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BOSTON SCIENTIFIC CORP 8-K Report, Financial Results (Feb 5, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 5, 2025
Period End
February 5, 2025
Security
BSX
In the record · 2016–202610-K1310-Q328-K181

BSX filed 13 annual reports (10-K), 32 quarterly reports (10-Q) and 181 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’18Nov ’18
  2. Restructuring8-K · Dec ’20Dec ’20
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed February 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Boston Scientific (BSX) reported a strong close to 2024 in its Q4 and full-year results released February 5, 2025.

Q4 net sales reached $4.561 billiona, up 22.4% reported and 19.5% organic, well above the company's 16.5–18.5% reported guidance range. Cardiovascular was the growth engine at 28.8% reported (27.4% organic), led by 31.1% growth in Cardiology and the FARAPULSE pulsed field ablation launch, while MedSurg grew 12.4% reported (7.0% organic). Full-year net sales were $16.747 billion, up 17.6% reported and 16.4% organic.

GAAP EPS for Q4 was $0.38b, below the $0.41–0.43 guidance, due largely to $111 million of intangible asset impairments and acquisition-related charges, while adjusted EPS of $0.70 beat the $0.64–0.66 guidance range. Full-year adjusted EPS was $2.51 versus $2.05 in 2023. Looking ahead, management guided 2025 reported net sales growth of 12.5–14.5% (10–12% organic) and first-quarter reported growth of 17–19% (14–16% organic).

Full-year 2025 adjusted EPS is guided to $2.80c–2.87, with GAAP EPS of $1.86–1.93. The guidance implies a deceleration from 2024's pace, partly because acquisitions (Axonics, Cortex, and pending deals for Bolt Medical and Intera Oncology) contribute roughly 3.5 to 4 points of growth that will not be organic. Investors will likely focus on whether the organic growth rate can hold near the low-double-digit range as the FARAPULSE and WATCHMAN franchises mature and competitive pressure increases.

The filing is a furnished (not filed) Item 2.02 earnings release, and the figures are unaudited. The gap between GAAP and adjusted EPS remains significant, driven by amortization, impairments, and restructuring, so investors should weigh both measures when assessing earnings quality.

02—Key points

Key Highlights

  1. Q4 2024 net sales of $4.561B grew 22.4% reported and 19.5% organic, beating the company's guidance of 16.5–18.5% reported growth.
  2. Cardiovascular segment grew 28.8% reported in Q4 (27.4% organic), with Cardiology up 31.1%, driven by FARAPULSE pulsed field ablation.
  3. Q4 adjusted EPS of $0.70 exceeded the $0.64–0.66 guidance, while GAAP EPS of $0.38 fell short of the $0.41–0.43 range due to $111M in intangible asset impairments.
  4. Full-year 2024 net sales reached $16.747B (+17.6% reported, +16.4% organic); adjusted EPS rose to $2.51 from $2.05.
  5. 2025 guidance calls for 12.5–14.5% reported net sales growth (10–12% organic) and adjusted EPS of $2.80–2.87, implying deceleration from 2024.
  6. Q1 2025 guidance projects 17–19% reported growth (14–16% organic) and adjusted EPS of $0.66–0.68.
  7. Acquisitions completed (Axonics, Cortex) and pending (Bolt Medical, Intera Oncology) are expected to add roughly 3.5–4 points to 2025 reported growth.

03—Questions

Frequently Asked Questions

  1. What drove Boston Scientific's strong Q4 2024 performance?

    Growth was led by the Cardiovascular segment, which rose 28.8% reported, with Cardiology up 31.1%. The FARAPULSE pulsed field ablation system launch and strong WATCHMAN adoption were key contributors. The U.S. was up 30.7%, and organic growth of 19.5% indicates the strength was not solely due to acquisitions or currency.

  2. Why was GAAP EPS below guidance while adjusted EPS beat?

    GAAP EPS of $0.38 missed the $0.41–0.43 guidance mainly because of $111 million in intangible asset impairment charges, along with acquisition-related and restructuring charges. Adjusted EPS of $0.70 excludes these items, plus amortization of $225 million, and came in above the $0.64–0.66 guidance range.

  3. How much of 2025 growth guidance comes from acquisitions rather than the core business?

    Management estimates acquisitions and divestitures will contribute about 3.5 to 3.5 percentage points to full-year 2025 reported growth and about 4 points in Q1, which is the gap between reported (12.5–14.5%) and organic (10–12%) guidance. Organic growth is the better measure of underlying demand.

  4. Is the 2025 guidance a slowdown from 2024?

    Yes. Full-year 2025 reported growth of 12.5–14.5% compares with 17.6% in 2024, and organic growth of 10–12% compares with 16.4%. Management guided Q1 2025 higher (14–16% organic), so the deceleration is expected to build over the year.

  5. Does this filing represent a formal SEC-filed financial statement?

    No. Item 2.02 information and Exhibit 99.1 are furnished, not filed, under Section 18 of the Exchange Act, and the financial results are unaudited press release figures. Investors should review the 10-K for audited financials and detailed risk disclosures.

04—Continue

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