Slides
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Relentless Innovation Enduring Growth Investor Day 2025 September 30, 2025
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Welcome Video 2
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Relentless Innovation Enduring Growth Welcome Lauren Tengler | Vice President, Investor Relations
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Safe harbor for forward-looking statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "may," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our business plans, strategy, performance and goals, financial performance and capital allocation priorities, expected net sales, reported, operational and organic revenue growth rates, reported and adjusted earnings per share (EPS), operating margin, free cash flow (FCF), FCF conversion, acquisitions and investments, litigation, clinical trials, new and anticipated product launches and approvals and product performance and impact. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements.These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this presentation.As a result, readers are cautioned not to place undue reliance on any of our forward- looking statements. Factors that may cause such differences can be found in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed or to be filed with the Securities and Exchange Commission under the headings “Risk Factors” and “Safe Harbor for Forward-Looking Statements.” Accordingly, you are cautioned not to place undue reliance on any of our forward-looking statements. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which they may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. 4
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Regulatory disclaimers Product Disclaimer SEISMIQ Coronary Intravascular Lithotripsy System U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. ASURYS Fluid Management System Device under development. Not available for use or sale worldwide. External OAB Trialing System Device under development. Not available for use or sale worldwide. Rivos Access System Device under development. Not available for use or sale worldwide. Versatile Device under development. Not available for use or sale worldwide. EMPOWER Leadless Pacemaker U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. mCRM Modular CRM System U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. PRECEDENT Defibrillator Device under development. Not available for use or sale worldwide. LUX-HL Heart Failure Diagnostics Device under development. Not available for use or sale worldwide. FARAPOINT PFA Catheter U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. FARAFLEX PFA Catheter U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. Next-gen FARAWAVE Nav Device under development. Not available for use or sale worldwide. CHORUS IDx Nav ICE Catheter Device under development. Not available for use or sale worldwide. CHORUS IDx Nav with AI ICE Catheter Device under development. Not available for use or sale worldwide. HD Mapping Catheter Device under development. Not available for use or sale worldwide. CS Nav Catheter Device under development. Not available for use or sale worldwide. FARADRIVE +/XD Device under development. Not available for use or sale worldwide. Next-gen WATCHMAN Device under development. Not available for use or sale worldwide. Concomitant Sheath Device under development. Not available for use or sale worldwide. TIVUS RDN System U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. VITALYST Circulatory Support U.S.: Caution: investigational device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale. Next-gen Intracept Device under development. Not available for use or sale worldwide. Coagulate Grasper Device under development. Not available for use or sale worldwide. SpyGlass 3.0 Visualization System Device under development. Not available for use or sale worldwide. LUX-AIR Implantable Cardiac Monitor Device under development. Not available for use or sale worldwide. Next-gen Spinal Cord Stimulation Device under development. Not available for use or sale worldwide. BodyGuardian Ultra Life Device under development. Not available for use or sale worldwide. 5
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Financial disclaimers Market estimates: Unless noted otherwise, all references to market sizes, market share positions, and market growth rates are BSX internal estimates. Non-GAAP financial measures: This presentation contains non-generally accepted accounting principles in the United States (GAAP) measures (denoted with *) in talking about our Company’s performance. These non-GAAP financial measures are not in accordance with U.S. GAAP and should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. Further, other companies may calculate these non-GAAP financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes. The reconciliations of those non-GAAP measures to their most comparable GAAP measures are contained within this document including appendices attached to the end of this presentation. All revenue growth rates are operational unless otherwise noted. Operational net sales growth is a non-GAAP measure that excludes the impact of foreign currency fluctuations. Organic net sales growth is a non-GAAP measure that excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. Adjusted operating margin, adjusted selling, general and administrative (SG&A), adjusted earnings per share (EPS) and related growth rates are non-GAAP measures that exclude the impacts of certain charges (credits) which may include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items. Free cash flow (FCF) is a non-GAAP measure calculated as operating cash flows less net purchases of property, plant, and equipment and internal use software. FCF Conversion* is a non-GAAP measure calculated as FCF divided by Adjusted Net Income available to common stockholders*. Estimates of future financial performance represent the Company's long-term goals and are not intended as guidance. See slide 4, "Safe harbor for forward-looking statements.” Operational structure: We have aggregated our core businesses into two reportable segments: MedSurg and Cardiovascular, each of which generates revenues from the sale of medical devices. There are three operating segments within Medsurg: Endoscopy, Urology and Neuromodulation and two within Cardiovascular: Cardiology and Peripheral Interventions. There are 8 business units within our operating segments. With the exception of Cardiology, each of our operating segments also represents a business unit. In addition, our Cardiology operating segment is comprised of the following four business units: Interventional Cardiology Therapies, WATCHMAN, Cardiac Rhythm Management and Electrophysiology. Use of document: Amounts reported in millions within this presentation are computed based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts. 6
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8:30am – 9:00am Opening | Strategy 9:00am – 10:00am Medsurg: International, Neuromodulation, Urology, Endoscopy, Q&A 10:00am – 12:00pm Cardiovascular: Interventional Oncology & Embolization + Peripheral Vascular, Interventional Cardiology Therapies, Cardiac Rhythm Management, WATCHMAN , Electrophysiology 12:00pm – 1:15pm Finance, Q&A, Close 1:15pm – 2:00pm Lunch Agenda Time Topic 7
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Relentless Innovation Enduring Growth Mike Mahoney | Chairman and Chief Executive Officer
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9 High-performing team executing with winning spirit Art Butcher Medsurg and Asia Pacific Jim Cassidy Neuromodulation Meghan Scanlon Urology Adam Smith, Brian Dunkin, M.D. Endoscopy Joe Fitzgerald Cardiovascular Peter Pattison, Cat Jennings Peripheral Interventions and Interventional Oncology & Embolization Scott Olson, Ken Stein, M.D. Cardiac Rhythm Management Lance Bates, Janar Sathananthan, M.D. Interventional Cardiology Therapies Nick Spadea-Anello, Brad Sutton, M.D. Electrophysiology Angelo De Rosa, Brad Sutton, M.D. WATCHMAN Mike Mahoney, Jon Monson Strategy and Financials 9
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Advancing science for life Our purpose Caring Global collaboration Meaningful innovation Diversity Winning spirit High performance 10
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1 Based on 2025 guidance issued July 23, 2025 Broad above-market growth across BUs Uro $1.3B, +26% Cardiology $5.1B, +29% PI $1.4B, +16% Endo $1.4B, +7% NM $0.6B, +7% M edSurg$3.3B Cardiovascular$6.4B Continued global expansion U.S. $6.2B, +31% EMEA $1.7B, +5% US$6.2BInternational$3.5B LACA $0.3B, +11%APAC $1.5B, +13% Total company +18% Organic growth* (vs. 2024) +28% Adj. EPS growth* (vs. 2024) +14-15% Organic growth* (vs. 2024) +18-19% Adj EPS growth* (vs. 2024) 1H 2025 results FY 2025E guidance1 Net sales: $9.7B Delivering outstanding results in 2025 1H 2025 reported revenue and operational* growth vs. 2024 Net sales: ~$20B 11
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What to expect from BSX: 2026E – 2028E Strong and differentiated financial performance over the 3-year period – Organic* sales CAGR of 10%+, consistently outpacing market growth – Consistent adjusted operating margin expansion* of ~50bps per year – Leveraged strong double-digit adjusted EPS* growth and excellent free cash flow conversion* Key enablers to top tier performance – Highly engaged global team living BSX values – Executing category leadership strategy through clinically differentiated product launches – Relentless focus on innovation & diversification into higher growth markets – Enhancing and scaling capabilities: globalization, AI, manufacturing and quality – Disciplined capital allocation strategy prioritizing strategic tuck-in M&A 12
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2028E2027E2026E 10%+ Average organic revenue growth goal over LRP $17B $14B$13B$12B $10B$11B$10B$9B$8B$7.5B$7.4B$7.1B$7.2B$7.6B 2025E120242023202220212020201920182017201620152014201320122011 +16% +7% +7% +6% -1% ~$20B +14-15% Reported net sales, average organic* growth rate 1Based on 2025 guidance provided on July 23, 2025 All growth rates represent average growth over period Driving differentiated organic* revenue growth 13
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Track record of consistent financial performance Aim to be highest performing large-cap Medtech company over long-range plan FCF* $0.8 $0.8 $1.4 $0.9 ~$3.5 88% 60% 42% 60% ~70% ~70%- 80% Free cash flow*, final year of period ($B) Free cash flow* LRP goal 2011 - 13 2020 - 222014 - 16 2017 - 19 2023 - 25E1 2026E - 28E Adjusted operating margin* 18.9% 24.1% 26.1% 25.6% 27.75%- 28.0% Adj. op margin*, final year of period -20bps +70bps +170bps ~+80bps Adj. op margin*, LRP goal -40bps Despite COVID impact 2011 - 13 2020 - 222014 - 16 2017 - 19 2023 - 25E1 2026E - 28E Adjusted EPS* $0.73 $1.11 $1.58 $1.71 $2.95 - $2.99 ~+20% +12% +13% +15% +2% Adj. EPS*, final year of period Adj. EPS*, LRP goal 2011 - 13 2020 - 222014 - 16 2017 - 19 2023 - 25E1 2026E - 28E Despite COVID impact ~+50bps y/y Leveraged +DD growth FCF conversion* 1Based on 2025 guidance provided on July 23, 2025 All growth rates represent average growth over period 14
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0.0 5.0 10.0 15.0 20.0 25.0 30.0 2012 2016 2019 2025E 2028E 15% 25% 60% 20% 25% 55% 30% 45% 25% 35% 50% 15% 45% 45% 10% 2016 2019 2025E 2028E2012 Low growth markets (<4% CAGR) ICTx (DES), CRM (pacers, defibrillators), Endo (core GI) Moderate growth markets (4-7% CAGR) CRM (diagnostics, S-ICD), PI (core arterial), NM (brain, SCS), Endo (ELS, access & patency), Urology (stone mgmt, PRU, pelvic health) High growth markets (>7% CAGR) ICTx (cPCI, DCB, RDN, IVL, circulatory support), WM, EP, PI (IO&E, DE, venous), NM (BVNA), Endo (endobariatrics, imaging systems), Urology (prostate health) BSX portfolio revenue mix (Broad exposure to faster growth markets) WAMGR (weighted avg mkt growth rate) ~(1%) ~4% ~5% ~8% ~9% BSX revenue Meaningfully evolved our WAMGR ~$70B 2025E served market growing ~9% over LRP 15
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M&A Strengthening category leadership and our portfolio of novel therapies and technologies Clinical evidence Supporting approvals, indication expansion and patient access through rigorous clinical science Venture capital Filling the M&A pipeline via earlier stage investments R&D Investing in global capabilities and innovative practices annual adj. R&D* percent of sales ~9 - 10% Innovation metrics M&A deals executed over last decade 40+ active investments in venture capital portfolio ~45 active clinical trials 65+ Innovation ecosystem fuels growth 16
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MedsurgCardiovascular Endobariatrics PFA type II diabetes†AI assisted ERCPEndo Urological cancers†Next-gen BPH therapies†Uro Chronic lower back pain Peripheral nerve stimulation†NM Intravascular lithotripsy Circ support: high-risk PCI and shock Renal denervation Heart failure: circ support pumps, shunts, flow mod. †Mitral and tricuspid valve repair and replace†Electrosurgery: heart valve leaflet modification†ICTx Intracardiac echo imaging (ICE) EP Heart failure Dx Next-gen leadless pacingCRM Intravascular lithotripsy Y90: recurrent glioblastoma & other solid tumors AAA management†Chronic limb threatening ischemia†PI + IO&E Advanced diagnostics Next-gen pulsed field ablation††Includes VC investments Investing for differentiated growth through 2030+ Pulmonary embolism†Transaortic valve replacement (TAVR)†Other neurologic conditions 17
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Cardiovascular +DD CAGR ICTx WM CRM EP PI + IO&E Medsurg +HSD CAGR Endo Uro NM Existing market $0-3B TAM $3-5B+ TAM Data read out Incl. VC investment 2026 20272025 2028 2028+ AVANT GUARD CHAMPION AF VITALYST HR-PCI & shock TheraSphere glioblastoma / other solid tumors Heart failure diagnostics: LUX-HF Next-gen WATCHMAN solutions TheraSphere China Cortex integrationFARAFLEX Next-gen S-ICD Next-gen spinal cord stimulation Next-gen FARAWAVE Next-gen pacer Next-gen WATCHMAN and concomitant sheath SEISMIQ Coronary Intravascular Lithotripsy Rivos Biliary Access Device SEISMIQ Below-the- Knee IVL CHORUS Idx (2D ICE) PRECEDENT next-gen defib Modular CRM (mCRM ) Stone, laser and BPH innovations Fluid management (2026E), scope and laser advances SEISMIQ Above-the-Knee IVL FARAPOINT Next-gen Intracept Next-gen erectile restoration ROWAN TIVUSTM Ultrasound System (RDN) AAA mgmt. Below-the- knee stent Next-gen scopes Heart failure therapies Peripheral nerve stimulation and other neurologic conditions PFA for type II diabetes Tricuspid, Mitral and TAVR NG leadless Next-gen pulsed field ablationAnumana AI imaging Next-gen BPH treatment Urologic cancers FRACTURE Imaging WallFlex Biliary PLUS Rx Fully Covered Stent Versatile AXIOS innovation Timeline represents expected launch timing or data presentation. Durable best-in-class innovation pipeline Potential ~$50B+ TAM opportunity over the LRP and beyond Next-gen OAB Pulmonary embolism 18
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~70-80% Free cash flow conversion* +DD Leveraged annual adj. EPS* growth ~+50bps Annual adj. operating margin* expansion 10%+ Organic revenue* CAGR Relentless Innovation Enduring Growth Long-range plan financial goals, 2026E-2028E 19
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Advancing science for Rosanna. Treated with FARAPULSE PFA system
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Relentless Innovation Enduring Growth International & Medsurg Art Butcher | Executive Vice President and Group President, Medsurg and Asia Pacific
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Europe, Middle East & Africa ~$15B 2025E served market ~7% 2026E-2028E mkt CAGR Asia Pacific ~$15B 2025E served market ~8% 2026E-2028E mkt CAGR Latin America ~$2B 2025E served market ~7% 2026E-2028E mkt CAGR DistributionFunctional GBS, finance Research & development Manufacturing Key capabilities International markets ~35% of 2025E BSX revenue in HSD growth markets 22
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BSX China revenue Differentiated performance in China 2019 2025E 2028E Talented team with global alignment Innovative and broad portfolio Operational agility and digital investments Effective management of VBP Diversified portfolio through strategic local partnerships $0.5B ~$1.2B BSX revenue ~16% CAGR Mid-teens CAGR 23
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Medsurg ~$20B served market growing ~7% over LRP Urology EndoscopyNeuromodulation Direct-to-patient SNM, PRU, NM, Endobariatrics Aligned capabilities Strategic portfolio sourcing Endo, Uro, China Market R&D and Manufacturing Imaging systems, Implantables ~$4B ~7% +HSD 2025E 2026 – 2028E Served mkt Mkt CAGR BSX goal ~$7B ~7% +HSD 2025E 2026 – 2028E Served mkt Mkt CAGR BSX goal ~$8B ~6% 2025E 2026 – 2028E Served mkt Mkt CAGR BSX goal +HSD 24
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Advancing science for Steve. Treated with Vercise Genus DBS system
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Relentless Innovation Enduring Growth Neuromodulation Jim Cassidy | Senior Vice President and President, Neuromodulation
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Neuromodulation ~$4B served market grows ~7% over LRP Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. Expect to grow HSD over LRP, enabled by innovative technologies Broad pain portfolio with robust SCS innovation cadence Intracept leads in transformative market for low back pain Differentiated DBS therapies drive consistent growth Large, untapped adjacencies with both internal and VC investments 27
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Portfolio addresses broad, underpenetrated market Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. Spinal cord stimulation (SCS) Intracept Basivertabral Nerve Ablation (BVNA) Radiofrequency ablation (RF) Deep brain stimulation (DBS) WaveWriter Alpha ~$2.5B, +MSD CAGR ~$0.2B, +DD CAGR 2027E: Next-gen SCS Key products Future innovation 2025E Market 2026E: Next-gen Intracept Served markets Neuropathic pain Chronic low back/leg pain, diabetic peripheral neuropathy Vertebrogenic pain Chronic low back pain Intracept ~$0.5B, +HSD CAGR 2026E: Next-gen generator Joint pain ~$1B, +MSD CAGR Movement disorders Indication expansion G4 Vercise Genus Interventional Pain Brain 28
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Next-gen SCS with Pulse Pattern stim Limitations of current stim therapies†Pulse Pattern stim offers a different approach †Including: Burst stimulation, High-frequency, Paresthesia, and ECAPs closed-loop stim Optimizes inhibitory pain response Improves energy efficiency Improves tolerability → reduces habituation MOSAIC clinical trial Studying Pulse Pattern stim for next-gen SCS Expect data 2027E TONIC PULSE PATTERN Changes electrode, amplitude, rate and pulse width on a pulse-by-pulse basis Broader fiber recruitment to unlock desired therapy response Inflexible High recharging burden Complex programming Patient tolerability Enhanced patient preference Innovating on our approach to pain stimulation 29
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Intracept For treatment of chronic low back pain Minimally invasive, implant-free Validated biomarker Positive 5-year RCT data Leading in BVNA Consistent innovation cadence Next-gen Intracept 2026E Indication expansion Market development IMPROVE study Largest global BVNA registry Global expansion Market Opportunity 5.3M U.S. prevalence pool1 50K+ treated to date <1% penetration Interventional Spine Delivering ~$200M in revenue in 2025E, growing +DD over LRP 30
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2025 launches Illumina 3D automated programming First and only predictive programming Cartesia X/HX First and only high-span directional leads Enabling efficient DBS procedures Unparalleled targeting precision with Cartesia X/HX leads Expert-level programming in less than half the time, ~20 min (56% reduction)1 Expect continued above market growth in DBS 31
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Neuromodulation ~$4B served market grows ~7% over LRP Next-gen Intracept Peripheral nerve stimulation and other neurologic conditions Next-gen spinal cord stimulation 2026 20272025 2028 2028+ VC Investment Product innovation pipeline 2025 – 2028+ Expect to grow HSD, enabled by innovative technologies Broad pain portfolio with robust SCS innovation cadence Intracept leads in transformative market for low back pain Differentiated DBS therapies drive consistent growth Large, untapped adjacencies with both internal and VC investments Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates.X 32
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Advancing science for Carmela. Treated with Wavewriter Alpha SCS system
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Relentless Innovation Enduring Growth Urology Meghan Scanlon | Senior Vice President and President, Urology
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Urology ~$7B served market growing ~7% over LRP Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. Expect to grow HSD over LRP, fueled by commercial execution in underpenetrated markets Category leader with broad, diversified portfolio across urology specialties Focused innovation, patient activation and globalization Investing today in high growth adjacent markets for growth beyond LRP 35
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Broad and diverse portfolio Addresses comprehensive set of urology specialties Key products Future innovation Endourology Stone management + BPH Prostate cancer Prostate spacing & TP biopsy Prosthetic urology Erectile restoration + male SUI Pelvic health OAB + female SUI LithoVueTM Elite MOSES SpaceOAR Vue AMS 700 with TENACIO AMS 800 Bulkamid Axonics F15 ~$4B, +HSD CAGR ~$0.3B, +HSD CAGR ~$1B, +MSD CAGR ~$2B, +MSD CAGR Rezūm PrecisionPoint Mid-urethral slings 2025E Market 2025: Thulium Laser 2026E: Asurys Fluid Management 2026E+: Rezūm capital upgrade, scope and laser portfolio expansion 2025: PrecisionPoint transperineal biopsy 2026E+: Next-gen spacing 2026E+: TENACIO globalization 2028E+: Next-gen erectile restoration 2026E: SNM external trialing system 2028E+: Next-gen OAB therapy Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 36
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7+ product launches over the LRP Securing and broadening category leadership in stone management Reduce cognitive burden • Procedural efficiency • Procedural economics Increase stone-free rates • Patient outcomes • Patient safety Launched 2023 Acquired 2021 Launch 2026E Software and AI innovation Future StoneSmart vision realized Enabling efficient, intelligent treatment of kidney stones 37
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Pelvic health Addressing meaningful unmet need in incontinence Bulkamid urethral bulking system Mid-urethral sling systems Axonics F15 and R20 systems Mechanical Neurological Focused Globalization Innovation EU AUS Large, underserved patient populations Represents U.S. patient populations 46M adults with OAB 60% female | 40% male 6M eligible patients ~1% penetration 21M adults with fecal incontinence Evidence Male OAB clinical trial External Trialing System 2026E 38
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Pelvic health Leveraging our capabilities to drive growth Customer Engagement Health Economics & Market Access Global reimbursement & approval strategies Procedure coverage support Global medical education & HCP training Peer-to-peer collaboration Professional Education DTP expertise to advance patients Field-based patient programming Combined selling organization Clinical excellence & support Patient Activation 60 Mobile Training Programs 2025E U.S. Field-based Organization 90k Digital Leads YTD EU 2025E Global Approvals ANZ Jul 2025 450+ 39
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Axonics R20 SNM Patient Video 40
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Urology ~$7B served market growing ~7% over LRP 2025 2026 2027 2028 2028+ Stone, laser and BPH innovations Fluid management (2026E), scope and laser advances Next-gen erectile restoration Expect to grow HSD over LRP, fueled by commercial execution in underpenetrated markets Category leader with broad, diversified portfolio across urology specialties Focused innovation, patient activation and globalization Beyond LRP, investing today in high growth adjacent markets VC Investment Product innovation pipeline 2025 – 2028+ Next-gen BPH therapies Next-gen OAB Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates.X Urologic cancers 41
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Advancing science for Ellen. Treated with Endura Weight Loss Solutions
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Relentless Innovation Enduring Growth Endoscopy Adam Smith | General Manager, Endoscopy Brian Dunkin, M.D. | Chief Medical Officer, Endoscopy
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Endoscopy ~$8B served market growing ~6% over LRP Expect to outpace market growth with accretive operating margins Comprehensive portfolio addresses large endoscopy market Deep understanding of customers, history of innovating new markets Aim to win with proprietary products, supporting full portfolio Opportunity for expansion into large, adjacent markets Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 44
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Broad portfolio offers differentiated category leadership Proprietary products Pancreaticobiliary 2025E Served Market ~$2.5B, +MSD CAGR Endoluminal surgery 2025E Served Market ~$2.0B, +MSD CAGR Endobariatrics 2025E Served Market ~$0.3B, +DD CAGR Core endoscopy 2025E Served Market ~$3.5B, +LSD CAGR AXIOS SpyGlass EXALT D MANTIS OverStitch Endura Weight Loss Solutions WallFlex Infection prevention Procedure types Disease states Gallstone disease and pancreatic cancer GI bleed, gastric and colorectal cancer Obesity GI strictures, cancers and infection prevention Endoscopic sleeve gastroplasty Gastric correction Colonoscopy Upper endoscopy Endoscopic hemostasis Endoscopic tissue resection Endoscopic retrograde cholangiopancreatography (ERCP) Endoscopic ultrasound (EUS) imaging Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 45
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Unique capabilities enable continued leadership Innovation Consistent cadence of internal innovation & strategic investments Physician education Best-in-class professional education and training programs Clinical and HEMA Generating clinical & economic evidence to expand patient access to technologies Commercial scale Mature organization with established presence and dedicated teams Globalization ~40% of 2025E revenue driven internationally Contracting Leveraging breadth of portfolio and innovative anchor products Category leadership strategy 46
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History of creating & advancing endoscopy markets Broadening our portfolio (Coagulate Grasper 2026E) EUS access (Rivos Needle 2026E) Intrahepatic access & drainage Continued expanded indications for AXIOS Full thickness resection Novel treatments for GI bleeding Enhanced imaging (Versatile Controller, Spy 3.0 2026E) Advocacy: two newly secured reimbursement codes effective Jan 27 AXIOS Stent System Acquire Needle AXIOS platform indications: WON, GB Global investment in AXIOS clinical: managing new disease and OUS reimbursement Endoscopic ultrasound Endoluminal surgery (ELS) Endoscopic retrograde cholangiopancreatography Innovation developed new markets over time Tomorrow Future Improved tissue acquisition Next-gen access Stent innovations Next-gen scopesHigh caliber professional education: programs & preceptorships RX Biliary System Spyglass DS System EXALT Model D Single-Use Duodenoscope Resolution Clip Mantis Clip Overstitch NXT Suturing System Pancreaticobiliary 47
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Leading the creation of the endobariatrics market Endobariatrics Surgical Sleeve gastrectomy and RNY gastric bypass Non-surgical Anti-obesity medications, diet & exercise Intragastric balloon Endoscopic sleeve gastroplasty Reimbursement Cat I CPT code effective Jan 2026 Positive national payer coverage progress Society support Broad support including IFSO, ASGE, ESGE Patient awareness Leveraging capabilities across BSX to activate patients Clinical evidence Designed to study sustained weight loss, as an alternative to GLP-1s and impact on comorbidities Professional education Democratize endobariatrics leveraging endo sales training expertise Developing the endobariatrics opportunity Filling a gap between pharma and surgery for the ~1.4B patients with obesity 48
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Expect to outpace market growth with accretive operating margins Comprehensive portfolio addresses large endoscopy market Deep understanding of customers, history of innovating new markets Aim to win with proprietary products, supporting full portfolio Opportunity for expansion into large, adjacent markets Endoscopy ~$8B served market growing ~6% over LRP Product innovation pipeline 2025 – 2028+ 2026 20272025 2028 2028+ PFA for type II diabetes VC Investment WallFlex Biliary PLUS Rx Fully Covered Stent System Rivos Biliary Access Device Versatile Next-gen scopes AXIOS innovation Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates.X 49
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Relentless Innovation Enduring Growth Cardiovascular Joe Fitzgerald | Executive Vice President and Group President, Cardiovascular
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Expect to grow +DD over the LRP, with most businesses outpacing their markets Talented global team executing category leadership strategy Broad portfolio positioned to win in large, underpenetrated served markets Robust launch and clinical evidence cadence driven by agile innovation ecosystem Significant venture and organic investments drive differentiated growth beyond LRP Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates.X Cardiovascular ~$50B served market growing ~9% over LRP 51
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Expect to outpace majority of our markets over LRP EP WM CRMDx ICTx PI + IO&E Massive underpenetrated global patient populations in cardiovascular disease states ~1.3B Patients with hypertension (HTN)4 ~60M Patients with atrial fibrillation (AF)1 ~9M Patients with heart failure (HF) in U.S.2 ~620M Patients with cardiovascular disease (CVD)3 ~113M Patients with peripheral vascular disease (PVD)5 EP / WM ICTx Peripheral VascularCRM ~$11B ~10% Above mkt~$2B ~20% In line w/ mkt ~$12B ~4% In line w/ mkt~$13B ~15% Above mkt ~$11B ~7% Above mkt 2025E 2026 – 2028E Served Mkt Mkt CAGR BSX Goal 2025E 2026 – 2028E Served Mkt Mkt CAGR BSX Goal 2025E 2026 – 2028E Served Mkt Mkt CAGR BSX Goal 2025E 2026 – 2028E Served Mkt Mkt CAGR BSX Goal 2025E 2026 – 2028E Served Mkt Mkt CAGR BSX Goal ~900k Patients diagnosed with primary liver cancer annually6 IO&E 52
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ICTx WM CRM EP PI + IO&E 2026 2027 2028+ FRACTURE Coronary IVL IDE to support SEISMIQ approval CHAMPION-AF WATCHMAN as first-line therapy vs. OAC AVANT GUARD FARAPULSE PFA first-line therapy in persistent patients HI-PEITHO EKOS vs. standard of care for pulmonary embolism SIMPLAAFY Post-implant drug regimen LAAOS-IV Highest risk stroke patients with WATCHMAN + OAC OPTION-A WM + FP in Asia REMATCH-AF Redo persistent cases with Farawave and FARAPOINT ROWAN TheraSphere combination therapy THRIVE TIVUS RDN for treatment of hypertension STANCE AGENT DCB AGENT DCB compared to standard of care for de novo coronary lesions VITALYST HR-PCI IDE To support U.S. approval LUX ALERT New diagnostic insertable for HFpEF patients FARAFLEX IDE Supporting approval of FARAFLEX OPTIMIZE-PF Integration of Cortex + Opal MANDARIN TheraSphere in China SYNCHRONICITY CRT vs. CSP in left bundle branch patients Timeline represents expected presentation of data. Leading in clinical evidence over LRP & beyond ~$15B TAM expansion via clinical evidence over the LRP & beyond Data supports: Product approval TAM expanding NG WM IDE U.S. FDA approval Complex and non-AF market expansion data 53
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Existing Mkt. $0-3B TAM $3-5B+ TAM Incl. VC Investment ICTx WM CRM EP PI + IO&E 2026 20272H 2025 2028 2028+ Next-gen leadless Tricuspid, Mitral and TAVR VITALYST HR-PCI & shock Heart failure therapies Next-gen pulsed field ablation Heart failure diagnostics: LUX-HF Next-gen WATCHMAN solutions TheraSphere China Cortex integration FARAFLEX TIVUS Ultrasound System (RDN) Next-gen FARAWAVE PRECEDENT next-gen defib Next-gen WATCHMAN and concomitant sheath SEISMIQ Coronary Intravascular Lithotripsy SEISMIQ BTK IVL Modular CRM (mCRM ) SEISMIQ ATK IVL FARAPOINT TheraSphere Glioblastoma / other solid tumors Anumana AI imaging AAA mgmt.Below-the-Knee bioresorbable stent CHORUS IDx (2D ICE) Next-gen pacer Next-gen S-ICD Imaging Timeline represents expected launch timing. Significant value-creating launches over LRP & beyond Potential ~$40B+ TAM opportunity via product launches over the LRP & beyond Pulmonary embolism 54
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Advancing science for Lamburtus. Treated with ACCOLADE pacemaker
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Relentless Innovation Enduring Growth Peripheral Interventions and Interventional Oncology & Embolization Peter Pattison | President, Interventional Oncology & Embolization Cat Jennings | President, Peripheral Vascular
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Interventional Oncology & Embolization ~$3B served market growing HSD over LRP Expect to outpace market fueled by differentiated portfolio Comprehensive portfolio across broad oncology indications and embolization Leading with innovative therapies in liver cancer including TheraSphere and hepatic artery infusion pump Investing in clinical trials to expand access to new patient populations Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 57
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Interventional oncology 2025E Served Market: ~$1B, +DD CAGR Cadence of launches across the portfolio + geographic expansion CryoablationTheraSphere Embold Embolization & delivery 2025E Served Market: ~$2B, +HSD CAGR TruSelect Hepatic arterial infusion (HAI) Obsidio Focus Products Current Indications Future Innovation Liver cancer Kidney, bone, lung cancer Liver, bile duct cancer Hemorrhage Hemorrhage blood flow diversion Vessel access Clinical evidence NG administration system New geographies & indications Next-gen console New indications Updated pump design Clinical investment Proximal version Distal version Hi-flo version Comprehensive portfolio for minimally invasive cancer care Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 58
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New cancer applications and clinical evidence create significantly larger addressable market Fast-growing U.S. & EMEA markets Today 2028+ Future >$3.5B >$1.5B ~$600M Expansion to APAC Key Opportunities Deepening clinical evidence in liver cancer • PROACTIF: Large real-world evidence, data Oct. 2025E • ROWAN: Studying combination therapy, data 2027E Glioblastoma and other solid tumors • FRONTIER feasibility study currently enrolling • Expect other feasibility trials over LRP Asia Pacific • ~50% of global hepatocellular carcinoma (HCC) patient population in APAC • Approval: China 2028E; Japan 2029E Expanding TheraSphere TAM by more than 5x 59
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Peripheral Vascular ~$8B served market growing MSD over LRP Expect to outpace market growth with cadence of innovation Broad and differentiated portfolio backed by clinical science and real-world evidence Leading technology in the carotid space with ENROUTE TCAR system Entering complementary high growth market with differentiated IVL technology Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 60
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Arterial 2025E Served Market: ~$6B, +MSD CAGR Venous 2025E Served Market: ~$2B, +DD CAGR SEISMIQ (IVL) ELUVIA RANGER ENROUTE (TCAR) Varithena Focus Products Future Innovation EKOS Jetstream TCAR: ENROUTE globalization Drug-eluting line extensions (2026E+) IVL: SEISMIQ line extensions (2026E+) Atherectomy Bare metal stents Guidewires DCB DES IVUS IVL PTA Deep vein thrombosis CVICarotid solutions Pulmonary embolism HI-PEITHO data (2026E) Peripheral Vascular Market Addressing broad peripheral vascular market Common call point with over 50% procedures performed by vascular surgeon Angiojet Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 61
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ENROUTE TCAR System Advances Treatment: • TCAR by ENROUTE provides the same neuroprotection as CEA — but faster and with fewer risks1 • Delivered the lowest ever reported stroke rate in standard surgical risk population2 Growth Driven by CEA Conversion & APAC Expansion: • 85% of carotids are suited to TCAR3 by ENROUTE • Significant global expansion opportunity: JPN 2026E AUS 2026E CHN 2025 Atherectomy Bare Metal Stents Guidewires DCB DES IVUS IVL PTA Deep Vein Thrombosis CVI Carotid Solutions Pulmonary Embolism Accelerating TCAR Adoption Opportunity to convert many of the ~80% of procedures using standard CE or TF-CAS to TCAR by ENROUTE TCAR 20% CEA 60% TF-CAS 20% US Carotid Procedure Mix4 Vascular Market TCAR offers compelling patient benefit & global opportunity ~$220M in 2025E sales, estimated to grow DD in LRP, with TAM >$1B 62
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Established clear leadership in DE therapy with RANGER & ELUVIA • ~$900M DE market, growing HSD • Steady cadence of new DE products & indication expansion • Portfolio synergy: DE is used >50% of the time after IVL Enter peripheral IVL market with SEISMIQ in 2025 • Above-the-Knee (ATK) limited release YE2025E • Below-the-Knee (BTK) launch in 2026E • IVL procedures: ~2/3 ATK, ~1/3 BTK • Cadence of launches planned across indications & vessel beds Atherectomy Bare Metal Stents Guidewires DCB DES IVUS IVL PTA Deep Vein Thrombosis CVI SEISMIQ enables physicians to deliver maximum IVL energy to the exact location they specify: • Highly deliverable & visible catheter • Enables precision & customized energy delivery • Delivers increased acoustic pressure per emitter Carotid Solutions Pulmonary Embolism Peripheral vascular market Extending arterial leadership with SEISMIQ IVL + DE therapy ~$300M peripheral IVL market, growing DD 63
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SEISMIQ IVL System Video 64
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Relentless Innovation Enduring Growth Interventional Cardiology Therapies ( ICTx ) Lance Bates | Senior Vice President and President, ICTx Janar Sathananthan, M.D. | Chief Medical Officer, ICTx
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Expect above market +DD growth powered by innovation and diversification over LRP Category leading coronary therapies portfolio delivers breadth and innovation Entering high-growth markets over LRP: IVL, hypertension, circulatory support Extensive VC investments in adjacent markets with ~$20B+ TAM Interventional Cardiology Therapies ~$11B served market growing ~10% over LRP Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 66
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Complex PCI $6B DCB $1B DES $3B IVL $1.5B Circ Support $2.5B RDN $1B Expanding our portfolio into large and fast growth markets Complex PCI $5B DCB $0.7B DES $3B IVL $1B Circ Support $1.5B RDN $0.2B ~$11B Beyond LRPLRP: expanding into high-growth marketsToday: leveraging core portfolio ~$15B AVVIGO + WOLVERINE ROTAPRO AGENT SYNERGY SEISMIQ IVL RDN Circ Support TIVUS VITALYST Venture Investments Structural Heart & Heart Failure Mitral, tricuspid, TAVR, circ support pumps, shunts, and flow mod Potential ~$20B+ TAM opportunity from venture investments Coronary Therapies See Prepare Treat +10% CAGR 2025E ICTx Served Market 2028E ICTx Served Market 67
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Continue to iterate catheters & SW Meaningful innovation with AI software Transform the cath lab Aspire to ~70% U.S. penetration ~40% of PCIs U.S. penetration Class 1A guideline updates from ESC, ACC ~$2B market +DD growth Today Strategic initiatives Foundational to sales uplift of coronary therapies portfolio: Drug-eluting therapies, calcium, complex PCI tools ~70% int’l revenue Innovating to win with our differentiated imaging portfolio 68
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AVVIGO + Multi-Modality Guidance System 69
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Potential to expand served patient population from ~10% of PCIs to ~30% AGENT advantages Deliverability across complex anatomies Proprietary design that optimizes drug transfer Targeted transfer Balloon to vessel wall Rapid absorption Vessel wall to tissue Sustained retention Prolonged tissue concentration Innovation: Next-gen AGENT launches 2027E+ Reimbursement: TPT, NTAP and CPT 1 codes established 2030E U.S. addressable market ~$3B ~$3.0B De Novo + ISR ~$600M In-stent restenosis (ISR) STANCE clinical trial drives market expansion N=~1,600, 1:1 RCT AGENT vs. PCI with DES and/or balloon angioplasty in de novo patients Primary outcome: 12-month TLF Currently enrolling, data 2028E Investing in differentiation with AGENT DCB 70
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4-emitter design with uniform acoustic pressure Efficient fracture of various types of calcium 1H 2027E 2027E 2028E+ Key launches Targeted therapy with on/off selectivity and radiopaque emitters Allows for precise delivery and directed energy Designed to deliver 160 pulses More pulses provide ability to treat more calcium, longer lesions Highly deliverable catheter Positive initial feedback on ease of use SEISMIQ Coronary IVL System Designed to prepare vessel for PCI Coronary intravascular lithotripsy: SEISMIQ IVL 2028E coronary IVL market ~$1.5B, growing +DD RESTORE FIH Trial N=28, single arm feasibility study FRACTURE IDE Trial N=~400, single-arm study, 30-day follow-up Expect to complete enrollment Q1 2026E Clinical Evidence COMPLETE CURRENTLY ENROLLING Comprehensive calcium portfolio Including Rotablator , WOLVERINE and SEISMIQ 71
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Precise ultrasound with high denervation depth Penetrates artery deeper for increased efficacy Streamlined workflow, one-size fits all Increased ease of use with no need to do vessel sizing Non-occlusive and passive cooling system Enhances safety and efficiency TIVUS Ultrasound System Designed to treat hypertension 2028E 2028E 2029E Launch Hypertension: TIVUS Ultrasound System TAM ~18M U.S. patients, 2028E served market ~$1.0B, growing +DD COMPLETE REDUCED-1 Pilot Trial N=40, single arm pilot study THRIVE Global Pivotal Trial N=261, randomized 2-1 Sham-controlled Enrollment complete 2026E Data 2027E Clinical Evidence CURRENTLY ENROLLING 72
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TIVUS Ultrasound Technology 73
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Double bend design for enhanced stability Improves safety and hemolysis riskVITALYST Circulatory Support System Designed to support circulation HR-PCI 2028E Shock 2028E+ Shock 2028E+ Launch Circulatory support: VITALYST 2028E HR-PCI and shock market ~$2.5B, growing mid-teens COMPLETE UPCOMING CLINICAL TRIAL VITAL-PCI HR-PCI Global IDE Enrollment commences Q1 2026E HR-PCI early feasibility study N=15, single arm pilot study Shock and heart failure trials to follow High flow and long-duration pump Support in a single device Magnetic drive pump with no purge line required Enabling a lower profile catheter with improved workflow Low profile, single-access sheath Allows for simultaneous PCI and circ support, reducing bleeding riskShock 2028E+ Clinical Evidence Double bend design 74
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Product innovation pipeline 2025 – 2028+ 2026 20272025 2028 2028+ SEISMIQ Coronary Intravascular Lithotripsy Tricuspid, Mitral, TAVR Vitalyst HR-PCI & shock Heart failure therapies TIVUS RDN VC Investment Expect above market +DD growth powered by innovation and diversification over LRP Category leading coronary therapies portfolio delivers breadth and innovation Entering high-growth markets over LRP: IVL, Hypertension, Circulatory Support Extensive VC investments in adjacent markets with ~$20B+ TAM Interventional Cardiology Therapies ~$11B served market growing ~10% over LRP FRACTURE SEISMIQ IVL IDE Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 75
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Advancing science for Cynthia. Treated with SYNERGY stent
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Relentless Innovation Enduring Growth Cardiac Rhythm Management and Diagnostics Scott Olson | Senior Vice President and President, Cardiac Rhythm Management and Diagnostics Ken Stein, M.D. | Senior Vice President and Global Chief Medical Officer
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Cardiac Rhythm Management and Diagnostics ~$12B served market growing ~4% over LRP Innovation cadence drives confidence in return to market growth over LRP Near-term growth led by conduction system pacing and leadless pacer launch Steady launch cadence over LRP powered by next-gen CRM platform Internal and VC investments in large adjacent market opportunities Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 78
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S-ICD and leadless pacing 2025E market ~$1.5B, +HSD CAGR EMPOWER Leadless Pacemaker & mCRM System Next-gen S-ICD Next-gen leadless pacing Core CRM & conduction system pacing 2025E market ~$8.5B, +LSD CAGR INGEVITY + Pacing Lead EluPro® BioEnvelope†PRECEDENT ICD & CRT-D Next-gen pacemakers & CRT-P Diagnostics 2025E market ~$2.5B, +MSD CAGR LUX-AIR BodyGuardian Ultra Life Implantable and wearable heart failure diagnostics 2028+2025 2026 2027 2028 †Signed, pending close Timeline represents expected launch timing. Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. Consistent cadence of meaningful launches over LRP Next-gen CSP technologies 79
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mCRM System Personalized patient care U.S. approval 2026E MODULAR ATP achieved all safety and effectiveness endpoints2 98.8% Communication success rate 97.4% Pacing capture threshold EMPOWER Leadless Pacemaker • Leadless pacing 2025E market ~$1B • EMPOWER : single chamber, fully retrievable, connects with EMBLEM S-ICD • Investing in NG leadless pacing EMBLEM S-ICD • Only commercially available ICD without leads in heart or under sternum • Backwards compatible with Empower • Over 150k patients treated1 Modular CRM System provides differentiated offering 80
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Investing in technologies to address: LUX-Dx with HeartLogic technology Next-gen monitoring sensors and AI Unmet need in heart failure monitoring & therapy optimization 9M U.S. HF patients1 HF #2 cause of hospital readmissions in the U.S.2 Unlocking a potential ~$2B market: Breakthrough device designation received for LUX-HL Completed LUX-TRENDS Enrolling DANLOGIC, data 2028E Planning LUX-ALERT, data 2029E+ Clinical evidence: Reimbursement: Opportunity in high-growth adjacency: heart failure 81
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Next-gen Leadless Heart Failure Diagnostics: LUX-HF Next-gen S-ICD Next-gen Pacer PRECEDENT Next-gen Defib Modular CRM (mCRM ) 2026 20272025 2028 2028+ Product innovation pipeline 2025 – 2028+ Innovation cadence drives confidence in return to market growth over LRP Near-term growth led by conduction system pacing and leadless pacer launch Steady launch cadence over LRP powered by next-gen CRM platform Internal and VC investments in large adjacent market opportunities Cardiac Rhythm Management and Diagnostics ~$12B served market growing ~4% over LRP Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 82
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Advancing science for Abi-Gaye. Treated with DYNAGEN MINI ICD
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Relentless Innovation Enduring Growth WATCHMAN Angelo De Rosa | Global President, WATCHMAN Brad Sutton, M.D. | Chief Medical Officer, Atrial Fibrillation Solutions
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WATCHMAN Left Atrial Appendage Closure Leading in ~$2B served market that sustainably grows ~20% Expect to grow in line with market and maintain clear leadership Indicated patients grows from ~5M today to up to ~20M by 2030E+ Expanding access through clinical evidence and therapy awareness Leveraging category leading AF solutions in concomitant procedures Innovating for the future: device, imaging and workflow Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 85
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2010 PREVAIL 2018 PINNACLE FLX Q4 2023 AF guidelines update Q1 2024 400,000 implants globally Q4 2024 OPTION data release Q1 2015 Legacy WATCHMAN FDA approval Q3 2020 WATCHMAN FLX FDA approval and EU launch Q3/Q4 2023 WATCHMAN FLX Pro US and JPN launch 1H 2026E CHAMPION data release Q3 2025 600,000 implants globally 2028E2005 PROTECT AF Q1 2016 CMS covers WATCHMAN Q1 2019 WATCHMAN included in AF guidelines Q1 2022 200,000 implants globally Q3 2023 350,000 implants globally & ICE FDA approval Q4 2023 LAAOS-IV FPI Q3 2024 SIMPLAAFY FPI Q4 2024 Concomitant DRG effective Launch next-gen WATCHMAN Q3 2025 OPTION label update 2027E SIMPLAAFY data release Leading the LAAC market for over two decades Q2/Q3 2025 WATCHMAN FLX Pro launch in EU, CHN Q4 2019 100,000 implants globally Q2 2021 WM FLX JPN launch Q2 2022 WM FLX CHN launch 86
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Today 2028E 2030E+ Expanding WATCHMAN presence around the globe Potential patients indicated & market by 2030E+ ~$6.0B+ ~$4.0B >$2.0B Market size Includes positive clinical evidence, guideline and NCD update Global patients indicated 5 million AF patients indicated 20 million AF patients indicated EMEA >10M patients CHN >1M patients JPN >0.5M patients >8M patients ~$5B market US ~$1B int’l market Reimbursement and regional guideline updates Positive data enables meaningful market expansion 87
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Data 2027E Studying 4th generation WM Next-gen WM IDE Data 2027E Simplified post-implant drug therapy SIMPLAAFY Data Expected 1H 2026E Data 2027E Concomitant with WM + FP in Asia OPTION-A Data 2028E+ Highest risk stroke patients with WM + OAC LAAOS IV Robust clinical evidence compendium Influences guidelines & reimbursement WATCHMAN FLX vs. NOAC ~40% patients on OAC unprotected due to non-adherence1 3,000 Patients | 150 Sites Co-primary endpoints Primary efficacy: non-inferiority for occurrence of stroke, CV death and systemic embolism at 36 months Primary safety: superiority for non-procedural bleeding at 36 months 3-year follow-up Primary endpoints WATCHMAN FLX NOAC Randomization 1:1 Establishing WATCHMAN as a frontline therapy 88
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Concomitant opportunity Concomitant sheath Safer procedures Decreasing risks associated with exchanges Streamlined workflow Efficiency tied to single sheath Preserving success Similar performance as individual therapy sheaths Category leading AF portfolio AF commercial organization Established reimbursement Clinical evidence (OPTION) of U.S. AF ablation patients at high-risk of stroke1 of U.S. WM procedures done concomitantly exiting 2025E ~50% ~25% Patients Addresses AF and risk of stroke in one case Physicians Maximize patient experience Hospitals Addresses capacity in high-growth AF procedures WM positioned to lead Driving concomitant FARAWATCH procedures 89
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NG WATCHMAN Launching 2028E Stability Advanced anchor engagement Optimized strut architecture Fills & adapts to the unique characteristics of the LAA Chronic seal Expanded sealing range Next generation ball Further improved atraumatic distal end NG WATCHMAN IDE Single arm | 45-day endpoint FPI 2026E Fueling the future of LAAC innovation 4th generation built on the WM platform designed to enhance seal & address complex anatomy 90
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Enhanced transesophageal echo support (TEE) software TEE based AI guided 3D LAA reconstruction • Developing through external partnership • Automated LAA ostium and landing zone measurements Enabled by AI and ongoing data consolidation Exploring 4D intracardiac echo (ICE) solutions Smart ICE-based workflow and improved imaging • Minimizing catheter manipulation • Automated guidance and measurements Building an interconnected imaging ecosystem 91
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WATCHMAN Left Atrial Appendage Closure Leading in ~$2B served market that sustainably grows ~20% Next-gen WATCHMAN and concomitant sheath Data Read Out Product innovation pipeline 2025 – 2028+ CHAMPION AF Next-gen WATCHMAN solutions Expect to grow in line with market and maintain clear leadership Indicated patients grows from ~5M today to up to ~20M by 2030E+ Expanding access through clinical evidence and therapy awareness Leveraging category leading AF solutions in concomitant procedures Innovating for the future: device, imaging and workflow 2026 20272025 2028 2028+ VC Investment Imaging 92
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Atrial Fibrillation Solutions Video 93
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Relentless Innovation Enduring Growth Electrophysiology Nick Spadea-Anello | Senior Vice President and President, Electrophysiology Brad Sutton, M.D. | Chief Medical Officer, Atrial Fibrillation Solutions
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500,000 Patients treated globally with FARAPULSE PFA system
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Electrophysiology ~ $13B served market growing ~15% over LRP Expect to durably outpace market, capture share and aim to achieve leading market position Massively underpenetrated patient population, ~60M AF patients globally Global PFA penetration of AF procedures grows from ~50% to ~80% by end of LRP Building a comprehensive EP ecosystem through innovation and leading in clinical evidence Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 96
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2025E Global EP Market by Product Segment ($B) Global EP Market AF vs. Non-AF segments Global EP market grows ~15% over LRP $6.5B $2B $2.5B $1B $1B Ablation Catheters Mapping and Nav Diagnostics (incl. ICE) Transseptal Access Accessories $9B 0 5 10 15 20 2025E 2028E ~$13B ~$20B +15% +DD +HSD AF Mkt Non-AF Mkt $9B $15B $4B $5B • Innovative technologies • Efficiency & safety of PFA • Clinical evidence • Patient & physician awareness • Site of service shift enabling capacity • Geographic expansion 2025E EP market by region Market Growth Drivers $7B $2B $1.5B $1.5B $1B ROW 97
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Building a complete EP ecosystem 2028+Today Complex arrhythmia treatmentAtrial fibrillation Complex arrhythmias Global PFA penetration in AF 50% 60% 80% Ablation catheters Mapping & navigation Diagnostics Access FARAWAVE OPAL HDx VersaCross Connect FARAPOINT YE 2025E CHORUS IDx (2D ICE) 2H 2026E HD mapping catheter 2027E Next-gen FARAWAVE NAV 2027E CHORUS IDx Nav (OPAL integrated) 2027E Concomitant sheath 2028E Cortex integration 2027E FARAFLEX 2028E CHORUS IDx NAV w/ AI ICE 2028E FARADRIVE+ XD 2028E FARADRIVE+ 2027E CS Nav 2028E ~1M AF procedures ~1.5M AF procedures 98
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Evolving the FARAPULSE advantage FARAWAVE Non-Nav Launched 2021 FARAWAVE Nav Launched 2024 FARAWAVE beyond next-gen FARAPOINT YE 2025E Next-gen FARAWAVE 2027E 2025+2021 2024 FARAFLEX 2028E Proprietary waveform and consistent innovation evolves the versatile pentaspline design to treat comprehensive arrhythmias and incorporate physician insight 99
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Investing in the pentaspline advantage Next-generation FARAWAVE Launch expected 2027E 4x increase in signals Higher density mapping and versatility in a single catheter Updated handle Improved usability of handle for upgraded all-around experience Individual petal deflection More accurate shape detection with OPAL HDx Enhanced contact sensing Data collected and displayed from all electrodes to increase physician confidence 100
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Large focal catheter for complex arrhythmias FARAFLEX ELEVATE-PF FARAFLEX feasibility study N=~100, one-year follow-up with gold standard prospective remaps Expect to initiate IDE 2026EClinical versatility with bipolar and monopolar delivery options Next-gen handling platform for precise catheter control Integrated with OPAL HDx to include HD anatomical maps, contact sensing, and field tags Rapid high-density mapping with 19 sensing electrodes & PFA in a single catheter 101
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1 of 3 FW accounts utilizing OPAL HDx Today Future Building a category-leading EP mapping system Nearly all FW accounts utilizing OPAL HDx Poised to drive long-term growth with integrated mapping capabilities: Contact sensing YE 2025E Cortex integration 2027E Integrated ICE 2027E HD mapping catheter 2027E AI ICE 2028E OPAL HDx Software iterations Clinical mapping specialist Coronary sinus nav 2028E 102
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Complementing OPAL with CHORUS IDx ICE ICE market opportunity Addressable market ($B) 2025E 2028E ~10% $1.3B $1.8B U.S. Int’l. $1.0B $1.4B $0.4B $0.3B 2026 2027 Powered by OPAL HDx CHORUS IDx CHORUS IDx NAV CHORUS IDx NAV AI 2D ICE for cardiac procedures 2D ICE and advanced EAM 2D ICE in RA to create 3D heart map 103
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Cortex (OptiMap) • Designed to address unmet need in mapping complex cases in redo and persistent patients • Proprietary whole-chamber mapping catheter and software • Identifies extra-PV sources leveraging AI to deliver a reliable and evidence-based ablation approach Clinical evidence FLOW-AF RCT N=85, randomized control trial in non-paroxysmal redo patient population COMPLETE COMPLETED ENROLLMENT improvement in AF-free survival at 12 months 51% RESOLVE-AF N=400, single arm study in patients with all types of AF Data 2026E FDA APPROVED STUDY OPTIMIZE-PF Randomized control trial studying Cortex technology with OPAL HDx system FPI 2H 2025E Investing in solutions for advanced AF disease 104
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Expand ASCEND IDE PROSPECT IDE REMATCH AF OPTIMIZE PF 79 2 48 FARAVERSE 16 OPTION-A FARADISE China PROMPT AF II Lead ADVANTAGE AF AVANT GUARD ELEVATE PF OPTION-A DISRUPT-AF Registry Leading in clinical evidence generation Farapulse most studied PFA device with over 35k+ in published clinical evidence pAF perAF Redo AF Afl AT VT Other SVT+ 2028E EP Market Clinical Impact Across EP Clinical Impact Globally Clinical evidence sets foundation to access $6B+ of global EP market in complex AF and non-AF segments by 2028E+ Increasing global clinical evidence to unlock market opportunities ~$20B Number of clinical sites per region as of Sept 2025 105
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Expanding the reach of FARAPULSE through key clinical investments Trial Studying Status Timing 2028E Served Market AVANT GUARD FARAPULSE vs. AAD as first line treatment for persistent AF Completed enrollment Data 1H 2026E ~$1B (AF) DISRUPT-AF Global registry to measure efficiency, effectiveness and safety of FARAPULSE Enrolling Various read-outs N/A (AF) REMATCH-AF FARAWAVE and FARAPOINT in redo persistent AF patients Enrolling Data 2027E ~$2B (Non-AF) ASCEND-VT FARAPOINT compared to RF to treat patients with ventricular tachycardia Planning, FPI YE25E Data 2026E ~$2B (Non-AF) 106
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Electrophysiology ~ $13B served market growing ~15% over LRP Expect to durably outpace market, capture share and aim to achieve leading market position Massively underpenetrated patient population, ~60M AF patients globally Global PFA penetration of AF procedures grows from ~50% to ~80% by end of LRP Building a comprehensive EP ecosystem through innovation and leading in clinical evidence Product innovation pipeline 2025 – 2028+ 2026 20272025 2028 2028+ VC Investment Next-gen pulsed field ablationFARAFLEX Next-gen FARAWAVE CHORUS IDx (2D ICE) FARAPOINT Anumana AI imaging Cortex integration Data Read Out AVANT GUARD Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates. 107
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Advancing science for Mike. Treated with FARAPULSE PFA system
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Relentless Innovation Enduring Growth Finance Jon Monson | Executive Vice President and Chief Financial Officer
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Financial goals Consistently delivering top tier financial performance 2025 guidance1 2026E – 2028E goals Long-term goals +14% – +15% vs. 2024 organic* 27.75% – 28% +75 to +100 bps vs. 2024 $2.95 – $2.99 +18% to +19% vs. 2024 ~75% FCF conversion* 10%+ organic CAGR* ~+50 bps annual adj. op margin* expansion Leveraged annual adj. EPS* growth ~70% – 80% FCF conversion* Consistently outpace market growth 30%+ adj. operating margin* Leveraged +DD adj. EPS* growth Strong FCF conversion* Sustained, differentiated revenue growth Meaningful adjusted operating margin* expansion Strong adjusted EPS* growth Significant free cash flow* growth 1 Based on guidance provided on July 23, 2025 110
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Consistent adjusted operating margin* improvement Expanding adjusted operating margin* 18.9% 26.1% 25.6% 2013 2016 2019 2022 2025E 2026E-2028E Adj. op margin* Adj. op margin*, LRP goal ~+50bps y/y Gross margin Aim to improve gross margin over the LRP Enablers: favorable product mix, standard cost reductions; partially offset by tariffs Expect to drive meaningful SG&A leverage Enablers: disciplined approach to discretionary spend, scale Maintain investment level at ~9% to 10% of sales SG&A R&D 24.1% 1 1 Based on high-end of guidance provided on July 23, 2025 ~28.0% 111
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Disciplined approach to spend allows for investments in future growth Driving leverage through scale and discipline Continuously optimizing org structure Effectively integrate new acquisitions Implementing enhanced ERP system Scaling global back-office support Efficiency driven by AI capabilities Adjusted SG&A* 36.8% 36.1% 35.1% 34.6% 2013 2016 2019 2022 2025E 2026E-2028E Sustained leverage Adj. SG&A* percent of sales Adj. SG&A* percent of sales, goal 112
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Significantly enhanced free cash flow* profile Improvements driven by operating margin expansion and working capital efficiency Continued integration costs associated with acquisitions Generating $13B+ cumulative free cash flow* over LRP Free cash flow* of ~$3.5B in 20251 expected to grow +DD over LRP FCF* 39% 60% 71% ~75% ~70-80% 2022 2023 2024 2025E 2026E - 2028E 1 Free cash flow* FCF conversion* % Free cash flow*, LRP goal $0.9B $1.8B $2.6B ~$3.5B 1) Based on guidance provided on July 23, 2025 Capital Allocation Priorities Strategic tuck-in M&A, followed by share repurchase 113
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Disciplined approach prioritizes strategic fit & financial return, with a consistent playbook to fully integrate acquisitions M&A strategy supports entry into high-growth markets 3 Companies acquired from VC portfolio 16 New investments in our VC portfolio 12 Acquisitions closed 7 Cardiovascular | 5 Medsurg Since last Investor Day: 2 Strategic partnership investments in APAC 114
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~70-80% Free cash flow conversion* +DD Leveraged annual adj. EPS* growth ~+50bps Annual adj. operating margin* expansion 10%+ Organic revenue* CAGR Relentless Innovation Enduring Growth Long-range plan financial goals, 2026E-2028E 115
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Relentless Innovation Enduring Growth Appendix
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2025 market size $B CAGR 2026E – 2028E Cardiovascular Cardiovascular $50 ~9% Interventional Cardiology Therapies $11 ~10% WATCHMAN $2 ~20% Cardiac Rhythm Management $12 ~4% Electrophysiology $13 ~15% Peripheral Interventions and Interventional Oncology & Embolization $11 ~7% Medsurg MedSurg $20 ~7% Endoscopy $8 ~6% Urology $7 ~7% Neuromodulation $4 ~7% BSX served market $70 ~9% BSX served markets: 2026E – 2028E 117Market size represents 2025 estimated served market. Growth rates represent 2026 – 2028 market growth estimates.
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Acronym reference guide 118 AAA Abdominal aortic aneurysm ACC American College of Cardiology AF Atrial fibrillation AFL Atrial flutter ASBP Ambulatory systolic blood pressure ASGE American Society for Gastrointestinal Endoscopy AT Atrial tachycardia ATK Above-the-knee BDD Breakthrough device designation BP Blood pressure BPH Benign prostatic hyperplasia BTK Below-the-knee BVNA Basivertebrae nerve ablation CAD Coronary artery disease CEA Carotid endarterectomy cPCI Complex percutaneous coronary intervention EP Electrophysiology ELS Endoluminal surgery EPS Earnings per share ER Erectile restoration ERCP Endoscopic retrograde cholangiopancreatography ESC European Society of Cardiology ESGE European Society for Gastrointestinal Endoscopy FCF Free cash flow FIH First in human FP FARAPULSE FPI First patient in GI Gastrointestinal HCC Hepatocellular carcinoma HF Heart failure HR-PCI High-risk percutaneous coronary intervention HSD High-single digit growth (7 - 9%) CRM Cardiac Rhythm Management CRT-D Cardiac resynchronization therapy device – defibrillators CRT-P Cardiac resynchronization therapy device – pacemakers CSP Conduction system pacing CV Cardiovascular CVD Cardiovascular disease CVI Chronic venous insufficiency DBS Deep brain stimulation DCB Drug coated balloon DD Double-digit growth (10%+) DES Drug eluting stent DRG Diagnosis-related group Dx Diagnostics EAM Electroanatomic mapping ECAP Evoked compound action potential ED Erectile dysfunction
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Acronym reference guide 119 HTN Hypertension ICD Implantable cardioverter defibrillator ICE Intracardiac echocardiography ICTx Interventional Cardiology Therapies IDE Investigational device exemption IFSO International Federation for the Surgery of Obesity and Metabolic Disorders IO&E Interventional Oncology & Embolization IPP Inflatable penile prosthesis ISR In-stent restenosis IVL Intravascular lithotripsy IVUS Intravascular ultrasound LAA Left atrial appendage LAAC Left atrial appendage closure LSD Low-single digit growth (<4%) MSD Mid-single digit growth (4 - 7%) NCD National coverage determination NG Next generation ROW Rest of world SCS Spinal cord stimulation S-ICD Subcutaneous implantable cardioverter defibrillator SHV Structural heart valves SNM Sacral neuromodulation SUI Stress urinary incontinence SVT Supraventricular tachycardia TAVR Transcatheter aortic valve replacement TCAR Transcarotid artery revascularization TEE Transesophageal echocardiogram TF-CAS Transfermoral carotid artery stenting TP Transperineal TPT Transitional pass-through Tx Therapeutics VBP Value based procurement VT Ventricular tachycardia WAMGR Weighted average market growth rate WM WATCHMAN NM Neuromodulation NOAC Non-vitamin K antagonist oral anticoagulant NTAP New technology add-on payment OAB Overactive bladder OAC Oral anticoagulant pAF Paroxysmal atrial fibrillation PCI Percutaneous corornary intervention perAF Persistent atrial fibrillation PFA Pulsed field ablation PI Peripheral interventions PRU Prosthetic urology PTA Percutaneous transluminal angioplasty PVD Peripheral vascular disease RA Right atrium RCT Randomized controlled trial RDN Renal denervation RNY Roux-en-Y gastric bypass
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Neuromodulation references 120 Interventional spine slide 1. Truven Marketscan 2015 – 2017 – Navigant Research Deep brain stimulation slide 1. Lange F, et al. Reduced programming time and strong symptom control even in chronic course through imaging-based DBS programming. Front Neurol. 2021;12:785529. doi:10.3389/fneur.2021.785529
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Cardiovascular references 121 Served market slide 1. Linz D, Gawalko M, Betz K, Hendriks JM, Lip GYH, Vinter N, Guo Y, Johnsen S. Atrial fibrillation: epidemiology, screening and digital health. Lancet Reg Health Eur. 2024;37:100786. doi:10.1016/j.lanepe.2023.100786 2. Incidence, Prevalence, and Lifetime Risk Estimates of Heart Failure in the United States. J Card Fail. 2024;31:P 66-116. 3. British Heart Foundation. Global CVD Statistics Factsheet. London, UK: British Heart Foundation; 2024. Accessed September 4, 2025. https://www.bhf.org.uk/-/media/files/for-professionals/research/heart-statistics/bhf-cvd-statistics-global- factsheet.pdf?hash=6350DE1B2A19D939431D876311077C7B&rev=e61c05db17e9439a8c2e4720f6ca0a19&utm_source=chatgpt.com 4. World Health Organization. Global report on hypertension: the race against a silent killer. Geneva, Switzerland: World Health Organization; 2023. Accessed September 4, 2025. https://www.who.int/teams/noncommunicable-diseases/hypertension-report 5. Deng L, Du C, Liu L, Wang Y, Gu H, Armstrong DG, Mills JL, Hochlenert D, Deng H, Ran J, Chen Y, Jiang X, Ma Y, Chen Q, Deng W; Flow and Toe Research Team (FORT). Forecasting the global burden of peripheral artery disease from 2021 to 2050: a population-based study. Research. 2025;8:0702. doi:10.34133/research.0702 6. Diego Serraino, Lucia Fratino, Pierluca Piselli. Epidemiological Aspects of Hepatocellular Carcinoma. In: Hepatocellular Carcinoma. Giuseppe Maria Ettorre, ed. Updates in Surgery. Cham, Switzerland: Springer; 2022:3–9. Published online October 10, 2022. https://doi.org/10.1007/978-3-031- 09371-5_1. Accessed September 8, 2025.
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Peripheral Interventions and Interventional Oncology & Embolization references 122 TCAR Slide 1. Malas MB, et. Al. TransCarotid revascularization with dynamic flow reversal versus Carotid Endarterectomy in the Vascular Quality Initiative Surveillance Project. Ann Surg. 2020 Sep 15. doi: 10.1097/SLA/0000000000004496. Epub ahead of print. 2. Compared to other major carotid intervention trials. Dermody, M. (2024). Prospective, Multicenter Evaluation of Transcarotid Artery Revascularization (TCAR) in Standard Risk Patients: 30-Day Outcomes of the ROADSTER 3 Study. Presented at VIVA Conference 2024. 3. Wu WW, Liang P, O’Donnell TFX, et al. Anatomic eligibility for transcarotid artery revascularization and transfemoral carotid artery stenting. J Vasc Surg. 2019; 69: 1452-1460. doi: 10.1016/j.jvs.2018.11.051 4. Data on file at Boston Scientific.
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Cardiac Rhythm Management references 123 Modular CRM slide 1. Boston Scientific CRM product performance report, Q3 2024 Heart Failure Slide 1. Journal of Cardiac Failure. 2024;31:P 66–116. 2. Jiang HJ, Barrett ML. Clinical conditions with frequent, costly hospital readmissions by payer, 2020. HCUP Statistical Brief No. 307. Rockville, MD: Agency for Healthcare Research and Quality; April 2024. Accessed April 19, 2024. https://hcup-us.ahrq.gov/reports/statbriefs/SB307-508.pdf
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WATCHMAN references 124 Clinical slide 1. Tarn, D, Shih, K, Tseng, C. et al. Reasons for Nonadherence to the Direct Oral Anticoagulant Apixaban: A Cross -Sectional Survey of Atrial Fibrillation Patients. JACC Adv. 2023 Jan, 2 (1) . https://doi.org/10.1016/j.jacadv.2022.100175 FARAWATCH Slide 1. Hsu, J, Darden, D, Du, C. et al. Initial Findings From the National Cardiovascular Data Registry of Atrial Fibrillation Ab lation Procedures. JACC. 2023 Mar, 81 (9) 867–878. https://doi.org/10.1016/j.jacc.2022.11.060
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Supplemental non-GAAP disclosures 125 This presentation contains certain non-GAAP financial measures associated with the company’s historical and future expected performance. These non-GAAP financial measures are not in accordance with generally accepted accounting principles (GAAP) in the United States. A reconciliation of the non-GAAP financial measures included in this presentation to the corresponding GAAP measures follows. In addition, an explanation of the ways in which Boston Scientific management uses these supplemental non-GAAP measures to evaluate its business and the substantive reasons why Boston Scientific management believes that these non-GAAP measures provide useful information to investors is included under “Use of Non-GAAP Financial Measures” in the Company’s most recent earnings release filed with the SEC on Form 8-K. This non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.
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Supplemental non-GAAP disclosures 126 2026E-2028E (CAGR)1 2025 Estimate2 Year Ended December 31, Net Sales Growth (low) (high) 1H 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Net sales growth, as reported 18.0% 19.0% 21.9% 17.6% 12.3% 6.7% 19.9% (7.7)% 9.3% 8.6% 7.9% 12% 1% 3% (1)% (5)% (2)% Impact of foreign currency fluctuations (0.5)% (0.5)% 0.0% 0.9% 0.8% 4.4% (1.3)% (0.1)% 1.8% (0.6)% (0.1)% 0% 7% 3% 2% 2% (3)% Net sales growth, operational 17.5% 18.5% 21.9% 18.5% 13.1% 11.1% 18.7% (7.8)% 11.1% 8.0% 7.8% 12% 8% 6% 1% (3)% (5)% Impact of certain acquisitions/divestitures (3.5)% (3.5)% (4.1)% (2.1)% (0.8)% (2.4)% 0.3% (3.5)% (3.8)% (0.8)% (1.2)% (2)% (3)% (2)% 1% 0% 3% Net sales growth, organic ~10%+ 14.0% 15.0% 17.8% 16.4% 12.3% 8.7% 18.9% (11.3)% 7.3% 7.2% 6.6% 10% 5% 4% 2% (3)% (2)% 2011 - 2013 Average Organic Growth (1)% 2014 - 2016 Average Organic Growth 6% 2017 - 2019 Average Organic Growth 7% 2020 - 2023 Average Organic Growth 7% 1Components of the reconciliation of revenue growth, on an as reported, operational, and organic basis and reconciliation of adjusted operating margin, on an as reported and adjusted basis, are not currently available without unreasonable efforts on a forward-looking basis because certain significant information necessary for such reconciliations is unavailable, dependent on future events outside of our control and cannot be predicted without unreasonable efforts 2Based on guidance provided on July 23, 2025 Long-Term Goal1 2025 Estimate2 Year Ended December 31, Adjusted Operating Margin (low) (high) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Operating Margin, as reported 19.5% 19.8% 15.5% 16.5% 13.0% 10.1% (0.8)% 14.1% 15.3% 14.2% 5.3% (4.4)% 4.1% 1.7% (53.4)% 11.9% Non-GAAP adjustments 8.3% 8.2% 11.5% 9.8% 12.6% 15.2% 20.1% 12.0% 10.2% 10.8% 18.8% 26.7% 16.1% 17.2% 72.1% 7.3% Operating Margin, adjusted 30%+ 27.8% 28.0% 27.0% 26.3% 25.6% 25.3% 19.3% 26.1% 25.5% 25.0% 24.1% 22.3% 20.2% 18.9% 18.8% 19.2% 2011 - 2013 Average Growth (0.4)% 2014 - 2016 Average Growth 1.7% 2017 - 2019 Average Growth 0.7% 2020 - 2022 Average Growth (0.2)% 2023 - 2025 Estimated Average Growth 0.8%
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Supplemental non-GAAP disclosures 127 Year Ended December 31, Adjusted EPS 1H 2025 1H 2024 2024 2023A 2022A 2021A 2020B 2019 2018G 2017 2016 2015C 2014D 2013E 2012F 2011 Net income (loss) per share, as reported $ 0.98 $ 0.55 $ 1.25 $ 1.07 $ 0.45 $ 0.69 $ (0.08) $ 3.33 $ 1.19 $ 0.08 $ 0.25 $ (0.18) $ (0.09) $ (0.09) $ (2.89) $ 0.29 Amortization expense 0.25 0.25 0.49 0.48 0.48 0.47 0.49 0.44 0.37 0.35 0.35 0.33 0.29 0.27 0.25 0.22 Goodwill and other intangible asset impairment charges 0.02 0.16 0.23 0.04 0.07 0.22 0.32 0.07 0.02 - 0.01 0.01 0.12 0.35 3.15 0.47 Acquisition/divestiture - related net charges (credits) 0.04 0.08 0.25 0.24 0.24 (0.32) 0.08 0.48 0.00 0.01 0.09 0.17 (0.03) - (0.02) (0.37) Restructuring and restructuring-related net charges (credits) 0.12 0.06 0.13 0.11 0.07 0.12 0.10 0.05 0.05 0.05 0.04 0.05 0.07 0.07 0.09 0.06 Litigation-related net charges (credits) - - (0.00) (0.06) 0.09 0.23 0.18 0.05 0.06 0.12 0.37 0.52 0.49 0.11 0.08 0.02 Investment portfolio net losses (gains) 0.00 0.01 0.01 0.02 (0.02) 0.10 (0.23) - - 0.03 - - - - - - EU MDR implementation costs 0.01 0.01 0.03 0.04 0.04 0.03 0.02 - - - - - - - - - Debt extinguishment net charges (credits) - - - - 0.10 - - 0.05 - - - 0.02 - 0.03 - - Deferred tax expenses (benefits) 0.06 0.05 0.11 0.11 0.10 0.09 0.03 (2.91) - - - - - - - - Discrete tax items 0.00 - (0.00) 0.01 0.09 (0.00) 0.05 0.01 (0.23) 0.62 - (0.01) (0.01) (0.01) - (0.02) Pension termination charges - - - - - - - - - - - 0.02 - - - - Net income (loss) per share, adjusted $ 1.51 $ 1.18 $ 2.51 $ 2.05 $ 1.71 $ 1.63 $ 0.96 $ 1.58 $ 1.47 $ 1.26 $ 1.11 $ 0.93 $ 0.84 $ 0.73 $ 0.66 $ 0.67 2011 - 2013 Average Growth 2% 2014 - 2016 Average Growth 15% 2017 - 2019 Average Growth 13% 2020 - 2022 Average Growth 12% 2023 - 20252 Estimated Average Growth ~20% 1H 2025 vs 1H 2024 Growth 28% A For the years ended December 31, 2023, December 31. 2022, December 31, 2021, the effect of assuming the conversion of Mandatory Convertible Preferred Stock (MCPS) into shores of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net income and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited consolidated statements of operations, for purposes of calculating net income attributable to Boston Scientific common stockholders. On June 1, 2023. all outstanding shares of MCPS automatically converted into shores of common stock. B Assumed dilution of 13.8 million common stock equivalents related to employee stock options for all or a portion of the non-GAAP adjustments, which were anti-dilutive for GAAP purposes due to our net loss position. c Assumed dilution of 21.5 million common stock equivalents related to employee stock options for all or a portion of the non-GAAP adjustments. which were anti-dilutive for GAAP purposes due to our net loss Position. D Assumed dilution of 23.7 million common stock equivalents related to employee stock options for all or a portion of the non-GAAP adjustments. which were anti-dilutive for GAAP purposes due to our net loss position. E Assumed dilution of 19.5 million common stock equivalents related to employee stock options for all or a portion of the non-GAAP adjustments, which were anti-dilutive for GAAP purposes due to our net loss position. F Assumed dilution of 7.7 million common stock equivalents related to employee stock options for all or a portion of the non-GAAP adjustments, which were anti-dilutive for GAAP purposes due to our net loss position. G Full year 2018 adjusted earnings per shore includes a $0.07 net tax benefit. This net tax benefit of $0.07 includes our previously disclosed second quarter $0.06 benefit from settling the IRS Stipulation of Settled Issues for the 2001 through 2010 tax years, offset by a fourth quarter $0.05 charge for our previously announced tax reinvestment strategy. In addition, the net benefit includes a $0.06 benefit in the fourth quarter for the settlement with the IRS of our 2011 through 2013 tax years. 2 Based on guidance provided on July 23, 2025
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Supplemental non-GAAP disclosures 128 FY 2025 Estimate2 Earnings Per Share Guidance (low) (high) GAAP results $ 1.89 $ 1.93 Amortization expense 0.52 0.52 Acquisition/divestiture-related net charges (credits) 0.11 0.11 Restructuring and restructuring-related net charges (credits) 0.24 0.24 Other adjustments 0.18 0.18 Adjusted results $ 2.95 $ 2.99 2025E vs 2024 Adjusted EPS2 Growth 18% 19% 2Based on guidance provided on July 23, 2025
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Supplemental non-GAAP disclosures 129 1H 2025 Net Sales Growth by Business Reported Basis Impact of Foreign Currency Fluctuations Operational Basis Endoscopy 7.0% (0.0)% 6.9% Urology 26.2% 0.1 % 26.3% Neuromodulation 6.5% 0.1 % 6.7% Medsurg 13.8% 0.0 % 13.8% ICTx 8.5% 0.3% 8.8% Watchman 26.0% (0.1)% 25.9% Cardiac Rhythm Management 1.4% (0.1)% 1.3% Electrophysiology 115.5% (0.7)% 114.9% Cardiology 29.5% (0.1)% 29.5% Peripheral Interventions 16.4% 0.1 % 16.5% Cardiovascular 26.5% (0.0)% 26.5% Net Sales 21.9% (0.0)% 21.9% 1H 2025 Net Sales Growth by Region Reported Basis Impact of Foreign Currency Fluctuations Operational Basis U.S. 30.9 % —% 30.9 % EMEA 6.2 % (1.3)% 4.8 % APAC 13.2 % (0.1)% 13.0 % LACA 4.2 % 7.2 % 11.4 % Net Sales 21.9 % (0.0)% 21.9 % Year Ended December 31, Adjusted SG&A 2022 2019 2016 2013 SG&A Margin, as reported 35.6% 36.7% 37.0% 37.4% Non-GAAP adjustments (1.0)% (1.6)% (0.9)% (0.6)% SG&A Margin, adjusted 34.6% 35.1% 36.1% 36.8%
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Supplemental non-GAAP disclosures 130 Year Ended December 31, Free Cash Flow (in billions) 2025E2 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Cash provided by (used for) operating activities $ ~4.5 $ 3.4 $ 2.5 $ 1.5 $ 1.9 $ 1.5 $ 1.8 $ 0.3 $ 1.4 $ 1.2 $ 0.7 $ 1.3 $ 1.1 $ 1.3 $ 1.0 Purchases of property, plant and equipment and internal use software ~(0.9) (0.8) (0.7) (0.6) (0.6) (0.4) (0.5) (0.3) (0.3) (0.4) (0.2) (0.3) (0.2) (0.2) (0.3) Proceeds on disposals of property, plant and equipment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.0 - - - - - Free Cash Flow $ ~3.5 $ 2.6 $ 1.8 $ 0.9 $ 1.3 $ 1.1 $ 1.4 $ 0.0 $ 1.1 $ 0.8 $ 0.4 $ 1.0 $ 0.8 $ 1.0 $ 0.7 Year Ended December 31, Free Cash Flow Conversion (in billions) 2025E2 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Cash Provided by (used for) Operating Activities $ ~4.5 $ 3.4 $ 2.5 $ 1.5 $ 1.9 $ 1.5 $ 1.8 $ 0.3 $ 1.4 $ 1.2 $ 0.7 $ 1.3 $ 1.1 $ 1.3 $ 1.0 Reported Net Income (Loss) attributable to common stockholders ~2.9 1.9 1.6 0.6 1.0 (0.1) 4.7 1.7 0.1 0.3 (0.2) (0.1) (0.1) (4.1) 0.4 Operating Cash Flow Conversion ~157% 185% 159% 238% 190% -1311% 39% 19% 1371% 341% -289% -1066% -894% -31% 229% Free Cash Flow $ ~3.5 $ 2.6 $ 1.8 $ 0.9 $ 1.3 $ 1.1 $ 1.4 $ 0.0 $ 1.1 $ 0.8 $ 0.4 $ 1.0 $ 0.8 $ 1.0 $ 0.7 Adjusted Net Income (Loss) attributable to common stockholders ~4.5 3.7 3.0 2.5 2.3 1.4 2.2 2.1 1.8 1.5 1.3 1.1 1.0 0.9 1.0 Free Cash Flow Conversion ~75% 71% 60% 39% 57% 83% 62% 0% 63% 54% 35% 89% 84% 111% 69% 2011 - 2013 Average FCF Conversion 88% 2014 - 2016 Average FCF Conversion 60% 2017 - 2019 Average FCF Conversion 42% 2020 - 2022 Average FCF Conversion 60% 2023 - 2025E2 Average FCF Conversion ~70% 2Based on guidance provided on July 23, 2025
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Supplemental non-GAAP disclosures 131 2025E2 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 3.4 $ 0.6 $ 2.9 $ (0.0) $ 2.9 Non-GAAP adjustments: Amortization expense 0.9 0.1 0.8 0.0 0.8 Goodwill and other intangible asset impairment charges 0.0 0.0 0.0 - 0.0 Acquisition/divestiture-related net charges (credits) 0.2 0.0 0.2 - 0.2 Restructuring and restructuring-related net charges (credits) 0.4 0.1 0.4 - 0.4 Investment portfolio net losses (gains) and impairments 0.0 0.0 0.0 - 0.0 EU MDR implementation costs 0.1 0.0 0.0 - 0.0 Deferred tax expenses (benefits) - (0.2) 0.2 - 0.2 Discrete tax items - (0.0) 0.0 - 0.0 Adjusted $ 5.1 $ 0.6 $ 4.5 $ 0.0 $ 4.5 2024 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 2.3 $ 0.4 $ 1.8 $ (0.0) $ 1.9 Non-GAAP adjustments: Amortization expense 0.9 0.1 0.7 0.0 0.7 Goodwill and other intangible asset impairment charges 0.4 0.0 0.3 - 0.3 Acquisition/divestiture-related net charges (credits) 0.4 0.0 0.4 - 0.4 Restructuring and restructuring-related net charges (credits) 0.2 0.0 0.2 - 0.2 Litigation-related net charges (credits) - 0.0 (0.0) - (0.0) Investment portfolio net losses (gains) and impairments 0.0 0.0 0.0 - 0.0 EU MDR implementation costs 0.1 0.0 0.0 - 0.0 Deferred tax expenses (benefits) - (0.2) 0.2 - 0.2 Discrete tax items - 0.0 (0.0) - (0.0) Adjusted $ 4.2 $ 0.5 $ 3.7 $ 0.0 $ 3.7 2Based on guidance provided on July 23, 2025
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Supplemental non-GAAP disclosures 132 2023 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 2.0 $ 0.4 $ 1.6 $ (0.0) $ (0.0) $ 1.6 Non-GAAP adjustments: Amortization expense 0.8 0.1 0.7 - 0.0 0.7 Goodwill and other intangible asset impairment charges 0.1 0.0 0.1 - - 0.1 Acquisition/divestiture-related net charges (credits) 0.4 0.0 0.4 - - 0.4 Restructuring and restructuring-related net charges (credits) 0.2 0.0 0.2 - - 0.2 Litigation-related net charges (credits) (0.1) (0.0) (0.1) - - (0.1) Investment portfolio net losses (gains) and impairments 0.0 (0.0) 0.0 - - 0.0 EU MDR implementation costs 0.1 0.0 0.1 - - 0.1 Deferred tax expenses (benefits) - (0.2) 0.2 - - 0.2 Discrete tax items - (0.0) 0.0 - - 0.0 Adjusted $ 3.4 $ 0.4 $ 3.0 $ (0.0) $ 0.0 $ 3.0 2022 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 1.1 $ 0.4 $ 0.7 $ (0.1) $ 0.6 Non-GAAP adjustments: Amortization expense 0.8 (0.1) 0.7 - 0.7 Goodwill and other intangible asset impairment charges 0.1 (0.0) 0.1 - 0.1 Acquisition/divestiture-related net charges (credits) 0.3 0.1 0.3 - 0.3 Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.2 (0.0) 0.1 - 0.1 Investment portfolio net losses (gains) and impairments (0.0) 0.0 (0.0) - (0.0) EU MDR implementation costs 0.1 (0.0) 0.1 - 0.1 Debt extinguishment charges 0.2 (0.0) 0.1 - 0.1 Deferred tax expenses (benefits) - 0.1 0.1 - 0.1 Discrete tax items - 0.1 0.1 - 0.1 Adjusted $ 2.9 $ 0.4 $ 2.5 $ (0.1) $ 2.5
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Supplemental non-GAAP disclosures 133 2021 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 1.1 $ 0.0 $ 1.0 $ (0.1) $ 1.0 Non-GAAP adjustments: Amortization expense 0.7 (0.1) 0.7 - 0.7 Goodwill and other intangible asset impairment charges 0.4 (0.1) 0.3 - 0.3 Acquisition/divestiture-related net charges (credits) (0.5) (0.0) (0.5) - (0.5) Restructuring and restructuring-related net charges (credits) 0.2 (0.0) 0.2 - 0.2 Litigation-related net charges (credits) 0.4 (0.1) 0.3 - 0.3 Investment portfolio net losses (gains) and impairments 0.2 (0.0) 0.1 - 0.1 EU MDR implementation costs 0.0 (0.0) 0.0 - 0.0 Deferred tax expenses (benefits) - 0.1 0.1 - 0.1 Discrete tax items - (0.0) (0.0) - (0.0) Adjusted $ 2.6 $ 0.2 $ 2.4 $ (0.1) $ 2.3 2020 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ (0.1) $ 0.0 $ (0.1) $ (0.0) $ (0.1) Non-GAAP adjustments: Amortization expense 0.8 (0.1) 0.7 - 0.7 Goodwill and other intangible asset impairment charges 0.5 (0.1) 0.5 - 0.5 Acquisition/divestiture-related net charges (credits) 0.2 (0.1) 0.1 - 0.1 Restructuring and restructuring-related net charges (credits) 0.2 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.3 (0.0) 0.3 - 0.3 Investment portfolio net losses (gains) and impairments (0.4) 0.1 (0.3) - (0.3) EU MDR implementation costs 0.0 (0.0) 0.0 - 0.0 Deferred tax expenses (benefits) - 0.0 0.0 - 0.0 Discrete tax items - 0.1 0.1 - 0.1 Adjusted $ 1.5 $ 0.1 $ 1.4 $ (0.0) $ 1.4
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Supplemental non-GAAP disclosures 134 2019 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 0.7 $ (4.0) $ 4.7 $ - $ 4.7 Non-GAAP adjustments: Amortization expense 0.7 (0.1) 0.6 - 0.6 Goodwill and other intangible asset impairment charges 0.1 (0.0) 0.1 - 0.1 Acquisition/divestiture-related net charges (credits) 0.6 0.0 0.7 - 0.7 Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Investment portfolio net losses (gains) and impairments 0.0 (0.0) 0.0 - 0.0 EU MDR implementation costs 0.0 (0.0) 0.0 - 0.0 Debt extinguishment charges 0.1 (0.0) 0.1 - 0.1 Deferred tax expenses (benefits) - (4.1) (4.1) - (4.1) Discrete tax items - 0.0 0.0 - 0.0 Adjusted $ 2.4 $ 0.2 $ 2.2 $ - $ 2.2 2018 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 1.4 $ (0.2) $ 1.7 $ - $ 1.7 Non-GAAP adjustments: Amortization expense 0.6 (0.1) 0.5 - 0.5 Goodwill and other intangible asset impairment charges 0.0 (0.0) 0.0 - 0.0 Acquisition/divestiture-related net charges (credits) (0.0) 0.1 0.0 - 0.0 Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Investment portfolio net losses (gains) and impairments 0.0 (0.0) 0.0 - 0.0 Discrete tax items (0.0) (0.3) (0.3) - (0.3) Adjusted $ 2.2 $ 0.1 $ 2.1 $ - $ 2.1
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Supplemental non-GAAP disclosures 135 2017 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 0.9 $ 0.8 $ 0.1 $ - $ 0.1 Non-GAAP adjustments: Amortization expense 0.6 (0.1) 0.5 - 0.5 Goodwill and other intangible asset impairment charges 0.0 0.0 0.0 - 0.0 Acquisition/divestiture-related net charges (credits) 0.0 (0.0) 0.0 - 0.0 Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.3 (0.1) 0.2 - 0.2 Investment portfolio net losses (gains) and impairments 0.1 (0.0) 0.0 - 0.0 Discrete tax items - 0.9 0.9 - 0.9 Adjusted $ 2.0 $ 0.2 $ 1.8 $ - $ 1.8 2016 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 0.2 $ 0.2 $ 0.3 $ - $ 0.3 Non-GAAP adjustments: Amortization expense 0.5 (0.1) 0.5 - 0.5 Goodwill and other intangible asset impairment charges 0.0 (0.0) 0.0 - 0.0 Acquisition/divestiture-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.8 (0.3) 0.5 - 0.5 Adjusted $ 1.8 $ (0.2) $ 1.5 $ - $ 1.5
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Supplemental non-GAAP disclosures 136 2015 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ (0.7) $ 0.4 $ (0.2) $ - $ (0.2) Non-GAAP adjustments: Amortization expense 0.5 (0.0) 0.4 - 0.4 Goodwill and other intangible asset impairment charges 0.0 (0.0) 0.0 - 0.0 Acquisition/divestiture-related net charges (credits) 0.3 (0.0) 0.2 - 0.2 Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 1.1 (0.4) 0.7 - 0.7 Debt extinguishment net charges (credits) 0.0 (0.0) 0.0 - 0.0 Discrete tax items - (0.0) (0.0) - (0.0) Pension termination charges 0.0 (0.0) 0.0 - 0.0 Adjusted $ 1.4 $ (0.1) $ 1.3 $ - $ 1.3 2014 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ (0.5) $ 0.4 $ (0.1) $ - $ (0.1) Non-GAAP adjustments: Amortization expense 0.4 (0.1) 0.4 - 0.4 Goodwill and other intangible asset impairment charges 0.2 (0.0) 0.2 - 0.2 Acquisition/divestiture-related net charges (credits) (0.0) (0.0) (0.0) - (0.0) Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 1.0 (0.4) 0.7 - 0.7 Discrete tax items - (0.0) (0.0) - (0.0) Adjusted $ 1.3 $ (0.1) $ 1.1 $ - $ 1.1
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Supplemental non-GAAP disclosures 137 2013 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ (0.2) $ 0.1 $ (0.1) $ - $ (0.1) Non-GAAP adjustments: Amortization expense 0.4 (0.0) 0.4 - 0.4 Goodwill and other intangible asset impairment charges 0.5 (0.0) 0.5 - 0.5 Acquisition/divestiture-related net charges (credits) 0.0 0.0 0.0 - 0.0 Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.2 (0.1) 0.1 - 0.1 Debt extinguishment net charges (credits) 0.1 (0.0) 0.0 0.0 Discrete tax items - (0.0) (0.0) - (0.0) Adjusted $ 1.1 $ (0.1) $ 1.0 $ - $ 1.0 2012 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ (4.1) $ 0.0 $ (4.1) $ - $ (4.1) Non-GAAP adjustments: Amortization expense 0.4 (0.0) 0.3 - 0.3 Goodwill and other intangible asset impairment charges 4.5 (0.0) 4.4 - 4.4 Acquisition/divestiture-related net charges (credits) (0.1) 0.0 (0.0) - (0.0) Restructuring and restructuring-related net charges (credits) 0.2 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.2 (0.1) 0.1 - 0.1 Discrete tax items - 0.0 0.0 - 0.0 Adjusted $ 1.1 $ (0.1) $ 0.9 $ - $ 0.9
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Supplemental non-GAAP disclosures 138 2011 Adjusted Net Income (loss) attributable to common stockholders (in billions) Income (Loss) Before Income Taxes Income Tax Expense (Benefit) Net Income (Loss) Preferred Stock Dividends Net Income (Loss) Attributable to BSX Common Stockholders Reported $ 0.6 $ (0.2) $ 0.4 $ - $ 0.4 Non-GAAP adjustments: Amortization expense 0.4 (0.1) 0.3 - 0.3 Goodwill and other intangible asset impairment charges 0.7 (0.0) 0.7 - 0.7 Acquisition/divestiture-related net charges (credits) (0.8) 0.2 (0.6) - (0.6) Restructuring and restructuring-related net charges (credits) 0.1 (0.0) 0.1 - 0.1 Litigation-related net charges (credits) 0.0 (0.0) 0.0 - 0.0 Discrete tax items - (0.0) (0.0) - (0.0) Adjusted $ 1.2 $ (0.1) $ 1.0 $ - $ 1.0