招商通知： 2025年9月4-5日，第三届全球手术机器人大会 2025年7月23日， 波士顿科学公司（NYSE: BSX） 发布2025年第二季度财务报告。 期内公司实现销售收入50.61亿美元（约合人民币 362亿 ），同比增长22.8%， 在有机、运营及报告基础三项口径均超出此前给出的指导区间。净利润同比翻番，调整后每股收益超过分析师一致预期，全年营收和利润指引同步上调。心血管与 医疗外科业务构成主要增长动力，Farapulse与Watchman产品组合在监管、临床和市场端协同发力，构筑差异化优势。 # 核心财务表现 ：营 收与利润全 面超预期 2025年第二季度，波士顿科学实现 净销售额 50.61亿美元 ，同比 增长22.8% ， 显著高于分析师预期的48.9亿美元。按运营基础计算增长21.6%，剔除外汇波动与部 分收并购影响后，有机增长达17.4%，同样超过公司此前13%-15%的指引区间上限。 GAAP净利润为7.97亿美元，合每股收益0.53美元，较去年同期的3.24亿美元（EPS 0.22美元）增长超过一倍。调整后每股收益为0.75美元，高于公司此前指引 （0.71–0.73美元）及市场共识（ ...

Boston Scientific (BSX 4.21%), a leader in medical devices for cardiovascular and surgical markets, reported its second-quarter 2025 results on July 23, 2025. The company posted revenue and earnings well above Wall Street expectations for the period, with revenue of $5.06 billion topping analyst estimates of $4.89 billion. Adjusted (non-GAAP) earnings per share (EPS) landed at $0.75, also ahead of the projected $0.73. Both numbers exceeded the upper end of Boston Scientific's own guidance. Management charac ...

Key Takeaways BSX posted Q2 adjusted EPS of 75 cents, up 20.9% and above guidance and consensus estimates. Q2 revenues rose 22.8% to $5.06B, driven by 26.8% Cardiovascular growth and strong U.S. performance. BSX raised 2025 sales growth forecast to 18-19% and EPS guidance to $2.95-$2.99 on solid portfolio momentum.Boston Scientific Corporation (BSX) posted second-quarter 2025 adjusted earnings per share (EPS) of 75 cents, up 20.9% from the year-ago figure. The figure beat the Zacks Consensus Estimate by 4 ...

Jim and stop trading. >> The most reliable medical equipment company. I'm not ISRG.I really like Intuitive. Boston Scientific. Another great quarter.Mike Mahoney quietly puts up fantastic number, a fantastic number, fantastic big revenue beat. Some people are just so unheralded. And this again is the broading out.I know that we can worry about 2008. I know we can worry about 2021, but there are sectors of the market where the companies are just crushing >> like that. >> Yes.We'll keep an eye on. I mean, the ...

Financial Data and Key Metrics Changes - In Q2 2025, total company operational sales grew 22% and organic sales grew 17%, exceeding the guidance range of 13% to 15% [6][23] - Adjusted EPS for Q2 was $0.75, representing a 23% increase, also surpassing the guidance range of $0.71 to $0.73 [6][23] - Adjusted operating margin was 27.6%, an increase of 50 basis points compared to Q2 2024 [7][24] Business Line Data and Key Metrics Changes - Urology sales grew 28% operationally and 6% organically, driven by stone management and prosthetic urology franchises [11] - Endoscopy grew 8% globally, with double-digit growth in the U.S., supported by strong performance in key products [12] - Cardiology sales increased by 28%, with interventional cardiology therapy sales growing 9% [13] Market Data and Key Metrics Changes - U.S. operational growth was 31%, primarily driven by the cardiovascular portfolio [8][9] - EMEA grew 2% operationally, with 7% growth excluding the Accurate Valve discontinuation [9] - Asia Pacific saw a 15% operational growth, led by strong performance in Japan, China, and Australia [10] Company Strategy and Development Direction - The company is focusing on expanding its portfolio and investing in clinical evidence to support new technologies [15][21] - There is a commitment to strategic acquisitions and high-growth adjacencies, with recent acquisitions of Sonae V and Entera Medical [26] - The company aims to continue outpacing market growth through organic portfolio enhancements and strategic M&A [94] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting full-year organic growth to be in the range of 14% to 15% [28][29] - The anticipated impact of tariffs and the Accurate Valve discontinuation was discussed, with expectations for gross margin to remain flat for the year [24][45] - Management highlighted the importance of clinical data and reimbursement developments in driving future growth [72][75] Other Important Information - The company received a credit rating upgrade from Moody's to A3, reflecting improved financial stability [26] - Free cash flow for Q2 was $1,129 million, with expectations for full-year free cash flow to be approximately $3,500 million [26] Q&A Session Summary Question: WATCHMAN growth and durability - Management noted strong growth in WATCHMAN, driven by safety and efficacy, with expectations for continued growth in the future [35][38] Question: Gross margin concerns - Management addressed the impact of the Accurate Valve discontinuation on gross margin, emphasizing strong sales performance and cost controls [42][44] Question: Growth vectors for EP business - Management highlighted market growth, PFA adoption, and new product introductions as key growth drivers for the electrophysiology business [49][50] Question: MedSurg business performance - Management emphasized strong performance in Endoscopy and Neuromodulation, with expectations for continued growth despite some competitive pressures [55][60] Question: ASC setting and growth implications - Management expressed optimism about the ASC setting, viewing it as a positive development for future growth despite potential challenges [64][68] Question: Renal denervation market potential - Management discussed the potential of the renal denervation market, emphasizing the importance of clinical trials and market positioning [71][75] Question: Evolution of the EP portfolio - Management outlined plans for expanding the EP portfolio, including new product launches and indication expansions [78][82]

Financial Data and Key Metrics Changes - In Q2 2025, total company operational sales grew 22% and organic sales grew 17%, exceeding the guidance range of 13% to 15% [5][20] - Adjusted EPS for Q2 was $0.75, a 23% increase, surpassing the guidance range of $0.71 to $0.73 [5][20] - Adjusted operating margin was 27.6%, reflecting a 50 basis point increase compared to Q2 2024 [5][21] Business Line Data and Key Metrics Changes - Urology sales grew 28% operationally and 6% organically, driven by stone management and prosthetic urology franchises [9] - Endoscopy grew 8% globally, with double-digit growth in the U.S., supported by strong performance in key products [10] - Cardiology sales increased by 28%, with interventional cardiology therapy sales growing 9% [11] Market Data and Key Metrics Changes - U.S. operational growth was 31%, primarily from the cardiovascular portfolio [7] - EMEA grew 2% operationally, with 7% growth excluding the Accurate Valve discontinuation [7] - Asia Pacific saw a 15% operational growth, led by strong performance in Japan, China, and Australia [8] Company Strategy and Development Direction - The company is focused on expanding its portfolio and investing in clinical evidence to drive growth, particularly in the electrophysiology market [17][18] - Strategic acquisitions, such as Entera Medical, are aimed at enhancing the interventional oncology portfolio [19][23] - The company anticipates continued high single-digit growth in the second half of the year, driven by proprietary technologies and strategic partnerships [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving organic growth of 14% to 15% for the full year 2025, reflecting strong momentum across global businesses [6][24] - The anticipated impact of tariffs has been revised down to approximately $100 million for the full year [21][24] - Management highlighted the importance of clinical data and reimbursement decisions in shaping future growth, particularly in the WATCHMAN and FerriPulse markets [36][99] Other Important Information - The company received a credit rating upgrade from Moody's to A3, indicating improved financial stability [23] - Free cash flow for Q2 was $1.129 billion, with expectations of approximately $3.5 billion for the full year 2025 [23][24] Q&A Session Summary Question: WATCHMAN growth and durability - Management noted a 28% growth in WATCHMAN, driven by its safety and efficacy profile, and expects continued growth as more physicians adopt concomitant procedures [34][36] Question: Gross margin concerns - Management acknowledged a $130 million write-down related to the Accurate exit but emphasized strong sales performance and cost controls that offset this impact [40][43] Question: Growth vectors for electrophysiology business - Management highlighted market growth, PFA adoption, and new product launches as key growth drivers for the electrophysiology segment [48][50] Question: Capacity issues with WATCHMAN and FerriPulse - Management indicated no current capacity constraints but noted that hospitals are investing in additional labs to accommodate growing demand [102][106] Question: Impact of Medicare rule changes - Management expressed concerns about proposed reimbursement cuts but remains confident that physicians will prioritize appropriate treatments for patients [98][99]

Company Performance - Boston Scientific reported quarterly earnings of $0.75 per share, exceeding the Zacks Consensus Estimate of $0.72 per share, and up from $0.62 per share a year ago, representing an earnings surprise of +4.17% [1] - The company posted revenues of $5.06 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.48%, compared to revenues of $4.12 billion in the same quarter last year [2] - Over the last four quarters, Boston Scientific has consistently surpassed consensus EPS and revenue estimates [2] Stock Performance - Boston Scientific shares have increased approximately 15.5% since the beginning of the year, outperforming the S&P 500's gain of 7.3% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.70 on revenues of $4.85 billion, and for the current fiscal year, it is $2.91 on revenues of $19.5 billion [7] - The outlook for the industry, particularly the Medical - Products sector, is currently in the bottom 30% of Zacks industries, which may impact stock performance [8]

Financial Performance - The company's reported net sales reached $5061 billion, demonstrating a 228% increase year-over-year[21] - Operational net sales grew by 216% year-over-year[14] - Organic net sales increased by 174% compared to the previous year[14] - Reported earnings per share (EPS) stood at $053, compared to $022 in Q2 2024[18] - Adjusted EPS was $075, up from $062 in Q2 2024[18] - The company's free cash flow reached $1129 million in Q2 2025, compared to $660 million in Q2 2024[35] Segment Performance - MedSurg segment reported net sales of $1716 billion, a 157% increase year-over-year[22] - Cardiovascular segment reported net sales of $3345 billion, a 268% increase year-over-year[25] - Cardiology segment net sales increased by 293% to $2647 billion[27] - Electrophysiology (EP) net sales surged by 961% to $840 million[27] Guidance - The company projects Q3 2025 reported net sales growth of 17%-19% and organic net sales growth of 12%-14%[18] - Q3 2025 reported EPS is expected to be $044-$046, with adjusted EPS of $070-$072[18] - For the full year 2025, the company anticipates reported net sales growth of 18%-19% and organic net sales growth of 14%-15%[18] - Full year 2025 reported EPS is projected to be $189-$193, with adjusted EPS of $295-$299[18]

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Boston Scientific reported strong Q2 2025 financial results exceeding guidance, alongside significant regulatory approvals and strategic acquisitions [Q2 2025 Performance Summary](index=1&type=section&id=Q2%202025%20Performance%20Summary) Boston Scientific reported exceptional results for the second quarter of 2025, with net sales of $5.061 billion, representing a 22.8% reported growth and 17.4% organic growth. Both GAAP and adjusted EPS significantly increased year-over-year and surpassed the company's guidance, reflecting strong commercial execution and margin expansion Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $5.061B | $4.120B | +22.8% Reported | | GAAP Net Income | $797M | $324M | +146.0% | | GAAP EPS | $0.53 | $0.22 | +140.9% | | Adjusted EPS | $0.75 | $0.62 | +21.0% | - The company's performance exceeded its own guidance ranges for sales growth and earnings per share[2](index=2&type=chunk) Q2 2025 Performance vs. Guidance | Metric | Q2 2025 Actual | Q2 2025 Guidance | | :--- | :--- | :--- | | Reported Net Sales Growth | 22.8% | 17.5% to 19.5% | | Organic Net Sales Growth | 17.4% | 13.0% to 15.0% | | GAAP EPS | $0.53 | $0.45 to $0.47 | | Adjusted EPS | $0.75 | $0.71 to $0.73 | [Recent Corporate & Clinical Developments](index=2&type=section&id=Recent%20Corporate%20%26%20Clinical%20Developments) During the quarter, Boston Scientific achieved significant regulatory and clinical milestones, including FDA approval for the FARAPULSE™ PFA System for persistent AF and a CE Mark for the WATCHMAN FLX™ Pro device. The company also expanded its portfolio by completing the acquisitions of Intera Oncology Inc. and SoniVie Ltd - Received FDA approval to expand the use of the FARAPULSE™ Pulsed Field Ablation (PFA) System for treating symptomatic persistent atrial fibrillation (AF)[6](index=6&type=chunk) - Obtained CE Mark for the WATCHMAN FLX™ Pro Left Atrial Appendage Closure Device, which is optimized for healing and improved visualization[6](index=6&type=chunk) - Completed the acquisition of Intera Oncology Inc., adding a hepatic artery infusion pump and a chemotherapy drug to its portfolio[6](index=6&type=chunk) - Completed the acquisition of SoniVie Ltd., developer of the TIVUS™ Intravascular Ultrasound System for treating hypertension[6](index=6&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) Net sales growth was primarily driven by strong Cardiovascular segment performance and significant expansion in the United States market [Net Sales by Business Segment](index=3&type=section&id=Net%20Sales%20by%20Business%20Segment) The Cardiovascular segment was the largest and fastest-growing business, with reported sales increasing by 26.8% to $3.345 billion. The MedSurg segment also posted strong results with 15.7% reported growth. On an organic basis, Cardiology was the standout performer with 27.9% growth Q2 2025 Net Sales by Business Segment (in millions) | Business Segment | Q2 2025 Sales | Q2 2024 Sales | Reported Growth | Organic Growth | | :--- | :--- | :--- | :--- | :--- | | **MedSurg** | **$1,716** | **$1,483** | **15.7%** | **7.0%** | | Endoscopy | $737 | $676 | 9.1% | 7.8% | | Urology | $676 | $525 | 28.9% | 6.3% | | Neuromodulation | $303 | $282 | 7.2% | 6.6% | | **Cardiovascular** | **$3,345** | **$2,637** | **26.8%** | **23.2%** | | Cardiology | $2,647 | $2,047 | 29.3% | 27.9% | | Peripheral Interventions | $698 | $590 | 18.3% | 7.0% | | **Total Net Sales** | **$5,061** | **$4,120** | **22.8%** | **17.4%** | [Net Sales by Region](index=3&type=section&id=Net%20Sales%20by%20Region) The United States was the primary driver of growth, with sales increasing 30.7% to $3.224 billion. The Asia-Pacific (APAC) region also delivered strong performance with 18.0% reported growth. Emerging Markets grew 11.6% on a reported basis Q2 2025 Net Sales by Region (in millions) | Region | Q2 2025 Sales | Q2 2024 Sales | Reported Growth | Operational Growth | | :--- | :--- | :--- | :--- | :--- | | U.S. | $3,224 | $2,466 | 30.7% | 30.7% | | EMEA | $878 | $822 | 6.8% | 1.8% | | APAC | $790 | $670 | 18.0% | 15.4% | | LACA | $169 | $162 | 4.0% | 8.9% | | **Total Net Sales** | **$5,061** | **$4,120** | **22.8%** | **21.6%** | | Emerging Markets | $758 | $680 | 11.6% | 12.1% | [Financial Outlook](index=4&type=section&id=Financial%20Outlook) Boston Scientific raised its full-year and Q3 2025 guidance, projecting strong net sales growth and increased adjusted EPS [Full Year 2025 Guidance](index=4&type=section&id=Full%20Year%202025%20Guidance) The company raised its full-year 2025 guidance, projecting net sales growth of approximately 18% to 19% on a reported basis and 14% to 15% organically. Adjusted EPS is now estimated to be in the range of $2.95 to $2.99, with GAAP EPS expected between $1.89 and $1.93 Full Year 2025 Guidance | Metric | Low Estimate | High Estimate | | :--- | :--- | :--- | | Reported Net Sales Growth | 18.0% | 19.0% | | Organic Net Sales Growth | 14.0% | 15.0% | | GAAP EPS | $1.89 | $1.93 | | Adjusted EPS | $2.95 | $2.99 | [Third Quarter 2025 Guidance](index=4&type=section&id=Third%20Quarter%202025%20Guidance) For the third quarter of 2025, Boston Scientific anticipates reported net sales growth between 17% and 19% (12% to 14% organic). The company forecasts GAAP EPS of $0.44 to $0.46 and adjusted EPS of $0.70 to $0.72 Third Quarter 2025 Guidance | Metric | Low Estimate | High Estimate | | :--- | :--- | :--- | | Reported Net Sales Growth | 17.0% | 19.0% | | Organic Net Sales Growth | 12.0% | 14.0% | | GAAP EPS | $0.44 | $0.46 | | Adjusted EPS | $0.70 | $0.72 | [Consolidated Financial Statements (GAAP)](index=6&type=section&id=Consolidated%20Financial%20Statements%20%28GAAP%29) The consolidated financial statements highlight significant year-over-year growth in net sales, operating income, and net income for the second quarter of 2025 [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, the company's net sales grew to $5.061 billion from $4.120 billion in the prior-year period. This top-line growth, combined with managed operating expenses, resulted in operating income of $819 million and net income attributable to common stockholders of $797 million, or $0.53 per diluted share, a substantial increase from $324 million, or $0.22 per share, in Q2 2024 Consolidated Statements of Operations Highlights (in millions) | Line Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net sales | $5,061 | $4,120 | | Gross profit | $3,424 | $2,850 | | Operating income | $819 | $520 | | Net income attributable to Boston Scientific common stockholders | $797 | $324 | | Diluted net income per common share | $0.53 | $0.22 | [Non-GAAP Financial Measures & Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) The company provides non-GAAP financial measures to offer a clearer view of underlying business performance by adjusting for specific non-recurring or non-cash items [Reconciliation of GAAP to Non-GAAP Results](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Results) The company's adjusted EPS for Q2 2025 was $0.75, compared to a GAAP EPS of $0.53. The primary adjustments included $0.13 for amortization expense, $0.10 for restructuring charges, and a credit of ($0.06) for acquisition/divestiture-related items. These adjustments reconcile the reported GAAP net income of $797 million to an adjusted net income of $1,127 million Q2 2025 GAAP to Adjusted EPS Reconciliation | Description | Impact per Share | | :--- | :--- | | **Reported GAAP EPS** | **$0.53** | | Amortization expense | $0.13 | | Goodwill and other intangible asset impairment charges | $0.02 | | Acquisition/divestiture-related net charges (credits) | ($0.06) | | Restructuring and restructuring related net charges (credits) | $0.10 | | EU MDR implementation costs | $0.01 | | Deferred tax expenses (benefits) | $0.03 | | Other | ($0.00) | | **Adjusted EPS** | **$0.75** | [Explanation of Non-GAAP Measures](index=10&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Boston Scientific uses non-GAAP financial measures such as operational net sales, organic net sales, and adjusted net income/EPS to supplement its GAAP reporting. Management believes these measures provide greater transparency into underlying business trends by excluding items like foreign currency fluctuations, amortization of intangible assets, restructuring costs, and acquisition-related charges. These metrics are used internally for performance evaluation, resource allocation, and setting operational goals - Non-GAAP measures are used to exclude certain charges/credits, such as amortization expense, acquisition-related costs, restructuring charges, and EU MDR implementation costs[25](index=25&type=chunk)[26](index=26&type=chunk) - Operational net sales exclude the impact of foreign currency fluctuations, while organic net sales exclude both currency impacts and the effect of certain acquisitions/divestitures[25](index=25&type=chunk)[28](index=28&type=chunk) - Management utilizes these non-GAAP measures to evaluate period-over-period performance, analyze business trends, assess performance relative to competitors, and establish operational goals and forecasts[30](index=30&type=chunk)[31](index=31&type=chunk)

Core Insights - Boston Scientific Corporation reported net sales of $5.061 billion for Q2 2025, representing a growth of 22.8% on a reported basis, 21.6% on an operational basis, and 17.4% on an organic basis compared to the previous year [1][7][10] - The company achieved a GAAP net income of $797 million, or $0.53 per share, compared to $324 million, or $0.22 per share, a year ago, with adjusted EPS of $0.75 compared to $0.62 a year ago [1][7][10] Financial Performance - The second quarter financial results showed significant growth across various segments, with MedSurg growing by 15.7% reported, Cardiovascular by 26.8% reported, and Urology by 28.9% reported [6][7] - The net sales growth by region included a 30.7% increase in the U.S., 6.8% in EMEA, 18.0% in APAC, and 11.6% in Emerging Markets [7][8] Strategic Developments - The company received FDA approval to expand the use of the FARAPULSE™ Pulsed Field Ablation System for treating drug refractory, symptomatic persistent atrial fibrillation [7] - Boston Scientific commenced enrollment in the ReMATCH IDE clinical trial for evaluating the FARAWAVE™ and FARAPOINT™ PFA Catheters [7] - The company completed acquisitions of Intera Oncology® Inc. and SoniVie Ltd., enhancing its product offerings in the medical device sector [7] Guidance - For the full year 2025, Boston Scientific estimates net sales growth of approximately 18% to 19% on a reported basis and 14% to 15% on an organic basis [10][11] - The company projects GAAP EPS in the range of $1.89 to $1.93 and adjusted EPS of $2.95 to $2.99 for the full year [10][11]