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- **Revenue & EPS Growth**: 15.5% organic revenue growth and 20-21% EPS growth for 2025, driven by EP (63% Q3 growth) and WATCHMAN (35% Q3 growth).
- **China Resilience**: Mid-teens growth despite VBP, supported by ICTx, EP, and cryoablation. Silk Road pro forma growth 12%+.
- **Margin Expansion**: 100bp operating margin expansion in 2025, targeting 50bp annually post-2025. Gross margin improved 60bp to 71%.
- **Strategic Acquisitions**: Nalu Medical for PNS adjacency, Elutia for CRM, and AGENT DCB expansion (35% U.S. growth).
- **EP Leadership**: 50% global PFA penetration (target 80% by 2028), CHAMPION trial data H1 2026, and FARAPOINT launch Q4 2025.

**【CEO Summary Section】**
- Total company operational sales grew 19%, with organic sales up 15%, exceeding Q3 guidance of 12-14%. Adjusted EPS of $0.75 grew 19%, surpassing the high end of the $0.70-0.72 range.
- U.S. sales grew 27% operationally, driven by Cardiovascular, Endoscopy, and Neuromodulation. EMEA faced headwinds from ACURATE valve discontinuation (-$50M) and ERP system disruption (-$30M backorder), but underlying growth was high single-digit. Asia Pac grew 17% operationally, led by Japan and China.
- EP sales surged 63%, with FARAPULSE treating over 500,000 patients. WATCHMAN grew 35%, surpassing 600,000 patients targeted. Neuromodulation grew 9%, and Endoscopy grew 9%.
- Full year 2025 guidance updated to 15.5% organic growth and $3.02-3.04 EPS, up 20-21%.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $5.065B (20.3% reported growth, 19.4% operational). Adjusted gross margin: 71% (60bp improvement vs. 2024Q3). Adjusted operating margin: 28% (80bp expansion). Free cash flow: $1.163B.
- Full year 2025 guidance: 20% reported revenue growth, 15.5% organic growth, $3.02-3.04 EPS. Expect 100bp operating margin expansion (vs. 75-100bp prior range). Tariff headwind: $100M annually.
- Acquisitions (e.g., Nalu Medical) and M&A remain top capital allocation priorities.

**【Q&A Highlights】**
- **WATCHMAN Growth**: 35% Q3 growth, 25% concomitant procedures in U.S., CHAMPION trial data expected H1 2026. China approval for WATCHMAN FLX Pro to drive mid-teens growth.
- **China Strategy**: Mid-teens growth despite VBP, offset by ICTx, EP, and cryoablation. Silk Road pro forma growth 12%+ with ENROUTE launch.
- **Margin Expansion**: Gross margin benefited from EP/WATCHMAN mix, 100bp operating margin expansion for 2025. 2026+ targets 50bp annual expansion.
- **New Products**: AGENT DCB (35% U.S. growth), SEISMIQ IVL launch in 2027, Nalu Medical acquisition to expand PNS adjacency.
- **EP Penetration**: Global PFA penetration ~50% (target 80% by 2028). FARAPOINT launch in Q4 2025, Cortex AI trial for persistent AF.
- **CRM Recovery**: Denali platform refresh, EMPOWER leadless pacemaker, and Elutia BioEnvelope acquisition to strengthen CRM growth.


Boston Scientific Corporation (BSX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BSX

BSX fundamentals

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