Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Q3 2026 Earnings Presentation
31 slides from Boston Scientific's earnings presentation, Oct 28, 2026
Slide 1: Q3 2026 Highlights
Q3 2026 Highlights October 28, 2026 1 Q3 2026 Financial & Operational Highlights | October 28, 2026
Slide 2: Forward-Looking Statements and Use of Document
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 wor
Slide 3: Q3 2026 Highlights
Q3 2026 Highlights Financial Highlights Operational Highlights • Net sales growth: • Commenced enrollment in the Elite AF clinical trial to evaluate the safety and effectiveness of the next-generation WATCHMAN Elite™ Left Atrial • +1.5% reported, operational* and organic* Y/Y Appendage Closure Devic
Slide 4: Reported Net Sales by Segment and Business
Reported Net Sales by Segment and Business Q3 2026 Reported Net Sales: $5.138B Net Sales by Business; Segment Percentage of Total Net Sales Cardiovascular MedSurg NM 34% $331M $1.273B Uro $661M $482M $816M Cardiovascular $3.406B $568M Endo $267M $741M ICVT WM EP CRM IO&E Cardiovascular 66% 4 Q3 2026
Slide 5: MedSurg Performance Summary
MedSurg Performance Summary Measure Q3 2026 Q3 2025 Change Y/Y Reported Net Sales $1.733B $1.722B +0.6% Adjusted Operating Margin* 31.4% 33.2% (180 bps) * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclud
Slide 6: Cardiovascular Performance Summary
Cardiovascular Performance Summary Measure Q3 2026 Q3 2025 Change Y/Y Reported Net Sales $3.406B $3.343B +1.9% Adjusted Operating Margin* 29.8% 34.2% (440 bps) * Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to
Slide 7: Key Growth Catalysts
Key Growth Catalysts Select new products and data releases Product Approval Data Release Product Approval Expected Acquisition 2026 2027E Cardiovascular SEISMIQ™ SEISMIQ™ Penumbra Close1 ICVT ATK IVL BTK IVL SEISMIQ™ Coronary IVL WM CHAMPION AF ACUNAV Luxera 4D ICE Q1:26 EMPOWER & mCRM™ PRECEDENT™ C
Slide 8: Unlocking Meaningful New Markets
Unlocking Meaningful New Markets Product 2025E Market Size 2026E 2027E 2028E 2029E 2030E Market Growth RDN $1B+ THRIVE Data TIVUS™ Renal Denervation +DD Release Launch 2028E IVL $1B+ Intravascular Lithotripsy SEISMIQ™ SEISMIQ™ SEISMIQ™ 4CE +DD Peripheral ATK Peripheral Coronary Launch BTK Launch Lau
Slide 9: Boston Scientific Strategy
Boston Scientific Strategy 2026E Served market of ~$75B with WAMGR of ~7% Strategic differentiators Meaningful WAMGR expansion Category leadership in strategic markets Broad, differentiated portfolio across 8 business units BSX reported revenue competing in markets growing ~7% ~10%¹ R&D investment |
Slide 10: Our Approach to Corporate Responsibility
Our Approach to Corporate Responsibility 10 Q3 2026 Financial & Operational Highlights | October 28, 2026
Slide 11: Q3 2026 Net Sales vs. Q3 2025
Q3 2026 Net Sales vs. Q3 2025 Q3 2026 Reported Organic* Growth Net Sales vs Q3 2025 (in millions, except percentages) Endoscopy $741 (1)% Urology $661 (3)% Neuromodulation $331 13% MedSurg $1,733 1% Interventional Cardiology and Vascular Therapies $1,273 12% Watchman $482 (6)% Electrophysiology $816
Slide 12: Income Statement Information
Income Statement Information Non-GAAP Reconciliation Three Months Ended September 30, 2026 (unaudited) Goodwill Restructuring and Other Acquisition/ and Litigation- Investment Intangible Divestiture- Restructuring- Related Portfolio Net Deferred Asset Related Net Related Net Net Losses/ EU MDR Tax G
Slide 13: Working Capital & Cash Flow Metrics
Working Capital & Cash Flow Metrics Days Sales Outstanding (DSO) Free Cash Flow* Sep Jun Mar Dec Sep Q3 Q3 2026 2026 2026 2025 2025 2026 2025 56 51 52 51 51 $867M $1.163B Days Inventory on Hand (DIOH) Capital Expenditures Sep Jun Mar Dec Sep Q3 Q3 2026 2026 2026 2025 2025 2026 2025 178 185 177 168 1
Slide 14: Use of Non-GAAP Measures
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 reconciliatio
Slide 15: Appendix A Net Sales Detail
Appendix A Net Sales Detail 15 Q3 2026 Financial & Operational Highlights | October 28, 2026
Slide 16: Appendix A - Net Sales Detail - MedSurg
Appendix A - Net Sales Detail - MedSurg Three Months Ended September 30, 2026 and 2025 Year-over-Year Change Impact of Foreign Q3 Q3 Currency (in millions, except percentages) 2026 2025 Reported Basis Fluctuations Operational Basis MEDSURG SEGMENT: ENDOSCOPY UNITED STATES $ 468 $ 462 1.2 % — % 1.2 %
Slide 17: Appendix A - Net Sales Detail - Cardiovascular
Appendix A - Net Sales Detail - Cardiovascular Three Months Ended September 30, 2026 and 2025 Year-over-Year Change Impact of Foreign Q3 Q3 Currency (in millions, except percentages) 2026 2025 Reported Basis Fluctuations Operational Basis CARDIOVASCULAR SEGMENT: Interventional Cardiology & Vascular
Slide 18: Appendix B Additional Information - Statement of Operations
Appendix B Additional Information - Statement of Operations 18 Q3 2026 Financial & Operational Highlights | October 28, 2026
Slide 19: Appendix B - Statement of Operations Profitability Margins
Appendix B - Statement of Operations Profitability Margins Three Months Ended September 30, Adjusted Gross Margin 2026 2025 Basis Points Change Gross Margin, as reported 66.7 % 69.9 % (320) Non-GAAP adjustments 1.3 % 1.1 % Gross Margin, adjusted 68.0 % 71.0 % (300) Three Months Ended September 30, A
Slide 20: Appendix C Additional Non-GAAP Reconciliations
Appendix C Additional Non-GAAP Reconciliations 20 Q3 2026 Financial & Operational Highlights | October 28, 2026
Slide 21: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Impact of Impact of Foreign Certain Q3 Q3 As Reported Currency Operational Acquisitions/ Organic (in millions, except percentages) 2026 2025 Basis Fluctuations Basis Divestitures(1) Basis ENDOSCOPY $ 741 $ 747 (0.8) % 0.1 % (0.6) % — % (0.6) % UROLOGY
Slide 22: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Free Cash Flow (in millions) September 30, 2026 Cash provided by (used for) operating activities $ 1,047 Purchases of property, plant and equipment and internal use software (180) Free Cash Flow $ 867 Estimated Free Cash Flow (in bi
Slide 23: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Year Ended December 31, 2025 Net Income (Loss) Net Income Attributable to (Loss) Boston Income (Loss) Income Tax Attributable to Scientific Adjusted Net Income Attributable to Boston Scientific Before Income Expense Net Income Noncontrolling Common Im
Slide 24: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations 12 Months Ended Reconciliation of Debt to Adjusted EBITDA (in millions) Q4 2025 Q1 2026 Q2 2026 Q3 2026 9/30/2026 Net income (loss) $ 670 $ 1,339 $ 905 $ 580 $ 3,493 Income tax (benefit) expense 30 (176) 155 153 162 Interest expense 90 90 96 100 376 I
Slide 25: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended September 30, 2026 % of net sales % of net sales of reportable of reportable Adjusted Operating Margin - by Reportable Segment (in millions, except percentages) MedSurg segments Cardiovascular segments Total Net sales, as reported $
Slide 26: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended September 30, 2025 % of net sales % of net sales of reportable of reportable Adjusted Operating Margin - by Reportable Segment (in millions, except percentages) MedSurg segments Cardiovascular segments Total Net sales, as reported $
Slide 27: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Adjusted Below-the-Line Expenses (in millions) September 30, 2026 Below-the-line expenses, as reported $ (95) Non-GAAP adjustments (29) Below-the-line expenses, adjusted $ (124) Three Months Ended Adjusted Tax Rate September 30, 202
Slide 28: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended September 30, 2026 Interventional Cardiology Net Sales Growth (in millions, except percentages) $ % Net sales growth, as reported $ 818 19.3 % Impact of foreign currency fluctuations (2) (0.3) % Net sales growth, operational 816 19.
Slide 29: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Three Months Ended Three Months Ended EP U.S. Net Sales Growth September 30, 2026 EP International Net Sales Growth September 30, 2026 Net sales growth, as reported (8.4) % Net sales growth, as reported 0.7 % Impact of foreign currency fluctuations —
Slide 30: Reconciliations
Appendix C - Additional Non-GAAP Reconciliations Q4 2026 Estimate Net Sales Guidance (Low) (High) Full Year 2026 Estimate Reported growth/(decline) (3.00)% (1.00)% ~4.25% Impact of foreign currency fluctuations — % — % ~(0.5)% Operational growth/(decline) (3.00)% (1.00)% ~3.75% Impact of certain acq
Slide 31: BSX: Acronym Reference Guide
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 EME