10-QPeriod: Q2 FY2025

BOSTON SCIENTIFIC CORP Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 1, 2025For Securities:BSX

Summary

Boston Scientific Corporation (BSX) reported robust financial results for the second quarter and first six months of 2025, demonstrating significant year-over-year growth in net sales and profitability. Net sales increased by 22.8% in Q2 2025 to $5.061 billion, driven by strong operational growth of 21.6% and contributions from recent acquisitions. The company's net income attributable to common stockholders rose substantially to $797 million in Q2 2025, up from $324 million in the prior year period. Key growth drivers included the Electrophysiology business unit, propelled by the adoption of the Farapulse™ Pulsed Field Ablation System, and strong performance across the Cardiovascular and MedSurg segments. The company also made strategic acquisitions during the period, including Anrei Medical, SoniVie Ltd., Intera Oncology®, and Bolt Medical, Inc., which are expected to enhance its product portfolio and market position. Despite some headwinds such as increased R&D expenses and restructuring charges, BSX maintains a solid financial position and expects continued growth.

Financial Highlights

49 data points
Beta

Revenue

$5.06B

67.7% Gross Margin

Net Income

$797.00M

15.7% Net Margin

EPS (Diluted)

$0.53

Total Assets

$41.56B

Cash & Equivalents

$534.00M

Free Cash Flow

$1.13B

Financial Statements
Beta
Revenue$5.06B
Cost of Revenue$1.64B
Gross Profit$3.42B
SG&A Expenses$1.72B
Operating Expenses$2.60B
Operating Income$819.00M
Interest Expense$90.00M
Net Income$797.00M
EPS (Basic)$0.54
EPS (Diluted)$0.53
Shares Outstanding (Basic)1.48B
Shares Outstanding (Diluted)1.49B

Key Highlights

  • 1Net sales for Q2 2025 surged to $5.061 billion, a 22.8% increase year-over-year, driven by strong operational and organic growth, as well as contributions from acquisitions.
  • 2Net income attributable to common stockholders reached $797 million in Q2 2025, a significant increase from $324 million in Q2 2024, reflecting improved profitability.
  • 3The Electrophysiology business unit, particularly the Farapulse™ PFA System, was a major growth driver, demonstrating strong commercial execution and market adoption.
  • 4The company completed several strategic acquisitions in the first half of 2025, including Anrei Medical, SoniVie, Intera Oncology®, and Bolt Medical, aimed at expanding its product offerings and market reach.
  • 5Research and Development (R&D) expenses increased significantly, reflecting ongoing investment in innovation and a robust pipeline of new products.
  • 6Despite a decrease in gross profit margin due to inventory charges and other period expenses, overall profitability improved.
  • 7Boston Scientific reported strong compliance with its financial covenant (leverage ratio of 2.16x vs. 4.75x maximum permitted), indicating a healthy balance sheet and financial flexibility.

Frequently Asked Questions

The substantial increase in net sales was primarily driven by strong commercial execution across all business segments, particularly the Electrophysiology business unit due to the rapid adoption of the Farapulse™ Pulsed Field Ablation System. Additionally, strategic acquisitions made during the period, such as Silk Road Medical, Axonics, and Intera Oncology®, contributed to the growth, alongside organic net sales growth.

Profitability has significantly improved. Net income attributable to Boston Scientific common stockholders increased to $797 million in Q2 2025 from $324 million in Q2 2024. On a diluted per share basis, this translates to $0.53 in Q2 2025 compared to $0.22 in Q2 2024. The company also reported strong adjusted net income of $1,127 million ($0.75 per diluted share) for Q2 2025, reflecting underlying operational performance.

The company completed several acquisitions in the first half of 2025, including Anrei Medical, SoniVie, Intera Oncology®, and Bolt Medical. These acquisitions are expected to complement existing product portfolios and expand market reach. While not fully comparable for the entire period, they contributed positively to the reported net sales growth and are integrated into the company's operational segments.

Yes, the company incurred several charges and credits that affected reported results. These include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related charges, restructuring and restructuring-related charges, and EU MDR implementation costs. For Q2 2025, these adjustments totaled $330 million after-tax, leading to a significant difference between reported and adjusted net income.