Here are 1-3 brief analogies to describe Boston Scientific (BSX):

• Johnson & Johnson for medical devices and implants. (Leveraging J&J's broad recognition as a healthcare conglomerate, highlighting BSX's specific focus on advanced medical technologies.)
• Abbott Laboratories, but focused purely on specialized medical technologies. (Using Abbott, known for diagnostics and various medical devices, to describe BSX's core business in areas like interventional cardiology, urology, and neuromodulation.)

• Interventional Cardiology & Cardiac Rhythm Management: Devices for treating coronary artery disease, heart rhythm disorders, and structural heart conditions, including stents, pacemakers, and defibrillators.
• Peripheral Interventions: Products addressing peripheral arterial disease, venous disease, and interventional oncology, such as drug-eluting stents, atherectomy systems, and embolization coils.
• Endoscopy: A broad range of devices for diagnosing and treating conditions within the gastrointestinal tract and pulmonary system, including scopes and accessories for stone management, hemostasis, and polyp removal.
• Urology & Pelvic Health: Solutions for kidney stones, benign prostatic hyperplasia (BPH), erectile dysfunction, and pelvic floor disorders.
• Neuromodulation: Implantable systems like spinal cord stimulators (SCS) and deep brain stimulators (DBS) for managing chronic pain and neurological disorders.

Boston Scientific (BSX) sells its medical devices and technologies primarily to other companies and organizations within the healthcare sector, rather than directly to individuals. Due to the highly fragmented nature of the healthcare provider market and competitive confidentiality, Boston Scientific does not disclose a list of specific major customer companies by name or symbol. Instead, their sales are distributed across thousands of healthcare institutions globally. Their primary customers can be categorized as:

• Hospitals and Integrated Delivery Networks (IDNs): These are the largest purchasers of Boston Scientific's products, including devices for cardiology, endoscopy, urology, peripheral interventions, and neuromodulation. This category encompasses individual hospitals, as well as larger healthcare systems that manage multiple hospitals, clinics, and other facilities across a geographic region.
• Group Purchasing Organizations (GPOs): While not direct end-users, GPOs are critical intermediaries in the U.S. healthcare market. Boston Scientific enters into contracts with GPOs, which then enable their member hospitals and healthcare systems to purchase products at negotiated prices. GPOs represent a significant channel for sales and product adoption.
• Specialty Clinics, Physician Offices, and Ambulatory Surgical Centers (ASCs): For specific procedures and product lines, particularly in areas like urology, pain management, and some diagnostic imaging, Boston Scientific sells directly to specialized clinics, individual physician practices, and outpatient surgical centers. These facilities perform procedures that do not require an overnight hospital stay.

Michael F. Mahoney, Chairman and Chief Executive Officer

Michael F. Mahoney has served as the Chief Executive Officer of Boston Scientific since November 2012 and Chairman of the Board of Directors since May 2016, having initially joined as President in October 2011. His career spans over 25 years in the medical device, capital equipment, and healthcare IT sectors. Prior to Boston Scientific, he was Worldwide Chairman of the Medical Devices and Diagnostics (MD&D) division of Johnson & Johnson from 2011 to 2012. Before that, he was President and Chief Executive Officer of Global Healthcare Exchange (GHX) from 2001 to 2007. He also spent 12 years at General Electric Medical Systems in various leadership roles, including General Manager of their Healthcare Information Technology business. Under his leadership, Boston Scientific's annual revenue more than doubled, and he has overseen more than 50 mergers and acquisitions.

Jonathan Monson, Executive Vice President and Chief Financial Officer

Jonathan “Jon” Monson assumed the role of Executive Vice President and Chief Financial Officer in June 2025. In this capacity, he is responsible for global controllership, internal audit, corporate finance, treasury, corporate tax, investor relations, and corporate business development. Monson has over 25 years of experience with Boston Scientific, having previously served as Senior Vice President of Investor Relations and, prior to that, as Global Controller and Chief Accounting Officer from July 2019 to March 2024. Before joining Boston Scientific, he worked as a senior auditor at Arthur Andersen LLP. He is a certified public accountant.

Arthur C. Butcher, Executive Vice President and Group President, MedSurg and Asia Pacific

Arthur Butcher serves as the Executive Vice President and Group President for MedSurg and Asia Pacific at Boston Scientific.

Joseph M. Fitzgerald, Executive Vice President and President, Interventional Cardiology

Joseph M. Fitzgerald holds the position of Executive Vice President and President of Interventional Cardiology at Boston Scientific. He is also listed as Executive Vice President and President of Rhythm Management.

Jodi Eddy, Senior Vice President, Enterprise Services and Digital Officer

Jodi Eddy is the Senior Vice President, Enterprise Services and Digital Officer at Boston Scientific. She is also identified as the Senior Vice President and Chief Information and Digital Officer.

The rapid development and increasing efficacy of non-invasive therapies, advanced pharmacological treatments, and regenerative medicine approaches (such as gene and cell therapies) pose a clear emerging threat. These advancements could significantly reduce the need for Boston Scientific's traditional interventional medical devices across its cardiovascular, urology, and neuromodulation segments by offering curative, less invasive, or more effective alternative treatments for various conditions, potentially displacing the market for existing device-based interventions.

Boston Scientific (BSX) operates in several large addressable markets globally for its main products and services. Based on internal estimates, the market sizes for their key business units are as follows:

• Neuromodulation: $3.5 Billion (global)
• Endoscopy: $5 Billion (global)
• Urology and Pelvic Health: $4 Billion (global)
• Peripheral Interventions: $8 Billion (global)
• Cardiac Rhythm Management + Diagnostics: $10.8 Billion (global)

Boston Scientific (BSX) is expected to drive future revenue growth over the next two to three years through several key initiatives, including the continued success and global expansion of its innovative products, strategic acquisitions, and broad portfolio expansion.

Here are 3-5 expected drivers of Boston Scientific's future revenue growth:

1. Rapid Adoption and Global Expansion of the FARAPULSE Pulsed Field Ablation (PFA) System: The FARAPULSE PFA system is a significant growth engine for Boston Scientific. In 2024, revenue from Farapulse exceeded $1 billion, less than a year after its FDA approval, driving a 172% increase in electrophysiology sales in Q4 2024. The company anticipates the atrial fibrillation market will continue to rapidly convert to PFA in 2025 and beyond, with strong uptake observed in the U.S. and Europe, and recent launches in Japan and China. CEO Mike Mahoney has indicated that Farapulse could become Boston Scientific's largest business, with expectations for PFA to constitute 40% to 60% of AF ablations by 2026 and up to 80% by 2028.

2. Continued Growth and Innovation of the WATCHMAN Left Atrial Appendage Closure (LAAC) Device: The WATCHMAN platform, including its latest iteration the WATCHMAN FLX Pro, is a consistent driver of revenue. The device's revenue grew 20% year-over-year, and the company anticipates this market-dominating device to maintain over 20% growth. The ongoing launch of WATCHMAN FLX Pro in the U.S., Japan, and China and expanding adoption are expected to increase the total market opportunity to an estimated $2.5 billion by 2026.

3. Strategic Acquisitions and Integrations: Boston Scientific actively pursues tuck-in acquisitions to bolster its portfolio. Recent and anticipated completions include Silk Road Medical and Axonics, with the latter expected to significantly strengthen the Urology business. The integration of Axonics Technologies into the urology portfolio is projected to help the segment grow 26% year-over-year in 2025, reaching $2.8 billion. Additionally, the acquisition of diagnostic mapping company Cortex in November 2024 and planned acquisitions of Bolt Medical and Intera Oncology are set to enhance the interventional oncology and peripheral interventions segments.

4. Broad New Product Launches and Portfolio Expansion: Beyond Farapulse and Watchman, Boston Scientific is introducing a range of new products across its segments. Notable launches include the ACURATE Prime Valve in Europe, the WaveWriter Alpha device for painful diabetic peripheral neuropathy in Q1 2024, and the expected FDA approval of the Agent drug-coated balloon for coronary arteries in 2024. The company also reported new product launches such as the Intera 3000 Hepatic Artery Infusion Pump and the TIVUS Intravascular Ultrasound System, expanding its Peripheral Interventions and Cardiology divisions. These innovations across endoscopy, peripheral interventions, and neuromodulation are creating multiple growth avenues.

5. Geographic Market Expansion, Particularly in Asia-Pacific: Boston Scientific is experiencing robust demand and double-digit growth in key international markets, particularly in the Asia-Pacific region, including Japan and China. The global launches and strong adoption of Farapulse and Watchman FLX Pro in these regions are significant contributors to this international growth, expanding the company's customer base and market penetration.

Share Repurchases

• Boston Scientific had a stock repurchase program authorizing up to $1.000 billion of its common stock, approved on December 14, 2020.
• As of December 31, 2024, the full $1.000 billion remained available under the 2020 authorization.
• No shares were repurchased in 2021, 2022, 2023, or 2024.

Share Issuance

• Shares were issued following the exercise of stock options, vesting of restricted stock units, and purchases under the employee stock purchase plan.
• In 2023, shares were issued following the automatic conversion of Mandatory Convertible Preferred Stock (MCPS) on June 1, 2023.

Outbound Investments

• Boston Scientific acquired Axonics, Inc. for an equity value of approximately $3.7 billion, with the transaction expected to close in the second half of 2024, expanding its urology portfolio.
• The company also acquired Silk Road Medical for $1.16 billion, expected to be completed by the end of 2024, adding new technology for stroke prevention.
• In October 2025, Boston Scientific announced an agreement to acquire Nalu Medical, Inc. for an upfront cash payment of approximately $533 million for the remaining equity not owned, with the transaction expected to close in the first half of 2026.

Capital Expenditures

• Capital expenditures were approximately $0.55 billion in 2021, $0.59 billion in 2022, $0.80 billion in 2023, and $1.07 billion in 2024.
• In 2023, the company invested 9.9% of sales in research and development (R&D), amounting to $1.4 billion.
• Capital expenditures in 2024 focused on expanding manufacturing and supply chain capacity and enhancing digital and AI capabilities.