Q4 2025 Boston Scientific Corp Earnings Call Transcript
Key Points
- Boston Scientific Corp (BSX) achieved over $20 billion in sales for 2025, delivering mid-teens growth and surpassing financial goals.
- Fourth quarter operational sales grew 14%, with organic sales growth of 13%, reaching the high end of guidance.
- Full year adjusted EPS grew 22%, exceeding the high end of guidance, with a full year adjusted operating margin expansion of 100 basis points.
- Strong performance in key regions: US operational growth of 17% in Q4 and 26% for the full year, and Asia Pacific growth of 15% in Q4 and 14% for the full year.
- The company anticipates continued momentum in key segments like EP and WATCHMAN, with a strong outlook for 2026, guiding to organic growth of 10% to 11% for the full year.
- Urology sales performance was below expectations, with supply chain issues impacting growth.
- Endoscopy growth may be lower in the first half of 2026 due to a product removal for certain sizes of the AXIOS device.
- The Peripheral Vascular business faced challenges, with a partial withdrawal of the AXIOS device impacting growth.
- The company anticipates a 150 basis points impact from the discontinuation of ACURATE and a transient impact from the AXIOS device removal in Q1 2026.
- Concerns were raised about the US EP and WATCHMAN segments, with some analysts questioning growth expectations and market share dynamics.
Good morning, and welcome to the Boston Scientific fourth quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Lauren Tengler, Vice President, Investor Relations. Please go ahead.
Thank you, Drew, and thanks to everyone for joining us. With me today are Mike Mahoney, Chairman and Chief Executive Officer, and Jon Monson, Executive Vice President and Chief Financial Officer. During the Q&A session, Mike and Jon will be joined by our Chief Medical Officer, Dr. Ken Stein. We issued a press release earlier this morning announcing our Q4 and full year 2025 results, which included reconciliations of the non-GAAP measures used in this release.
The release as well as reconciliations of the non-GAAP measures used in today's call can be found on the Investor Relations section of our website. Please note that on the call, operational revenue excludes the impact of foreign currency fluctuations, and
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