.6)","%","","12.2","%","","\u2014","%","","12.2","%"],["MedSurg","1,818","","1,716","","102","","","5.9","%","","(0.5)","%","","5.4","%","","\u2014","%","","5.4","%"],["Cardiovascular","3,624","","3,345","","279","","","8.3","%","","(0.6)","%","","7.8","%","","\u2014","%","","7.8","%"],["Net Sales","$","5,442","","$","5,061","","$","381","","","7.5","%","","(0.5)","%","","7.0","%","","\u2014","%","","7.0","%"]] [[/GREPCENT_TABLE]] 40 Table of Contents [[GREPCENT_TABLE]] [["","","","Increase/(Decrease)"],["(in millions, except percentages)","Six Months Ended June 30,","","$","","Reported Basis","","Impact of Foreign Currency Fluctuations","","Operational Basis","","Impact of Certain Acquisitions / Divestitures(1)","","Organic Basis"],["2026","","2025"],["Endoscopy","$","1,529","","$","1,410","","$","119","","","8.5","%","","(1.6)","%","","6.9","%","","\u2014","%","","6.9","%"],["Urology","1,330","","1,310","","21","","","1.6","%","","(0.9)","%","","0.6","%","","\u2014","%","","0.6","%"],["Neuromodulation","659","","574","","86","","","14.9","%","","(1.2)","%","","13.7","%","","\u2014","%","","13.7","%"],["MedSurg","3,519","","3,293","","226","","","6.9","%","","(1.3)","%","","5.6","%","","\u2014","%","","5.6","%"],["Cardiovascular","7,126","","6,430","","696","","","10.8","%","","(1.4)","%","","9.4","%","","\u2014","%","","9.4","%"],["Net Sales","$","10,646","","$","9,724","","$","922","","","9.5","%","","(1.4)","%","","8.1","%","","\u2014","%","","8.1","%"]] [[/GREPCENT_TABLE]] (1) There were no applicable acquisitions in the second quarter and first six months of 2026 or 2025. MedSurg Endoscopy Our Endoscopy business develops and manufactures devices to diagnose and treat a broad range of gastrointestinal (GI) conditions with innovative, less-invasive technologies. In the second quarter and first six months of 2026, reported net sales growth was primarily driven by our biliary franchise, led by our AXIOS™ Stent and Delivery System, and our core GI franchise. Urology Our Urology business develops and manufactures devices to treat various urological conditions for both male and female anatomies, including kidney stones, benign prostatic hyperplasia (BPH), prostate cancer, erectile dysfunction and incontinence. In the second quarter and first six months of 2026, reported net sales growth was relatively flat, primarily driven by underperformance in our stone franchise as a result of volume-based-procurement in China, and commercial disruption in our sacral neuromodulation franchise. Neuromodulation Our Neuromodulation business develops and manufactures devices to treat various neurological movement disorders and manage chronic pain. In the second quarter and first six months of 2026, reported net sales growth was primarily driven by our comprehensive pain portfolio, led by our Intracept™ Intraosseous Nerve Ablation System and Nalu Peripheral Nerve Stimulation System, and our deep brain stimulation franchise. Cardiovascular Our Cardiovascular business develops and manufactures devices and medical technologies for diagnosing and treating a variety of diseases and abnormalities of the heart, as well as products to diagnose and treat peripheral arterial and venous diseases and various forms of cancer. In the second quarter and first six months of 2026, reported net sales growth was primarily driven by our coronary therapies franchise, led by our AGENT™ Drug-Coated Balloon, and our Electrophysiology business unit, led by our Farapulse™ Pulsed Field Ablation (PFA) System. Net sales for the second quarter and first six months of 2026 were impacted by increased competition within our Electrophysiology business unit and a deceleration of certain WATCHMAN™ procedures. 41 Table of Contents Gross Profit Our gross profit was $3.848 billion during the second quarter of 2026, $3.424 billion during the second quarter of 2025, $7.462 billion for the first six months of 2026, and $6.633 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/885725/000088572526000010/bsx-20251231.htm Complete FY 2025 MD&A: /company/BSX/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-02-17 Report date: 2025-12-31 Executive Summary The following section describes some of our financial highlights and trends on a consolidated basis. For additional information on our business units and product offerings, refer to Part I, Item 1. Business of this Annual Report. [[GREPCENT_TABLE]] [["(in millions, except per share data)","Year Ended December 31,","","2025 versus 2024","","","","2025 versus 2024"],["2025","","2024","","","","$","","","","%"],["Reported net sales","$","20,074","","","$","16,747","","","","","$","3,327","","","","","19.9","%"],["Reported net income (loss) attributable to Boston Scientific common stockholders","2,898","","","1,853","","","","","1,045","","","","","56.4","%"],["Adjusted net income (loss) attributable to Boston Scientific common stockholders (non-GAAP measure)","4,574","","","3,725","","","","","849","","","","","22.8","%"],["Net income (loss) per common share \u2014 diluted","1.94","","","1.25","","","","","0.69","","","","","55.2","%"],["Adjusted net income (loss) per common share \u2014 diluted (non-GAAP measure)","3.06","","","2.51","","","","","0.55","","","","","21.9","%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(in millions, except per share data)","","","Year Ended December 31,","","","","2024 versus 2023","","","","2024 versus 2023"],["","","2024","","2023","","","","$","","","","%"],["Reported net sales","","","$","16,747","","","$","14,240","","","","","$","2,507","","","","","17.6","%"],["Reported net income (loss) attributable to Boston Scientific common stockholders","","","1,853","","","1,570","","","","","283","","","","","18.0","%"],["Adjusted net income (loss) attributable to Boston Scientific common stockholders (non-GAAP measure)","","","3,725","","","2,999","","","","","726","","","","","24.2","%"],["Net income (loss) per common share \u2014 diluted","","","1.25","","","1.07","","","","","0.18","","","","","16.8","%"],["Adjusted net income (loss) per common share \u2014 diluted (non-GAAP measure)","","","2.51","","","2.05","","","","","0.46","","","","","22.4","%"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","","2025 versus 2024","","2024 versus 2023"],["Net sales reported growth","","19.9","%","","17.6","%"],["Impact of foreign currency fluctuations","","(0.7)","%","","0.9","%"],["Net sales operational growth (non-GAAP measure)","","19.2","%","","18.5","%"],["Impact of certain acquisitions and divestitures","","(3.4)","%","","(2.1)","%"],["Net sales organic growth (non-GAAP measure)","","15.8","%","","16.4","%"]] [[/GREPCENT_TABLE]] The increases in our reported net sales and reported net income attributable to Boston Scientific common stockholders in 2025 and 2024 were primarily driven by innovation and strong commercial execution across our businesses, particularly in our Electrophysiology business unit, and which was led by the continued growth of our Farapulse™ Pulsed Field Ablation System which launched in the U.S. in early 2024. Refer to Results of Operations for a discussion of our net sales by business. 33 To supplement our consolidated financial statements prepared on a GAAP basis, we disclose certain non-GAAP measures, including operational and organic net sales growth, adjusted net income attributable to Boston Scientific common stockholders and adjusted net income per common share - diluted. Operational net sales growth excludes the impact of foreign currency fluctuations. Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. Those acquisitions included our majority stake investment in Acotec Scientific Holdings Limited (Acotec) and the acquisitions of Apollo Endosurgery, Inc. (Apollo) and Relievant Medsystems, Inc. (Relievant) during the first, second and fourth quarters of 2023, respectively, the endoluminal vacuum therapy portfolio of B. Braun Medical Inc. (Braun), Silk Road Medical, Inc. (Silk Road Medical) and Axonics, Inc. (Axonics) during the first, third and fourth quarters of 2024, respectively, and Intera Oncology®, Inc. (Intera) during the second quarter of 2025. Our adjusted net income attributable to Boston Scientific common stockholders and adjusted net income per common share - diluted exclude certain charges and/or credits as reported in our net income attributable to Boston Scientific common stockholders and net income per common share - diluted for purposes of assessing operating performance. Adjusted measures, including operational and organic net sales growth, adjusted net income attributable to Boston Scientific common stockholders and adjusted net income per common share - diluted, exclude certain items required by generally accepted accounting principles in the United States (GAAP), are not prepared in accordance with GAAP and should not be considered in isolation from, or as a replacement for, the most directly comparable GAAP measure. Refer to Additional Information for a discussion of management’s use of these non-GAAP financial measures. Macroeconomic Environment As a global developer, manufacturer and marketer of medical devices, our business is subject to local and international macroeconomic trends as well as geopolitical factors. Continued uncertainty around inflationary pressures, interest rates, foreign currency fluctuations, global trade policies and changes in tax laws, as well as actions by governments in response thereto, could create economic challenges which could negatively impact our business and results of operations. There continues to be significant uncertainty in the tariff environment and with respect to global trade policies, including changing tariff rates, tariff imposition delays, and the potential for reciprocal restrictive trade policies by the U.S. or other governments around the world. We continue to anticipate incurring incremental costs under the current schedule of tariffs on U.S. imports announced by the U.S. government, as well as any potential increases in tariffs introduced by China on U.S. manufactured products. While the U.S. and other governments continue negotiations on such measures, these and any further tariff increases on our products by the U.S., China or any other country or region, as well as sanctions or other measures that restrict international trade, could have a material adverse impact on our business operations and results. We continue to monitor the situation while exploring opportunities to mitigate the impacts of such tariffs. There can be no guarantee that we will be able to offset the impact of tariffs, the ultimate impact of which will depend on various factors, including the timing, scope, duration and nature of any tariffs, any other trade restrictions or opportunities to mitigate such impacts. Global supply chain conditions have continued to improve, however we have continued to experience, and may in the future experience, increases in cost and limited availability of certain raw materials, components, and other inputs necessary to manufacture and distribute our products due to constraints and inflation within the global supply chain, as well as increases in wage costs and the cost and time to distribute our products. Further, geopolitical developments and uncertainties, including related to various ongoing global conflicts and tensions, may also create economic, supply chain, transportation, energy, and other challenges, including disruptions to our suppliers or our customers' operations, which could negatively impact our business and results of operations. 34 Results of Operations Net Sales The following section describes our net sales by reportable segment and business. In the fourth quarter of 2025, an organizational change combined our legacy Cardiology and Peripheral Interventions businesses into a single Cardiovascular business. We have revised prior periods to conform to the current year presentation. The change had no impact on our reportable segments. For additional information on our business units and product offerings, refer to Part I, Item 1. Business of this Annual Report. [[GREPCENT_TABLE]] [["","","","","","Increase/(Decrease)"],["","Year Ended December 31,","$","","Reported Basis","","Impact of Foreign Currency Fluctuations","","Operational Basis","","Impact of Certain Acquisitions / Divestitures(1)","","Organic Basis"],["(in millions)","2025","","2024"],["Endoscopy","$","2,916","","$","2,687","","$","230","","","8.6","%","","(0.8)","%","","7.8","%","","(0.1)","%","","7.7","%"],["Urology","2,709","","2,200","","509","","","23.1","%","","(0.4)","%","","22.7","%","","(17.9)","%","","4.7","%"],["Neuromodulation","1,199","","1,106","","93","","","8.4","%","","(0.4)","%","","8.0","%","","\u2014","%","","8.0","%"],["MedSurg","6,824","","5,993","","831","","","13.9","%","","(0.6)","%","","13.3","%","","(6.6)","%","","6.7","%"],["Cardiovascular","13,250","","10,755","","2,495","","","23.2","%","","(0.7)","%","","22.5","%","","(1.6)","%","","20.8","%"],["Net Sales","$","20,074","","$","16,747","","$","3,327","","","19.9","%","","(0.7)","%","","19.2","%","","(3.4)","%","","15.8","%"],["Emerging Markets","$","2,985","","$","2,680","","$","305","","","11.4","%","","0.2","%","","11.6","%","","n/a","","n/a"]] [[/GREPCENT_TABLE]] (1) Those acquisitions included the endoluminal vacuum therapy portfolio of Braun (Endoscopy), Silk Road Medical (Cardiovascular), Axonics (Urology) and Intera (Cardiovascular). [[GREPCENT_TABLE]] [["","","","","","Increase/(Decrease)"],["","Year Ended December 31,","$","","Reported Basis","","Impact of Foreign Currency Fluctuations","","Operational Basis","","Impact of Certain Acquisitions / Divestitures(2)","","Organic Basis"],["(in millions)","2024","","2023"],["Endoscopy","$","2,687","","$","2,482","","$","205","","","8.3","%","","0.6","%","","8.9","%","","(1.0)","%","","8.0","%"],["Urology","2,200","","1,964","","236","","","12.0","%","","0.5","%","","12.5","%","","(3.3)","%","","9.3","%"],["Neuromodulation","1,106","","976","","130","","","13.3","%","","0.4","%","","13.7","%","","(11.0)","%","","2.7","%"],["MedSurg","5,993","","5,422","","571","","","10.5","%","","0.6","%","","11.1","%","","(3.6)","%","","7.5","%"],["Cardiovascular","10,755","","8,819","","1,936","","","22.0","%","","1.1","%","","23.0","%","","(1.1)","%","","21.9","%"],["Net Sales","$","16,747","","$","14,240","","$","2,507","","","17.6","%","","0.9","%","","18.5","%","","(2.1)","%","","16.4","%"],["Emerging Markets","$","2,680","","$","2,310","","$","370","","","16.1","%","","3.6","%","","19.6","%","","n/a","","n/a"]] [[/GREPCENT_TABLE]] (2) Those acquisitions included our majority stake investment in Acotec (Cardiovascular), the acquisitions of Apollo (Endoscopy), Relievant (Neuromodulation), the endoluminal vacuum therapy portfolio of Braun (Endoscopy), Silk Road Medical (Cardiovascular) and Axonics (Urology). MedSurg Endoscopy Our Endoscopy business develops and manufactures devices to diagnose and treat a broad range of gastrointestinal (GI) conditions with innovative, less-invasive technologies. In 2025, reported net sales growth was primarily driven by our biliary franchise, imaging systems and endoluminal surgery franchises. In 2024, reported net sales growth was primarily driven by our 35 endoluminal surgery franchise, our imaging systems franchise led by our EXALT™ Model D Single-Use Duodenoscope and our biliary franchise led by our AXIOS™ Stent and Delivery System. Urology Our Urology business develops and manufactures devices to treat various urological conditions for both male and female anatomies, including kidney stones, benign prostatic hyperplasia (BPH), prostate cancer, erectile dysfunction and incontinence. In 2025, reported net sales growth was primarily driven by the impact of the acquisition of Axonics and our stone management franchise. In 2024, reported net sales growth was primarily driven by our stone management franchise, l [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BSX/mda/fy2025/ All MD&A years: /company/BSX/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BSX/mda/fy2024/): filed 2025-02-18; accession 0000885725-25-000011 (https://www.sec.gov/Archives/edgar/data/885725/000088572525000011/bsx-20241231.htm) - [FY 2023 MD&A](/company/BSX/mda/fy2023/): filed 2024-02-20; accession 0000885725-24-000017 (https://www.sec.gov/Archives/edgar/data/885725/000088572524000017/bsx-20231231.htm) - [FY 2022 MD&A](/company/BSX/mda/fy2022/): filed 2023-02-23; accession 0000885725-23-000008 (https://www.sec.gov/Archives/edgar/data/885725/000088572523000008/bsx-20221231.htm) - [FY 2021 MD&A](/company/BSX/mda/fy2021/): filed 2022-02-23; accession 0000885725-22-000006 (https://www.sec.gov/Archives/edgar/data/885725/000088572522000006/bsx-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BSX.md · JSON record: /company/BSX.json · verified financials: /company/BSX/financials.json / /company/BSX/financials.csv · machine TOC for the whole site: /llms.txt