2025年报：电生理失速，波士顿科学盛极而衰？

Core Insights - Boston Scientific reported Q4 2025 revenue of $5.286 billion, a 15.9% year-over-year increase, exceeding market expectations of $5.280 billion [27][32] - The electrophysiology segment, which was highly anticipated, generated $890 million in sales, falling short of the market expectation of $933 million, leading to a stock price drop of over 17% [28][19] - The company's overall performance was strong, but the market reacted negatively due to concerns over the sustainability of growth driven by a single segment [19][48] Financial Performance - Q4 2025 revenue: $5.286 billion, up 15.9% YoY [32] - GAAP net profit: $672 million, up 18.7%, with earnings per share of $0.45 [32] - Adjusted EPS: $0.80, exceeding the company's guidance of $0.77-$0.79 [32] - Full-year revenue surpassed $20 billion for the first time, with a 19.9% YoY increase [33] Segment Performance - Cardiovascular segment revenue: $3.477 billion, up 18.2%, the strongest performing segment [32] - Electrophysiology segment growth was 35% in Q4, but analysts expressed concerns over the sustainability of this growth [44][39] - The Watchman device, another flagship product, reported $535 million in revenue, missing expectations by $4 million, indicating potential market saturation [45][44] Market Dynamics - The electrophysiology segment is critical to Boston Scientific's growth narrative, with the PFA technology previously showing explosive growth [37][39] - Competition is intensifying with the entry of Medtronic's PulseSelect and Johnson & Johnson's Varipulse, which may erode Boston Scientific's market share [41][43] - The U.S. market for PFA technology is experiencing a transition phase, which may limit future growth as initial conversions to PFA have been completed [39] Future Outlook - The company anticipates organic revenue growth of 10-11% for 2026, a significant slowdown from 15.8% in 2025 [49][48] - Management remains confident in maintaining market leadership in electrophysiology, with plans for product innovation and expansion into new indications [54] - International markets, particularly in China and Japan, present significant growth opportunities as they are still in early stages of PFA technology adoption [54]