01—Abstract
Summary
Summary of the 8-K filed October 22, 2025. Cited figures are marked; the original filing is the authoritative source.
Boston Scientific (BSX) reported third-quarter 2025 results on October 22, 2025 that beat its own guidance on every headline metric.
Net sales reached $5.065 billiona, up 20.3% reported, 19.4% operational and 15.3% organic, versus guidance of 17–19% reported and 12–14% organic. GAAP EPS was $0.51 (versus $0.32 a year ago) and adjusted EPS was $0.75, above the $0.70–$0.72 guidance range. Growth was driven by Cardiovascular (up 22.4% reported, 19.4% organic) and especially the U.S. (up 27.0%), while EMEA was essentially flat to down on an operational basis (down 2.0%), partly reflecting the discontinuation of the ACURATE aortic valve systems, which had roughly $50 million of quarterly sales in the prior year.
For the full year 2025, management guided to approximately 20% reported and 15.5% organic net sales growth, GAAP EPS of $1.97b–$2.01, and adjusted EPS of $3.02–$3.04. For Q4 2025, guidance is 14.5–16.5% reported and 11–13% organic growth, with GAAP EPS of $0.48–$0.52 and adjusted EPS of $0.77–$0.79. The implied Q4 organic deceleration from the Q3 pace of 15.3% is a key point for investors to watch, alongside the continued drag from the discontinued valve business and the pending Nalu Medical acquisition.
The report also covered several pipeline and corporate developments: Japanese approval of expanded FARAPULSE labeling for drug-refractory persistent atrial fibrillation, enrollment start in the AGENT DCB STANCE trial, completion of the Elutia asset acquisition, and an agreement to acquire Nalu Medical, subject to customary closing conditions. Restructuring charges were a meaningful GAAP item in 2025, though they are excluded from adjusted results.
02—Key points
Key Highlights
- Q3 2025 net sales of $5.065B, up 20.3% reported and 15.3% organic, both above the company's guidance ranges (17–19% reported; 12–14% organic).
- Adjusted EPS of $0.75 beat the $0.70–$0.72 guidance range; GAAP EPS of $0.51 rose from $0.32 a year earlier.
- Cardiovascular grew 22.4% reported (19.4% organic), with Cardiology up 24.0% reported; MedSurg grew 16.4% reported but only 7.6% organic.
- U.S. sales grew 27.0%, while EMEA was up 2.6% reported but down 2.0% operationally, reflecting the discontinued ACURATE valve systems (~$50M prior-year quarterly sales).
- FY 2025 guidance: ~20% reported and ~15.5% organic net sales growth; GAAP EPS $1.97–$2.01; adjusted EPS $3.02–$3.04.
- Q4 2025 guidance: 14.5–16.5% reported and 11–13% organic growth, with adjusted EPS of $0.77–$0.79, implying organic deceleration from Q3.
- Announced agreement to acquire Nalu Medical (peripheral nerve stimulation for chronic pain), subject to closing conditions; completed the Elutia asset acquisition.
03—Questions
Frequently Asked Questions
Did Boston Scientific beat its Q3 2025 guidance?
Yes. Reported net sales growth of 20.3% exceeded the 17–19% guidance range, organic growth of 15.3% beat the 12–14% range, and adjusted EPS of $0.75 topped the $0.70–$0.72 range. GAAP EPS of $0.51 also came in above the $0.44–$0.46 guidance range.
Why did EMEA sales decline on an operational basis?
Management discontinued worldwide sales of the ACURATE neo2 and ACURATE Prime aortic valve systems in Q2 2025. These products had roughly $50 million in prior-year quarterly global sales, and the discontinuation weighed on EMEA, which was down 2.0% operationally despite a 2.6% reported increase.
What does the guidance imply for the fourth quarter?
Q4 organic growth guidance of 11–13% is below the 15.3% organic growth achieved in Q3, suggesting deceleration. Q4 adjusted EPS of $0.77–$0.79 and GAAP EPS of $0.48–$0.52 are also modest relative to the Q3 run rate, and the full-year organic growth guide of about 15.5% reflects this slowdown.
How is adjusted EPS different from GAAP EPS for Boston Scientific?
Adjusted EPS excludes items such as amortization expense, acquisition/divestiture-related charges, restructuring charges, EU MDR implementation costs, investment portfolio gains and losses, and certain deferred and discrete tax items. In Q3 2025, amortization ($0.13 per share), acquisition-related charges ($0.06), deferred tax expense ($0.03) and restructuring ($0.02) accounted for most of the $0.24 gap between adjusted ($0.75) and GAAP ($0.51) EPS.
What is the significance of the Nalu Medical acquisition?
Nalu Medical develops the Nalu Neuromodulation System, which uses peripheral nerve stimulation to treat severe, intractable chronic pain of peripheral nerve origin. The deal expands Boston Scientific's neuromodulation portfolio into a new indication, though the filing does not disclose the purchase price or expected financial impact, and closing remains subject to customary conditions.
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