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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 at 15.3%-15.5% and adjusted EPS of $0.75, all exceeding guidance.
U.S. operational sales grew 27%, while EMEA declined 2% due to ACURATE valve discontinuation and ERP backorder; Asia-Pac grew 17% operationally, led by Japan and China.
Strong performance was driven by Cardiovascular and MedSurg segments, with notable growth in WATCHMAN and Electrophysiology.
Operational highlights included regulatory approvals, clinical trial progress, and strategic acquisitions.
GAAP net income attributable to common stockholders was $755 million ($0.51 per share), up from $469 million ($0.32 per share) a year ago.
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 adjusted operating margin reached 28% (up 80 bps); GAAP operating margin was 20.7%.
Free cash flow for Q3 was $1.163 billion, with cash on hand at $1.275 billion and gross debt leverage ratio at 2.0x.
Gross profit for Q3 was $3.542 billion; operating income was $1.048 billion.
Nine-month net income attributable to common stockholders was $2.226 billion ($1.49 per share), up from $1.288 billion ($0.87 per share) year-over-year.
Outlook and guidance
Q4 2025 net sales growth guided at 14.5%-16.5% reported and 11%-13% organic; adjusted EPS guidance is $0.77-$0.79.
Full-year 2025 net sales growth expected at ~20% reported and ~15.5% organic; adjusted EPS guidance is $3.02-$3.04.
Full-year GAAP EPS guidance is $1.97–$2.01.
Targeting 10%+ average organic revenue growth and 50 bps annual operating margin expansion from 2026-2028.
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
Q4 20254 Feb, 2026
Next Boston Scientific earnings date
Q4 20254 Feb, 2026
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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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