Boston Scientific Corporation develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. The company operates in two segments, MedSurg and Cardiovascular. It offers devices to diagnose and treat a range of gastrointestinal conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, SpyGlass, single-use scopes used for diagnostic and therapeutic procedures in the pancreaticobiliary system, in endoscopic retrograde cholangiopancreatography procedures, and single-use duodenoscopes, as well as endoluminal surgery and infection prevention products; devices to treat urological conditions, including ureteral stents, catheters, baskets, guidewires, urinary and bowel dysfunction, sheaths, balloons, single-use digital flexible ureteroscopes, holmium laser systems, penile implants, artificial urinary sphincter, laser system, and hydrogel systems; and devices to treat neurological movement disorders and manage chronic pain, such as spinal cord stimulator systems, radiofrequency ablation, and intraosseous nerve ablation and deep brain stimulation systems. The company also provides technologies for diagnosing and treating a range of diseases and abnormalities of the heart; WATCHMAN FLX, a left atrial appendage closure (LAAC) device; and implantable devices that monitor the heart and deliver electricity to treat cardiac abnormalities, such as cardioverter and cardiac resynchronization therapy defibrillators, MRI S-ICD systems, cardiac resynchronization therapy pacemakers, remote patient management systems, insertable cardiac monitor systems, and remote cardiac monitoring systems. In addition, it offers diagnosis and treatment of rate and rhythm disorders of the heart; peripheral arterial and venous diseases; and products to diagnose and treat forms of cancer. The company was incorporated in 1979 and is headquartered in Marlborough, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $20.1B | $5.1B | $2.9B | $3.4B | 12.0% | 19.9% | 56.3% |
| 2024 | $16.7B | $3.9B | $1.9B | $2.4B | 8.5% | 17.6% | 16.4% |
| 2023 | $14.2B | $3.4B | $1.6B | $1.7B | 8.3% | 12.3% | 128.2% |
| 2022 | $12.7B | $2.7B | $698M | $914M | 4.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12,682 | 14,240 | 16,747 | 20,074 |
| Operating Revenue | - | 12,682 | 14,240 | 16,747 | 20,074 |
| Cost Of Revenue | - | 3,956 | 4,345 | 5,257 | 6,221 |
| Gross Profit | - | 8,727 | 9,895 | 11,490 | 13,853 |
| Operating Expense | - | 6,693 | 7,478 | 8,488 | 9,882 |
| Research And Development | - | 1,323 | 1,414 | 1,615 | 2,052 |
| Selling General And Administration | - | 4,520 | 5,190 | 5,984 | 6,887 |
| Total Expenses | - | 10,649 | 11,823 | 13,745 | 16,103 |
| Operating Income | - | 2,034 | 2,417 | 3,002 | 3,971 |
| Total Operating Income As Reported | - | 1,649 | 2,343 | 2,603 | 3,613 |
| EBITDA | - | 2,747 | 3,446 | 3,856 | 5,102 |
| Normalized EBITDA | - | 3,165 | 3,620 | 4,348 | 5,334 |
| EBIT | - | 1,611 | 2,250 | 2,587 | 3,734 |
| Interest Income | - | 10 | 22 | 107 | 29 |
| Interest Expense | - | 470 | 265 | 305 | 349 |
| Net Interest Income | - | -460 | -243 | -198 | -320 |
| Other Non Operating Income Expenses | - | -16 | -14 | -29 | -35 |
| Other Income Expense | - | -434 | -188 | -521 | -267 |
| Interest Income Non Operating | - | 10 | 22 | 107 | 29 |
| Interest Expense Non Operating | - | 470 | 265 | 305 | 349 |
| Net Non Operating Interest Income Expense | - | -460 | -243 | -198 | -320 |
| Pretax Income | - | 1,141 | 1,985 | 2,282 | 3,385 |
| Tax Provision | - | 443 | 393 | 436 | 493 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -162.60 | -34.45 | -93.97 | -33.87 |
| Net Income Continuous Operations | - | 698 | 1,592 | 1,846 | 2,892 |
| Net Income From Continuing And Discontinued Operation | - | 698 | 1,593 | 1,854 | 2,898 |
| Net Income From Continuing Operation Net Minority Interest | - | 698 | 1,593 | 1,854 | 2,898 |
| Net Income | - | 698 | 1,593 | 1,854 | 2,898 |
| Net Income Common Stockholders | - | 642 | 1,570 | 1,853 | 2,898 |
| Net Income Including Noncontrolling Interests | - | 698 | 1,592 | 1,846 | 2,892 |
| Normalized Income | - | 953.40 | 1,732.55 | 2,252.03 | 3,096.13 |
| Diluted NI Availto Com Stockholders | - | 642 | 1,570 | 1,853 | 2,898 |
| Basic Average Shares | - | 1,430.50 | 1,453 | 1,471.50 | 1,480.40 |
| Diluted Average Shares | - | 1,439.70 | 1,463.50 | 1,485.90 | 1,494.50 |
| Reconciled Depreciation | - | 1,136 | 1,196 | 1,269 | 1,368 |
| Reconciled Cost Of Revenue | - | 3,623 | 3,977 | 4,844 | 5,750 |
| Total Unusual Items | - | -418 | -174 | -492 | -232 |
| Total Unusual Items Excluding Goodwill | - | -418 | -174 | -492 | -232 |
| Preferred Stock Dividends | 55 | 55 | 23 | - | - |
| Minority Interests | - | 0 | 1 | 8 | 6 |
| Special Income Charges | - | -386 | -74 | -397 | -359 |
| Gain On Sale Of Business | 78 | -22 | 0 | 0 | - |
| Other Special Charges | 430 | 173 | -111 | - | 194 |
| Impairment Of Capital Assets | - | 132 | 58 | 386 | 46 |
| Restructuring And Mergern Acquisition | - | 59 | 127 | 11 | 119 |
| Gain On Sale Of Security | - | -32 | -100 | -95 | 127 |
| Depreciation Amortization Depletion Income Statement | - | 803 | 828 | 856 | 897 |
| Depreciation And Amortization In Income Statement | - | 803 | 828 | 856 | 897 |
| Other Operating Expenses | - | 47 | 46 | 33 | 46 |
| Amortization | - | 803 | 828 | 856 | 897 |
| Amortization Of Intangibles Income Statement | - | 803 | 828 | 856 | 897 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Boston Scientific Corporationthis co. | BSX | $72.6B | 25.05β premium | 3.00 | 12.0% | 16.09 |
| McKesson Corporation | MCK | $91.0B | 19.11 | -41.89 | -219.2% | 13.32 |
| Elevance Health, Inc. | ELV | $88.9B | 15.70 | 2.03 | 12.9% | - |
| HCA Healthcare, Inc. | HCA | $80.3B | 11.83 | -13.32 | -112.6% | 8.20 |
| The Cigna Group | CI | $74.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 12.46 |
| 1.78 |
| 14.3% |
| 10.24 |
| Regeneron Pharmaceuticals, Inc. | REGN | $65.9B | 14.63 | 2.11 | 14.4% | 11.26 |
| Cencora, Inc. | COR | $52.6B | 33.84 | 34.88 | 103.1% | 14.92 |
| Edwards Lifesciences Corporation | EW | $50.4B | 46.91 | 4.87 | 10.4% | 33.19 |
| Cardinal Health, Inc. | CAH | $47.2B | 30.27 | -16.99 | -56.1% | 16.71 |
| Peer Median | - | 17.41 | 1.90 | 11.6% | 13.32 | |