US Market News
4月前
Penumbra, Inc. Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 25, 2026 1:00 PM
PR Newswire (US)
ALAMEDA, Calif., Feb. 25, 2026 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world's leading thrombectomy company, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Financial Highlights:Revenue of $385.4 million for the fourth quarter of 2025, an increase of 22.1% or 20.9% in constant currency1, compared to the fourth quarter of 2024.Revenue of $1,403.7 million for the full year 2025, an increase of 17.5% or 16.9% in constant currency1, compared to the full year 2024.U.S. Thrombectomy revenue of $203.1 million for the fourth quarter of 2025, an increase of 12.4% compared to the fourth quarter of 2024.U.S. Thrombectomy revenue of $771.5 million for the full year 2025, an increase of 19.3% compared to the full year 2024.Income from operations of $59.2 million or operating margin of 15.4% for the fourth quarter of 2025. Income from operations of $189.2 million or operating margin of 13.5% for the full year 2025.Net income of $47.3 million and adjusted EBITDA1 of $79.1 million or net income margin of 12.3% and adjusted EBITDA margin1 of 20.5% for the fourth quarter of 2025. Net income of $177.7 million and adjusted EBITDA1 of $266.8 million or net income margin of 12.7% and adjusted EBITDA margin1 of 19.0% for the full year 2025.Fourth Quarter 2025 Financial Results
Total revenue increased to $385.4 million for the fourth quarter of 2025 compared to $315.5 million for the fourth quarter of 2024, an increase of 22.1%, or 20.9% in constant currency1. The United States represented 77.6% of total revenue and international represented 22.4% of total revenue for the fourth quarter of 2025. Revenue from the U.S. increased 20.6% while revenue from our international regions increased 27.7%, or 21.9% in constant currency1. Revenue from sales of our global thrombectomy products grew to $254.7 million in the fourth quarter of 2025, an increase of 15.7%, or 14.7% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 12.4%. Revenue from sales of our global embolization and access products grew to $130.7 million in the fourth quarter of 2025, an increase of 37.0%, or 35.2% in constant currency1 from the same period a year ago, driven primarily by our U.S. embolization and access products which increased by 42.7% from the same period a year ago.Gross profit for the fourth quarter of 2025 was $262.1 million, or 68.0% of total revenue compared to $210.7 million, or 66.8% of total revenue, for the fourth quarter of 2024. Gross margin is impacted by product mix, regional mix, and production initiatives to support demand and create future efficiencies. As such, with favorable product mix, improvement in productivity, and by leveraging our fixed costs on higher volume of new product sales during the year, our gross margin may be positively impacted in the future.Total operating expenses were $202.9 million, or 52.6% of total revenue for the fourth quarter of 2025. This compares to total operating expenses of $167.9 million, or 53.2% of total revenue for the fourth quarter of 2024. R&D expenses were $21.8 million for the fourth quarter of 2025, compared to $20.0 million for the fourth quarter of 2024. SG&A expenses were $181.1 million for the fourth quarter of 2025, compared to $147.9 million for the fourth quarter of 2024.Income from operations was $59.2 million for the fourth quarter of 2025, compared to income from operations of $42.8 million for the fourth quarter of 2024.Full Year 2025 Financial Results
Total revenue increased to $1,403.7 million for the year ended December 31, 2025 compared to $1,194.6 million for the year ended December 31, 2024, an increase of 17.5%, or 16.9% in constant currency1. The United States represented 77.8% of total revenue and international represented 22.2% of total revenue for the year ended December 31, 2025. Revenue from the U.S. increased 21.0% while revenue from our international regions increased 6.6%, or 4.2% in constant currency1. Revenue from sales of our global thrombectomy products grew to $947.9 million for the year ended December 31, 2025, an increase of 16.2%, or 15.8% in constant currency1 over the same period a year ago, driven primarily by the sales of our U.S. thrombectomy products which increased by 19.3%. Revenue from sales of our global embolization and access products grew to $455.7 million for the year ended December 31, 2025, an increase of 20.2%, or 19.4% in constant currency1 from the same period a year ago, driven primarily by our U.S. embolization and access products which increased by 25.4% from the same period a year ago.Gross profit for the year ended December 31, 2025 was $942.4 million, or 67.1% of total revenue, compared to $755.0 million, or 63.2% of total revenue, for the year ended December 31, 2024, which included a one-time $33.4 million inventory impairment charge to cost of revenue in connection with the impairment of our immersive healthcare asset group. The impact of the one-time $33.4 million charge decreased our gross margin by 2.8 percentage points in 2024. Gross margin is impacted by product mix, regional mix, and production initiatives to support demand and create future efficiencies. As such, with favorable product mix, improvement in productivity, and by leveraging our fixed costs on higher volume of new product sales during the year, our gross margin may be positively impacted in the future.Total operating expenses for the year ended December 31, 2025 were $753.2 million, or 53.7% of total revenue. This compares to total operating expenses of $745.7 million, or 62.4% of total revenue for the year ended December 31, 2024. R&D expenses were $89.8 million for the year ended December 31, 2025, compared to $94.8 million for the year ended December 31, 2024. SG&A expenses were $663.4 million for the year ended December 31, 2025, compared to $574.0 million for the year ended December 31, 2024.Income from operations was $189.2 million for the year ended December 31, 2025 compared to income from operations of $9.3 million for the year ended December 31, 2024.1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.Full Year 2026 Financial Outlook
Given the proposed acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be providing financial guidance for the full year 2026.Webcast and Conference Call Information
Given the proposed acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be hosting a conference call to discuss financial results for the fourth quarter and year ended December 31, 2025.About Penumbra
Penumbra, Inc., the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X. Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses the following non-GAAP financial measures in this press release: a) constant currency, b) non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, and non-GAAP diluted earnings per share ("EPS") and c) adjusted EBITDA and adjusted EBITDA margin.Constant currency. The Company's constant currency revenue disclosures estimate the impact of changes in foreign currency rates on the translation of the Company's current period revenue as compared to the applicable comparable period in the prior year. This impact is derived by taking the current local currency revenue and translating it into U.S. dollars based upon the foreign currency exchange rates used to translate the local currency revenue for the applicable comparable period in the prior year, rather than the actual exchange rates in effect during the current period. It does not include any other effect of changes in foreign currency rates on the Company's results or business.Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS. The adjustments to the GAAP financial measures reflect the exclusion of:the effect of the amortization of finite lived intangible assets acquired in connection with the Sixense acquisition over their estimated useful lives;the excess tax benefits associated with share-based compensation arrangements;non-recurring litigation related expenses;non-cash long-lived asset impairment related to the impairment of our immersive healthcare asset group; andone-time expenses in connection with the wind down of the immersive healthcare business.Adjusted EBITDA and adjusted EBITDA margin. The Company's adjusted EBITDA reflects the exclusion from GAAP net income of:non-cash operating charges such as stock-based compensation, depreciation and amortization, and impairment charges;non-operating items such as interest income, interest expense, and provision for income taxes;non-recurring litigation related expenses; andone-time expenses in connection with the wind down of the immersive healthcare business.Full reconciliation of these non-GAAP measures to the most comparable GAAP measures is set forth in the tables below.Our management believes the non-GAAP financial measures disclosed in this press release are useful to investors in assessing the operating performance of our business and provide meaningful comparisons to prior periods and thus a more complete understanding of our business than could be obtained absent this disclosure. Specifically, we consider the change in constant currency revenue as a useful metric as it provides an alternative framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. We consider non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding the amortization expense of finite lived intangible assets acquired in connection with the Sixense acquisition, the excess tax benefits associated with share-based compensation arrangements, expenses related to certain litigation matters that we have determined are not a normal or recurring part of our business, including settlement costs and legal fees, non-cash long-lived asset impairment charges related to the impairment of our immersive healthcare asset group, and one-time expenses in connection with the wind down of the immersive healthcare business. Further, we consider adjusted EBITDA and adjusted EBITDA margin useful metrics as they provide an alternative framework for assessing how our underlying business performed excluding non-cash operating charges such as stock-based compensation, depreciation and amortization, and impairment charges, non-operating items such as interest income, interest expense, and provision for income taxes, non-recurring litigation related expenses, and one-time expenses in connection with the wind down of the immersive healthcare business.The non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similarly titled measures used by other companies. These non-GAAP measures should not be considered in isolation or as alternatives to GAAP measures. We urge investors to review the reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate our business.Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the risk that the pending acquisition by Boston Scientific Corporation will not be completed in the expected timeframe or at all, including the risk that required regulatory approvals will not be obtained; potential adverse effects to our business during the pendency of the acquisition, such as employee departures or diversion of management's attention from our business; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025, which we expect to file with the SEC on or before March 2, 2026. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.Penumbra, Inc.Condensed Consolidated Balance Sheets(unaudited)(in thousands)
December 31,
2025
2024Assets
Current assets:
Cash and cash equivalents
$ 186,897
$ 324,404 Marketable investments
357,919
15,727 Accounts receivable, net
190,021
167,668 Inventories
431,549
406,737 Prepaid expenses and other current assets
50,298
36,589 Total current assets
1,216,684
951,125Property and equipment, net
117,436
62,641Operating lease right-of-use assets
173,587
177,787Finance lease right-of-use assets
25,972
28,018Intangible assets, net
6,186
6,513Goodwill
166,750
165,826Deferred taxes
79,188
100,332Other non-current assets
40,716
40,939 Total assets
$ 1,826,519
$ 1,533,181Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 34,736
$ 31,326 Accrued liabilities
132,163
112,429 Current operating lease liabilities
13,841
12,221 Current finance lease liabilities
2,393
2,369 Total current liabilities
183,133
158,345Non-current operating lease liabilities
182,751
187,068Non-current finance lease liabilities
20,714
21,731Other non-current liabilities
12,318
15,106 Total liabilities
398,916
382,250Stockholders' equity:
Preferred stock
—
—Common stock
39
38Additional paid-in capital
1,185,525
1,096,732Accumulated other comprehensive income (loss)
4,348
(5,843)Retained earnings
237,691
60,004Total stockholders' equity
1,427,603
1,150,931 Total liabilities and stockholders' equity
$ 1,826,519
$ 1,533,181 Penumbra, Inc.Condensed Consolidated Statements of Operations(unaudited)(in thousands, except share and per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024Revenue
$ 385,385
$ 315,518
$ 1,403,665
$ 1,194,615Cost of revenue
123,257
104,797
461,228
439,620 Gross profit
262,128
210,721
942,437
754,995Operating expenses:
Research and development
21,794
20,010
89,766
94,783 Sales, general and administrative
181,101
147,936
663,422
573,988 Impairment Charge
—
—
—
76,945 Total operating expenses
202,895
167,946
753,188
745,716Income from operations
59,233
42,775
189,249
9,279Interest and other income, net
4,399
1,564
15,876
11,590Income before income taxes
63,632
44,339
205,125
20,869Provision for income taxes
16,289
10,656
27,438
6,857Net income
$ 47,343
$ 33,683
$ 177,687
$ 14,012
Net income per share:
Basic
$ 1.21
$ 0.88
$ 4.57
$ 0.36Diluted
$ 1.20
$ 0.86
$ 4.52
$ 0.36Weighted average shares outstanding:
Basic
39,189,828
38,418,269
38,918,493
38,633,744Diluted
39,392,613
39,037,644
39,291,828
39,268,037 Penumbra, Inc.Reconciliation of GAAP Operating Expenses and GAAP Income from Operations to Non-GAAP Operating Expenses and
Non-GAAP Income from Operations1(unaudited)(in thousands)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
GAAP operating expenses
$ 202,895
$ 167,946
$ 753,188
$ 745,716GAAP operating expenses include the effect of the following items:
Impairment charge2
—
—
—
76,945Wind down expenses3
—
—
—
4,971Non-recurring litigation related expenses
—
—
—
4,823Amortization of finite lived intangible assets acquired
—
—
—
4,759Non-GAAP operating expenses
$ 202,895
$ 167,946
$ 753,188
$ 654,218
GAAP income from operations
$ 59,233
$ 42,775
$ 189,249
$ 9,279GAAP income from operations includes the effect of the following items:
Impairment charge2
—
—
—
76,945Wind down expenses3
—
—
—
4,971Non-recurring litigation related expenses
—
—
—
4,823Amortization of finite lived intangible assets acquired
—
—
—
4,759Non-GAAP income from operations
$ 59,233
$ 42,775
$ 189,249
$ 100,777____________1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.3Represents one-time expenses that include severance and other costs related to the wind down of the immersive healthcare business during the three months ended September 30, 2024. Penumbra, Inc.Reconciliation of GAAP Net Income and GAAP Diluted EPS to Non-GAAP Net Income and Non-GAAP Diluted EPS1(unaudited)(in thousands, except per share amounts)
Three Months EndedDecember 31, 2025
Three Months EndedDecember 31, 2024
Year EndedDecember 31, 2025
Year EndedDecember 31, 2024
Net
income
Diluted
EPS
Net
income
Diluted
EPS
Net
income
Diluted
EPS
Net
income
Diluted
EPSGAAP net income
$ 47,343
$ 1.20
$ 33,683
$ 0.86
$ 177,687
$ 4.52
$ 14,012
$ 0.36GAAP net income includes the effect of the following items:
Impairment charge2
—
—
—
—
—
—
76,945
1.96Wind down expenses3
—
—
—
—
—
—
4,971
0.13Non-recurring litigation expenses
—
—
—
—
—
—
4,823
0.12Amortization of finite lived intangible assets acquired
—
—
—
—
—
—
4,759
0.12Tax effect on the non-GAAP adjustments above4
—
—
—
—
—
—
(22,170)
(0.57)Excess tax benefits related to stock compensation awards
(830)
(0.02)
(343)
(0.01)
(26,804)
(0.68)
(837)
(0.02)Non-GAAP net income
$ 46,513
$ 1.18
$ 33,340
$ 0.85
$ 150,883
$ 3.84
$ 82,503
$ 2.10
GAAP diluted EPS
$ 1.20
$ 0.86
$ 4.52
$ 0.36Non-GAAP diluted EPS
$ 1.18
$ 0.85
$ 3.84
$ 2.10____________1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.3Represents one-time expenses that include severance and other costs related to the wind down of the immersive healthcare business during the three months ended September 30, 2024.4For the twelve months ended December 31, 2024, management used a combined federal and state tax rate of 24.23% to compute the tax effect of non-GAAP measures. Penumbra, Inc.Reconciliation of GAAP Net Income and GAAP Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin1(unaudited)(in thousands, except for percentages)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024GAAP net income
$ 47,343
$ 33,683
$ 177,687
$ 14,012Adjustments to GAAP net income
Depreciation and amortization expense
4,461
4,388
17,471
23,702Interest income, net
(4,227)
(2,939)
(14,983)
(12,272)Provision for income taxes
16,289
10,656
27,438
6,857Stock-based compensation expense
15,262
12,095
59,213
46,164Impairment charge2
—
—
—
76,945Wind down expenses3
—
—
—
4,971Non-recurring litigation related expenses
—
—
—
4,823Adjusted EBITDA
$ 79,128
$ 57,883
$ 266,826
$ 165,202
GAAP revenue
$ 385,385
$ 315,518
$ 1,403,665
$ 1,194,615Adjusted EBITDA
$ 79,128
$ 57,883
$ 266,826
$ 165,202GAAP net income margin
12.3 %
10.7 %
12.7 %
1.2 %Adjusted EBITDA margin
20.5 %
18.3 %
19.0 %
13.8 %____________1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures. 2Represents charges associated with the impairment of the immersive healthcare asset group during the three months ended June 30, 2024.3Represents one-time expenses that include severance and other costs related to the wind down of the immersive healthcare business during the three months ended September 30, 2024. Penumbra, Inc.Reconciliation of Revenue Change by Geographic Regions to Constant Currency Revenue Growth1(unaudited)(in thousands, except for percentages)
Three Months Ended December 31,
Reported Change
FX Impact
Constant Currency Change
2025
2024
$
%
$
$
%United States
$ 299,054
$ 247,917
$ 51,137
20.6 %
$ —
$ 51,137
20.6 %International
86,331
67,601
18,730
27.7 %
(3,939)
14,791
21.9 %Total
$ 385,385
$ 315,518
$ 69,867
22.1 %
$ (3,939)
$ 65,928
20.9 %
Year Ended December 31,
Reported Change
FX Impact
Constant Currency Change
2025
2024
$
%
$
$
%United States
$ 1,091,761
$ 902,067
$ 189,694
21.0 %
$ —
$ 189,694
21.0 %International
311,904
292,548
19,356
6.6 %
(7,018)
12,338
4.2 %Total
$ 1,403,665
$ 1,194,615
$ 209,050
17.5 %
$ (7,018)
$ 202,032
16.9 % Penumbra, Inc.Reconciliation of Revenue Change by Product Categories and Geographic Regions to Constant Currency Revenue Growth1(unaudited)(in thousands, except for percentages)
Three Months Ended December 31,
Reported Change
FX Impact
Constant Currency Change
2025
2024
$
%
$
$
%Thrombectomy
$ 254,696
$ 220,129
$ 34,567
15.7 %
$ (2,188)
$ 32,379
14.7 %Embolization and Access
130,689
95,389
35,300
37.0 %
(1,751)
33,549
35.2 %Total
$ 385,385
$ 315,518
$ 69,867
22.1 %
$ (3,939)
$ 65,928
20.9 %
Year Ended December 31,
Reported Change
FX Impact
Constant Currency Change
2025
2024
$
%
$
$
%Thrombectomy
$ 947,918
$ 815,475
$ 132,443
16.2 %
$ (3,798)
$ 128,645
15.8 %Embolization and Access
455,747
379,140
76,607
20.2 %
(3,220)
73,387
19.4 %Total
$ 1,403,665
$ 1,194,615
$ 209,050
17.5 %
$ (7,018)
$ 202,032
16.9 %
Three Months Ended December 31,
Change
FX Impact
Constant Currency Change
2025
2024
$
%
$
$
%Thrombectomy
United States
$ 203,065
$ 180,647
$ 22,418
12.4 %
$ —
$ 22,418
12.4 %International
51,631
39,482
12,149
30.8 %
(2,188)
9,961
25.2 %Total Thrombectomy
254,696
220,129
34,567
15.7 %
(2,188)
32,379
14.7 %Embolization and Access
United States
95,989
67,270
28,719
42.7 %
—
28,719
42.7 %International
34,700
28,119
6,581
23.4 %
(1,751)
4,830
17.2 %Total Embolization and Access
130,689
95,389
35,300
37.0 %
(1,751)
33,549
35.2 %Total
$ 385,385
$ 315,518
$ 69,867
22.1 %
$ (3,939)
$ 65,928
20.9 %
Year Ended December 31,
Change
FX Impact
Constant Currency Change
2025
2024
$
%
$
$
%Thrombectomy
United States
$ 771,485
$ 646,711
$ 124,774
19.3 %
$ —
$ 124,774
19.3 %International
176,433
168,764
7,669
4.5 %
(3,798)
3,871
2.3 %Total Thrombectomy
947,918
815,475
132,443
16.2 %
(3,798)
128,645
15.8 %Embolization and Access
United States
320,276
255,356
64,920
25.4 %
—
64,920
25.4 %International
135,471
123,784
11,687
9.4 %
(3,220)
8,467
6.8 %Total Embolization and Access
455,747
379,140
76,607
20.2 %
(3,220)
73,387
19.4 %Total
$ 1,403,665
$ 1,194,615
$ 209,050
17.5 %
$ (7,018)
$ 202,032
16.9 %____________1See "Non-GAAP Financial Measures" for important information about our use of non-GAAP measures.Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com
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Original: Penumbra, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
US Market News
5月前
Boston Scientific announces results for fourth quarter and full year 2025February 4, 2026 6:30 AM
PR Newswire (US)
MARLBOROUGH, Mass., Feb. 4, 2026 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated net sales of $5.286 billion during the fourth quarter of 2025, growing 15.9 percent on a reported basis, 14.3 percent on an operational1 basis and 12.7 percent on an organic2 basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $672 million or $0.45 per share (EPS), compared to $566 million or $0.38 per share a year ago, and achieved adjusted3 EPS of $0.80 for the period, compared to $0.70 a year ago.
For the full year 2025, the company generated net sales of $20.074 billion, growing 19.9 percent on a reported basis, 19.2 percent on an operational1 basis and 15.8 percent on an organic2 basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $2.898 billion or $1.94 per share, compared to $1.853 billion or $1.25 per share a year ago, and delivered full year adjusted3 EPS of $3.06, compared to $2.51 a year ago."2025 was another exceptional year for Boston Scientific, with our global teams delivering differentiated innovation and high performance that enabled us to exceed our goals," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "As a direct result of the dedication, consistency and winning spirit of our team, we have impacted millions of patient lives and are well-positioned to continue on our strong growth trajectory well into the future."Fourth quarter financial results and recent developments:Reported net sales of $5.286 billion, representing an increase of 15.9 percent on a reported basis, compared to the company's guidance range of 14.5 to 16.5 percent; 14.3 percent on an operational basis; and 12.7 percent on an organic basis, compared to the company's guidance range of 11 to 13 percent, all compared to the prior year period.Reported GAAP net income attributable to Boston Scientific common stockholders of $0.45 per share, compared to the company's guidance range of $0.48 to $0.52 per share, and achieved adjusted EPS of $0.80 per share, compared to the guidance range of $0.77 to $0.79 per share.Achieved the following net sales growth in each reportable segment, compared to the prior year period:MedSurg: 11.7 percent reported, 10.2 percent operational and 6.5 percent organicCardiovascular: 18.2 percent reported, 16.5 percent operational and 16.1 percent organicAchieved the following net sales growth in each region, compared to the prior year period:United States (U.S.): 17.0 percent reported and operationalEurope, Middle East and Africa (EMEA): 12.4 percent reported and 4.8 percent operationalIn the second quarter of 2025, management made the decision to discontinue worldwide sales of the ACURATE neo2™ and ACURATE Prime™ Aortic Valve Systems, which had prior year global sales of approximately $50 million per quarterAsia-Pacific (APAC): 15.2 percent reported and 14.8 percent operationalLatin America and Canada (LACA): 15.9 percent reported and 10.4 percent operationalEmerging Markets4: 15.4 percent reported and 13.0 percent operationalReceived U.S. Food and Drug Administration (FDA) approval and CE mark for the FARAPOINT™ Pulsed Field Ablation (PFA) Catheter, a nav-enabled, focal PFA catheter that can create focal and linear-shaped lesions within a single device.Commenced enrollment in the OPTIMIZE clinical trial, which uses the Cortex OPTIMAP™ Electrographic Flow (EGF) Mapping Technology with the FARAPULSE™ PFA Platform?to evaluate how EGF-guided mapping and delivery of PFA to atrial fibrillation (AF) sources outside the pulmonary veins?impacts outcomes for patients with persistent AF, compared to traditional anatomic approaches.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 Left Atrial Appendage Closure Device in patients with AF.Initiated U.S. launch of the SEISMIQ™ Intravascular Lithotripsy (IVL) System to treat patients with complex calcified peripheral artery disease.Completed enrollment in the global FRACTURE IDE clinical trial evaluating the use of the SEISMIQ IVL System to treat patients with complex calcified coronary artery disease.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.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.Commenced enrollment in the?MOSAIC study, using commercially approved Boston Scientific Spinal Cord Stimulation (SCS) Systems, to evaluate the effectiveness of time variant pulse patterns of SCS and compile real-world clinical outcomes in subjects with chronic, intractable low back and/or leg pain.Received U.S. coverage of Endoscopic Sleeve Gastroplasty (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.Received CE mark for the MOSES Raydar™ Holmium Laser System, which is designed to increase ablation efficiency by maintaining an effective proximity range between the laser fiber tip and kidney stone during lithotripsy procedures.Announced agreement to acquire Penumbra, Inc., (NYSE: PEN) 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 – subject to customary closing conditions.Announced agreement to acquire 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 — subject to customary closing conditions.Completed the acquisition of?Nalu Medical, Inc., developer of the Nalu Neuromodulation System, designed to use peripheral nerve stimulation to deliver targeted relief for adults living with severe, intractable chronic pain of peripheral nerve origin.1.? Operational net sales growth excludes the impact of foreign currency fluctuations.2.
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.3.
Adjusted EPS excludes 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), European Union (EU) Medical Device Regulation (MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items.4.
Our Emerging Markets countries include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. Net sales for the fourth quarter by business and region:
Increase/(Decrease)
Three Months Ended
December 31,
Reported
Basis
Impact of
Foreign
Currency
Fluctuations
Operational
Basis
Impact of
Certain
Acquisitions/
Divestitures
Organic
Basis(in millions)20252024
Endoscopy$ 760$ 690
10.1 %
(1.9) %
8.2 %
— %
8.2 %
Urology717630
13.8 %
(1.1) %
12.7 %
(9.5) %
3.2 %
Neuromodulation 332299
11.1 %
(1.2) %
9.9 %
— %
9.9 %
MedSurg1,8091,619
11.7 %
(1.5) %
10.2 %
(3.7) %
6.5 %
Cardiovascular3,4772,942
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 %
Increase/(Decrease)
Three Months Ended
December 31,
Reported
Basis
Impact of
Foreign
Currency
Fluctuations
Operational Basis(in millions)
2025
2024
U.S.
$ 3,385
$ 2,893
17.0 %
— %
17.0 %
EMEA
933
830
12.4 %
(7.6) %
4.8 %
APAC
788
684
15.2 %
(0.4) %
14.8 %
LACA
179
155
15.9 %
(5.5) %
10.4 %Net Sales
$ 5,286
$ 4,561
15.9 %
(1.6) %
14.3 %
Emerging Markets4
$ 771
$ 668
15.4 %
(2.5) %
13.0 %
Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely.
Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of certain acquisitions/divestitures are not prepared in accordance with U.S. GAAP.Net sales for the full year by business and region:
Increase/(Decrease)
Year EndedDecember 31,
Reported
Basis
Impact of
Foreign
Currency
Fluctuations
Operational
Basis
Impact of
Certain
Acquisitions/
Divestitures
Organic
Basis(in millions)20252024
Endoscopy$ 2,916$ 2,687
8.6 %
(0.8) %
7.8 %
(0.1) %
7.7 %
Urology2,7092,200
23.1 %
(0.4) %
22.7 %
(17.9) %
4.7 %
Neuromodulation 1,1991,106
8.4 %
(0.4) %
8.0 %
— %
8.0 %
MedSurg6,8245,993
13.9 %
(0.6) %
13.3 %
(6.6) %
6.7 %
Cardiovascular13,25010,755
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 %
Increase/(Decrease)
Year EndedDecember 31,
Reported
Basis
Impact of
Foreign
Currency
Fluctuations
Operational Basis(in millions)
2025
2024
U.S.
$ 12,864
$ 10,210
26.0 %
— %
26.0 %
EMEA
3,451
3,228
6.9 %
(3.7) %
3.2 %
APAC
3,080
2,686
14.7 %
(0.2) %
14.5 %
LACA
678
624
8.7 %
2.0 %
10.7 %Net Sales
$ 20,074
$ 16,747
19.9 %
(0.7) %
19.2 %
Emerging Markets4
$ 2,985
$ 2,680
11.4 %
0.2 %
11.6 %
Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely.
Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of certain acquisitions/divestitures are not prepared in accordance with U.S. GAAP.Guidance for Full Year and First Quarter 2026The company estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 10.5 to 11.5 percent on a reported basis and 10.0 to 11.0 percent on an organic basis. Full year organic net sales guidance 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. The company estimates adjusted EPS, excluding certain charges (credits), of $3.43 to $3.49.The company estimates net sales growth for the first quarter of 2026, versus the prior year period, to be approximately 10.5 to 12.0 percent on a reported basis and 8.5 to 10.0 percent on an organic basis. First quarter organic net sales guidance 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. The company estimates adjusted EPS, excluding certain charges (credits), of $0.78 to $0.80. The company has not provided reconciliations of the forward-looking adjusted EPS guidance to GAAP guidance 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.Conference Call InformationBoston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: investors.bostonscientific.com. Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website.About Boston ScientificBoston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 45 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at www.bostonscientific.com and follow us on LinkedIn.Cautionary Statement Regarding Forward-Looking Statements This press release 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; 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.Risks and uncertainties that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions, including changing trade and tariff policies; geopolitical events and tensions; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions; demographic trends; intellectual property; litigation; financial market conditions; the execution and effect of our business strategy, including our cost-savings and growth initiatives; and future business decisions made by us and our competitors. New risks and uncertainties may arise from time to time and are difficult to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. 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 those expectations 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. This cautionary statement is applicable to all forward-looking statements contained in this press release.Note: Amounts reported in millions within this press release 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.Use of Non-GAAP Financial InformationA reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this press release.CONTACT: Media:Chanel Hastings? Investors:Lauren Tengler
508-382-0288 (office)
508-683-4479 (office)
Media Relations
Investor Relations
Boston Scientific Corporation
Boston Scientific Corporation
chanel.hastings@bsci.com
BSXInvestorRelations@bsci.com BOSTON SCIENTIFIC CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
Three Months EndedDecember 31,
Year EndedDecember 31,in millions, except per share data20252024
20252024
Net sales$ 5,286$ 4,561
$ 20,074$ 16,747Cost of products sold (excluding amortization expense)1,6081,466
6,2215,257Gross profit3,6783,095
13,85411,490
Operating expenses:
Selling, general and administrative expenses1,8341,612
6,8875,984Research and development expenses569460
2,0521,615Royalty expense610
4633Amortization expense228225
897856Intangible asset impairment charges—111
46386Contingent consideration net expense (benefit)6(1)
18(5)Restructuring net charges (credits)164
10116Litigation-related net charges (credits)194—
194—
2,8542,420
10,2418,887Operating income (loss)825675
3,6132,603
Other income (expense):
Interest expense(90)(80)
(349)(305)Other, net(34)(10)
121(16)Income (loss) before income taxes700585
3,3852,282Income tax expense (benefit)3023
493436Net income (loss)$ 670$ 562
$ 2,892$ 1,846Net income (loss) attributable to noncontrolling interests(2)(4)
(6)(8)Net income (loss) attributable to Boston Scientific common
stockholders$ 672$ 566
$ 2,898$ 1,853
Net income (loss) per common share - basic$ 0.45$ 0.38
$ 1.96$ 1.26Net income (loss) per common share - diluted$ 0.45$ 0.38
$ 1.94$ 1.25
Weighted-average shares outstanding
Basic1,482.71,474.2
1,480.41,471.5Diluted1,495.81,490.2
1,494.51,485.9
Amounts may not add due to rounding.
BOSTON SCIENTIFIC CORPORATIONNON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS(Unaudited)
Three Months Ended December 31, 2025(in millions, except per share data) Gross
ProfitOperating
ExpensesOperating
Income
(Loss)Other
Income
(Expense)Income
(Loss)
Before
Income
TaxesNet
Income
(Loss)Net Income
(Loss)
Attributable to
Noncontrolling
InterestsNet Income
(Loss)
Attributable to
Boston
Scientific
Common
StockholdersImpact
per
ShareReported$ 3,678$ 2,854$ 825$ (124)$ 700$ 670$ (2)$ 672$ 0.45Non-GAAP adjustments:
Amortization expense—(228)228—22819421920.13Goodwill and other intangible asset
impairment charges—————0—00.00Acquisition/divestiture-related net
charges/credits24(65)8908929—290.02Restructuring and restructuring-related net
charges/credits26(71)97—9783—830.06Litigation-related net charges/credits—(194)194—194149—1490.10Investment portfolio net losses/gains and
impairments———262626—260.02EU MDR implementation costs7(5)12—1210—100.01Deferred tax expenses/benefits—————67—670.04Discrete tax items—————(27)—(27)(0.02)Adjusted$ 3,735$ 2,291$ 1,444$ (99)$ 1,345$ 1,202$ 0$ 1,201$ 0.80
Three Months Ended December 31, 2024(in millions, except per share data)Gross
ProfitOperating
ExpensesOperating
Income
(Loss)Other
Income
(Expense)Income
(Loss)
Before
Income
TaxesNet
Income
(Loss)Net Income
(Loss)
Attributable to
Noncontrolling
InterestsNet Income
(Loss)
Attributable to
Boston
Scientific
Common
StockholdersImpact
per
ShareReported$ 3,095$ 2,420$ 675$ (90)$ 585$ 562$ (4)$ 566$ 0.38Non-GAAP adjustments:
Amortization expense—(225)225—22519821960.13Goodwill and other intangible asset
impairment charges—(111)111—11196—960.06Acquisition/divestiture-related net
charges/credits63(84)147014761—610.04Restructuring and restructuring-related net
charges/credits56(24)80—8070—700.05Litigation-related net charges/credits—————(0)—(0)(0.00)Investment portfolio net losses/gains and
impairments———221—10.00EU MDR implementation costs9(5)13—1312—120.01Deferred tax expenses/benefits—————45—450.03Discrete tax items—————(4)—(4)(0.00)Adjusted$ 3,222$ 1,971$ 1,251$ (87)$ 1,164$ 1,041$ (1)$ 1,043$ 0.70
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document.Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATIONNON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS(Unaudited)
Year Ended December 31, 2025in millions, except per share dataGross
ProfitOperating
ExpensesOperating
Income
(Loss)Other
Income
(Expense)Income
(Loss)
Before
Income
TaxesNet
Income
(Loss)Net Income
(Loss)
Attributable to
Noncontrolling
InterestsNet Income
(Loss)
Attributable to
Boston
Scientific
Common
StockholdersImpact
per
ShareReported$ 13,854$ 10,241$ 3,613$ (228)$ 3,385$ 2,892$ (6)$ 2,898$ 1.94Non-GAAP adjustments:
Amortization expense—(897)897—89777097610.51Goodwill and other intangible asset
impairment charges—(46)46—4637—370.02Acquisition/divestiture-related net
charges/credits182(291)473(229)245186—1860.12Restructuring and restructuring-related net
charges/credits110(233)343—343298—2980.20Litigation-related net charges/credits—(194)194—194149—1490.10Investment portfolio net losses/gains and
impairments———262626—260.02EU MDR implementation costs29(17)46—4639—390.03Deferred tax expenses/benefits—————206—2060.14Discrete tax items—————(27)—(27)(0.02)Adjusted$ 14,175$ 8,563$ 5,612$ (430)$ 5,182$ 4,577$ 3$ 4,574$ 3.06
Year Ended December 31, 2024in millions, except per share dataGross
ProfitOperating
ExpensesOperating
Income
(Loss)Other
Income
(Expense)Income
(Loss)
Before
Income
TaxesNet
Income
(Loss)Net Income
(Loss)
Attributable to
Noncontrolling
InterestsNet Income
(Loss)
Attributable to
Boston
Scientific
Common
StockholdersImpact
per
ShareReported$ 11,490$ 8,887$ 2,603$ (321)$ 2,282$ 1,846$ (8)$ 1,853$ 1.25Non-GAAP adjustments:
Amortization expense—(856)856—85674397340.49Goodwill and other intangible asset
impairment charges—(386)386—386339—3390.23Acquisition/divestiture-related net
charges/credits111(291)4021403375—3750.25Restructuring and restructuring-related net
charges/credits139(90)229—229199—1990.13Litigation-related net charges/credits—————(0)—(0)(0.00)Investment portfolio net losses/gains and
impairments———202019—190.01EU MDR implementation costs35(17)52—5245—450.03Deferred tax expenses/benefits—————165—1650.11Discrete tax items—————(4)—(4)(0.00)Adjusted$ 11,776$ 7,246$ 4,529$ (301)$ 4,229$ 3,726$ 1$ 3,725$ 2.51
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document.Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATIONQ1 and FY 2026 GUIDANCE RECONCILIATIONS(Unaudited)
Net Sales
Q1 2026 Estimate
Full Year 2026 Estimate
(Low)(High)
(Low)(High)Reported growth10.5 %12.0 %
10.5 %11.5 %Impact of foreign currency fluctuations(2.0) %(2.0) %
(0.5) %(0.5) %Operational growth8.5 %10.0 %
10.0 %11.0 %Impact of certain acquisitions/divestitures — %— %
— %— %Organic growth8.5 %10.0 %
10.0 %11.0 %Use of Non-GAAP Financial MeasuresTo supplement our unaudited consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share (EPS) that exclude certain charges (credits); operational net sales, which exclude the impact of foreign currency fluctuations; and organic net sales, which exclude the impact of foreign currency fluctuations as well as the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States 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.To calculate adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share, we exclude certain charges (credits) from GAAP net income and GAAP net income attributable to Boston Scientific common stockholders, which 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. Amounts are presented after-tax using the company's effective tax rate, unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate." In addition to the explanation below, 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 any Quarterly Report 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. The following is an explanation of each incremental or revised adjustment type, since our most recent Annual Report on Form 10-K, that management excluded as part of these non-GAAP financial measures as well as the reason for excluding each item:Restructuring and restructuring-related net charges (credits) - These adjustments primarily represent severance and other compensation-related charges, fixed asset write-offs, contract cancellations, project management fees, facility shut down costs, costs to transfer manufacturing lines between geographically dispersed facilities and other direct costs associated with our restructuring plans. These restructuring plans each consist of distinct initiatives that are fundamentally different from our ongoing, core cost reduction initiatives in terms of, among other things, the frequency with which each action is performed and the required planning, resourcing, cost and timing. Examples of such initiatives include the movement of business activities, facility consolidations and closures and the transfer of product lines between manufacturing facilities, which, due to the highly regulated nature of our industry, requires a significant investment in time and cost to create duplicate manufacturing lines, run product validations and seek regulatory approvals. Restructuring plans take place over a defined timeframe and have a distinct project timeline that requires, and begins subsequent to, approval by our Board of Directors. In contrast to our ongoing cost reduction initiatives, restructuring plans typically result in duplicative cost and exit costs over the defined timeframe and are not considered part of our core, ongoing operations. In addition, in 2025, we incurred restructuring and restructuring-related net charges (credits) associated with management's decision to discontinue worldwide sales of the ACURATE neo2TM and ACURATE PrimeTM Aortic Valve Systems. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring-related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance.The GAAP financial measures most directly comparable to adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share are GAAP net income (loss), GAAP net income (loss) attributable to Boston Scientific common stockholders and GAAP net income (loss) per common share – diluted, respectively. To calculate operational net sales growth rates, which exclude the impact of foreign currency fluctuations, we convert actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior periods. To calculate organic net sales growth rates, we also remove the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. The GAAP financial measure most directly comparable to operational net sales and organic net sales is net sales reported on a GAAP basis.Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules.Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses these non-GAAP financial measures to further its understanding of the performance of our operating segments. The adjustments excluded from our non-GAAP financial measures are consistent with those excluded from our operating segments' measures of net sales and profit or loss. These adjustments are excluded from the segment measures reported to our chief operating decision maker that are used to make operating decisions and assess performance.We believe that presenting adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders, adjusted net income (loss) per share, operational net sales growth rates and organic net sales growth rates, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information used by management for its operational decision-making and allows investors to see our results "through the eyes" of management. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance.
View original content to download multimedia:https://www.prnewswire.com/news-releases/boston-scientific-announces-results-for-fourth-quarter-and-full-year-2025-302678393.htmlSOURCE Boston Scientific Corporation
Original: Boston Scientific announces results for fourth quarter and full year 2025
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