Boston Scientific (BSX) Q3 2025 Financial Results Summary
Marlborough, Mass. (October 22, 2025) — Boston Scientific Corporation (NYSE: BSX) has reported its financial results for the third quarter of 2025, showcasing significant growth in various metrics compared to the same period last year.
Financial Highlights
- Net Sales: $5.065 billion
- Increase of 20.3% on reported basis
- Increase of 19.4% on operational basis
- Increase of 15.3% on organic basis
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All compared to the third quarter of 2024.
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GAAP Net Income: $755 million
- Earnings Per Share (EPS): $0.51, up from $0.32 a year ago
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GAAP EPS was higher than the guided range of $0.44 to $0.46.
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Adjusted EPS: $0.75, compared to $0.63 in the prior year period.
- The adjusted EPS also exceeded the guidance range of $0.70 to $0.72.
Segment Performance
- MedSurg:
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Net sales growth of 16.4% reported, 15.6% operational, and 7.6% organic.
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Cardiovascular:
- Net sales growth of 22.4% reported, 21.5% operational, and 19.4% organic.
Regional Performance
- United States:
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Reported growth of 27.0% (both reported and operational).
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Europe, Middle East and Africa (EMEA):
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Reported growth of 2.6%, with a decline of 2.0% operational.
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Asia-Pacific (APAC):
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Reported growth of 17.1% and operational growth of 16.9%.
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Latin America and Canada (LACA):
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Reported growth of 10.4% and operational growth of 9.6%.
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Emerging Markets:
- Reported growth of 11.8% and operational growth of 11.5%.
Recent Developments
- Approval:
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Received Pharmaceuticals and Medical Device Agency (PMDA) approval in Japan for expanded labeling of the FARAPULSE™ Pulsed Field Ablation System.
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Trial Enrollment:
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Commenced enrollment in the AGENT DCB STANCE trial for the AGENT™ Drug-Coated Balloon (DCB).
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Publication:
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Published results from the INTREPID study in JAMA Neurology, showing benefits of deep brain stimulation for Parkinson’s patients.
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Acquisitions:
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Completed the acquisition of Elutia, Inc. for the antibiotic-eluting EluPro™ BioEnvelope.
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Announced Agreement:
- Agreement to acquire Nalu Medical, Inc., developer of the Nalu Neuromodulation System.
Quarterly Dividend and Share Repurchase
- The report does not mention any declarations of a quarterly dividend or share repurchase activities during this quarter.
Financial Guidance
- Full Year 2025:
- Estimated net sales growth of approximately 20% on reported basis and 15.5% on organic basis.
- Full year GAAP EPS guidance in the range of $1.97 to $2.01.
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Estimated adjusted EPS in the range of $3.02 to $3.04.
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Fourth Quarter 2025:
- Estimated net sales growth of 14.5% to 16.5% on reported basis.
- Estimated organic growth of 11% to 13%.
- GAAP EPS guidance between $0.48 to $0.52.
- Estimated adjusted EPS in the range of $0.77 to $0.79.
Conclusion
Boston Scientific’s robust performance in Q3 2025 reflects continued success in its core business areas and a commitment to innovation and growth. The company remains optimistic about future performance as indicated by its positive guidance for the upcoming quarters.
BOSTON SCIENTIFIC CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net sales | $5,065 | $4,209 | $14,788 | $12,186 |
| Cost of products sold (excluding amortization of intangibles) | $1,523 | $1,312 | $4,613 | $3,791 |
| Gross profit | $3,542 | $2,897 | $10,175 | $8,395 |
| Operating expenses: | ||||
| Selling, general and administrative expenses | $1,741 | $1,562 | $5,053 | $4,372 |
| Research and development expenses | $514 | $407 | $1,483 | $1,156 |
| Royalty expense | $12 | $5 | $40 | $24 |
| Amortization expense | $225 | $205 | $669 | $631 |
| Intangible asset impairment charges | $0 | $— | $46 | $276 |
| Contingent consideration net expense (benefit) | $11 | -$23 | $11 | -$4 |
| Restructuring net charges (credits) | -$8 | $8 | $85 | $12 |
| $2,494 | $2,164 | $7,387 | $6,467 | |
| Operating income (loss) | $1,048 | $733 | $2,788 | $1,928 |
| Other income (expense): | ||||
| Interest expense | -$87 | -$79 | -$259 | -$225 |
| Other, net | -$23 | $14 | $156 | -$7 |
| Income (loss) before income taxes | $939 | $669 | $2,685 | $1,697 |
| Income tax expense (benefit) | $183 | $200 | $463 | $413 |
| Net income (loss) | $755 | $468 | $2,222 | $1,284 |
| Net income (loss) attributable to noncontrolling interests | -$0 | -$0 | -$4 | -$4 |
| Net income (loss) attributable to Boston Scientific common stockholders | $755 | $469 | $2,226 | $1,288 |
| Net income (loss) per common share – basic | $0.51 | $0.32 | $1.50 | $0.88 |
| Net income (loss) per common share – diluted | $0.51 | $0.32 | $1.49 | $0.87 |
| Weighted-average shares outstanding | ||||
| Basic | 1,481.7 | 1,472.7 | 1,479.6 | 1,470.6 |
| Diluted | 1,495.5 | 1,487.4 | 1,494.0 | 1,484.5 |
| Amounts may not add due to rounding. | ||||
BOSTON SCIENTIFIC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
| September 30, 2025 | September 30, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | $4,378 | $3,623 |
| Cash and cash equivalents | $671 | $634 |
| Accounts receivable | $1,602 | $1,366 |
| Inventories | $1,194 | $1,087 |
| Other current assets | $911 | $536 |
| Property and equipment, net | $1,483 | $1,316 |
| Goodwill | $5,838 | $5,850 |
| Intangible assets | $1,664 | $1,293 |
| Other assets | $1,171 | $1,120 |
| Total assets | $14,534 | $13,202 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities | $3,222 | $2,847 |
| Accounts payable | $803 | $707 |
| Accrued expenses | $1,120 | $886 |
| Current portion of long-term debt | $818 | $805 |
| Other current liabilities | $481 | $449 |
| Long-term debt | $5,038 | $5,162 |
| Other long-term liabilities | $406 | $368 |
| Total liabilities | $8,666 | $8,377 |
| Stockholders’ equity | $5,868 | $4,825 |
| Total liabilities and stockholders’ equity | $14,534 | $13,202 |
