10-QPeriod: Q3 FY2025

BOSTON SCIENTIFIC CORP Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 3, 2025For Securities:BSX

Summary

Boston Scientific Corporation (BSX) reported a strong third quarter and first nine months of 2025, demonstrating robust revenue growth and improved profitability. Net sales surged by 20.3% to $5.065 billion for the third quarter and by 21.4% to $14.788 billion for the first nine months, driven by broad-based commercial execution across its MedSurg and Cardiovascular segments, with notable strength in Electrophysiology (driven by the Farapulse™ PFA System) and the Watchman device. The company also saw significant contributions from recent acquisitions, bolstering its growth trajectory. Profitability also improved, with net income attributable to common stockholders rising significantly year-over-year. Adjusted net income (a non-GAAP measure) for the third quarter was $1.124 billion ($0.75 per diluted share), a substantial increase from $937 million ($0.63 per diluted share) in the prior year. For the first nine months, adjusted net income reached $3.372 billion ($2.26 per diluted share), up from $2.683 billion ($1.81 per diluted share) in the comparable period of 2024. The company continues to invest in Research & Development, underscoring its commitment to innovation and future growth.

Financial Highlights

49 data points
Beta

Revenue

$5.07B

69.9% Gross Margin

Net Income

$755.00M

14.9% Net Margin

EPS (Diluted)

$0.51

Total Assets

$42.71B

Cash & Equivalents

$1.27B

Free Cash Flow

$1.16B

Financial Statements
Beta
Revenue$5.07B
Cost of Revenue$1.52B
Gross Profit$3.54B
SG&A Expenses$1.74B
Operating Expenses$2.49B
Operating Income$1.05B
Interest Expense$87.00M
Net Income$755.00M
EPS (Basic)$0.51
EPS (Diluted)$0.51
Shares Outstanding (Basic)1.48B
Shares Outstanding (Diluted)1.50B

Key Highlights

  • 1Strong revenue growth driven by robust commercial execution and contributions from recent acquisitions, with net sales up 20.3% QoQ and 21.4% YTD.
  • 2Significant increases in profitability, with adjusted net income per diluted share rising to $0.75 in Q3 and $2.26 YTD.
  • 3Electrophysiology business unit shows exceptional growth, led by the Farapulse™ Pulsed Field Ablation System.
  • 4Cardiovascular segment, particularly the Cardiology division, is a major revenue driver, showing a 24.0% increase in Q3.
  • 5Continued investment in R&D to support innovation and bring new technologies to market.
  • 6Strategic acquisitions, including Anrei Medical, SoniVie, Intera Oncology, and Bolt Medical in 2025, are being integrated and are contributing to revenue.
  • 7The company maintains a strong balance sheet with ample liquidity and remains compliant with its financial covenants.

Frequently Asked Questions

The substantial increase in net sales was primarily driven by strong commercial execution across all business segments, particularly in Electrophysiology with the Farapulse™ PFA System and in the Watchman device for Left Atrial Appendage Closure procedures. Additionally, recent acquisitions, such as Silk Road Medical and Intera Oncology, have contributed positively to the revenue growth.

Boston Scientific demonstrated improved profitability. Reported net income attributable to common stockholders for Q3 2025 was $755 million ($0.51 per diluted share), a significant increase from $469 million ($0.32 per diluted share) in Q3 2024. On an adjusted basis (excluding certain charges), net income per diluted share was $0.75 for Q3 2025, up from $0.63 in the prior year. For the first nine months, adjusted net income per diluted share was $2.26, up from $1.81 in the prior year.

Boston Scientific continues to actively pursue strategic acquisitions to expand its product portfolio and market reach. In 2025, key acquisitions included Anrei Medical, SoniVie, Intera Oncology, and Bolt Medical. These acquisitions are being integrated into relevant divisions and are contributing to the company's overall revenue growth and innovation pipeline. The company also announced an agreement to acquire Nalu Medical, Inc., expected to close in the first half of 2026.

The company maintains a strong liquidity position with $1.275 billion in unrestricted cash and cash equivalents as of September 30, 2025. It also has an undrawn $2.750 billion revolving credit facility, providing significant financial flexibility. Boston Scientific remains compliant with its financial covenants and has a diversified debt maturity profile, with a focus on managing its leverage ratio.