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Q4 2025 Financial & Operational Highlights | February 4, 2026 1 Q4 2025 Highlights February 4, 2026
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Q4 2025 Financial & Operational Highlights | February 4, 2026 2 Forward-Looking Statements and Use of Document 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 expected net sales; reported, operational and organic revenue growth rates; adjusted EPS for the first quarter and full year 2026; free cash flow (FCF); adjusted expenses; tax rates; our financial performance; acquisitions; clinical trials; our business plans and product performance; and new and anticipated product approvals and launches. 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 press release. 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 “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. Non-GAAP Measures: This document contains non-generally accepted accounting principles in the United States (GAAP) measures (denoted with *) in talking about our Company’s performance. The reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained within this document including appendices attached to the end of this presentation or in our earnings release. Operational net sales growth excludes the impact of foreign currency fluctuations. Organic net sales growth 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. We measure and evaluate our reportable segments based on their respective net sales, operating income, excluding intersegment profits, and operating income as a percentage of net sales, all based on internally-derived standard currency exchange rates to exclude the impact of foreign currency, which may be updated from year to year. We exclude from operating income of reportable segments certain corporate-related expenses and certain transactions or adjustments considered to be non-operational. Please refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission or Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Quarterly Reports on Form 10-Q that we file thereafter for an explanation of each of these adjustments and the reasons for excluding each item. Adjusted EPS, adjusted operating margin and related growth rates 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), litigation-related net charges (credits), European Union (EU) Medical Device Regulation (MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and discrete tax items. 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. Emerging Markets: Our Emerging Markets countries include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. Use of Document: This document contains certain highlights with respect to our fourth quarter and full year 2025 performance and developments and does not purport to be a complete summary thereof. Accordingly, we encourage you to read our Earnings Release for the quarter ended December 31, 2025 located in the investor section of our website at www.bostonscientific.com and our Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the Securities and Exchange Commission. 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.
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3 Q4 2025 Financial & Operational Highlights | February 4, 2026 Q4 2025 Highlights • Net sales growth: • +15.9% reported, +14.3% operational*,+12.7% organic* Y/Y • Earnings per share: • As reported: $0.45 vs. $0.38 Q4:24 • Adjusted*: $0.80 vs. $0.70 Q4:24 • Gross margin: • As reported: 69.6%, +170 bps Y/Y • Adjusted*: 70.7%, +10 bps Y/Y • Operating margin: • As reported: 15.6%, +80 bps Y/Y • Adjusted*: 27.3%, (10) bps Y/Y • Q1 2026 guidance vs. Q1 2025: • As reported net sales growth: 10.5% - 12.0% • Organic* net sales growth: 8.5% - 10.0% • Adjusted EPS*: $0.78 - $0.80 • FY 2026 guidance vs. FY 2025: • As reported net sales growth: 10.5% - 11.5% • Organic* net sales growth: 10.0% - 11.0% • Adjusted EPS*: $3.43 - $3.49 Financial Highlights Operational Highlights • Initiated U.S. launch of the SEISMIQ™ IVL System to treat patients with complex calcified peripheral artery disease. • Received U.S. FDA approval and CE mark for the FARAPOINT™ PFA Catheter , a nav-enabled, focal PFA catheter that can create focal and linear-shaped lesions within a single device. • Received U.S. FDA 510(k) clearance for the TheraSphere 360™ Y-90 Management Platform, a web-based platform that simplifies ordering TheraSphere Y-90 and helps care teams plan, dose and track the therapy for patients with liver cancer. • Completed enrollment in the SIMPLAAFY clinical trial evaluating two single-drug regimens as post-procedural alternatives to dual anti-platelet therapy following implantation of the WATCHMAN FLX™ Pro LAAC Device in patients with AF. • Completed enrollment in the global FRACTURE IDE clinical trial evaluating the use of the SEISMIQ™ IVL System to treat patients with complex calcified coronary arterial disease. • Received positive coverage for the Intracept™ Procedure from Health Care Service Corporation and launched the Intracept™ EDGE J Stylet , the latest advancement to the Intracept™ Procedure System, designed to improve access to the basivertebral nerve and streamline the treatment experience. • Received U.S. coverage of ESG, using the OverStitch™ Endoscopic Suturing System, by Elevance Health (formerly Anthem) beginning December 18, 2025, and recognition by The American Society for Metabolic and Bariatric Surgery of ESG as an endorsed procedure, expanding patient access to an innovative, less invasive weight-loss solution. • Completed the acquisition of Nalu Medical, Inc., developer of the Nalu Neuromodulation System, designed to use PNS to deliver targeted relief for adults living with severe, intractable chronic pain of peripheral nerve origin. • Announced agreements to acquire the following companies, each subject to customary closing conditions: ◦ Valencia Technologies Corporation, a privately held company focused on the development and commercialization of the eCoin® System, an implantable tibial nerve stimulation device for the treatment of urge urinary incontinence. ◦ Penumbra, Inc., a publicly traded company that offers thrombectomy products for use in peripheral vascular procedures, minimally invasive peripheral embolization technologies and differentiated neurovascular solutions for access, stroke revascularization and neuro embolization.
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4 Q4 2025 Financial & Operational Highlights | February 4, 2026 Reported Net Sales by Segment and Business Q4 2025 Reported Net Sales: $5.286B Net Sales by Business; Segment Percentage of Total Net Sales Cardiovascular¹ $3.477B Endo $760M Uro $717M NM $332M MedSurg 34% Cardiovascular 66% Cardiovascular $1.202B $535 M $587 M $890 M $263 M IO&E EP CRM Watchman ICVTx 1In the fourth quarter of 2025, an organizational change combined our legacy Cardiology and Peripheral Interventions businesses into a single Cardiovascular business. All prior period amounts have been revised to conform to current year presentation. This change had no impact on our reportable segments.
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5 Q4 + FY 2025 Highlights Q4 2025 Financial & Operational Highlights | February 4, 2026 MedSurg Performance Summary Measure Q4 2025 Q4 2024 Change Y/Y Reported Net Sales $1.809B $1.619B +11.7% Adjusted Operating Margin* 31.9% 34.4% (250 bps) • Endoscopy: Q4 2025 Global net sales +10.1% as reported, +8.2% operational*/organic*; FY 2025 Global net sales +8.6% as reported, +7.8% operational*, +7.7% organic* ◦ Q4 growth was driven by Endoluminal Surgery, Imaging Systems and Endobariatrics franchises. ◦ In Endobariatrics, received positive reimbursement support for ESG in the quarter. • Urology: Q4 2025 Global net sales +13.8% as reported, +12.7% operational*, +3.2% organic*; FY 2025 Global net sales +23.1% as reported, +22.7% operational*, +4.7% organic* ◦ FY 2025 performance was below our expectations, impacted primarily by supply chain issues and low-cost competition. • Neuromodulation: Q4 2025 Global net sales +11.1% as reported, +9.9% operational*/organic*; FY 2025 Global net sales +8.4% as reported, +8.0% operational*/organic* ◦ The Pain franchise grew high-single digits for FY 2025. In Q4, received expanded reimbursement coverage for Intracept procedure and initiated full market launch of Intracept EDGE J Stylet. ◦ The Brain franchise grew low-double digits for FY 2025, with strong momentum with our Cartesia X and Illumina 3D offerings. * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclude the impact of foreign currency, which may be updated from year to year. This measure is reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to the segment and assessing its performance. Prior period adjusted operating margin has been restated at constant currency rates to conform to current year presentation.
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6 Q4 + FY 2025 Highlights Q4 2025 Financial & Operational Highlights | February 4, 2026 • Cardiovascular: Q4 2025 Global net sales +18.2% as reported, +16.5% operational*, +16.1% organic*; FY 2025 Global net sales +23.2% as reported, +22.5% operational*, +20.8% organic* ◦ Interventional Cardiology & Vascular Therapies1: Q4 2025 Global net sales +10.2% as reported, +8.3% operational*/ organic*; FY 2025 Global net sales +10.5% as reported, +9.9% operational*, +6.3% organic* ▪ Coronary Therapies delivered double-digit growth in both Q4 and FY 2025, AGENT DCB delivered standout performance in FY 2025. ▪ Peripheral Vascular delivered 5% organic growth for FY 2025. Arterial grew mid-single digits in Q4, led by double digit-growth in TCAR, with the recent launch of ENROUTE in China. Venous grew low-double digits in Q4, driven by strength in Varithena and EKOS. ◦ Watchman: Q4 2025 Global net sales +29.4% as reported, +29.0% operational*/organic*; FY 2025 Global net sales +29.1% as reported, +28.9% operational*/organic* ▪ Delivered 29% growth both in Q4 and FY 2025, with above-market growth driven by strong concomitant procedure adoption. ◦ Electrophysiology: Q4 2025 Global net sales +37.1% as reported, +35.1% operational*/organic*; FY 2025 +74.6% as reported, +73.3% operational*/organic* ▪ Q4 growth driven by global OPAL placements and catheter utilization. Initiated Europe/U.S. limited market release for FARAPOINT. ◦ Cardiac Rhythm Management: Q4 2025 Global net sales +3.6% as reported, +1.4% operational*/organic*; FY 2025 Global net sales +2.3% as reported, +1.4% operational*/organic* ▪ High-voltage business grew low-single digits and low-voltage business was flat in Q4. Diagnostics grew high-single digits in FY 2025. ◦ Interventional Oncology & Embolization: Q4 2025 Global net sales +18.6% as reported, +17.3% operational*, +12.2% organic*; FY 2025 Global net sales +16.4% as reported, +15.9% operational*, +12.5% organic ▪ Q4 low-double digit growth driven by our category-leading embolization and cancer therapies portfolio. Measure Q4 2025 Q4 2024 Change Y/Y Reported Net Sales $3.477B $2.942B +18.2% Adjusted Operating Margin* 30.3% 30.6% (30 bps) Cardiovascular Performance Summary * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclude the impact of foreign currency, which may be updated from year to year. This measure is reported to the CODM for purposes of making decisions about allocating resources to the segment and assessing its performance. Prior period adjusted operating margin has been restated at constant currency rates to conform to current year presentation. 1In Q4 2025, we reorganized our Peripheral Interventions business and have aligned our Peripheral Vascular Business with Interventional Cardiology Therapies. This new business unit is called Interventional Cardiology and Vascular Therapies.
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Q4 2025 Financial & Operational Highlights | February 4, 2026 7 Our Approach to Corporate Responsibility
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Q4 2025 Financial & Operational Highlights | February 4, 2026 8 Q4 & FY 2025 Net Sales vs. 2024 (in millions) Q4 2025 Reported Net Sales FY 2025 Reported Net Sales Organic* Growth vs Q4 2024 vs FY 2024 Endoscopy $760 $2,916 8% 8% Urology $717 $2,709 3% 5% Neuromodulation $332 $1,199 10% 8% MedSurg $1,809 $6,824 7% 7% Interventional Cardiology & Vascular Therapies $1,202 $4,639 8% 6% Watchman $535 $1,958 29% 29% Electrophysiology $890 $3,325 35% 73% Cardiac Rhythm Management $587 $2,332 1% 1% Interventional Oncology & Embolization $263 $996 12% 12% Cardiovascular $3,477 $13,250 16% 21% Total Company $5,286 $20,074 13% 16% Guidance Range Disclosed October 22, 2025 11 to 13 percent ~15.5 percent Q4 2025 organic* growth vs. Q4 2024 excludes: ◦ Axonics Inc. (Axonics), acquired November 15, 2024 ◦ Intera Oncology®, Inc. (Intera), acquired May 6, 2025 FY 2025 organic* growth vs. FY 2024 excludes: ◦ Endoluminal vacuum therapy portfolio from B. Braun Medical Inc. (Braun), acquired March 1, 2024 ◦ Silk Road Medical, Inc. (Silk Road Medical), acquired September 17, 2024 ◦ Axonics, acquired November 15, 2024 ◦ Intera, acquired May 6, 2025
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Q4 2025 Financial & Operational Highlights | February 4, 2026 9 Income Statement Information Non-GAAP Reconciliation Three Months Ended December 31, 2025 (unaudited) In millions, except per share data GAAP Results Amortization Expense Goodwill and other Intangible Asset Impairment Charges Acquisition / Divestiture- Related Charges (Credits) Restructuring and Restructuring- Related Net Charges (Credits) Litigation- Related Net Charges (Credits) Investment Portfolio Net Losses (Gains) EU MDR Implementation Costs Deferred Tax Expenses (Benefits) Discrete Tax Items Adjusted* Results Net sales $ 5,286 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 5,286 Cost of products sold (excluding amortization expense) 1,608 — — 24 26 — — 7 — — 1,551 Gross profit 3,678 — — (24) (26) — — (7) — — 3,735 Gross margin 69.6 % 70.7 % Selling, general and administrative expenses 1,834 — — 30 55 — — 0 — — 1,749 SG&A as a percentage of sales 34.7 % 33.1 % Research and development expenses 569 — — 28 0 — — 5 — — 535 R&D as a percentage of sales 10.8 % 10.1 % Royalty expense 6 — — — — — — — — — 6 Royalty expense as a percentage of sales 0.1 % 0.1 % Amortization expense 228 228 — — — — — — — — 0 Contingent consideration net expense (benefit) 6 — — 6 — — — — — — 0 Restructuring net charges (credits) 16 — — — 16 — — — — — 0 Litigation-related net charges (credits) 194 — — — — 194 — — — — 0 2,854 228 — 65 71 194 — 5 — — 2,291 Operating Income (loss) 825 (228) — (89) (97) (194) — (12) — — 1,444 Operating margin 15.6 % 27.3 % Other income (expense): Interest expense (90) — — — — — — — — — (90) Other, net (34) — — (0) — — (26) — — — (8) Income (loss) before taxes 700 (228) — (89) (97) (194) (26) (12) — — 1,345 Income tax expense (benefit) 30 (34) 0 (59) (14) (45) 1 (2) 67 (27) 144 Net Income (loss) 670 (194) 0 (29) (83) (149) (26) (10) (67) 27 1,202 Net income (loss) attributable to noncontrolling interests (2) (2) — — — — — — — — 0 Net Income (loss) attributable to Boston Scientific common stockholders $ 672 $ (192) $ 0 $ (29) $ (83) $ (149) $ (26) $ (10) $ (67) $ 27 $ 1,201 Net Income (loss) per diluted common share $ 0.45 $ (0.13) $ 0.00 $ (0.02) $ (0.06) $ (0.10) $ (0.02) $ (0.01) $ (0.04) $ 0.02 $ 0.80 Weighted average diluted shares outstanding 1,495.8 1,495.8 1,495.8 1,495.8 1,495.8 1,495.8 1,495.8 1,495.8 1,495.8 1,495.8 1,495.8
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Q4 2025 Financial & Operational Highlights | February 4, 2026 10 Income Statement Information Non-GAAP Reconciliation Year Ended December 31, 2025 (unaudited) In millions, except per share data GAAP Results Amortization Expense Goodwill and other Intangible Asset Impairment Charges Acquisition / Divestiture- Related Charges (Credits) Restructuring and Restructuring- Related Net Charges (Credits) Litigation- Related Net Charges (Credits) Investment Portfolio Net Losses (Gains) EU MDR Implementation Costs Deferred Tax Expenses (Benefits) Discrete Tax Items Adjusted* Results Net sales $ 20,074 — — — — — — — — — $ 20,074 Cost of products sold (excluding amortization expense) 6,221 — — 182 110 — — 29 — — 5,899 Gross profit 13,854 — — (182) (110) — — (29) — — 14,175 Gross margin 69.0 % 70.6 % Selling, general and administrative expenses 6,887 — — 165 119 — — 0 — — 6,602 SG&A as a percentage of sales 34.3 % 32.9 % Research and development expenses 2,052 — — 108 13 — — 16 — — 1,914 R&D as a percentage of sales 10.2 % 9.5 % Royalty expense 46 — — — — — — — — — 46 Royalty expense as a percentage of sales 0.2 % 0.2 % Amortization expense 897 897 — — — — — — — — 0 Intangible asset impairment charges 46 — 46 — — — — — — — 0 Contingent consideration net expense (benefit) 18 — — 18 — — — — — — 0 Restructuring net charges (credits) 101 — — — 101 — — — — — 0 Litigation-related net charges (credits) 194 — — — — 194 — — — — 0 10,241 897 46 291 233 194 — 17 — — 8,563 Operating Income (loss) 3,613 (897) (46) (473) (343) (194) — (46) — — 5,612 Operating margin 18.0 % 28.0 % Other income (expense): Interest expense (349) — — — — — — — — — (349) Other, net 121 — — 229 — — (26) — — — (81) Income (loss) before taxes 3,385 (897) (46) (245) (343) (194) (26) (46) — — 5,182 Income tax expense (benefit) 493 (127) (8) (59) (46) (45) 0 (6) 206 (27) 605 Net Income (loss) $ 2,892 $ (770) $ (37) $ (186) $ (298) $ (149) $ (26) $ (39) $ (206) $ 27 $ 4,577 Net income (loss) attributable to noncontrolling interests (6) (9) — — — — — — — — 3 Net Income (loss) attributable to Boston Scientific common stockholders 2,898 $ (761) $ (37) $ (186) $ (298) $ (149) $ (26) $ (39) $ (206) $ 27 $ 4,574 Net Income (loss) per diluted common share $ 1.94 $ (0.51) $ (0.02) $ (0.12) $ (0.20) $ (0.10) $ (0.02) $ (0.03) $ (0.14) $ 0.02 $ 3.06 Weighted average diluted shares outstanding 1,494.5 1,494.5 1,494.5 1,494.5 1,494.5 1,494.5 1,494.5 1,494.5 1,494.5 1,494.5 1,494.5
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11 Days Sales Outstanding (DSO) Free Cash Flow* Days Inventory on Hand (DIOH) Capital Expenditures Q4 2025 Financial & Operational Highlights | February 4, 2026 Working Capital & Cash Flow Metrics Dec 2025 Sept 2025 Jun 2025 Mar 2025 Dec 2024 51 51 51 52 52 Dec 2025 Sept 2025 Jun 2025 Mar 2025 Dec 2024 168 177 159 178 176 Q4 2025 Q4 2024 FY2025 FY2024 $1.013B $1.181B $3.659B $2.648B Q4 2025 Q4 2024 FY2025 FY2024 $351M $277M $876M $790M
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Q4 2025 Financial & Operational Highlights | February 4, 2026 12 Use of Non-GAAP Measures To supplement Boston Scientific’s consolidated financial statements presented on a GAAP basis, the Company discloses certain non- GAAP financial measures. These measures are not in accordance with generally accepted accounting principles in the United States. A reconciliation of these measures to the corresponding GAAP measures follows in the Appendices. 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 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 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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Q4 2025 Financial & Operational Highlights | February 4, 2026 13 Appendix A Net Sales Detail
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Q4 2025 Financial & Operational Highlights | February 4, 2026 14 Appendix A - Net Sales Detail - MedSurg Three Months Ended December 31, 2025 and 2024 Year-over-Year Change (in millions) Q4 2025 Q4 2024 Reported Basis Impact of Foreign Currency Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 464 $ 423 9.5 % — % 9.5 % INTERNATIONAL 296 267 10.9 % (4.9) % 6.0 % WORLDWIDE $ 760 $ 690 10.1 % (1.9) % 8.2 % UROLOGY UNITED STATES $ 522 $ 459 13.7 % — % 13.7 % INTERNATIONAL 195 171 14.1 % (4.2) % 9.9 % WORLDWIDE $ 717 $ 630 13.8 % (1.1) % 12.7 % NEUROMODULATION UNITED STATES $ 252 $ 231 9.2 % — % 9.2 % INTERNATIONAL 80 68 17.6 % (5.4) % 12.2 % WORLDWIDE $ 332 $ 299 11.1 % (1.2) % 9.9 %
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Q4 2025 Financial & Operational Highlights | February 4, 2026 15 Appendix A - Net Sales Detail - Cardiovascular Three Months Ended December 31, 2025 and 2024 Year-over-Year Change (in millions) Q4 2025 Q4 2024 As Reported Basis Impact of Foreign Currency Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED STATES $ 537 $ 459 17.1 % — % 17.1 % INTERNATIONAL 665 632 5.2 % (3.3) % 1.9 % WORLDWIDE $ 1,202 $ 1,091 10.2 % (1.9) % 8.3 % Watchman UNITED STATES $ 485 $ 376 29.1 % — % 29.1 % INTERNATIONAL 50 38 31.8 % (4.2) % 27.7 % WORLDWIDE $ 535 $ 413 29.4 % (0.4) % 29.0 % Electrophysiology UNITED STATES $ 606 $ 461 31.3 % — % 31.3 % INTERNATIONAL 285 188 51.3 % (6.7) % 44.6 % WORLDWIDE $ 890 $ 649 37.1 % (1.9) % 35.1 % CRM UNITED STATES $ 359 $ 349 2.8 % — % 2.8 % INTERNATIONAL 228 218 4.8 % (5.7) % (0.9) % WORLDWIDE $ 587 $ 566 3.6 % (2.2) % 1.4 % Interventional Oncology & Embolization UNITED STATES $ 161 $ 135 19.5 % — % 19.5 % INTERNATIONAL 102 87 17.2 % (3.4) % 13.7 % WORLDWIDE $ 263 $ 222 18.6 % (1.3) % 17.3 % CARDIOVASCULAR UNITED STATES $ 2,147 $ 1,779 20.7 % — % 20.7 % INTERNATIONAL 1,329 1,163 14.3 % (4.3) % 10.0 % WORLDWIDE $ 3,477 $ 2,942 18.2 % (1.7) % 16.5 %
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Q4 2025 Financial & Operational Highlights | February 4, 2026 16 Appendix A - Net Sales Detail - MedSurg Year Ended December 31, 2025 and 2024 Year-over-Year Change (in millions) FY 2025 FY 2024 As Reported Basis Impact of Foreign Currency Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 1,802 $ 1,651 9.2 % — % 9.2 % INTERNATIONAL 1,115 1,036 7.6 % (2.0) % 5.5 % WORLDWIDE $ 2,916 $ 2,687 8.6 % (0.8) % 7.8 % UROLOGY UNITED STATES $ 2,000 $ 1,557 28.5 % — % 28.5 % INTERNATIONAL 709 643 10.2 % (1.5) % 8.7 % WORLDWIDE $ 2,709 $ 2,200 23.1 % (0.4) % 22.7 % NEUROMODULATION UNITED STATES $ 914 $ 847 7.9 % — % 7.9 % INTERNATIONAL 285 259 10.0 % (1.7) % 8.3 % WORLDWIDE $ 1,199 $ 1,106 8.4 % (0.4) % 8.0 %
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Q4 2025 Financial & Operational Highlights | February 4, 2026 17 Year-over-Year Change (in millions) FY 2025 FY 2024 As Reported Basis Impact of Foreign Currency Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED STATES $ 2,007 $ 1,607 24.9 % — % 24.9 % INTERNATIONAL 2,632 2,592 1.6 % (1.0) % 0.6 % WORLDWIDE $ 4,639 $ 4,199 10.5 % (0.6) % 9.9 % Watchman UNITED STATES $ 1,791 $ 1,371 30.6 % — % 30.6 % INTERNATIONAL 167 145 15.2 % (2.0) % 13.2 % WORLDWIDE $ 1,958 $ 1,516 29.1 % (0.2) % 28.9 % Electrophysiology UNITED STATES $ 2,311 $ 1,256 84.0 % — % 84.0 % INTERNATIONAL 1,014 648 56.3 % (3.9) % 52.5 % WORLDWIDE $ 3,325 $ 1,904 74.6 % (1.3) % 73.3 % CRM UNITED STATES $ 1,425 $ 1,403 1.6 % — % 1.6 % INTERNATIONAL 907 876 3.6 % (2.4) % 1.2 % WORLDWIDE $ 2,332 $ 2,279 2.3 % (0.9) % 1.4 % Interventional Oncology & Embolization UNITED STATES $ 615 $ 518 18.7 % — % 18.7 % INTERNATIONAL 381 338 12.8 % (1.2) % 11.6 % WORLDWIDE $ 996 $ 856 16.4 % (0.5) % 15.9 % CARDIOVASCULAR UNITED STATES $ 8,149 $ 6,156 32.4 % — % 32.4 % INTERNATIONAL 5,101 4,599 10.9 % (1.7) % 9.2 % WORLDWIDE $ 13,250 $ 10,755 23.2 % (0.7) % 22.5 % Appendix A - Net Sales Detail - Cardiovascular Year Ended December 31, 2025 and 2024
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Q4 2025 Financial & Operational Highlights | February 4, 2026 18 Appendix B Additional Information - Statement of Operations
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Q4 2025 Financial & Operational Highlights | February 4, 2026 19 Appendix B - Statement of Operations Profitability Margins Three Months Ended Adjusted Gross Margin 12/31/2025 12/31/2024 Basis Points Change Gross Margin, as reported 69.6 % 67.9 % 170 Non-GAAP adjustments 1.1 % 2.7 % Gross Margin, adjusted 70.7 % 70.6 % 10 Three Months Ended Adjusted Operating Margin 12/31/2025 12/31/2024 Basis Points Change Operating Margin, as reported 15.6 % 14.8 % 80 Non-GAAP adjustments 11.7 % 12.6 % Operating Margin, adjusted 27.3 % 27.4 % (10) Year Ended Adjusted Gross Margin 12/31/2025 12/31/2024 Basis Points Change Gross Margin, as reported 69.0 % 68.6 % 40 Non-GAAP adjustments 1.6 % 1.7 % Gross Margin, adjusted 70.6 % 70.3 % 30 Year Ended Adjusted Operating Margin 12/31/2025 12/31/2024 Basis Points Change Operating Margin, as reported 18.0 % 15.5 % 250 Non-GAAP adjustments 10.0 % 11.5 % Operating Margin, adjusted 28.0 % 27.0 % 100
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Q4 2025 Financial & Operational Highlights | February 4, 2026 20 Appendix C Additional Non-GAAP Reconciliations
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Q4 2025 Financial & Operational Highlights | February 4, 2026 21 Appendix C - Additional Non-GAAP Reconciliations Acquisitions/Divestitures include: • Urology - Axonics, acquired November 15, 2024 • Cardiovascular - Intera, acquired May 6, 2025 (in millions) Q4 2025 Q4 2024 As Reported Basis Impact of Foreign Currency Fluctuations Operational Basis Impact of Certain Acquisitions/ Divestitures Organic Basis ENDOSCOPY $ 760 $ 690 10.1 % (1.9) % 8.2 % — % 8.2 % UROLOGY 717 630 13.8 % (1.1) % 12.7 % (9.5) % 3.2 % NEUROMODULATION 332 299 11.1 % (1.2) % 9.9 % — % 9.9 % MEDSURG 1,809 1,619 11.7 % (1.5) % 10.2 % (3.7) % 6.5 % INTERVENTIONAL CARDIOLOGY & VASCULAR THERAPIES 1,202 1,091 10.2 % (1.9) % 8.3 % — % 8.3 % WATCHMAN 535 413 29.4 % (0.4) % 29.0 % — % 29.0 % ELECTROPHYSIOLOGY 890 649 37.1 % (1.9) % 35.1 % — % 35.1 % CARDIAC RHYTHM MANAGEMENT 587 566 3.6 % (2.2) % 1.4 % — % 1.4 % INTERVENTIONAL ONCOLOGY & EMBOLIZATION 263 222 18.6 % (1.3) % 17.3 % (5.1) % 12.2 % CARDIOVASCULAR 3,477 2,942 18.2 % (1.7) % 16.5 % (0.4) % 16.1 % NET SALES $ 5,286 $ 4,561 15.9 % (1.6) % 14.3 % (1.6) % 12.7 %
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Q4 2025 Financial & Operational Highlights | February 4, 2026 22 Acquisitions/Divestitures include: • Endoscopy - Endoluminal vacuum therapy portfolio from Braun, acquired March 1, 2024 • Cardiovascular - Silk Road Medical, acquired September 17, 2024 • Urology - Axonics, acquired November 15, 2024 • Cardiovascular - Intera, acquired May 6, 2025 Appendix C - Additional Non-GAAP Reconciliations (in millions) FY 2025 FY 2024 As Reported Basis Impact of Foreign Currency Fluctuations Operational Basis Impact of Certain Acquisitions/ Divestitures Organic Basis ENDOSCOPY $ 2,916 $ 2,687 8.6 % (0.8) % 7.8 % (0.1) % 7.7 % UROLOGY 2,709 2,200 23.1 % (0.4) % 22.7 % (17.9) % 4.7 % NEUROMODULATION 1,199 1,106 8.4 % (0.4) % 8.0 % — % 8.0 % MEDSURG 6,824 5,993 13.9 % (0.6) % 13.3 % (6.6) % 6.7 % INTERVENTIONAL CARDIOLOGY & VASCULAR THERAPIES 4,639 4,199 10.5 % (0.6) % 9.9 % (3.5) % 6.3 % WATCHMAN 1,958 1,516 29.1 % (0.2) % 28.9 % — % 28.9 % ELECTROPHYSIOLOGY 3,325 1,904 74.6 % (1.3) % 73.3 % — % 73.3 % CARDIAC RHYTHM MANAGEMENT 2,332 2,279 2.3 % (0.9) % 1.4 % — % 1.4 % INTERVENTIONAL ONCOLOGY & EMBOLIZATION 996 856 16.4 % (0.5) % 15.9 % (3.4) % 12.5 % CARDIOVASCULAR 13,250 10,755 23.2 % (0.7) % 22.5 % (1.6) % 20.8 % NET SALES $ 20,074 $ 16,747 19.9 % (0.7) % 19.2 % (3.4) % 15.8 %
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Q4 2025 Financial & Operational Highlights | February 4, 2026 23 Three Months Ended Year Ended Free Cash Flow (in millions) 12/31/2025 12/31/2024(1) 12/31/2025 12/31/2024 Cash provided by (used for) operating activities $ 1,364 $ 1,456 $ 4,534 $ 3,435 Purchases of property, plant and equipment and internal use software (351) (277) (876) (790) Proceeds on disposals of property, plant and equipment — 2 1 3 Free Cash Flow $ 1,013 $ 1,181 $ 3,659 $ 2,648 Appendix C - Additional Non-GAAP Reconciliations Estimated Free Cash Flow (in billions) FY 2026 Cash provided by (used for) operating activities $ ~5.2 Purchases of property, plant and equipment and internal use software ~(1.0) Free Cash Flow $ ~4.2 (1)Q4 2024 free cash flow includes $177 million of payments related to acquisitions, restructuring, litigation and other special items. Free Cash Flow Conversion (in millions) 2025 Cash provided by (used for) operating activities $ 4,534 Reported Net Income available to common stockholders 2,898 Operating Cash Flow Conversion 156 % Free Cash Flow $ 3,659 Adjusted Net Income available to common stockholders 4,574 Free Cash Flow Conversion 80 %
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Q4 2025 Financial & Operational Highlights | February 4, 2026 24 Appendix C - Additional Non-GAAP Reconciliations 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 12/31/2025 Net income (loss) $ 672 $ 795 $ 755 $ 670 $ 2,892 Income tax (benefit) expense 133 146 183 30 493 Interest expense 82 90 87 90 349 Interest income (5) (3) (6) (14) (29) Depreciation expense 106 111 117 137 471 Amortization expense 219 225 225 228 897 EBITDA 1,207 1,364 1,362 1,141 5,073 Non-GAAP Adjustments Restructuring and restructuring-related 49 161 36 97 343 Goodwill and other intangible asset impairment charges — 46 0 — 46 Investment portfolio net losses (gains) 8 (2) (6) 26 26 Acquisition/divestiture - related net charges (credits) 149 (92) 99 89 245 Litigation-related net charges (credits) — — — 194 194 EU MDR implementation costs 12 10 11 12 46 Adjusted EBITDA $ 1,426 $ 1,487 $ 1,502 $ 1,558 $ 5,973 Debt $ 11,436 Debt to Adjusted EBITDA 1.9x
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Q4 2025 Financial & Operational Highlights | February 4, 2026 25 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended December 31, 2025 Adjusted Operating Margin - by Reportable Segment MedSurg % of net sales of reportable segments Cardiovascular % of net sales of reportable segments Total Net sales, as reported $ 1,809 $ 3,477 $ 5,286 Impact of foreign currency fluctuations (6) (12) (18) Net sales of reportable segments 1,803 3,465 5,268 Segment expenses 1,228 68.1 % 2,416 69.7 % Adjusted operating income of reportable segments(1) 574 31.9 % 1,049 30.3 % 1,624 Unallocated amounts: Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments (179) Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation- related net charges (credits) and EU MDR implementation costs (392) Amortization expense (228) Operating income (loss), as reported $ 825 (1) Calculated as Net sales of reportable segments less Segment expenses.
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Q4 2025 Financial & Operational Highlights | February 4, 2026 26 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended December 31, 2024 Adjusted Operating Margin - by Reportable Segment MedSurg % of net sales of reportable segments Cardiovascular % of net sales of reportable segments Total Net sales, as reported $ 1,619 $ 2,942 $ 4,561 Impact of foreign currency fluctuations 17 35 52 Net sales of reportable segments 1,636 2,977 4,614 Segment expenses 1,074 65.6 % 2,065 69.4 % Adjusted operating income of reportable segments(1) 563 34.4 % 912 30.6 % 1,474 Unallocated amounts: Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments (224) Goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), restructuring and restructuring-related net charges (credits), certain litigation- related net charges (credits) and EU MDR implementation costs (351) Amortization expense (225) Operating income (loss), as reported $ 675 (1) Calculated as Net sales of reportable segments less Segment expenses.
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Q4 2025 Financial & Operational Highlights | February 4, 2026 27 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Year Ended Adjusted Tax Rate 12/31/2025 12/31/2025 Tax Rate, as reported 4.3 % 14.6 % Non-GAAP adjustments 6.4 % (2.9) % Tax Rate, adjusted 10.7 % 11.7 % Discrete tax items 4.2 % 2.5 % Tax rate, operational 14.9 % 14.2 % Three Months Ended Year Ended Adjusted Below-the-Line Expenses (in millions) 12/31/2025 12/31/2025 Below-the-line expenses, as reported $ (124) $ (228) Non-GAAP adjustments 26 (203) Below-the-line expenses, adjusted $ (99) $ (430)
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Q4 2025 Financial & Operational Highlights | February 4, 2026 28 Appendix C - Additional Non-GAAP Reconciliations Interventional Cardiology Therapies Net Sales Growth1 Three Months Ended 12/31/2025 Year Ended 12/31/2025 Net sales growth, as reported 12 % 8 % Impact of foreign currency fluctuations (2) % (1) % Net sales growth, operational 10 % 8 % Impact of certain acquisitions/divestitures — % — % Net sales growth, organic 10 % 8 % 1In Q4 2025, we reorganized our Peripheral Interventions business and have aligned our Peripheral Vascular Business with Interventional Cardiology Therapies. This new business unit is called Interventional Cardiology and Vascular Therapies. Drug-Eluting Technologies Net Sales Growth Year Ended 12/31/2025 Net sales growth, as reported 24 % Impact of foreign currency fluctuations (1) % Net sales growth, operational 23 % Impact of certain acquisitions/divestitures — % Net sales growth, organic 23 % Peripheral Vascular Net Sales Growth1 Three Months Ended 12/31/2025 Year Ended 12/31/2025 Net sales growth, as reported 7 % 16 % Impact of foreign currency fluctuations (1) % (1) % Net sales growth, operational 6 % 15 % Impact of certain acquisitions/divestitures — % (10) % Net sales growth, organic 6 % 5 %
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Q4 2025 Financial & Operational Highlights | February 4, 2026 29 Appendix C - Additional Non-GAAP Reconciliations Q1 2026 Estimate FY 2026 Estimate Net Sales Guidance (Low) (High) (Low) (High) Reported growth 10.5 % 12.0 % 10.5 % 11.5 % Impact of foreign currency fluctuations (2.0) % (2.0) % (0.5) % (0.5) % Operational growth 8.5 % 10.0 % 10.0 % 11.0 % Impact of certain acquisitions/divestitures — % — % — % — % Organic growth 8.5 % 10.0 % 10.0 % 11.0 % 1The company has not provided reconciliations of certain forward-looking adjusted metrics to their respective GAAP measure as it is unable to predict with reasonable certainty and without unreasonable efforts the impact of certain items such as intangible asset impairment charges, acquisition-related charges, restructuring and restructuring-related charges and litigation-related charges. The combined impact of these items is uncertain, dependent on various factors and cannot be predicted with reasonable certainty, and could be material to our GAAP measures of financial results. Q1 2026 Estimate FY 2026 Estimate Earnings per Share Guidance (Low) (High) (Low) (High) Adjusted results(1) $ 0.78 $ 0.80 $ 3.43 $ 3.49
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Q4 2025 Financial & Operational Highlights | February 4, 2026 30 BSX: Acronym Reference Guide AF Atrial Fibrillation CODM Chief Operating Decision Maker CRM Cardiac Rhythm Management DIOH Days Inventory on Hand DRG Diagnosis-Related Group Reimbursement DSO Days Sales Outstanding EBITDA Earnings Before Interest, Taxes, Depreciation, and EMEA Europe, the Middle East and Africa Endo Endoscopy EP Electrophysiology EPS Earnings per Share ERG Employee Resource Group ESG Endoscopic Sleeve Gastroplasty EU MDR European Union Medical Device Regulation FDA Food and Drug Administration FY Full Year GAAP Generally Accepted Accounting Principles ICVT Interventional Cardiology & Vascular Therapies IO&E Interventional Oncology & Embolization IVL Intravascular Lithotripsy LAAC Left Atrial Appendage Closure LEED Leadership in Energy and Environmental Design NM Neuromodulation PCI Percutaneous Coronary Intervention PFA Pulsed Field Ablation PMDA Pharmaceuticals and Medical Device Agency PNS Peripheral Nerve Stimulation R&D Research and Development SCS Spinal Cord Stimulation TCT Transcatheter Cardiovascular Therapeutics TAVR Transcatheter Aortic Valve Replacement TCAR Transcarotid Artery Revascularization VBP Volume-based Procurement