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Q2 2026 Financial & Operational Highlights | July 29, 2026 1 Q2 2026 Highlights July 29, 2026
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Q2 2026 Financial & Operational Highlights | July 29, 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 third 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; market sizes and growth rates; 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 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 “Cautionary Note Regarding 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. Market estimates: Unless noted otherwise, all references to market sizes, market share positions, and market growth rates are BSX internal estimates. 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 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 have filed or will file thereafter for an explanation of each of these adjustments and the reasons for excluding each item. Adjusted EPS excludes the impact 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), discrete tax items and other charges (credits) as appropriate. FCF is a non-GAAP measure calculated as operating cash flows less net purchases of property, plant and equipment and internal use software. Operational Structure: In 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. Use of Document: This document contains certain highlights with respect to our second quarter 2026 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 June 30, 2026 located in the investor section of our website at www.bostonscientific.com and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 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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Q2 2026 Financial & Operational Highlights | July 29, 2026 3 Q2 2026 Highlights • Net sales growth: • +7.5% reported, +7.0% operational*/organic* Y/Y • Earnings per share: • As reported: $0.61 vs. $0.53 Q2:25 • Adjusted*: $0.86 vs. $0.75 Q2:25 • Gross margin: • As reported: 70.7%, +300 bps Y/Y • Adjusted*: 70.3%, +80 bps Y/Y • Operating margin: • As reported: 21.6%, +550 bps Y/Y • Adjusted*: 28.4%, +70 bps Y/Y • Q3 2026 guidance vs. Q3 2025: • As reported net sales growth: 3.0% - 5.0% • Organic* net sales growth: 3.0% - 5.0% • Adjusted EPS*: $0.80 - $0.82 • FY 2026 guidance vs. FY 2025: • As reported net sales growth: 5.5% - 6.5% • Organic* net sales growth: 5.0% - 6.0% • Adjusted EPS*: $3.28 - $3.32 Financial Highlights Operational Highlights • Completed the previously announced $2 billion accelerated share repurchase program, repurchasing approximately 40 million shares. • Invested $1.5 billion in MiRus LLC , which is developing and commercializing proprietary biomaterials, implants and procedural solutions for the treatment of cardiovascular and orthopedic diseases, including the SIEGEL™ Balloon Expandable Transcatheter Aortic Valve Replacement (TAVR) system , in return for an equity stake of approximately 34% and exclusive option to acquire the MiRus TAVR business.1 • Presented late-breaking findings at EuroPCR from the FRACTURE Investigational Device Exemption trial, which met its primary endpoints with the SEISMIQ™ 4CE Coronary Intravascular Lithotripsy Catheter , demonstrating high rates of freedom from major adverse cardiac events at 30 days as well as procedural success in patients with severely calcified coronary artery disease.1 • Announced clinical trial results that were presented in late-breaking sessions at Heart Rhythm 2026 including: ◦ The AVANT GUARD study of FARAPULSE™ Pulsed Field Ablation (PFA) for the treatment of persistent atrial fibrillation (AF) in patients who had not previously been treated for their condition. Data met all safety and effectiveness endpoints and demonstrated statistical superiority of FARAPULSE PFA over anti-arrhythmic drugs with significantly higher primary effectiveness. ◦ The ELEVATE-PF feasibility study of the FARAFLEX™ Mapping and PFA Catheter — a novel large focal, high-density map-and-ablate catheter — in patients with paroxysmal and persistent AF. The trial demonstrated strong lesion durability validated by cardiac remapping, with no reported cases of pulmonary vein stenosis, hemolysis, coronary spasm or clinical stroke.1 • Commenced enrollment in the pivotal FARADIGM clinical trial to evaluate the safety and effectiveness of the FARAFLEX Mapping and PFA Catheter for treating patients with paroxysmal and persistent AF.1 1. The SIEGEL Balloon Expandable TAVR system, the SEISMIQ 4CE Coronary Intravascular Lithotripsy Catheter and the FARAFLEX Mapping and PFA Catheter are investigational devices. Limited by Federal (or U.S.) law to investigational use only. Not available for sale.
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Q2 2026 Financial & Operational Highlights | July 29, 2026 4 Q2 2026 Reported Net Sales: $5.442B Net Sales by Business; Segment Percentage of Total Net Sales Reported Net Sales by Segment and Business Endo $793M Uro $684M NM $341M MedSurg 33% Cardiovascular 67% Cardiovascular $283M $585M $916M $507M $1.333B ICVT WM EP CRM IO&E Cardiovascular $3.624B
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Q2 2026 Financial & Operational Highlights | July 29, 2026 5 Q2 2026 Highlights • Endoscopy: Global net sales +7.6% as reported, +7.0% operational*/organic* ▪ Growth driven by better than anticipated performance from AXIOS. Within the quarter, received FDA clearance for RIVOS, a first-of-its-kind single-device designed to streamline procedural steps while performing Endoscopic Ultrasound biliary drainage. • Urology: Global net sales +1.1% as reported, +0.8% operational*/organic* ▪ Underperformance in the quarter driven by Sacral Neuromodulation, with a slower recovery than anticipated and Stone, where we continue to face competitive pressures with key portfolio gaps. • Neuromodulation: Global net sales +12.7% as reported, +12.2% operational*/organic* ▪ Pain franchise grew low double-digits, with strong growth across the portfolio including a full quarter of contribution from Nalu, which performed well in Q2. ▪ Brain grew low double-digits, with strong growth across the globe enabled by our innovative portfolio. Measure Q2 2026 Q2 2025 Change Y/Y Reported Net Sales $1.818B $1.716B +5.9% Adjusted Operating Margin* 32.9% 35.1% (230 bps) MedSurg 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 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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Q2 2026 Financial & Operational Highlights | July 29, 2026 6 Q2 2026 Highlights Measure Q2 2026 Q2 2025 Change Y/Y Reported Net Sales $3.624B $3.345B +8.3% Adjusted Operating Margin* 33.1% 32.1% +100 bps Cardiovascular Performance Summary • Cardiovascular: Global net sales +8.3% as reported, +7.8% operational*/organic* ▪ Interventional Cardiology & Vascular Therapies: Global net sales +13.1% as reported, +12.1% operational*/organic* ◦ Interventional Cardiology organic growth of 15% was driven by double digit growth in Coronary Therapies, with exceptional strength in AGENT DCB. ◦ Vascular Therapies grew 8% organically, driven by broader adoption of Varithena and our drug-eluting portfolio. ▪ Watchman: Global net sales +4.3% as reported, +4.2% operational*/organic* ◦ U.S. grew +3% organically, while International grew +18% organically. WATCHMAN underperformed expectations in the quarter as the LAAC market slowed primarily driven by compounding clinical evidence impacting referral patterns. ▪ Electrophysiology: Global net sales +9.1% as reported/operational*/organic* ◦ U.S. grew +3% organically, while International grew +23% organically. Growth driven by our differentiated PFA ecosystem partially offset by competitive pressures in U.S. market. ▪ Cardiac Rhythm Management: Global net sales (0.9)% as reported, (1.6)% operational*/organic* ◦ Low-voltage declined high-single-digits and high-voltage declined mid-single digits, driven by competitive pressures with key portfolio gaps. Diagnostics grew low-double digits. • Interventional Oncology & Embolization: Global net sales +12.9% as reported, +11.8% operational*/organic* ◦ Driven by strong global growth with our broad offering of innovative technologies. * 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.
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Q2 2026 Financial & Operational Highlights | July 29, 2026 7 Key Growth Catalysts Select new products and data releases Cardiovascular ICVT WM CRM EP IO&E MedSurg Endo Uro NM 2026 2027E CHAMPION AF Q1:26 TheraSphere™ 360 + Any Day dosing SEISMIQ™ Coronary IVL Rivos™ Biliary Access Device SEISMIQ™ Below-the-Knee IVL PRECEDENT™ next-gen defib Asurys™ Fluid mgmt SEISMIQ™ Above-the-Knee IVL Edge J stylet Next-gen Intracept™ ROWAN TheraSphere™ combination therapy FRACTURE (Coronary IVL) Imaging 4D ICE REMATCH-AF Suction SheatheCoin® system Tibial Nerve Stim Slim Scope Nalu Neurostimulation peripheral nerve stimulation Versatile™ TruSelect™ 2.6 Microcatheter Product Launch Expected Data ReleaseProduct Launched FARAPOINT™ FARAWAVE™ ULTRA CHORUS IDx™ | 2D ICE EMPOWER & mCRM™ FARAFLEX™ WATCHMAN™ Elite Next-gen spinal cord stimulation THRIVE (RDN) TIVUS™ Intravascular Ultrasound System (RDN) LUX-AIR™ ICM System OPAL Software Launches Timeline represents expected launch timing or data presentation. Select product launches and data releases, list is not comprehensive. 2028E
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Q2 2026 Financial & Operational Highlights | July 29, 2026 8 Future of Innovation Unlocking New Markets for BSX 1 Signed, not yet closed; anticipate closing in H2 2026. 2 Investigational device. Limited by Federal Law to investigational use only. Not available for sale. Timeline represents expected launch timing or data presentation. Select product launches and data releases, list is not comprehensive. 2026E 2027E 2028E 2029EProduct SEISMIQ™ Peripheral ATK Launch IVL Intravascular Lithotripsy SEISMIQ™ Peripheral BTK Launch SEISMIQ™ 4CE Coronary Launch $1B+ +DD RDN Renal Denervation THRIVE Data Release TIVUS™ Launch $1B+ +DD 2028E ABLATION Complex Arrhythmias FARADIGM FPI FARADIGM Data FARAFLEX™ Launch $3B+ +DD 2025E Market Size Market Growth PENUMBRA Neurovascular & Thrombectomy Expected Close11% 1 MiRus TAVR BSX Investment Announced STAR Trial FPI SIEGEL™ Valve Launch $7B+ +HSD 2 CIRC SUPPORT Global IDE FPI VITALYST™ Launch $1.5B +DD EXTERNAL ICE (EP) Intracardiac Echocardiography $1.3B +DD 2D ICE / OPAL Integration
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Q2 2026 Financial & Operational Highlights | July 29, 2026 9 Our Approach to Corporate Responsibility
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Q2 2026 Financial & Operational Highlights | July 29, 2026 10 Q2 2026 Net Sales vs. Q2 2025 (in millions, except percentages) Q2 2026 Reported Net Sales Organic* Growth vs Q2 2025 Endoscopy $793 7% Urology $684 1% Neuromodulation $341 12% MedSurg $1,818 5% Interventional Cardiology and Vascular Therapies $1,333 12% Watchman $507 4% Electrophysiology $916 9% Cardiac Rhythm Management $585 (2)% Interventional Oncology & Embolization $283 12% Cardiovascular $3,624 8% Total Company $5,442 7% Guidance Range Disclosed April 22, 2026 5 to 7 percent
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Q2 2026 Financial & Operational Highlights | July 29, 2026 11 Income Statement Information Non-GAAP Reconciliation Three Months Ended June 30, 2026 (unaudited) in millions, except per share data GAAP Results Amortization Expense Acquisition/ Divestiture- Related Net Charges/ Credits Restructuring and Restructuring- Related Net Charges/ Credits Litigation- Related Net Charges/ Credits Investment Portfolio Net Losses/ Gains and Impairments EU MDR Implementation Costs International Emergency Economic Powers Act (IEEPA) tariff refund Deferred Tax Expenses/ Benefits Adjusted* Results Net sales $ 5,442 $ — $ — $ — $ — $ — $ — $ — $ — $ 5,442 Cost of products sold (excluding amortization expense) 1,594 — 30 25 — — 4 (83) — 1,618 Gross profit 3,848 — (30) (25) — — (4) 83 — 3,824 Gross margin 70.7 % 70.3 % Selling, general and administrative expenses 1,803 — 35 8 — — 0 — — 1,760 SG&A as a percentage of sales 33.1 % 32.3 % Research and development expenses 554 — 42 0 — — 3 — — 509 R&D as a percentage of sales 10.2 % 9.4 % Royalty expense 12 — — — — — — — — 12 Royalty expense as a percentage of sales 0.2 % 0.2 % Amortization expense 233 233 — — — — — — — — Contingent consideration net expense (benefit) (16) — (16) — — — — — — — Restructuring net charges (credits) 8 — — 8 — — — — — — Litigation-related net charges (credits) 76 — — — 76 — — — — — 2,670 233 61 16 76 — 3 — — 2,281 Operating income (loss) 1,178 (233) (91) (42) (76) — (7) 83 — 1,543 Operating margin 21.6 % 28.4 % Other income (expense): Interest expense (96) — (1) — — — — — — (95) Other, net (23) — — — — 2 — — — (25) Income (loss) before income taxes 1,060 (233) (92) (42) (76) 2 (7) 83 — 1,423 Income tax expense (benefit) 155 (27) (20) (5) (16) 0 (1) 7 70 148 Net income (loss) 905 (206) (72) (37) (60) 2 (6) 77 (70) 1,275 Net income (loss) attributable to noncontrolling interests (2) (2) — — — — — — — 1 Net income (loss) attributable to Boston Scientific common stockholders $ 907 $ (203) $ (72) $ (37) $ (60) $ 2 $ (6) $ 77 $ (70) $ 1,275 Net income (loss) per diluted common share $ 0.61 $ (0.14) $ (0.05) $ (0.02) $ (0.04) $ 0.00 $ (0.00) $ 0.05 $ (0.05) $ 0.86 Weighted average diluted shares outstanding 1,474.8 1,474.8 1,474.8 1,474.8 1,474.8 1,474.8 1,474.8 1,474.8 1,474.8 1,474.8
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Q2 2026 Financial & Operational Highlights | July 29, 2026 12 Days Sales Outstanding (DSO) Free Cash Flow* Days Inventory on Hand (DIOH) Capital Expenditures Working Capital & Cash Flow Metrics Jun 2026 Mar 2026 Dec 2025 Sep 2025 Jun 2025 51 52 51 51 51 Jun 2026 Mar 2026 Dec 2025 Sep 2025 Jun 2025 185 177 168 177 159 Q2 2026 Q2 2025 $1.290B $1.129B Q2 2026 Q2 2025 $194M $157M
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Q2 2026 Financial & Operational Highlights | July 29, 2026 13 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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Q2 2026 Financial & Operational Highlights | July 29, 2026 14 Appendix A Net Sales Detail
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Q2 2026 Financial & Operational Highlights | July 29, 2026 15 Year-over-Year Change (in millions, except percentages) Q2 2026 Q2 2025 Reported Basis Impact of Foreign Currency Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 491 $ 456 7.6 % — % 7.6 % INTERNATIONAL 303 281 7.7 % (1.7) % 6.0 % WORLDWIDE $ 793 $ 737 7.6 % (0.7) % 7.0 % UROLOGY UNITED STATES $ 503 $ 499 0.8 % — % 0.8 % INTERNATIONAL 181 178 1.9 % (1.2) % 0.7 % WORLDWIDE $ 684 $ 676 1.1 % (0.3) % 0.8 % NEUROMODULATION UNITED STATES $ 257 $ 228 13.1 % — % 13.1 % INTERNATIONAL 84 75 11.8 % (2.4) % 9.4 % WORLDWIDE $ 341 $ 303 12.7 % (0.6) % 12.2 % Appendix A - Net Sales Detail - MedSurg Three Months Ended June 30, 2026 and 2025
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Q2 2026 Financial & Operational Highlights | July 29, 2026 16 Year-over-Year Change (in millions, except percentages) Q2 2026 Q2 2025 Reported Basis Impact of Foreign Currency Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular Therapies UNITED STATES $ 586 $ 499 17.5 % — % 17.5 % INTERNATIONAL 746 679 9.9 % (1.7) % 8.2 % WORLDWIDE $ 1,333 $ 1,178 13.1 % (1.0) % 12.1 % Watchman UNITED STATES $ 459 $ 446 3.0 % — % 3.0 % INTERNATIONAL 48 40 19.3 % (1.5) % 17.7 % WORLDWIDE $ 507 $ 486 4.3 % (0.1) % 4.2 % Electrophysiology UNITED STATES $ 606 $ 587 3.1 % — % 3.1 % INTERNATIONAL 310 252 22.9 % 0.2 % 23.1 % WORLDWIDE $ 916 $ 840 9.1 % 0.0 % 9.1 % Cardiac Rhythm Management UNITED STATES $ 349 $ 355 (1.7) % — % (1.7) % INTERNATIONAL 236 235 0.3 % (1.9) % (1.6) % WORLDWIDE $ 585 $ 590 (0.9) % (0.8) % (1.6) % Interventional Oncology & Embolization UNITED STATES $ 175 $ 155 12.8 % — % 12.8 % INTERNATIONAL 108 96 12.9 % (2.9) % 10.0 % WORLDWIDE $ 283 $ 251 12.9 % (1.1) % 11.8 % CARDIOVASCULAR UNITED STATES $ 2,175 $ 2,042 6.5 % — % 6.5 % INTERNATIONAL 1,449 1,303 11.2 % (1.5) % 9.8 % WORLDWIDE $ 3,624 $ 3,345 8.3 % (0.6) % 7.8 % Appendix A - Net Sales Detail - Cardiovascular Three Months Ended June 30, 2026 and 2025
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Q2 2026 Financial & Operational Highlights | July 29, 2026 17 Appendix B Additional Information - Statement of Operations
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Q2 2026 Financial & Operational Highlights | July 29, 2026 18 Appendix B - Statement of Operations Profitability Margins Three Months Ended Adjusted Gross Margin 6/30/2026 6/30/2025 Basis Points Change Gross Margin, as reported 70.7 % 67.7 % 300 Non-GAAP adjustments (0.4) % 1.7 % Gross Margin, adjusted 70.3 % 69.4 % 80 Three Months Ended Adjusted Operating Margin 6/30/2026 6/30/2025 Basis Points Change Operating Margin, as reported 21.6 % 16.2 % 550 Non-GAAP adjustments 6.7 % 11.4 % Operating Margin, adjusted 28.4 % 27.6 % 70
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Q2 2026 Financial & Operational Highlights | July 29, 2026 19 Appendix C Additional Non-GAAP Reconciliations
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Q2 2026 Financial & Operational Highlights | July 29, 2026 20 Appendix C - Additional Non-GAAP Reconciliations (in millions, except percentages) Q2 2026 Q2 2025 As Reported Basis Impact of Foreign Currency Fluctuations Operational Basis Impact of Certain Acquisitions/ Divestitures(1) Organic Basis ENDOSCOPY $ 793 $ 737 7.6 % (0.7) % 7.0 % — % 7.0 % UROLOGY 684 676 1.1 % (0.3) % 0.8 % — % 0.8 % NEUROMODULATION 341 303 12.7 % (0.6) % 12.2 % — % 12.2 % MEDSURG 1,818 1,716 5.9 % (0.5) % 5.4 % — % 5.4 % INTERVENTIONAL CARDIOLOGY & VASCULAR THERAPIES 1,333 1,178 13.1 % (1.0) % 12.1 % — % 12.1 % WATCHMAN 507 486 4.3 % (0.1) % 4.2 % — % 4.2 % ELECTROPHYSIOLOGY 916 840 9.1 % 0.0 % 9.1 % — % 9.1 % CARDIAC RHYTHM MANAGEMENT 585 590 (0.9) % (0.8) % (1.6) % — % (1.6) % INTERVENTIONAL ONCOLOGY & EMBOLIZATION 283 251 12.9 % (1.1) % 11.8 % — % 11.8 % CARDIOVASCULAR 3,624 3,345 8.3 % (0.6) % 7.8 % — % 7.8 % NET SALES $ 5,442 $ 5,061 7.5 % (0.5) % 7.0 % — % 7.0 % (1) There were no applicable acquisitions in the second quarter of 2026 or 2025.
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Q2 2026 Financial & Operational Highlights | July 29, 2026 21 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Free Cash Flow (in millions) 6/30/2026 Cash provided by (used for) operating activities $ 1,475 Proceeds on disposals of property, plant and equipment 10 Purchases of property, plant and equipment and internal use software (194) Free Cash Flow $ 1,290 Estimated Free Cash Flow (in billions) FY 2026 Cash provided by (used for) operating activities $ ~4.7 Purchases of property, plant and equipment and internal use software (0.9) Free Cash Flow $ ~3.8
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Q2 2026 Financial & Operational Highlights | July 29, 2026 22 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 6/30/2026 Net income (loss) $ 755 $ 670 $ 1,339 $ 905 $ 3,668 Income tax (benefit) expense 183 30 (176) 155 192 Interest expense 87 90 90 96 363 Interest income (6) (14) (15) (11) (46) Depreciation expense 117 137 118 122 494 Amortization expense 225 228 232 233 918 EBITDA 1,362 1,141 1,588 1,500 $ 5,590 Non-GAAP Adjustments Restructuring and restructuring-related net charges (credits) 36 97 35 42 210 Goodwill and other intangible asset impairment charges 0 — — — 0 Investment portfolio net losses (gains) (6) 26 (137) (2) (120) Acquisition/divestiture - related net charges (credits) 99 89 47 92 327 Litigation-related net charges (credits) — 194 — 76 270 EU MDR implementation costs 11 12 7 7 37 IEEPA tariff refund — — — (83) (83) Adjusted EBITDA $ 1,502 $ 1,558 $ 1,540 $ 1,630 $ 6,230 Debt $ 12,624 Debt to Adjusted EBITDA 2.0 X Appendix C - Additional Non-GAAP Reconciliations
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Q2 2026 Financial & Operational Highlights | July 29, 2026 23 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended June 30, 2026 Adjusted Operating Margin - by Reportable Segment (in millions, except percentages) MedSurg % of net sales of reportable segments Cardiovascular % of net sales of reportable segments Total Net sales, as reported $ 1,818 $ 3,624 $ 5,442 Impact of foreign currency fluctuations (0) (2) (2) Net sales of reportable segments 1,818 3,622 5,440 Segment expenses $ 1,221 67.1 % $ 2,425 66.9 % Adjusted operating income of reportable segments(1) 598 32.9 % 1,197 33.1 % 1,795 Unallocated amounts: Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments (252) Goodwill and other intangible asset impairment charges, acquisition/divestiture- related net charges (credits), restructuring and restructuring-related net charges (credits), litigation-related net charges (credits), EU MDR implementation costs, and the IEEPA tariff refund (132) Amortization expense (233) Operating income (loss), as reported $ 1,178 (1) Calculated as Net sales of reportable segments less Segment expenses.
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Q2 2026 Financial & Operational Highlights | July 29, 2026 24 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended June 30, 2025 Adjusted Operating Margin - by Reportable Segment (in millions, except percentages) MedSurg % of net sales of reportable segments Cardiovascular % of net sales of reportable segments Total Net sales, as reported $ 1,716 $ 3,345 $ 5,061 Impact of foreign currency fluctuations 9 20 29 Net sales of reportable segments 1,725 3,365 5,090 Segment expenses 1,119 64.9 % 2,286 67.9 % Adjusted operating income of reportable segments(1) 606 35.1 % 1,079 32.1 % 1,685 Unallocated amounts: Corporate expenses, including hedging activities and impact of foreign currency fluctuations on operating income of reportable segments (286) Goodwill and other intangible asset impairment charges, acquisition/divestiture- related net charges (credits), restructuring and restructuring-related net charges (credits), litigation-related net charges (credits) and EU MDR implementation costs (355) Amortization expense (225) Operating income (loss), as reported $ 819 (1) Calculated as Net sales of reportable segments less Segment expenses.
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Q2 2026 Financial & Operational Highlights | July 29, 2026 25 Appendix C - Additional Non-GAAP Reconciliations Adjusted Tax Rate Three Months Ended June 30, 2026 Tax Rate, as reported 14.6 % Non-GAAP adjustments (4.2) % Tax Rate, adjusted 10.4 % Three Months Ended June 30, 2026Adjusted Below-the-Line Expenses (in millions) Below-the-line expenses, as reported $ (118) Non-GAAP adjustments (2) Below-the-line expenses, adjusted $ (120)
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Q2 2026 Financial & Operational Highlights | July 29, 2026 26 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended June 30, 2026 Interventional Cardiology Net Sales Growth (in millions, except percentages) $ % Net sales growth, as reported $ 849 16.1 % Impact of foreign currency fluctuations (8) (1.1) % Net sales growth, operational 840 14.9 % Impact of certain acquisitions/divestitures — — % Net sales growth, organic $ 840 14.9 % Three Months Ended June 30, 2026 Vascular Therapies Net Sales Growth (in millions, except percentages) $ % Net sales growth, as reported $ 484 8.4 % Impact of foreign currency fluctuations (3) (0.8) % Net sales growth, operational 481 7.6 % Impact of certain acquisitions/divestitures — — % Net sales growth, organic $ 481 7.6 %
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Q2 2026 Financial & Operational Highlights | July 29, 2026 27 Appendix C - Additional Non-GAAP Reconciliations Three Months Ended June 30, 2026EP International Net Sales Growth Net sales growth, as reported 22.9 % Impact of foreign currency fluctuations 0.2 % Net sales growth, operational 23.1 % Impact of certain acquisitions/divestitures — % Net sales growth, organic 23.1 % Three Months Ended June 30, 2026EP U.S. Net Sales Growth Net sales growth, as reported 3.1 % Impact of foreign currency fluctuations — % Net sales growth, operational 3.1 % Impact of certain acquisitions/divestitures — % Net sales growth, organic 3.1 % Three Months Ended June 30, 2026Watchman U.S. Net Sales Growth Net sales growth, as reported 3.0 % Impact of foreign currency fluctuations — % Net sales growth, operational 3.0 % Impact of certain acquisitions/divestitures — % Net sales growth, organic 3.0 % Three Months Ended June 30, 2026Watchman International Net Sales Growth Net sales growth, as reported 19.3 % Impact of foreign currency fluctuations (1.5) % Net sales growth, operational 17.7 % Impact of certain acquisitions/divestitures — % Net sales growth, organic 17.7 %
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Q2 2026 Financial & Operational Highlights | July 29, 2026 28 Appendix C - Additional Non-GAAP Reconciliations Q3 2026 Estimate Full Year 2026 Estimate Net Sales Guidance (Low) (High) (Low) (High) Reported growth 3.0 % 5.0 % 5.5 % 6.5 % Impact of foreign currency fluctuations — % — % (0.5) % (0.5) % Operational growth 3.0 % 5.0 % 5.0 % 6.0 % Impact of certain acquisitions/divestitures — % — % — % — % Organic growth 3.0 % 5.0 % 5.0 % 6.0 % Q3 2026 Estimate Full Year 2026 Estimate Earnings per Share Guidance (Low) (High) (Low) (High) Adjusted results(1) $ 0.80 $ 0.82 $ 3.28 $ 3.32 (1) The 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, among other items. 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. Estimated Tax Rate Full Year 2026 Estimate Tax Rate, adjusted(1) ~11.5% Estimated Adjusted Below-the-Line Expenses (in millions) Full Year 2026 Estimate Below-the-line expenses, adjusted(1) $ ~485 Estimated EP International Net Sales Growth Full Year 2026 Estimate Net sales growth, organic(1) ~20% Estimated Other Business Units Net Sales Growth 2H 2026 Estimate Net sales growth, organic(1) ~6%
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Q2 2026 Financial & Operational Highlights | July 29, 2026 29 BSX: Acronym Reference Guide AF Atrial Fibrillation CODM Chief Operating Decision Maker CRM Cardiac Rhythm Management DCB Drug Coated Balloon 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 IEEPA International Emergency Economic Powers Act 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 WM Watchman