01—Abstract
Summary
Summary of the 10-Q filed November 3, 2025. Cited figures are marked; the original filing is the authoritative source.
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 billiona 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 billionb ($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.
02—Key points
Key Highlights
- Strong revenue growth driven by robust commercial execution and contributions from recent acquisitions, with net sales up 20.3% QoQ and 21.4% YTD.
- Significant increases in profitability, with adjusted net income per diluted share rising to $0.75 in Q3 and $2.26 YTD.
- Electrophysiology business unit shows exceptional growth, led by the Farapulse™ Pulsed Field Ablation System.
- Cardiovascular segment, particularly the Cardiology division, is a major revenue driver, showing a 24.0% increase in Q3.
- Continued investment in R&D to support innovation and bring new technologies to market.
- Strategic acquisitions, including Anrei Medical, SoniVie, Intera Oncology, and Bolt Medical in 2025, are being integrated and are contributing to revenue.
- The company maintains a strong balance sheet with ample liquidity and remains compliant with its financial covenants.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Boston Scientific Corp kept $0.15.
- Revenue$5.07B100.0%
- Cost of revenue−$1.52B30.1%
- Gross profit$3.54B69.9%
- Operating costs−$2.49B49.2%
- Operating income$1.05B20.7%
- Interest, other & tax−$293.0M5.8%
- Net income$755.0M14.9%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 3, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $5.07B$4.21B | +20.3% |
| Cost of Revenue | $1.52B$1.31B | +16.1% |
| Gross Profit | $3.54B$2.90B | +22.3% |
| SG&A Expenses | $1.74B$1.56B | +11.5% |
| Operating Expenses | $2.49B$2.16B | +15.2% |
| Operating Income | $1.05B$733.00M | +43.0% |
| Interest Expense | $87.00M$79.00M | +10.1% |
| Net Income | $755.00M$469.00M | +61.0% |
| EPS (Basic) | $0.51$0.32 | +59.4% |
| EPS (Diluted) | $0.51$0.32 | +59.4% |
| Shares Outstanding (Basic) | 1.48B1.47B | +0.6% |
| Shares Outstanding (Diluted) | 1.50B1.49B | +0.5% |
05—Questions
Frequently Asked Questions
What drove the significant increase in net sales for Boston Scientific in the third quarter and year-to-date?
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.
How did the company's profitability perform in the reported periods?
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.
What is the company's strategy regarding acquisitions, and how are they impacting the business?
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.
How is Boston Scientific managing its debt and liquidity?
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.
06—Continue