Core Insights - Boston Scientific has reported strong growth in its electrophysiology sales, particularly in the pulsed field ablation (PFA) market, positioning itself as a market leader [1][2]. Financial Performance - Q4 sales reached $5.29 billion, marking a nearly 16% increase year over year [1]. - Electrophysiology sales for Q4 totaled $890 million, reflecting a 37% year-over-year growth [1][3]. - Projected sales for 2025 are $20.07 billion, indicating a nearly 20% increase year over year [1]. - Electrophysiology sales for 2025 are expected to reach $3.33 billion, showing a significant 74.6% growth year over year [1]. Market Dynamics - Despite strong overall performance, U.S. sales growth for the electrophysiology unit stalled in Q4 compared to Q3, raising concerns among analysts [2][3]. - CEO Mike Mahoney expressed confidence in the PFA market's potential, anticipating a growth rate of about 15% in 2026, with expectations for the company to exceed this rate [2]. - The slowdown in growth may be attributed to increased market penetration and a shift in treatment approaches for atrial fibrillation, with approximately 70% of ablation procedures in the U.S. utilizing PFA in 2025 [6]. Investor Sentiment - Analysts have expressed concerns regarding the trajectory of key growth drivers, particularly after the flat U.S. sales performance in Q4, leading to a nearly 16% drop in the company's stock price [4]. - The company experienced a notable slowdown in electrophysiology growth, with previous quarters showing much higher growth rates, such as 143% in Q1 2025 and 96% in Q2 2025 [5].