Boston Scientific (BSX) FY2025 results: revenue $20.1 billion, up 19.9% on the year

Boston Scientific develops, manufactures and markets medical devices used across interventional medical specialties. Its portfolio helps physicians diagnose and treat cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions, and the company describes its work over more than 45 years as advancing less-invasive medicine by providing alternatives to surgery. It markets to hospitals, clinics, outpatient facilities and medical offices in 127 countries, with dedicated sales forces per business and a network of distributors and dealers where a direct presence is not economical. At the end of 2025 it had approximately 59,000 employees, approximately 60 percent of them outside the United States. There are two reportable segments, MedSurg and Cardiovascular; in the fourth quarter of 2025 the legacy Cardiology and Peripheral Interventions businesses were combined into a single Cardiovascular business, without changing the segments.

MedSurg

Endoscopy makes minimally invasive devices for gastrointestinal and pancreaticobiliary conditions and for weight loss in obesity: hemostatic clips to stop bleeding during a procedure, stent systems for biliary obstruction and for endoscopic drainage of pancreatic pseudocysts, single-use scopes for the pancreaticobiliary system and for endoscopic retrograde cholangiopancreatography, endoluminal surgery products including an endoscopic suturing system and an intragastric balloon, and infection prevention products.

Urology treats kidney stones, benign prostatic hyperplasia, prostate cancer, erectile dysfunction, male incontinence, overactive bladder and pelvic floor disorders. The range covers stone management products including ureteral stents, catheters, baskets, guidewires, sheaths and balloons, single-use digital flexible ureteroscopes, laser systems for urology procedures and for benign prostatic hyperplasia, prosthetic urology products including a penile implant and an artificial urinary sphincter, a hydrogel system that reduces side effects of prostate radiotherapy, and the Axonics sacral neuromodulation system.

Neuromodulation treats neurological movement disorders and chronic pain, with the WaveWriter Alpha spinal cord stimulator, the Intracept intraosseous nerve ablation system, which the filing describes as the only system cleared by the Food and Drug Administration to treat vertebrogenic pain, a radiofrequency ablation generator and consumables, and the Vercise Genus deep brain stimulation system for Parkinson's disease, tremor and dystonia.

Cardiovascular

Interventional Cardiology and Vascular Therapies treats complex coronary, peripheral and venous disease. The filing describes intravascular imaging and multi-modality guidance systems, vessel preparation and plaque modification for heavily calcified lesions through rotational atherectomy and cutting balloons, coronary drug-eluting stents and drug-coated balloons, peripheral vascular stents and balloons, thrombectomy and ultrasound-assisted thrombolysis systems to remove or dissolve clots in deep veins and pulmonary arteries, and an injectable foam for varicose veins.

Cardiac Rhythm Management makes implantable devices that monitor the heart and deliver electricity to correct abnormalities: implantable cardioverter defibrillators, resynchronisation therapy defibrillators and pacemakers, a subcutaneous defibrillator that treats patients at risk of sudden cardiac arrest without touching the heart, remote patient management and cardiac monitoring systems, and an insertable cardiac monitor for detecting arrhythmias.

The WATCHMAN left atrial appendage closure devices close the left atrial appendage in patients with non-valvular atrial fibrillation who are at risk of ischemic stroke. Electrophysiology diagnoses and treats rate and rhythm disorders, with the FARAPULSE pulsed field ablation system, a three-dimensional cardiac mapping and navigation system, access solutions and steerable sheaths for reaching the left side of the heart, and cryoablation and radiofrequency ablation systems. The company reports rapid conversion from older treatment methods to pulsed field ablation since FARAPULSE launched in 2024, and says it is now the predominant component of the electrophysiology business and its revenue. Interventional Oncology and Embolization treats cancer, with radioactive glass microsphere therapy and hepatic arterial infusion systems for liver and bile duct cancers, cryoablation for kidney, bone and lung cancers, and embolization devices.

What it has bought, and what it has agreed to buy

During the second quarter of 2025 the company acquired the remaining shares of Bolt Medical, which develops a laser-based intravascular lithotripsy platform for coronary and peripheral artery disease, and of SoniVie, which developed an investigational intravascular ultrasound system designed to denervate nerves around blood vessels to treat hypertensive disorders. On 15 January 2026 it announced an agreement to acquire all of Penumbra, a listed medical technology company focused on thrombectomy products for removing clots in peripheral vascular procedures. The price is $374 per share, or approximately $14.500 billion, expected to close during 2026 subject to customary conditions, funded through cash on hand and newly issued borrowing of approximately $11.000 billion with the remainder in Boston Scientific shares.

From Boston Scientific's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.