Boston Scientific develops, manufactures and sells medical devices used in less-invasive procedures. Revenue comes primarily from single-use devices sold to healthcare providers. Its two reportable segments are Cardiovascular and MedSurg, which includes Endoscopy, Urology and Neuromodulation.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000885725-24-000017 | Feb 20, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000885725-25-000011 | Feb 18, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000885725-26-000010 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Boston Scientific entered 2026 after strong device-led growth and improving annual cash generation, but its current outlook is materially less secure than its 2025 results suggest. FARAPULSE and WATCHMAN helped lift 2025 sales to $20.074 billion, although acquisitions and currency contributed to reported growth and lower impairments helped earnings. In the first half of 2026, sales continued growing while operating cash flow was essentially unchanged; investment spending and a completed $2 billion buyback reduced cash and increased reliance on commercial paper. The August cybersecurity incident subsequently disrupted manufacturing and shipments. By September, management expected material third-quarter and full-year effects and considered July guidance unlikely to be achieved. Penumbra remained pending in the latest supplied transaction update, while MiRus introduced substantial conditional investment exposure. This view uses evidence supplied through the October 24, 2026 cutoff, not an assumed subsequent recovery.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-09-07 · 8-K · 2026-05-18
Boston Scientific generates revenue primarily from sales of single-use medical devices, with demand driven by healthcare procedures. Revenue recognition generally depends on transfer of control, evidenced by passage of title and risk of loss to the customer unless additional services are required; recognition based on product usage or implant applies specifically to consignment arrangements. Its portfolio spans cardiovascular interventions, stroke prevention, electrophysiology, endoscopy, urology and chronic-pain treatment. Most sales are direct to providers; no individual customer exceeded 10% of 2025 sales, but purchasing groups and hospital networks retain bargaining power. Clinical evidence, physician adoption, reimbursement and dependable supply therefore matter alongside product innovation. In 2025, Cardiovascular generated $13.250 billion of sales and MedSurg $6.824 billion. The late-2025 combination of Cardiology and Peripheral Interventions changed the operating organization, not the two reportable segments.
Sources: 10-K · 2025-12-31
Sales increased 19.9% in 2025 to $20.074 billion, but company-defined organic growth slowed to 15.8% from 16.4% in 2024. Favorable currency and acquisitions explain the difference between reported acceleration and organic deceleration. Management identified FARAPULSE, WATCHMAN and AGENT as important growth drivers. Electrophysiology sales reached $3.325 billion; this is the entire business unit, not standalone FARAPULSE revenue. Urology's 23.1% reported growth contrasted with 4.7% organic growth because Axonics contributed substantially.
GAAP common-stockholder income reached $2.898 billion, versus $4.574 billion on management's adjusted basis. Lower impairments, investment remeasurement gains and a lower reported tax rate helped the GAAP comparison. Higher-margin products supported gross margin, but ACURATE discontinuation charges, tariffs and other costs offset part of the benefit. R&D increased to $2.052 billion. Adjusted earnings exclude economically relevant acquisition amortization, restructuring, litigation and other items; they are neither cash earnings nor evidence that every excluded cost is exceptional.
Sources: 10-K · 2025-12-31
Operating cash flow increased from $2.503 billion in 2023 to $3.435 billion in 2024 and $4.534 billion in 2025. Higher earnings and slower inventory accumulation supported the progression. In contrast, first-half 2026 operating cash flow was $1.822 billion versus $1.827 billion, despite a sharp increase in GAAP income. Inventory and employee-related payments absorbed cash, while tax benefits contributed to earnings without equivalent cash generation. Cash and equivalents fell from $1.965 billion at December 2025 to $539 million at June 2026 after acquisitions, investments and the buyback. Restricted cash is excluded from these balances.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The $2 billion accelerated repurchase was paid on May 19 and completed June 12, 2026, with the repurchased shares held in treasury and the initial repurchase and final settlement reducing the weighted-average shares used to calculate basic and diluted EPS. At June 30, $1.689 billion of commercial paper reduced available capacity under the undrawn $3 billion revolver to $1.311 billion. Borrowing capacity is not cash. Penumbra's proposed acquisition, valued at approximately $14.5 billion when announced, remained subject to regulatory clearance and other conditions in the August 3 report. Its planned funding combined approximately $11 billion of cash and new debt, with the remainder in shares. Separately, cumulative MiRus payments reached $1.600 billion, with further payments and potential loss of the minority interest dependent on future events.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-02-26 · 8-K · 2026-05-18
Before the incident, second-quarter 2026 sales grew 7.5% to $5.442 billion. Management reported electrophysiology competition, slower growth in certain WATCHMAN procedures and Urology disruption. July guidance was already lower than April's. The incident identified August 25 then interrupted order processing, shipping and manufacturing. In its September 8 filing, management expected material third-quarter and full-year operating effects and said July sales-growth and adjusted-EPS guidance was unlikely to be achieved. Distribution and manufacturing had partly recovered, but full recovery timing, lost revenue and costs remained unquantified. Expected recovery of some sales is not proof that all disrupted revenue will return.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-29 · 8-K · 2026-08-26 · 8-K · 2026-09-07
Growth depends on approvals, clinical outcomes, reimbursement and execution across a global manufacturing network. Single-source components, sterilization constraints, tariffs and purchasing pressure can interrupt or dilute commercial gains. Acquired technologies also create impairment and milestone-payment exposure. Product-liability and securities claims remain unresolved, and recorded legal reserves are not maximum potential losses. These dependencies matter more when major transactions and operational recovery compete for capital and management attention.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-09-07
USD 20.074 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 20.074 bn | 19.9% |
| 2024 | USD 16.747 bn | 17.6% |
| 2023 | USD 14.24 bn | — |
Consolidated net sales, net of applicable returns, rebates and discounts.
Sources: 10-K · 2025-12-31
USD 2.892 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.892 bn | 56.7% |
| 2024 | USD 1.846 bn | 16.0% |
| 2023 | USD 1.592 bn | — |
Net income before attribution to noncontrolling interests and preferred dividends.
Sources: 10-K · 2025-12-31
USD 4.534 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.534 bn | 32.0% |
| 2024 | USD 3.435 bn | 37.2% |
| 2023 | USD 2.503 bn | — |
Net cash from operating activities under the consolidated cash-flow statement; not net income.
Sources: 10-K · 2025-12-31
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