# Boston Scientific Corporation (BSX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BSX/thesis · /stocks/BSX/memo

## Financial Snapshot

---
ticker: BSX
step: 04
generated: 2026-05-12
source: quick-research
---

### Boston Scientific Corporation (BSX) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|--------|--------|--------|--------|------------|
| Net Sales | $14.2B | $16.75B | $20.07B | +19.9% reported / +15.8% organic |
| Adjusted Operating Margin | 25.6% | 26.7% | 27.5% | +80 bps |
| Adjusted EPS | $2.05 | $2.51 | $3.10 | +24% |

#### Segment Detail (FY2025)

| Segment | FY25 Revenue | YoY |
|---------|--------------|-----|
| Cardiovascular | $13.3B | +23.2% |
| - Electrophysiology (FARAPULSE) | ~$3.4B annualized | +37% (Q4); >$1B in FARAPULSE Year 1 |
| - Watchman | ~$2.0B | +28% |
| - Cardiology + Peripheral + Coronary | ~$7B+ | mid-teens |
| MedSurg | ~$6.8B | +10% |
| - Endoscopy | ~$3.5B | +mid-single-digit |
| - Urology | ~$2.5B | high-single-digit |
| - Neuromodulation | ~$1B | mid-single-digit |

#### FY2026 Guidance (Revised April 2026 post Q1)

| Metric | 2026 Guide |
|--------|-----------|
| Reported Sales Growth | +10.5–11.5% (initial Feb) → adjusted post-Q1 |
| Organic Sales Growth | +6.5–8.0% (revised down from 10–11%) |
| Adjusted Operating Margin Expansion | +50–75 bps |
| Adjusted EPS | $3.34–3.41 (+9–11%, revised down from $3.43–3.49) |
| Free Cash Flow | ~$4B (revised down from $4.2B) |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$4.5B |
| Free Cash Flow | ~$3.7B |
| Capital Expenditures | ~$0.8B |
| Cash & Marketable Securities | ~$2B |
| Total Debt | ~$9B |
| Net Debt | ~$7B |
| Net Debt / EBITDA | ~1.3x |
| Dividend | None |

#### Key Ratios (approximate)
- P/E: ~34x (FY26 adjusted EPS midpoint) | EV/EBITDA: ~25x | FCF Yield: ~2.4%
- Revenue Growth (FY25): +19.9% reported, +15.8% organic
- Adjusted Operating Margin: 27.5%
- Net Debt / EBITDA: ~1.3x
- No dividend; growth-stock profile

#### Growth Profile
FY25 was a banner year — fastest growth in the major medtech peer group:
- Reported revenue +19.9%; organic +15.8%
- Electrophysiology (FARAPULSE) $3.4B annualized run-rate, fastest cardiovascular device launch in a decade
- Watchman LAAC franchise +28% YoY
- Adjusted operating margin expanded 80 bps to 27.5%
- Adjusted EPS +24%

FY26 guidance was revised down in April 2026 (Q1 earnings) from initial February guide:
- Organic growth: 10–11% → 6.5–8.0%
- Adjusted EPS: $3.43–3.49 → $3.34–3.41

The downward revision triggered a -18% stock reaction in Q1 2026. Concerns: PFA market share competition from Medtronic Affera + J&J Varipulse; PulseSelect FDA expansion; EP segment growth deceleration from 37% (Q4 25) to expected mid-teens FY26.

#### Forward Estimates
FY2026 Guide (revised April 2026):
- Net Sales: ~$22B (+10–11%)
- Organic Growth: +6.5–8.0%
- Adjusted EPS: $3.34–3.41
- FCF: ~$4B

Bull case: FARAPULSE share defends 38%+ against Medtronic Affera + J&J Varipulse; Bolt Medical IVL adds incremental growth; international EP expansion accelerates; multiple recovers to 38–40x P/E. Bear case: FARAPULSE share erosion to 25–30% over 2026–27; PFA category commoditizes; revenue growth decelerates to single-digit FY27; multiple compresses to 25x P/E. Consensus targets $130–145 vs. trading ~$105–115 (~20–35% implied upside post Q1 sell-off).

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BSX/fundamental

## Navigation

- Overview: /stocks/BSX
- Financials (this page): /stocks/BSX/financials
- Thesis: /stocks/BSX/thesis
- Investment Memo: /stocks/BSX/memo
- Coverage universe: /stocks