Boston Scientific Q4 2025 Boston Scientific Corp Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 Boston Scientific Corp Earnings Call
Michael Mahoney: Operationally, Europe, Middle East, and Africa grew 5% in Q4 and 3% full year. Excluding the impact of the Accolade discontinuation, full year MAA growth would have been high single digits. EP also grew strong double digits in Q4 as we continue to lead with our ecosystem approach, offering differentiated technologies and comprehensive commercial support. As we look ahead to 2026, we anticipate momentum in EP and Watchman to continue in Europe and growth to be higher in the second half of the year, once the impact of the Accolade discontinuation is annualized.
You need assistance, please signal a conference specialist by pressing star, then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then 1 on your telephone keypad to withdraw your question. Please press star then 2. Please note. This event is being recorded. I would now like to turn the conference over to Lauren tangler vice president investor relations. Please go ahead.
Thank you drew and thanks to everyone for joining us with me. Today are Mike Mahoney chairman and chief executive officer and John Monson Executive Vice President and Chief Financial Officer during the Q&A session Mike and John will be joined by our chief medical officer Dr. Ken Stein, we issued a press release earlier this morning. Announcing our Q4 and full year 2025 results, which included reconciliations of the non-gaap measures used in this release.
The release as well as reconciliations of the non-gaap measures used in. Today's call can be found on the investor relations section of our website.
Michael Mahoney: Now, the Asia Pacific region. It grew 15% operationally in Q4 and 14% for the full year, led by mid-teens growth across Japan and China.Japan's growth in the quarter was driven by Watchman and EP, fueled by opal mapping system placements and increased Ferrapulse catheter utilization, where we continue to gain share. China had another quarter of double-digit growth, driven by EP, Watchman, and ICTX, and we expect EP momentum to continue into 2026, supported by a recent NMPA approval of our FerroWave nav device, as well as indication expansion into the persistent AF population.
Please note that on the call, operational Revenue excludes the impact of foreign currency fluctuations and organic Revenue, further exclude certain Acquisitions, and devest teachers, for which there are less than a full period of comparable net sales.
Michael Mahoney: Now, some commentary on our business units. Q4 urology sales grew 13% operationally and 3% organically on a full year basis. On a full year basis, grew 23% operationally and 5% organically. Our performance in urology this year was below our expectations, and we expect that our overall business will return to market growth in 2026, with supply chain issues behind us, new product launches, and the strengthening of our sacral neuromodulation franchise. We look forward to expanding our pelvic health portfolio with the recently announced acquisition of Valencia, which is expected to close in the first half of 2026.
Guidance excludes the previously. Announced agreement to acquire Valencia Technologies corporation, which is expected to close in the first half of 2026 and pin number, which is expected to close in 2026. Each subject to customary closing, conditions, for more information, please refer to the Q4 financial and operating highlights deck, which may be found in the investor relations section of our website. On this call, I'll reference it to sales and revenue our organic and relative growth is compared to the same quarter of the prior year unless otherwise specified. This call contains forward-looking statements regarding among other things. Our financial performance business plans and product performance and development. These statements are based on our current beliefs using information available to us as today's date and are not intended to be guarantees of future events or performance. If our underlying assumptions turn out to be incorrect or certain risks or uncertainties materialize. Actual results could vary materially from those projected by the forward-looking statements factors that may cause such differences are discussed in our periodic reports and other
Michael Mahoney: Endoscopy delivered organic growth of 8% in both Q4 and for the full year, and delivered a very strong year. Q4 growth was driven by our endoluminal surgery, imaging systems, and endobariatics franchises, with the latter receiving positive reimbursement support for ESG procedures. In December, we initiated a product removal for certain sizes of our Axios device due to a manufacturing variation. We do understand the issue and are working to bring these unique devices back to market in full by mid-year and anticipate lower endo growth in the first half of the year as a result.
Filings with the SEC, including the risk factor section of our most recent annual report on form 10K.
Boston, Scientific disclaims any intention or obligation to update these forward-looking statements except as required by law. In addition, this call does not constitute an offer to sell or the solicitation of any offer to buy any Securities or solicitation of any Vote or approval in connection with the proposed transaction with the number. Boston, Scientific will file the FCC? A registration statement on form S4.
Michael Mahoney: Neuromodulation had an excellent quarter, growing 10% in Q4 and delivering 8% organic growth for the full year. Our brain franchise grew low double digits on a full year basis, led by the Cartesia-X and Illumina 3D offerings, providing the full benefit of directional stimulation, also improving efficiency and programming time. The pain franchise continues to strengthen and grew high single digits on a full year basis. This strong growth is a result of a deliberate strategy to expand our pain portfolio to bring options to the physicians, patients, and hospitals we serve.
Containing a proxy statement upon number and a pro prospectus of Boston, Scientific. That will contain important information about print Umbra, Boston Scientific, the proposed transaction and related matters. At this point, I'll turn it over to Mike Professor Lauren, thank you. Uh, good morning. Thanks everyone for joining us today. In 2025, we achieved over 20 billion dollars in sales and for the second year in a row, delivered mid teens growth.
Surpassing our financial goals that we've said, at the beginning of the year this outstanding and highly differentiated performance was fueled by Innovation and execution across our business units and the winning Spirit of our Global team.
Fourth quarter of 25. Total company operational sales, grew 14%
Michael Mahoney: This is further strengthened by the close of the Nalu acquisition, adding peripheral nerve stimulation, PNS, to our portfolio. Within the quarter, we received expanded reimbursement coverage for the Intercept procedure, initiated a full market launch of the Intercept Edge stylet, designed to improve the treatment experience. Our cardiovascular segment delivered 16% growth operationally in organic in Q4, and 22% operationally and 21% organic on a full year basis. In January, we announced an agreement to acquire Penumbra, which is expected to close in 2026.
Organic sales, grew 13, achieving the high end of our guidance range of 11 to 13 with continuous strength across many of our businesses, including EP Watchman, IO endo, and ictx.
Full year, 25, operational sales grew 19% while organic sales, grew 16 exceeding. Our guidance of approximately 15 and a half.
Q4 adjusted EPS of 80 cents grew 15% exceeding. The high end of our guidance range of 77 to 79 cents.
Full year, adjusted EPS of $3.06 grew 22% also exceeding. The high end of our guidance range of 302 to 3 or 4.
Michael Mahoney: Penumbra offers a highly differentiated portfolio that operates in high-growth segments where Boston Scientific lacks offerings, including mechanical thrombectomy and neurovascular. The deal is both strategically and financially attractive to Boston Scientific and delivers significant value to patients and customers globally. Within cardiovascular, interventional cardiology therapy sales grew 10% in Q4 and 8% on a full year basis. We're very proud of the coronary therapies franchise, delivering double-digit growth in both the quarter and full year as we have shifted our underlying business to high growth markets.
And if for your basis, we expanded adjusting and operating margins by 100 basis points to 28%.
Balancing dropped through on the strong Revenue performance, throughout the year with the reinvestment back into the business to drive long-term growth.
now, for our 2026 Outlook,
We expect our differentiated financial performance to continue in our guiding to organic growth. Growth of 8, 8 and a half to 10% for q1 and 10 to 11 for the full year.
Michael Mahoney: Agent DCB has been a standout performer all year with its differentiated clinical benefit and reimbursement support, lifting our drug-eluting technology growth over 20% on a full year basis. We continue to make progress in other areas of the portfolio, and we're pleased to have completed an enrollment in the fracture trial, studying our seismic IVL system. We anticipate presenting data from this trial later this year and continue to expect this differentiated technology in the first half of 2027.
A q1 adjusted EPS guidance is 78 to 80 cents and they'll full year adjusted EPS. Guidance is 343 to 349 representing leverage, double digit, EPS growth of 12 to 14% And John, will provide more details.
I'll now provide some highlights in Q4 in the 25th, along with comments in 26 Outlook.
Basis, the US grew 17% in the fourth quarter and 26% on a full year basis. With exceptional performance across the business units, particularly EP Watchmen and ictx
Michael Mahoney: In Q4, we did reorganize the reporting structure of our peripheral interventions divisions, and we've aligned the peripheral vascular business, led by Kat Jennings, with interventional cardiology therapies to amplify both commercial and R&D opportunities across similar technologies while retaining customer call point focus. This new business unit will now be called Interventional Cardiology and Vascular Therapies. Interventional Oncology and Embolization will continue to be led by Peter Patterson as a standalone business, and this structure will enable focus on this broad and unique portfolio.
Operationally, Europe, Middle East Africa. Africa, grew 5% in Q4 and 3%. Full full year.
Excluding the impact of the accurate discontinuation full year in May of growth would have been high single digits.
EP also grew strong double digits in Q4, as we continue to lead with our ecosystem approach, offering differentiated Technologies and comprehensive commercial support.
As we look ahead to 2026, we anticipate momentum and EP and Watchmen to continue in Europe and growth to be higher in the second half of the year. Once the impact of the accurate discontent discontinuation is annualized.
Michael Mahoney: The peripheral vascular business grew 6% organically in Q4, with operational growth of 15%. Arterial growth in Q4 was driven by double-digit performance in T-CAR, supported by the recent launch of NRoute in China. Within the quarter, we completed our first cases in the US with a seismic IVL system. We're excited to add this differentiated and complementary technology to our portfolio and expect to expand our indication to include below the knee in the second half of the year. In venous, low double-digit fourth quarter growth was driven by a continuous strength in Aretina and ECOS.
Now the asia-pac region. It grew 15% operationally in Q4 and 14% for the full year. Led by mid teens growth that cost Japan and China.
Michael Mahoney: Operationally, Europe, Middle East, and Africa grew 5% in Q4 and 3% full year. Excluding the impact of the Accolade discontinuation, full year MAA growth would have been high single digits. EP also grew strong double digits in Q4 as we continue to lead with our ecosystem approach, offering differentiated technologies and comprehensive commercial support. As we look ahead to 2026, we anticipate momentum in EP and Watchman to continue in Europe and growth to be higher in the second half of the year, once the impact of the Accolade discontinuation is annualized. Now, the Asia Pacific region. It grew 15% operationally in Q4 and 14% for the full year, led by mid-teens growth across Japan and China.
Speaker #1: Operationally, Europe, Middle East, and Africa grew 5% in Q4 and 3% for the full year. Excluding the impact of the Accurate discontinuation, full-year growth in EMEA would have been high single digits.
Japan's growth in the quarter was driven by Watchmen and EP fueled by opal mapping system, placements, and increased Fair pulse cathode utilization, where we continue to gain share.
Speaker #1: EP also grew strong double digits in Q4 as we are offering differentiated technologies and comprehensive commercial support. As we look ahead to 2026, we anticipate momentum in EP and Watchman to continue in Europe, and growth to be higher in the second half of the year, once the impact of the Accurate discontinuation is annualized.
Michael Mahoney: We're pleased to have the high typo, our clinical study, studying ECOS versus standard of care anticoagulants, accepted as a late breaker at ACC to be presented on Saturday, 28 March. Our interventional oncology and embolization business grew 17% operationally and 12% organically in Q4, and achieved nearly $1 billion in full year 2025 sales, operational growth of 16% and organic of 12%. Q4 organic growth was driven by our category-leading embolization and cancer therapies portfolio, with ongoing strength in cryoablation, which treats a broad number of cancer types.
China had another quarter of double digit growth driven by ep Watchmen and ictx and we expect EP momentum to continue into 2026 supported by a recent nmppa approval of our fairwave nav device as well as indication expansion into the persistent AF population.
Not some commentary on our business units.
Fourth quarter, eurology sales, grew 13%, operationally and 3%, organic and a full year basis and a full year basis. Grew 23% operationally and 5% organically,
Speaker #1: Now that Asia-Pac region, it grew 15% operationally in Q4 and 14% for the full year, led by mid-teens growth across Japan and China. Japan's growth in the quarter was driven by Watchman and EP, fueled by Opal Mapping System placements, and increased FarePulse cathode utilization, where we continue to gain share.
Our performance in Euro this year was below our expectations and we expect that our overall business will return to market growth in 26.
Michael Mahoney: Japan's growth in the quarter was driven by Watchman and EP, fueled by opal mapping system placements and increased Ferrapulse catheter utilization, where we continue to gain share. China had another quarter of double-digit growth, driven by EP, Watchman, and ICTX, and we expect EP momentum to continue into 2026, supported by a recent NMPA approval of our FerroWave nav device, as well as indication expansion into the persistent AF population. Now, some commentary on our business units. Q4 urology sales grew 13% operationally and 3% organically on a full year basis. On a full year basis, grew 23% operationally and 5% organically. Our performance in urology this year was below our expectations, and we expect that our overall business will return to market growth in 2026, with supply chain issues behind us, new product launches, and the strengthening of our sacral neuromodulation franchise.
With supply chain issues behind this new product launches, and the strengthening of our sacral neuromodulation franchise.
Speaker #1: China had another quarter of double-digit growth driven by EP, Watchman, and ICTX, and we expect EP momentum to continue into 2026, supported by our recent NMPA approval of our Fairwave NAV device, as well as indication expansion into the persistent AF population.
Michael Mahoney: As we look ahead, we expect to continue to outpace the underlying market growth, supported by new product offerings such as TheraSpher, 360 Y90 management platform, which is a web-based platform to simplify the entire process for patients and physicians. Cardiac rhythm management sales grew 1% organically in both the Q4 and for the full year 2025. On a full year basis, our diagnostics franchise grew high single digits and now represents nearly 20% of our overall CRM business.
We look forward to expanding our pelvic Health portfolio with a recently announced acquisition of Valencia, which is expected to close in the first half of 26.
Ask be delivered, organic growth of 8% in both Q4 and for the full year and delivered, a very strong year.
Speaker #1: Now some commentary on our business units. Fourth quarter urology sales grew 13% operationally and 3% organic on a full year basis, and the full year basis grew 23% operationally and 5% organically.
Q4 growth is driven by our endoluminal surgery Imaging systems and Endo beri franchises with a later receiving positive reimbursement support for ESG procedures.
In December, we initiated a product removal for certain size of our axio device, due to a manufacturing variation.
Speaker #1: Our performance in Euro this year was below our expectations, and we expect that our overall business will return to market growth in '26, with supply chain issues behind us, new product launches, and the strengthening of our sacral nerve modulation franchise.
Michael Mahoney: In core CRM, our high voltage business grew low single digits, and our low voltage business was flat in the quarter. We continue to see demand for our conduction system pacing offerings, and in Q4, we began enrollment in the Synchronicity trial, evaluating left bundle branch pacing compared to conventional cardiac resynchronization therapy. So as we look to 2026, we anticipate that our growth will be closer to market in CRM over the course of the year, driven by the addition of our complementary bioenvelope and ongoing momentum within our diagnostics business.
We do understand the issue and are working to bring these unique devices back to Market in full by mid year and anticipate a lower Endo growth. In the first half of the year as a result.
Neuromodulation add an excellent quarter, growing 10% in Q4 and delivering 8% organic growth. For the full year.
Speaker #1: We look forward to expanding our pelvic health portfolio with a recently announced acquisition of Valencia, which is expected to close in the first half of '26.
Michael Mahoney: We look forward to expanding our pelvic health portfolio with the recently announced acquisition of Valencia, which is expected to close in the first half of 2026. Endoscopy delivered organic growth of 8% in both Q4 and for the full year, and delivered a very strong year. Q4 growth was driven by our endoluminal surgery, imaging systems, and endobariatics franchises, with the latter receiving positive reimbursement support for ESG procedures. In December, we initiated a product removal for certain sizes of our Axios device due to a manufacturing variation. We do understand the issue and are working to bring these unique devices back to market in full by mid-year and anticipate lower endo growth in the first half of the year as a result. Neuromodulation had an excellent quarter, growing 10% in Q4 and delivering 8% organic growth for the full year.
Speaker #1: Endoscopy delivered organic growth of 8% in both Q4 and for the full year, and delivered a very strong year. Q4 growth was driven by our endoluminal surgery, imaging systems, and endobariatric franchises, with a later receiving positive reimbursement support for ESG procedures.
Our brain franchise grew low double digits on a full year basis. Led by the cartesia X and alumina 3D offerings, providing the full benefit of directional. Stimulation. Also improving efficiency in programming time.
The pain franchise continues to strengthen and grow higher single digits on a full year basis.
Michael Mahoney: Our Watchman business delivered an outstanding 29% growth in Q4 and on a full year basis, exiting the year with strong double-digit growth across all major global markets. We are extremely pleased with the performance of this franchise, with above-market growth driven by the strong adoption of concomitant procedures. We've now treated more than 25,000 patients concomitantly with Watchman. As we look ahead, we continue to invest in our portfolio of clinical evidence and driving efficiencies for physicians. In the quarter, we announced a strategic partnership with Siemens Healthineers to develop and commercialize their next-generation 40 ES catheter called AccuNav, intended to offer physicians an innovative imaging option for standalone Watchman or Farapulse procedures.
This strong growth is a result of a deliberate strategy to expand our pain portfolio to bring options to the positions patients and hospitals. We serve
Speaker #1: In December, we initiated a product removal for certain sizes of our Axios device, due to a manufacturing variation. We do understand the issue, and are working to bring these unique devices back to market in full by mid-year, in anticipating lower endo growth in the first half of the year as a result.
This is further strengthened, by the close of the nalo acquisition, adding peripheral nerve stimulation pns to our portfolio.
And within the quarter, we we received expander reimbursement to coverage for the intracept procedure initiated full Market launch of the intracept edge stylet designed to improve the treatment experience.
Speaker #1: Neuromodulation had an excellent quarter, growing 10% in Q4 and delivering 8% organic growth for the full year. Our brain franchise grew low double digits on a full-year basis, led by the Cartesia X and Illumina 3D offerings, providing the full benefit of directional stimulation and also improving efficiency in programming time.
Michael Mahoney: Our brain franchise grew low double digits on a full year basis, led by the Cartesia-X and Illumina 3D offerings, providing the full benefit of directional stimulation, also improving efficiency and programming time. The pain franchise continues to strengthen and grew high single digits on a full year basis. This strong growth is a result of a deliberate strategy to expand our pain portfolio to bring options to the physicians, patients, and hospitals we serve. This is further strengthened by the close of the Nalu acquisition, adding peripheral nerve stimulation, PNS, to our portfolio. Within the quarter, we received expanded reimbursement coverage for the Intercept procedure, initiated a full market launch of the Intercept Edge stylet, designed to improve the treatment experience.
Our cardiovascular segment delivers, 16% growth, operationally in organic and fourth quarter and 22% operationally, and 21%, organic at a full year basis.
In January, we announced agreement to acquire penumbra, which is expected to close in 26.
Speaker #1: The pain franchise continues to strengthen and grew high single digits on a full year basis. This strong growth is a result of a deliberate strategy to expand our pain portfolio, to bring options to the physicians, patients, and hospitals we serve.
Michael Mahoney: And last month, we completed enrollment in the Simplify clinical trial, evaluating two single-drug regimens as post-procedural alternatives to dual antiplatelet therapy, with data expected in the second half of 2026. Importantly, our Champion trial, a large randomized trial studying Watchman Flex versus novel oral anticoagulation, was accepted and will be presented as a late breaker at ACC on Saturday, 28 March. If positive, this data would support Watchman as a first-line therapy for stroke prevention as an alternative to OAC, and would expand the number of indicated patients from approximately 5 million today to 20 million globally.
A number offers a highly differentiated portfolio that operates in high growth segments for Boston. Scientific lacks offerings including mechanical thrombectomy and neurovascular.
Speaker #1: This has been further strengthened by the close of the Nalu acquisition, adding peripheral nerve stimulation (PNS) to our portfolio. And within the quarter, we received expanded reimbursement coverage for the Intracept procedure, and initiated full market launch of the Intracept Edge Stylet, designed to improve the treatment experience.
The deal is both strategically and financially attractive to Boston Scientific and delivered significant value to patients and customers globally.
Within cardiovascular Interventional, Cardiology therapy, sales grew 10% in Q4 and 8% in a full year basis. We're very proud of the coronary therapies, franchise delivery and double digit growth in both the quarter and full year. As we have shifted our underlying business to high growth markets.
Speaker #1: Our cardiovascular segment delivered 16% growth operationally and organic in the fourth quarter, and 22% operationally and 21% organic on a full-year basis. In January, we announced an agreement to acquire Penumbra, which is expected to close in '26.
Michael Mahoney: Our cardiovascular segment delivered 16% growth operationally in organic in Q4, and 22% operationally and 21% organic on a full year basis. In January, we announced an agreement to acquire Penumbra, which is expected to close in 2026. Penumbra offers a highly differentiated portfolio that operates in high-growth segments where Boston Scientific lacks offerings, including mechanical thrombectomy and neurovascular. The deal is both strategically and financially attractive to Boston Scientific and delivers significant value to patients and customers globally. Within cardiovascular, interventional cardiology therapy sales grew 10% in Q4 and 8% on a full year basis. We're very proud of the coronary therapies franchise, delivering double-digit growth in both the quarter and full year as we have shifted our underlying business to high growth markets.
Michael Mahoney: We're extremely proud of our global EP performance in the quarter, with organic growth of 35% in Q4, resulting in 73% growth on a full year basis. As we enter our third year in the US with our market-leading PFA technology, we believe that approximately 70% of AF ablations in the US in 2025 were done with PFA, with that number closer to 50% globally. Within the quarter, global growth was driven by PFA catheter utilization, supported by Opal placements and a scaled, high-performing commercial organization.
Agent DCB has been a St. Standout performer all year with this differentiated clinical benefit and reimbursement, support lifting. Our drug looting technology growth over 20% on a full year basis.
We continue to make progress in other areas of the portfolio. We're pleased to have completed an enrollment in the fracture trial
Speaker #1: Penumbra offers a highly differentiated portfolio that operates in high-growth segments where Boston Scientific lacks offerings, including mechanical thrombectomy and neurovascular. The deal is both strategically and financially attractive to Boston Scientific and delivers significant value to patients and customers globally.
study in our seismic ivl system.
We anticipate presenting data from this trial later this year and continue to expect this differentiated technology. In the first half of 27,
Speaker #1: Within Cardiovascular, Interventional Cardiology therapy sales grew 10% in Q4 and 8% on a full-year basis. We're very proud of the Coronary Therapies franchise, delivering double-digit growth in both the quarter and full year, as we have shifted our underlying business to high-growth markets.
Michael Mahoney: We continue to invest in our ecosystem approach to innovation, and recently received approval and limited market release in both Europe and the US for our Farapulse PFA catheter, Nav-enabled, that can create focal lesions initially indicated for atrial flutter. We're also studying Farapulse in the REMatch AF trial for use in redo procedures, with data expected in 2027. We're pleased to have initiated the optimized trial studying the Cortex OptiMap mapping technology with the Farapulse PFA system, which is intended to address our unmet needs in identifying sources of AFib as an alternative to traditional anatomic approaches, a capability that may be particularly important to more complex patients.
The reporting structure of our peripheral interventions divisions. And we've aligned the peripheral. Vascular business led by CAD Jennings with Interventional Cardiology therapies. To amplify both commercial and R&D opportunities across similar Technologies, while retaining customer call Point Focus,
Speaker #1: Agent DCB has been a standout performer all year, with its differentiated clinical benefit and reimbursement support. Lifting our drug-eluting technology growth to over 20% on a full year basis.
Michael Mahoney: Agent DCB has been a standout performer all year with its differentiated clinical benefit and reimbursement support, lifting our drug-eluting technology growth over 20% on a full year basis. We continue to make progress in other areas of the portfolio, and we're pleased to have completed an enrollment in the fracture trial, studying our seismic IVL system. We anticipate presenting data from this trial later this year and continue to expect this differentiated technology in the first half of 2027. In Q4, we did reorganize the reporting structure of our peripheral interventions divisions, and we've aligned the peripheral vascular business, led by Kat Jennings, with interventional cardiology therapies to amplify both commercial and R&D opportunities across similar technologies while retaining customer call point focus. This new business unit will now be called Interventional Cardiology and Vascular Therapies.
This new business unit will not be called Interventional Cardiology and Vascular Therapies.
Speaker #1: We continue to make progress in other areas of the portfolio, the Fracture Trial, studying our Seismic IVL, and we're pleased to have completed enrollment in the system.
Interventional oncology at emulation will continue to led by Peter Patterson as a standalone business. And this structure will enable focus on the broad and unique portfolio.
Of vascular business grew 6% organically, in Q4 with operational growth of 15%.
Speaker #1: We anticipate presenting data from this trial later this year, and continue to expect this differentiated technology in the first half of 2027. In Q4, we did reorganize the reporting structure of our peripheral interventions divisions, and we've aligned the peripheral vascular business, led by Kat Jennings, with interventional cardiology therapies.
Our Tio growth in Q4 was driven by double digit performance in tcar, supported by the recent launch of en route in China.
Within the quarter, we completed our first cases in the US with a seismic ivl system.
Michael Mahoney: As we look to 2026, we anticipate that the EP market will grow approximately 15%, and we expect to outpace that market growth led by our differentiated PFA portfolio, ongoing expansion and utilization of mapping systems, and continued adoption of PFA across the globe. Importantly, Boston Scientific is uniquely positioned with its leading AF solutions portfolio and commercial team, and the value to physicians and patients with a concomitant Watchman procedure, supporting operational efficiency and capacity.
We're excited to add this differentiated and complimentary technology to our portfolio.
And expect to expand our indication to include below the knee in the second half of the year.
Speaker #1: To amplify both commercial and R&D opportunities across similar technologies, while retaining customer call point focus, this new business unit will not be called Interventional Cardiology and Vascular Therapies. Interventional Oncology and Embolization will continue to be led by Peter Patterson as a standalone business, and this structure will enable focus on this broad and unique portfolio.
Michael Mahoney: Interventional Oncology and Embolization will continue to be led by Peter Patterson as a standalone business, and this structure will enable focus on this broad and unique portfolio. The peripheral vascular business grew 6% organically in Q4, with operational growth of 15%. Arterial growth in Q4 was driven by double-digit performance in T-CAR, supported by the recent launch of NRoute in China. Within the quarter, we completed our first cases in the US with a seismic IVL system. We're excited to add this differentiated and complementary technology to our portfolio and expect to expand our indication to include below the knee in the second half of the year. In venous, low double-digit fourth quarter growth was driven by a continuous strength in Aretina and ECOS.
In Venus low double digit, fourth quarter, growth was driven by a continuous strength and varithena and EOS. We're pleased to have the high python, our clinical study study and ecos versus standard of care anti-coagulants accepted as a late breaker at ECC, to be presented on Saturday March 28th.
Michael Mahoney: So in closing, I'm extremely proud of our team and our performance in 2025, and we believe that our 2026 guidance, along with our 2026 to 2028 goals of sales growing 10%+, adjusted operating margin expansion of 150 basis points, and leveraged double-digit EPS growth continue to be highly differentiated. We have an incredibly strong global team that's focused on advancing science for patients globally, while delivering differentiated results today, setting us up for a strong 2026 and beyond. With that, I'll turn it over to John.
Speaker #1: The peripheral vascular business grew 6% organically in Q4, with operational growth of 15%. Arterial growth in Q4 was driven by double-digit performance in TCAR, supported by the recent launch of NROWT in China.
Our Interventional oncology and emulation business, grew 17% operationally and 12% organically in Q4 and Achieve nearly 1 billion a full year, 25 sales, operational growth of 16 and organic of 12.
Speaker #1: Within the quarter, we completed our first cases in the US with a Seismic IVL system. We're excited to add this differentiated and complementary technology to our portfolio, and expect to expand our indication to include below-the-knee in the second half of the year.
Q4 organic growth of driven by our category leading embolization and cancer therapies portfolio with ongoing strength and cry ablation, which treats a broad number of cancer types.
As we look ahead, we expect to continue to outpace the underlying market growth supported by new product offerings, such as therapy therapy.
Speaker #1: In Venous, low double-digit fourth-quarter growth was driven by continued strength of Varithena and ECOS, and we're pleased to have the HIGH PITHO, our clinical study in ECOS versus standard-of-care anticoagulants, accepted as a late breaker at ACC to be presented on Saturday, March 28.
Jon Monson: Thanks, Mike. Fourth quarter consolidated revenue of $5.286 billion represents 15.9% reported growth versus fourth quarter 2024, and includes a 160 basis point tailwind from foreign exchange, which was in line with our expectations. Excluding this $74 million foreign exchange tailwind, operational revenue growth was 14.3% in the quarter. Closed acquisitions contributed 160 basis points to sales, resulting in 12.7% organic revenue growth at the high end of our fourth quarter guidance range of 11% to 13%. Q4 2025 adjusted earnings per share of $0.80 grew 15% versus 2024, exceeding the high end of our guidance range of $0.77 to $0.79. Outperformance was driven primarily by our favorable adjusted tax rate in the quarter.
Michael Mahoney: We're pleased to have the high typo, our clinical study, studying ECOS versus standard of care anticoagulants, accepted as a late breaker at ACC to be presented on Saturday, 28 March. Our interventional oncology and embolization business grew 17% operationally and 12% organically in Q4, and achieved nearly $1 billion in full year 2025 sales, operational growth of 16% and organic of 12%. Q4 organic growth was driven by our category-leading embolization and cancer therapies portfolio, with ongoing strength in cryoablation, which treats a broad number of cancer types. As we look ahead, we expect to continue to outpace the underlying market growth, supported by new product offerings such as TheraSpher, 360 Y90 management platform, which is a web-based platform to simplify the entire process for patients and physicians.
360 y, 90 management platform, which is a web-based platform to simplify the entire process for patients and Physicians.
Cardiac Rhythm management, sales, grew 1%, organically in both the Q4 and for the full year 25.
Speaker #1: Our interventional oncology and embolization business grew 17% operationally, and 12% organically in Q4, and achieved nearly $1 billion a full year, 25 sales, operational growth of 16, and organic of 12.
And a 4 year basis, our Diagnostics franchise, grew High single digits. And now represents nearly 20% of our overall CRM business.
In course, CRM are high voltage business, grew low, single digits, and our low voltage business was flat in the quarter.
Speaker #1: Q4 organic growth was driven by our category-leading embolization and cancer therapies portfolio, with ongoing strength and cryoablation, which treats a broad number of cancer types.
Speaker #1: As we look ahead, we expect to continue to outpace the underlying market growth, supported by new product offerings such as TheraSphere and the 360 Y90 Management Platform, which is a web-based platform to simplify the entire process for patients and physicians.
We continue to see demand for our conduction system pacing offerings and a Q4. We began enrollment in the synchronicity trial, evaluating the left bundle branch pacing compared to Conventional cardiac wreck synchronization therapy.
So, as you look to 2026, we anticipate that our growth will be closer to Market in CRM over the course of the Year, driven by the addition of our complimentary bio envelope and ongoing momentum within our Diagnostics business.
Speaker #1: Cardiac rhythm management sales grew 1% organically in both the Q4 and for the full year '25. On a full year basis, our diagnostics franchise grew high single digits, and now represents nearly 20% of our overall CRM business.
Jon Monson: Full year 2025 consolidated revenue of $20.074 billion represents 19.9% reported growth versus full year 2024, and includes a 70 basis point tailwind from foreign exchange. Excluding this $114 million tailwind from foreign exchange, operational revenue growth for the year was 19.2%. Those acquisitions contributed 340 basis points to sales, resulting in 15.8% organic revenue growth, exceeding our full year guidance of approximately 15.5%. Full year 2025 adjusted earnings per share of $3.06 grew 22% versus 2024, exceeding the high end of our guidance range of $3.02 to $3.04, and marking our third consecutive year of 20%+ adjusted earnings per share growth.
Michael Mahoney: Cardiac rhythm management sales grew 1% organically in both the Q4 and for the full year 2025. On a full year basis, our diagnostics franchise grew high single digits and now represents nearly 20% of our overall CRM business. In core CRM, our high voltage business grew low single digits, and our low voltage business was flat in the quarter. We continue to see demand for our conduction system pacing offerings, and in Q4, we began enrollment in the Synchronicity trial, evaluating left bundle branch pacing compared to conventional cardiac resynchronization therapy. So as we look to 2026, we anticipate that our growth will be closer to market in CRM over the course of the year, driven by the addition of our complementary bioenvelope and ongoing momentum within our diagnostics business.
Our Watchman business delivered, an outstanding 29% growth in Q4 and on a full year basis. Exiting the year with strong double digit growth across all major Global markets.
Speaker #1: In core CRM, our high-voltage business grew low single digits, and our low-voltage business was flat in the quarter. We continue to see demand for our conduction system pacing offerings, and in Q4, we began enrollment in the SYNCHRONICITY trial, evaluating left bundle branch pacing compared to conventional cardiac resynchronization therapy.
We are extremely pleased with the performance of this franchise with above market, growth driven by the strong adoption of common procedures. We've now treated more than 25,000 patients can commonly with Watchmen
as we look ahead, we continue to invest in our portfolio clinical evidence and driving efficiencies for Physicians
in the quarter, we announced the Strategic partnership with Siemens health and ears to develop and commercialize their next Generation, 40 ice, catheter called ACU nav.
Speaker #1: So, as we look to 2026, we anticipate that our growth will be closer to market, driven by the addition of our complementary BioEnvelope and ongoing CRM over the course of the year, as well as momentum within our diagnostics business.
Intended to offer a Physicians and Innovative Imaging option for Standalone Watchmen or Pharaoh, watch procedures.
Speaker #1: Our Watchman business delivered an outstanding 29% growth in Q4 and on a full year basis, exiting the year with strong double-digit growth across all major global markets.
Michael Mahoney: Our Watchman business delivered an outstanding 29% growth in Q4 and on a full year basis, exiting the year with strong double-digit growth across all major global markets. We are extremely pleased with the performance of this franchise, with above-market growth driven by the strong adoption of concomitant procedures. We've now treated more than 25,000 patients concomitantly with Watchman. As we look ahead, we continue to invest in our portfolio of clinical evidence and driving efficiencies for physicians. In the quarter, we announced a strategic partnership with Siemens Healthineers to develop and commercialize their next-generation 40 ES catheter called AccuNav, intended to offer physicians an innovative imaging option for standalone Watchman or Farapulse procedures. And last month, we completed enrollment in the Simplify clinical trial, evaluating two single-drug regimens as post-procedural alternatives to dual antiplatelet therapy, with data expected in the second half of 2026.
And last month, we completed the enrollment in the simplified clinical trial, evaluating 2, single drug regimens as post-procedural alternatives to dual anti-platelet therapy.
With data expected in the second half of 26.
Jon Monson: Adjusted gross margin for Q4 was 70.7%, resulting in full year 2025 adjusted gross margin of 70.6%, representing a 30 basis point expansion versus full year 2024. In 2026, we anticipate full year adjusted gross margin to be roughly in line with full year 2025, as we expect favorable product mix to be largely offset by investments in our global supply chain and the annualization of tariffs. Q4 adjusted operating margin was 27.3%, resulting in a full year 2025 adjusted operating margin of 28.0%, improving 100 basis points versus full year 2024. In 2026, we expect to expand adjusted operating margin by 50 to 75 basis points, progressing toward our goal of 150 basis points of operating margin expansion over our long-range plan.
Speaker #1: We are extremely pleased with the performance of this franchise, with above-market growth driven by the strong adoption of concomitant procedures. We have now treated more than 25,000 patients concomitantly with Watchman.
Speaker #1: As we look ahead, we continue to invest in our portfolio of clinical evidence and driving efficiencies for physicians. In the quarter, we announced a strategic partnership with Siemens Healthineers, to develop and commercialize their next-generation 40 ICE catheter called AccuNav.
If positive this data would support, Watchmen is the first line therapy for stroke prevention as an alternative to oec and would expand the number of indicated patients from approximately 5 million today.
To 20 million globally.
Speaker #1: Intended to offer physicians an innovative imaging option for standalone Watchman or feral watch procedures. And last month, we completed enrollment in the Simplify clinical trial, evaluating two single-drug regimens as post-procedural alternatives to dual antiplatelet therapy.
We're extremely proud of our Global EP performance in the quarter with the organic growth of 305%. Fourth quarter resulting in the 73% growth in a full year basis.
As we enter our third year in the US with our Market leading. PFA technology, we believe that approximately 70% of a population in the US in 25 are done with PFA,
Speaker #1: With data expected in the second half of '26. Importantly, our champion trial, a large randomized trial studying Watchman Flex versus novel oral anticoagulation, was accepted and will be presented as a late breaker at ACC on Saturday, March 28.
With that number closer to 50% globally.
Michael Mahoney: Importantly, our Champion trial, a large randomized trial studying Watchman Flex versus novel oral anticoagulation, was accepted and will be presented as a late breaker at ACC on Saturday, 28 March. If positive, this data would support Watchman as a first-line therapy for stroke prevention as an alternative to OAC, and would expand the number of indicated patients from approximately 5 million today to 20 million globally. We're extremely proud of our global EP performance in the quarter, with organic growth of 35% in Q4, resulting in 73% growth on a full year basis. As we enter our third year in the US with our market-leading PFA technology, we believe that approximately 70% of AF ablations in the US in 2025 were done with PFA, with that number closer to 50% globally.
Within the quarter of global growth is driven by PFA catheter, utilization supported by opal. Placements. In a scaled High, performing commercial organization.
Jon Monson: On a GAAP basis, Q4 operating margin was 15.6%, resulting in a full year reported operating margin of 18.0%. These results include a $194 million litigation charge relating to the full resolution of a legacy IP-related matter. Moving to below the line, Q4 adjusted interest and other expenses totaled $99 million, resulting in full year adjusted interest and other expenses of $430 million, slightly favorable to our expectations, primarily driven by higher interest income. On an adjusted basis, our tax rate for the Q4 was 10.7% and 11.7% for the full year, which was favorable to expectations, and inclusive of favorable discrete tax items.
Speaker #1: If positive, this data would support Watchman as a first-line therapy for stroke prevention, as an alternative to OAC, and would expand the number of indicated patients from approximately 5 million today to 20 million globally.
Limited market release in both Europe and the US for a fair point. PFA catheter.
Nav enabled that can create facial focal lesions initially indicated for atrial flutter.
Speaker #1: We're extremely proud of our global EP performance in the quarter, with organic growth of 35% in fourth quarter, resulting in 73% growth on a full year basis.
We're also studying a fair point in the rematch AF trial for use in reader procedures with data expected in 2027.
Speaker #1: As we enter our third year in the US, with our market-leading PFA technology, we believe that approximately 70% of AF ablations in the US in '25 were done with PFA.
we're pleased to have initiated the optimized trial setting, the cortex Optima mapping technology with a fair pulse PFA system, which is intended to address our unmet needs and identifying sources of aib as an alternative to traditional anatomic approaches
Speaker #1: With that number closer to 50% globally. Within the quarter, global growth is driven by PFA catheter utilization, supported by Opal placements in a scaled, high-performing commercial organization.
A capability that may be particularly important in a more complex patients.
Michael Mahoney: Within the quarter, global growth was driven by PFA catheter utilization, supported by Opal placements and a scaled, high-performing commercial organization. We continue to invest in our ecosystem approach to innovation, and recently received approval and limited market release in both Europe and the US for our Farapulse PFA catheter, Nav-enabled, that can create focal lesions initially indicated for atrial flutter. We're also studying Farapulse in the REMatch AF trial for use in redo procedures, with data expected in 2027. We're pleased to have initiated the optimized trial studying the Cortex OptiMap mapping technology with the Farapulse PFA system, which is intended to address our unmet needs in identifying sources of AFib as an alternative to traditional anatomic approaches, a capability that may be particularly important to more complex patients.
Speaker #1: We continue to invest in our ecosystem approach to innovation and recently received approval in limited market release in both Europe and the US for our FairPoint PFA catheter.
Jon Monson: Our operational tax rate was 14.9% for Q4 and 14.2% for the full year, in line with our expectations. Fully diluted weighted average shares outstanding ended at 1.496 billion shares in Q4, and 1.494 billion shares for full year 2025. Free cash flow for Q4 was $1.013 billion, with $1.364 billion from operating activities, less $351 million in net capital expenditures. Full year 2025 free cash flow of $3.659 billion exceeded our expectations, reflecting 38% growth versus 2024 and 80% free cash flow conversion.
As we look to 2026, we anticipate that the EP Market will grow approximately 15% and we expect to outpace that Mark growth led by our differentiated PFA portfolio. Ongoing expansion utilization of mapping systems and continued adoption of PFA across the globe.
Speaker #1: NAV-enabled that can create focal lesions initially indicated for atrial flutter. We're also studying FairPoint in the rematch AF trial for use in redo procedures, with data expected in 2027.
Importantly, Boston scientific's uniquely positioned with this leading AF Solutions, portfolio and a commercial team and the value to positions the patients. Whether they can come in at Fair, watch procedure, supporting operational, efficiency, and capacity.
Speaker #1: We're pleased to have initiated the optimized trial studying the Cortex OptiMap mapping technology with the FairPulse PFA system, which is intended to address our unmet needs in identifying sources of AFib as an alternative to traditional anatomic approaches.
so in closing, I'm extremely proud of our team and our performance in 2025 and we believe that our 26 guidance along with our 26 to 28 goals of sales growing 10% Plus
Speaker #1: As we look to 2026, we anticipate that the EP market will grow approximately 15%, and we expect to outpace that market growth, led by our differentiated PFA portfolio, ongoing expansion and utilization of mapping systems, and continued adoption of PFA across the globe.
adjusted operating margin expansion of 150 basis points, and leverage, double digit, EPS growth continue to be highly differentiated,
Michael Mahoney: As we look to 2026, we anticipate that the EP market will grow approximately 15%, and we expect to outpace that market growth led by our differentiated PFA portfolio, ongoing expansion and utilization of mapping systems, and continued adoption of PFA across the globe. Importantly, Boston Scientific is uniquely positioned with its leading AF solutions portfolio and commercial team, and the value to physicians and patients with a concomitant Watchman procedure, supporting operational efficiency and capacity. So in closing, I'm extremely proud of our team and our performance in 2025, and we believe that our 2026 guidance, along with our 2026 to 2028 goals of sales growing 10%+, adjusted operating margin expansion of 150 basis points, and leveraged double-digit EPS growth continue to be highly differentiated.
Jon Monson: For 2026, we expect full-year free cash flow to be approximately $4.2 billion, and we continue to target free cash flow conversion in the range of 70% to 80% over the long-range plan. As of 31 December 2025, we had cash on hand of $1.965 billion, and our gross debt leverage ratio was 1.9 times. Following the announcement of our agreement to acquire Penumbra, all three major rating agencies affirmed our single A- equivalent credit rating. Additionally, Fitch Ratings upgraded our outlook from stable to positive. Our capital allocation priority remains strategic tuck-in M&A, followed by share repurchases. In alignment with this strategy, we recently closed the acquisition of Nalu Medical, which is complementary to our neuromodulation pain franchise.
We have an incredibly strong Global team that's focused on advancing science for patients globally, while delivering differentiated results today. Setting us up for a strong 2026 and Beyond with that, I'll turn it over to John.
Thanks Mike.
Speaker #1: Importantly, Boston Scientific is uniquely positioned with its leading AF solutions portfolio and commercial team, adding value to physicians and patients with our concomitant FairWatch procedure, supporting operational efficiency and capacity.
Fourth quarter, Consolidated, revenue of 5 billion, 286 million represents, 15.9% reported growth versus fourth quarter 2024. And includes a 160 basis point Tailwind from foreign exchange, which was in line with our expectations.
Speaker #1: So in closing, I'm extremely proud of our team and our performance in 2025, and we believe that our '26 guidance, along with our '26 to '28 goals of sales growing 10% plus, adjusted operating margin expansion of 150 basis points, and leveraged double-digit EPS growth, continue to be highly differentiated.
Excluding this 74 million foreign exchange Tailwind. Operational. Revenue growth was 14.3% in the quarter.
Speaker #1: We have an incredibly strong global team that's focused on advancing science for patients globally, while delivering differentiated results today and setting us up for a strong 2026 and beyond.
Michael Mahoney: We have an incredibly strong global team that's focused on advancing science for patients globally, while delivering differentiated results today, setting us up for a strong 2026 and beyond. With that, I'll turn it over to John.
Closed. Acquisitions contributed 160 basis points to sales. Resulting in 12.7%, organic Revenue growth at the high end of our fourth quarter guidance, range of 11% to 13%.
Speaker #1: With that, I'll turn it over to
Speaker #1: John. Thanks,
Daniel J. Brennan: Thanks, Mike. Fourth quarter consolidated revenue of $5.286 billion represents 15.9% reported growth versus fourth quarter 2024, and includes a 160 basis point tailwind from foreign exchange, which was in line with our expectations. Excluding this $74 million foreign exchange tailwind, operational revenue growth was 14.3% in the quarter. Closed acquisitions contributed 160 basis points to sales, resulting in 12.7% organic revenue growth at the high end of our fourth quarter guidance range of 11% to 13%. Q4 2025 adjusted earnings per share of $0.80 grew 15% versus 2024, exceeding the high end of our guidance range of $0.77 to $0.79. Outperformance was driven primarily by our favorable adjusted tax rate in the quarter.
Q4 2025 adjusted earnings per share of 80 cents. Grew 15% versus 2024 exceeding. The high end of our guidance range of 77 cents to 79 cents,
Speaker #2: Mike. Fourth quarter consolidated revenue of $5.286 billion represents 15.9% reported growth versus fourth quarter 2024. It includes a 160 basis point tailwind from foreign exchange, which was in line with our expectations.
Jon Monson: Additionally, we announced agreements to acquire Valencia Technologies and Penumbra, which, upon close, will enable Boston Scientific to enter strategic adjacencies within our urology and cardiovascular businesses, respectively. Our legal reserve was $242 million as of December 31, with $46 million already funded through our qualified settlement funds. I'll now walk through guidance for Q1 and full year 2026. We expect first quarter 2026 reported revenue growth to be in a range of 10.5% to 12% versus first quarter 2025.
Outperformance was driven primarily by our favorable adjusted tax rate in the quarter.
Speaker #2: Excluding this $74 million foreign exchange tailwind, operational revenue growth was 14.3% in the quarter. Closed acquisitions contributed 160 basis points to sales, resulting in 12.7% organic revenue growth.
Full year, 2025 Consolidated revenue of 20 billion. 74 million represents 19.9% reported growth versus full year 2024 and includes a 70 basis, point Tailwind from foreign exchange.
Excluding this 114 million Tailwind from foreign exchange, operational Revenue growth for the year was 19.2%.
Speaker #2: At the high end of our fourth quarter guidance range of 11% to 13%. Q4 2025 adjusted earnings per share of $0.80 grew 15% versus 2024, exceeding the high end of our guidance range of $0.77 to $0.79.
Closed. Acquisitions contributed 340 basis points to sales. Resulting in 15.8% organic Revenue growth. Exceeding, our full year guidance of approximately 15.5%
Jon Monson: Excluding an approximate 200 basis points tailwind from foreign exchange based on current rates, we expect Q1 2026 operational and organic revenue growth to be in a range of 8.5% to 10%, which includes an approximate 150 basis points impact from the discontinuation of accurate and a transient impact associated with the product removal of certain sizes of our Axios device. We expect full year 2026 reported revenue growth to be in a range of 10.5% to 11.5% versus 2025, excluding an approximate 50 basis points tailwind from foreign exchange. Based on current rates, we expect full year 2026 operational and organic growth to be in a range of 10% to 11%.
Speaker #2: Outperformance was driven primarily by our favorable adjusted tax rate in the quarter. Full-year 2025 consolidated revenue of $20.074 billion represents 19.9% reported growth versus full-year 2024, and includes a 70 basis point tailwind from foreign exchange.
Daniel J. Brennan: Full year 2025 consolidated revenue of $20.074 billion represents 19.9% reported growth versus full year 2024, and includes a 70 basis point tailwind from foreign exchange. Excluding this $114 million tailwind from foreign exchange, operational revenue growth for the year was 19.2%. Those acquisitions contributed 340 basis points to sales, resulting in 15.8% organic revenue growth, exceeding our full year guidance of approximately 15.5%. Full year 2025 adjusted earnings per share of $3.06 grew 22% versus 2024, exceeding the high end of our guidance range of $3.02 to $3.04, and marking our third consecutive year of 20%+ adjusted earnings per share growth.
full year 2025 adjusted earnings per share of $3.66, grew 22% versus 2024 exceeding. The high end of our guidance range of $3.02 to $3.04 and marking our third consecutive year of 20%, plus adjusted, earnings per share growth
Speaker #2: Excluding this $114 million tailwind from foreign exchange, operational revenue growth for the year was 19.2%. Closed acquisitions contributed 340 basis points to sales, resulting in 15.8% organic revenue growth. Full year 2025 adjusted earnings per share of $3.06 grew 22% versus 2024, exceeding the high end of our guidance range of $3.02 to $3.04.
adjusted gross margin for the fourth quarter was 70.7% resulting in full year 2025 adjusted gross margin of 70.6%, representing a 30 basis point expansion versus full year 2024
Jon Monson: We expect full year 2026 adjusted below the line expense to be approximately $440 million. Under current legislation, including enacted laws and issued guidance, we forecast a full year 2026 adjusted tax rate of approximately 12.5%. In Q1, we anticipate our adjusted tax rate will be approximately 12%. We expect full year 2026 adjusted earnings per share to be in a range of $3.43 to $3.49, representing growth of 12% to 14% versus 2025, including an approximate 3-cent headwind from foreign exchange. We expect first quarter adjusted earnings per share to be in a range of $0.78 to $0.80.
In 2026, we anticipate full year, adjusted gross margin to be roughly in line with full year 2025. As we expect favorable product, mix to be largely offset by investments in our Global Supply Chain in the annualization of tariffs.
Fourth quarter, adjusted operating margin was 27.3%, resulting in a full year 2025 adjusted operating margin of 28.0%. Improving 100 basis points versus full year 2024.
Speaker #2: And marking our third consecutive year of 20% plus adjusted earnings per share growth. Adjusted gross margin for the fourth quarter was 70.7%, resulting in full year 2025 adjusted gross margin of 70.6%, representing a 30 basis point expansion versus full year 2024.
Daniel J. Brennan: Adjusted gross margin for Q4 was 70.7%, resulting in full year 2025 adjusted gross margin of 70.6%, representing a 30 basis point expansion versus full year 2024. In 2026, we anticipate full year adjusted gross margin to be roughly in line with full year 2025, as we expect favorable product mix to be largely offset by investments in our global supply chain and the annualization of tariffs. Q4 adjusted operating margin was 27.3%, resulting in a full year 2025 adjusted operating margin of 28.0%, improving 100 basis points versus full year 2024. In 2026, we expect to expand adjusted operating margin by 50 to 75 basis points, progressing toward our goal of 150 basis points of operating margin expansion over our long-range plan.
In 2026, we expect to expand adjusted operating margin by 50 to 75 basis points. Progressing toward our goal of 150 basis points of operating margin expansion over our long-range plan.
Speaker #2: In 2026, we anticipate full year adjusted gross margin to be roughly in line with full year 2025, as we expect favorable product mix to be largely offset by investments in our global supply chain, in the annualization of tariffs.
On a gap basis. Fourth quarter operating margin was 15.6% resulting in a full year. Reported operating margin of 18.0%.
Jon Monson: In closing, I'm pleased with the strong financial performance our global team delivered in 2025, and we look forward to executing on our full year 2026 guidance of 10% to 11% organic revenue growth, 50 to 75 basis points of adjusted operating margin expansion, and 12% to 14% adjusted earnings per share growth. For more information, please check our investor relations website for fourth quarter 2025 financial and operational highlights, which outlines more details on fourth quarter results and our 2026 guidance. And with that, Lauren, I'll turn it back to you to moderate the Q&A.
Speaker #2: Fourth quarter adjusted operating margin was 27.3%, resulting in a full year 2025 adjusted operating margin of 28.0%, improving 100 basis points versus full year 2024.
Moving to below the line, fourth quarter, adjusted interest and other expenses totaled. 99 million, resulting in full year, adjusted interest and other expenses of 430 million slightly favorable to our expectations primarily driven by higher interest income.
Speaker #2: In 2026, we expect to expand adjusted operating margin by 50 to 75 basis points, progressing toward our goal of 150 basis points of operating margin expansion over our long-range plan.
On an adjusted basis. Our tax rate for the fourth quarter was 10.7% and 11.7% for the full year, which was favorable to expectations and inclusive of favorable, discreet tax items.
Speaker #2: On a GAAP basis, fourth quarter operating margin was 15.6%, resulting in a full-year reported operating margin of 18.0%. These results include a $194 million litigation charge relating to the full resolution of a legacy IP-related matter.
Daniel J. Brennan: On a GAAP basis, Q4 operating margin was 15.6%, resulting in a full year reported operating margin of 18.0%. These results include a $194 million litigation charge relating to the full resolution of a legacy IP-related matter. Moving to below the line, Q4 adjusted interest and other expenses totaled $99 million, resulting in full year adjusted interest and other expenses of $430 million, slightly favorable to our expectations, primarily driven by higher interest income. On an adjusted basis, our tax rate for the Q4 was 10.7% and 11.7% for the full year, which was favorable to expectations, and inclusive of favorable discrete tax items.
Lauren Tengler: Thanks, John. Drew, let's open it up for questions for the next 35 minutes or so. In order for us to take as many questions as possible, please limit yourself to one question. Drew, please go ahead.
Our operational tax rate was 14.9% for the fourth quarter and 14.2% for the full year in line with our expectations.
Operator: We will now begin the question-and-answer session. To ask a question, you may press Star then One on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star then Two. Again, please limit yourself to only one question. At this time, we will pause momentarily to assemble our roster. The first question comes from Robert Marcus with J.P. Morgan. Please go ahead.
Speaker #2: Moving to below the line, fourth quarter adjusted interest and other expenses totaled $99 million, resulting in full year adjusted interest and other expenses of $430 million.
Fully diluted weighted, average shares outstanding ended at 1,496 million shares in the fourth quarter, and 1,494 million shares for full year 2025.
Speaker #2: Slightly favorable to our expectations, primarily driven by higher interest income. On an adjusted basis, our tax rate for the fourth quarter was 10.7%, and 11.7% for the full year, which was favorable to expectations and inclusive of favorable discrete tax items.
Free cash flow for the fourth quarter was 1 billion 13 million with 1,364 million from operating activities, less 351 million in net capital expenditures.
Full year, 2025 free cash flow of 3 billion 659 million, exceeded our expectations reflecting 38% growth versus 2024 and 80% free cash flow conversion.
Speaker #2: Our operational tax rate was 14.9% for the fourth quarter, and 14.2% for the full year, in line with our expectations. Fully diluted weighted average shares outstanding ended at $1,496 million shares in the fourth quarter, and $1,494 million shares for full year 2025.
Daniel J. Brennan: Our operational tax rate was 14.9% for Q4 and 14.2% for the full year, in line with our expectations. Fully diluted weighted average shares outstanding ended at 1.496 billion shares in Q4, and 1.494 billion shares for full year 2025. Free cash flow for Q4 was $1.013 billion, with $1.364 billion from operating activities, less $351 million in net capital expenditures. Full year 2025 free cash flow of $3.659 billion exceeded our expectations, reflecting 38% growth versus 2024 and 80% free cash flow conversion.
Robert Marcus: Oh, great. Thanks for taking the question. I'll ask the question that's on everybody's mind today. Mike, there were fears that US EP and US Watchman could come in soft, and US EP was flat with Q3, US Watchman missed by a hair. What exactly happened in the quarter versus your expectations, versus the market? And the reason people are concerned is these are two of the key growth drivers. So you talked about confidence in above 15% EP growth next year of the market, the street sitting at around 25%. It feels like that needs to come down. Hopefully, you could help us level set expectations for those two key products, what happened in the quarter, and how to think about them in 2026. Thanks.
For 2026. We expect full year. Free cash flow to be approximately 4.2 billion. And we continue to Target, free cash flow conversion in the range of 70% to 80% over the long range plan.
Speaker #2: Free cash flow for the fourth quarter was $1.13 billion, with $1.364 billion from operating activities less $351 million in net capital expenditures. Full year 2025 free cash flow of $3.659 billion exceeded our expectations, reflecting 38% growth versus 2024, and 80% free cash flow conversion.
As of December 31st 2025, we had cash on hand of 1 billion, 965 million and our gross debt, leverage ratio was 1.9 times.
Following the announcement of our agreement to acquire penumbra. All, 3 major rating agencies, affirmed, our single, a minus equivalent credit rating. Additionally, Fitch ratings upgraded our Outlook from stable to positive.
Speaker #2: For 2026, we expect full-year free cash flow to be approximately $4.2 billion, and we continue to target free cash flow conversion in the range of 70% to 80% over the long-range plan.
Daniel J. Brennan: For 2026, we expect full-year free cash flow to be approximately $4.2 billion, and we continue to target free cash flow conversion in the range of 70% to 80% over the long-range plan. As of 31 December 2025, we had cash on hand of $1.965 billion, and our gross debt leverage ratio was 1.9 times. Following the announcement of our agreement to acquire Penumbra, all three major rating agencies affirmed our single A- equivalent credit rating. Additionally, Fitch Ratings upgraded our outlook from stable to positive. Our capital allocation priority remains strategic tuck-in M&A, followed by share repurchases. In alignment with this strategy, we recently closed the acquisition of Nalu Medical, which is complementary to our neuromodulation pain franchise.
Michael Mahoney: Well, thank you. Thank you, Robbie. Happy to, and I'll touch on your question. Overall, we're super pleased with the quarter and the full year, growing 16%, EPS growing 22% for the full year, and 6 out of our 8 business users growing faster than the market, growing faster than AWAMGR, and setting us up for a strong guide and investments for the overall company. The two businesses that you called out, I think you nailed it. If you look at EP, we're quite pleased. Actually, our results in Q4 exceeded our internal target, and Watchman, it grew 29%, pretty much similar to Q3 as we lapped the anniversary of the concomitant reimbursement, a year ago. You know, specific to EP, really pleased with the results at 35%.
Speaker #2: As of December 31, 2025, we had cash on hand of $1,965 million, and our gross debt leverage ratio was 1.9 times. Following the announcement of our agreement to acquire Penumbra, all three major rating agencies affirmed our single A minus equivalent credit rating, additionally Fitch ratings upgraded our outlook from stable to positive.
Our Capital allocation priority remains strategic tuck in m&a followed by Sherry purchases in alignment with this strategy we recently closed the acquisition of nalu medical which is complimentary to our nerm modulation pain franchise. Additionally, we announced agreements to acquire Valencia Technologies and penumbra which upon close will enable Boston Scientific to enter strategic adjacencies within our Urology and cardiovascular businesses respectively.
Our legal Reserve was 242 million as of December 31st with 46 million. Already funded through our qualified settlement funds
Now, walk through guidance for q1 and full year 2026.
Speaker #2: Our capital allocation priority remains strategic tuck-in M&A, followed by share repurchases. In alignment with this strategy, we recently closed the complementary acquisition to our neuromodulation pain franchise.
We expect first quarter 2026, reported Revenue growth to be in a range of 10 and a half percent to 12% versus first quarter 2025,
Speaker #2: Acquisition of Nalu Medical, which is... Additionally, we announced agreements to acquire Valencia Technologies and Penumbra, which, upon close, will enable Boston Scientific to enter strategic adjacencies within our urology and cardiovascular businesses, respectively.
Michael Mahoney: Two of our larger competitors had results of 6.5% growth, the market leader. Third place player, 12.5%. We grew 35%, so we continue to gain share overall. To your point, we think the market in Q4 was closer to 18% to 20% growth rather than what some other companies had claimed at 25%. We think the market was kind of 18% to 20% range, similar to what we developed internally in our plan, and we've called the market for 2026, about 15% growth. We think it's an excellent market. We don't think it grew 25% in Q4. We grew faster than our peer group based on those percentages that I saw or that we laid out.
excluding an approximate 200 basis, point Tailwind from foreign exchange based on current rates,
Daniel J. Brennan: Additionally, we announced agreements to acquire Valencia Technologies and Penumbra, which, upon close, will enable Boston Scientific to enter strategic adjacencies within our urology and cardiovascular businesses, respectively. Our legal reserve was $242 million as of December 31, with $46 million already funded through our qualified settlement funds. I'll now walk through guidance for Q1 and full year 2026. We expect first quarter 2026 reported revenue growth to be in a range of 10.5% to 12% versus first quarter 2025.
We expect first quarter 2026 operational and organic Revenue growth to be in our range of 8 and a half percent to 10%.
Speaker #2: Our legal reserve was $242 million as of December 31, with $46 million already funded through our qualified settlement funds. I'll now walk through guidance for Q1 and full year 2026.
Which includes an approximate 150 basis, point impact from the discontinuation of accurate, and a transient impact associated with the product removal of certain sizes of our axios device.
We expect full year 2026, reported Revenue growth to be in a range of 10 and a half percent to 11 and a half percent versus 2025.
Speaker #2: We expect first quarter 2026 reported revenue growth to be in a range of 10.5% to 12% versus first quarter 2025. Excluding an approximate 200 basis point tailwind from foreign exchange, based on current rates, we expect first quarter 2026 operational and organic revenue growth to be in a range of 8.5% to 10%.
Michael Mahoney: We actually grew even faster outside the US than the US. The US is more highly penetrated with PFA. There's actually more competitors present outside the US, and we've accelerated growth outside the US. So our PFA performance is quite strong. The market's still healthy. We think it's 18 to 20% in Q4, and we exceeded our internal plan, and we got new products approved. Our mapping footprint continues to grow, and we have a lot of, you know, clinical data that various clinical studies that are in flight. So we're very confident with our PFA business and our performance.
Excluding an approximate 50 basis, point Tailwind from foreign exchange, based on current rates, we expect full year 2026, operational and organic growth to be in a range of 10% to 11%.
Daniel J. Brennan: Excluding an approximate 200 basis points tailwind from foreign exchange based on current rates, we expect Q1 2026 operational and organic revenue growth to be in a range of 8.5% to 10%, which includes an approximate 150 basis points impact from the discontinuation of accurate and a transient impact associated with the product removal of certain sizes of our Axios device. We expect full year 2026 reported revenue growth to be in a range of 10.5% to 11.5% versus 2025, excluding an approximate 50 basis points tailwind from foreign exchange. Based on current rates, we expect full year 2026 operational and organic growth to be in a range of 10% to 11%.
Speaker #2: Which includes an approximate 150 basis point impact from the discontinuation of Accurate and a transient impact associated with the product removal of certain sizes of our AXIOS device.
Under current legislation included, including enacted laws and issued guidance, we forecast a full year 2026, adjusted tax rate of approximately 12.5% in q1. We anticipate our adjusted tax rate will be approximately 12%.
Speaker #2: We expect full-year 2026 reported revenue growth to be in a range of 10.5% to 11.5% versus 2025. Excluding an approximate 50-basis-point tailwind from foreign exchange, based on current rates, we expect full-year 2026 operational and organic growth to be in a range of 10% to 11%.
Michael Mahoney: With Watchman, we grew 29%. Excellent job. We pretty much are the market with Watchman. Concomitant continues to grow, and we did annualize the concomitant reimbursement, which happened Q4 last year.So we're quite proud of the 29%. You know, when you come to these consensus numbers, we exceeded our guidance. We actually exceeded analyst consensus. The mix of that is slightly different, but it shows the power of all of Boston Scientific being able to deliver, to beat our guidance, to beat consensus in the quarter and the full year, and we're quite proud of the EP performance based on the commentary I just provided.
We expect full year 2026, adjusted earnings per share to be in a range of 3.43 to 3.49 representing growth of 12% to 14% versus 2025 including an approximate 3% headwind from foreign exchange.
We expect first quarter adjusted earnings per share to be an arrange of 78 cents to 80 cents.
Speaker #2: We expect full-year 2026 adjusted below-the-line expense to be approximately $440 million. Under current legislation, including enacted laws and issued guidance, we forecast a full-year 2026 adjusted tax rate of approximately 12.5%.
Daniel J. Brennan: We expect full year 2026 adjusted below the line expense to be approximately $440 million. Under current legislation, including enacted laws and issued guidance, we forecast a full year 2026 adjusted tax rate of approximately 12.5%. In Q1, we anticipate our adjusted tax rate will be approximately 12%. We expect full year 2026 adjusted earnings per share to be in a range of $3.43 to $3.49, representing growth of 12% to 14% versus 2025, including an approximate 3-cent headwind from foreign exchange. We expect first quarter adjusted earnings per share to be in a range of $0.78 to $0.80.
And 12% to 14% adjusted earnings per share growth.
Speaker #2: In Q1, we anticipate our adjusted tax rate will be approximately 12%. We expect full-year 2026 adjusted earnings per share to be in a range of $3.43 to $3.49, representing growth of 12% to 14% versus 2025, including an approximate $0.03 headwind from foreign exchange.
Operator: The next question comes from Larry Biegelsen with Wells Fargo. Please go ahead.
Larry Biegelsen: ... Good morning. Thanks for taking the question. Look, I'm sure there'll be a lot of questions on, on the US EP business, but I wanted to ask about Watchman. So basically, my question is, can you confirm, you know, you're not seeing an impact from the 3, you know, recent trials we saw, you know, in 2025? And I wanna ask about Champions, since it's such an important trial. You know, maybe for Dr. Stein, what endpoints do you think physicians will be most focused on? And how important do you think it is to physicians to see similar rates of both ischemic and hemorrhagic stroke, like we did in Option? And, I'll leave it at that. Thank you.
For more information, please check our investor relations website for fourth quarter, 2025 financial and operational highlights which outlines more details on fourth quarter results and our 2026 guidance.
Speaker #2: We expect first quarter adjusted earnings per share to be in a range of $78 to the strong financial performance our $0.80. In closing, I'm pleased with 2025, and we look forward to executing on our global team delivered in full year 2026 guidance of 10% to 11% organic revenue growth, 50 to 75 basis points of adjusted operating margin expansion, and 12% to 14% adjusted earnings per share growth.
And with that, uh, Lauren, I'll turn it back to you to moderate the Q&A. Thanks John true. Let's open it up for questions for the next 35 minutes or so, in order for us to take as many questions as possible, please let me yourself to 1. Question Drew, please go ahead.
Daniel J. Brennan: In closing, I'm pleased with the strong financial performance our global team delivered in 2025, and we look forward to executing on our full year 2026 guidance of 10% to 11% organic revenue growth, 50 to 75 basis points of adjusted operating margin expansion, and 12% to 14% adjusted earnings per share growth. For more information, please check our investor relations website for fourth quarter 2025 financial and operational highlights, which outlines more details on fourth quarter results and our 2026 guidance. And with that, Lauren, I'll turn it back to you to moderate the Q&A.
We will now begin the question and answer session to ask a question. You may press star then 1 on your telephone keypad. If you're using a speaker-phone please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question please press star then 2
Michael Mahoney: Yeah, well, again, look forward to presenting the results of Champion at ACC. And we will be hosting an event for investors on that Saturday night at 5:30PM Central Time, and, you know, we can get deep into the data at that point. Again, I think, you know, the... There are two co-primary endpoints. You know, one, non-inferiority for a combined endpoint stroke, systemic embolism, and death. One for bleeding. And just as we saw with Option, I think both of those are gonna be important for the field.
Speaker #2: For more information, please check our investor relations website for fourth quarter 2025 financial and operational highlights, which outlines more details on fourth quarter results, and our
Again, please limit yourself to only 1. Question at this time, we will pause momentarily to assemble our roster.
The first question comes from, Robbie Marcus with JP Morgan. Please go ahead.
Speaker #2: 2026 guidance. And with
Speaker #1: With that, Lauren, I'll turn it back to you to moderate the Q&A.
Speaker #3: Thanks, John. Drew, let's open it up for questions for the next 35 minutes or so. In order for us to take as many questions as possible, please limit yourself to one question.
Lauren Tengler: Thanks, John. Drew, let's open it up for questions for the next 35 minutes or so. In order for us to take as many questions as possible, please limit yourself to one question. Drew, please go ahead.
Okay. Uh thanks for taking the questions. I'll uh I'll ask the question, that's on everybody's mind today. Um,
Speaker #3: Drew, please go ahead.
Speaker #4: We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys.
Operator: We will now begin the question-and-answer session. To ask a question, you may press Star then One on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star then Two. Again, please limit yourself to only one question. At this time, we will pause momentarily to assemble our roster. The first question comes from Robert Marcus with J.P. Morgan. Please go ahead.
Mike. Uh, there were fears that usep and US Watchmen could come, and saw and uscp was flat with third quarter. Uh, us Watchmen missed by a hair.
Michael Mahoney: In terms of the first half of your question, I can absolutely, again, you just saw the numbers we reported out, without any equivocation, say that we have not seen any impact from those trials, CLOSURE, Option-AF, and OCEAN. And again, we continue to see very robust uptake of Watchman in general and of concomitant procedures specifically.
Speaker #4: If at any time your question has been addressed and you would like to withdraw your question, please press star then two. Again, please limit yourself to only one question.
Um, what exactly happened in the quarter, versus your expectations versus the market? And the reason people are concerned is these are 2 of the key growth drivers. So you talked about,
Speaker #4: At this time, we will pause momentarily to assemble our roster. The first question comes from Robbie Marcus with JP Morgan. Please go
Speaker #4: ahead. Oh,
Confidence in above 15%, uh, EP growth next year of the market, the streets in around 25%. It it feels like that needs to come down. Hopefully you could help us level set, expectations for those 2 key products. What happened in the quarter and how to think about them in 26. Thanks.
Robert Marcus: Oh, great. Thanks for taking the question. I'll ask the question that's on everybody's mind today. Mike, there were fears that US EP and US Watchman could come in soft, and US EP was flat with Q3, US Watchman missed by a hair. What exactly happened in the quarter versus your expectations, versus the market? And the reason people are concerned is these are two of the key growth drivers. So you talked about confidence in above 15% EP growth next year of the market, the street sitting at around 25%. It feels like that needs to come down. Hopefully, you could help us level set expectations for those two key products, what happened in the quarter, and how to think about them in 2026. Thanks.
Speaker #1: great. Thanks for taking the questions. I'll ask the question that's on everybody's mind today. Mike, there were fears that USEP and US Watchmen could come in soft and USEP was flat with third quarter.
Operator: The next question comes from Travis Steeve with Bank of America. Please go ahead.
Travis Steed: Hey, thanks for taking the question. I guess I wanna push a little more on US EP, just because it was flat sequentially, and your RF competitors grew $18 million and $26 million sequentially in the US. So it doesn't look like share change versus last quarter, at least, on a sequential basis. I don't know if there was something that changed late in the quarter, 'cause you were pretty bullish at some December meetings with investors. So I don't know if there was anything kinda changed at the end of the quarter, and especially considering the Q1 guide of 8.5% to 10%, and kinda what that means for EP in the early part of 2026.
Well, thank you, thank you. Robert happy to uh and I'll touch on your question overall. We're super pleased with a quarter and the full year grew on 16th EPS growing 22% for the full year and 6008 business users growing faster, the market growing faster than the wager.
Speaker #1: US Watchmen missed by a hair. What exactly happened in the quarter versus your expectations versus the market? And the reason people are concerned is these are two of the key growth drivers.
Speaker #1: So you talked about confidence in above 15% EP growth next year of the market, the street sitting at around 25%. It feels like that needs to come down.
Um, and setting us up for strong guide and Investments for the overall company. Um, the 2 business that you call that, I think you nailed it. Um, if you look at, uh, EP we're quite pleased, actually our our results in Q4 exceeded. Our internal Target,
Speaker #1: us level set expectations for Hopefully, you could help those two key products. What happened in the quarter and how to think about them in
Um and Watchman was screwed 29%, pretty much similar to the third quarter, as we left the anniversary of the uh Conant reimbursement, a year ago, you know, specific to EP uh really pleased with the results at 35%.
Michael Mahoney: I think we've been pretty consistent with our messaging on EP. We do think the market's 18 to 20, like we said. I think some maybe have overshot the market growth in Q4. When you're the highest market share leader in PFA and competitors are coming out, we planned, and we do expect to lose some share, given the competitive launches that are coming out and given our really dominant market share position going into 2025. So we did anticipate that, and we're also very comfortable to say, as we looked at the end of 2026, that we'll be the clear PFA market leader, with the growing... And we also think our EP business grow faster than 15%.
Speaker #1: 26? Well, thank Thanks.
Michael Mahoney: Well, thank you. Thank you, Robbie. Happy to, and I'll touch on your question. Overall, we're super pleased with the quarter and the full year, growing 16%, EPS growing 22% for the full year, and 6 out of our 8 business users growing faster than the market, growing faster than AWAMGR, and setting us up for a strong guide and investments for the overall company. The two businesses that you called out, I think you nailed it. If you look at EP, we're quite pleased. Actually, our results in Q4 exceeded our internal target, and Watchman, it grew 29%, pretty much similar to Q3 as we lapped the anniversary of the concomitant reimbursement, a year ago. You know, specific to EP, really pleased with the results at 35%.
Speaker #5: You, Robbie. Happy to. And I'll touch on your question. Overall, we're super pleased with the quarter. In the full year, EPS grew 22%. For the full year, that's 16% growth year over year.
Uh, 2 of our larger competitors, resulted had results of 6 and a half percent growth, the market leader.
Speaker #5: And six of our eight business units growing faster than the market, growing faster than the investments. For the WAMGER. And setting us up for strong guide overall company.
Speaker #5: The two businesses that you called out, I think you nailed it. If you look at EP, we're quite pleased. exceeded our internal target. And Watchmen was grew 29%.
Third place, player 12, and a half percent. We grew 35, so we continue to gain, share overall. And to your point, we think the market in Q4, was closer to 18, to 20% growth rather than, uh, what some some other, uh, companies that claimed at 25%. So, we think the market was kind of the 18 to 20% range.
Uh, similar to what we developed internally in our plan and we've called the market for 2026 about 15% growth.
Speaker #5: Pretty much similar to the third quarter, as we lapped the anniversary of the concomitant reimbursement a year ago. Specific to EP, really pleased with the results of 35%—two of our larger competitors had results of 6.5% growth.
Michael Mahoney: So with new entrants coming, it's not surprising that we lost some share, but the overall EP, EP growth of 35%, I think, is quite impressive given the size of that business now, and grew faster overall than our competitors. On the Q1 guide, we guided full year to 10 to 11, which we think is strong guidance given where we are early in the year here. And 8.5 to 10%, simply, two factors, really. One, it's our toughest comp of the year. And secondly, we do have the, about 150 bips of impact from the accurate discontinuation, along with the Axios withdrawal. Well, not full withdrawal, but partial matrix withdrawal, which will impact the first half of the year.
So we think it's an excellent Market. Uh, we don't think it grew 25% in fourth quarter. Uh, we grew faster than our peer group based on this percentage that I saw or that we laid out, we actually grew even faster outside the US than the US. The US is more highly penetrated with PFA.
Michael Mahoney: Two of our larger competitors had results of 6.5% growth, the market leader. Third place player, 12.5%. We grew 35%, so we continue to gain share overall. To your point, we think the market in Q4 was closer to 18% to 20% growth rather than what some other companies had claimed at 25%. We think the market was kind of 18% to 20% range, similar to what we developed internally in our plan, and we've called the market for 2026, about 15% growth. We think it's an excellent market. We don't think it grew 25% in Q4. We grew faster than our peer group based on those percentages that I saw or that we laid out.
There's actually more competitors present outside the US and we've accelerated growth outside. The US.
Speaker #5: The market leader. Third place player, 12.5%. We grew 35%. So we continue to gain share overall. And to your point, we think the market in Q4 was closer to 18 to 20% growth rather than what some other companies had claimed—at 25%.
Speaker #5: So we think the market was kind of 18 to 20% range. Similar to what we developed internally in our plan. And we've called the market for 2026 about 15% growth.
So our PFA performance is quite strong. Um, the Market's still healthy. We think it's 18 to 20% in fourth quarter, and we exceeded our internal plan, and we got new products approved. Our mapping footprint continues to grow, and we have a lot of, uh, you know, clinical data that uh, various clinical studies that are in flight. So, we're very confident with our PFA business and our performance, uh, with Watchmen, we grew 29%
Speaker #5: So, we think it's an excellent market. We don't think it grew 25% in the fourth quarter. We grew faster than our peer group, based on those percentages that I saw.
Michael Mahoney: So we see both those products, both those issues will be addressed as you get into, call it, June, for the second half of the year, with the impact of Acura being gone, Axios being gone, our product launches, and slightly easier comps. Although it's still tough, but slightly easier than Q1.
Speaker #5: Or that we laid out. We actually grew even faster outside the U.S. than in the U.S. The U.S. is more highly penetrated with PFA. There are actually more competitors present outside the U.S., and we've accelerated growth outside the U.S.
Michael Mahoney: We actually grew even faster outside the US than the US. The US is more highly penetrated with PFA. There's actually more competitors present outside the US, and we've accelerated growth outside the US. So our PFA performance is quite strong. The market's still healthy. We think it's 18 to 20% in Q4, and we exceeded our internal plan, and we got new products approved. Our mapping footprint continues to grow, and we have a lot of, you know, clinical data that various clinical studies that are in flight. So we're very confident with our PFA business and our performance. With Watchman, we grew 29%. Excellent job. We pretty much are the market with Watchman. Concomitant continues to grow, and we did annualize the concomitant reimbursement, which happened Q4 last year.
Uh, excellent job. Uh, we pretty much are the market with Watchmen can come in and continue to grow. And we did annualize the con comment and reimbursement, which happened fourth quarter last year. So, we're quite proud of the 29%. You know, when you come to these consensus numbers, we exceeded our guidance. Uh, we actually exceeded analyst consensus.
Operator: The next question comes from Rick Wise with Stifel. Please go ahead.
Speaker #5: So our PFA performance is quite strong. The market's still healthy. We think it's 18 to 20% in fourth our internal plan. We got new products quarter.
Rick Wise: Good morning, Mike. I hate to stick with EP, but looking at the EP discussion from another angle, maybe talk us through your expectations for how the 2025 year is going to unfold. I mean, maybe the cadence of the year, specifically relating to better understanding the growth acceleration that seems likely to occur as the quarters progress, helped by your innovation pipeline. And so maybe you can drill down further into what are the implications of FaraPoint, and talk to us again about the ancillary products like ICE catheter, et cetera, and maybe any updates on the FaraFlex timing. So we better understand how, again, the case of 2025 and the setup as we head into... I'm sorry, for 2026 and the setup for 2027. Thank you.
Speaker #5: approved. Our mapping And we exceeded footprint continues to grow. And we have a lot of clinical data that various clinical studies that are in flight.
The mix of that is slightly different, but it shows the power of all of Boston, Scientific being able to deliver to beat our guidance, to be consensus in the quarter and the full year and we're quite proud of the EP Performance Based on the commentary. I just provided
Speaker #5: So we're very confident with our PFA business and our performance. 29%. Excellent job. We pretty much are the market with Watchmen, concomitant continues With Watchmen, we grew to grow.
Speaker #5: And we did annualize the concomitant reimbursement, which happened fourth quarter last year. So we're quite proud of the 29%. When you come to these consensus numbers, we exceeded our guidance.
Michael Mahoney: So we're quite proud of the 29%. You know, when you come to these consensus numbers, we exceeded our guidance. We actually exceeded analyst consensus. The mix of that is slightly different, but it shows the power of all of Boston Scientific being able to deliver, to beat our guidance, to beat consensus in the quarter and the full year, and we're quite proud of the EP performance based on the commentary I just provided.
Speaker #5: We actually exceeded analyst consensus. The mix of that is slightly different. But it shows the power of all of Boston Scientific, being able to deliver to beat our guidance, to beat consensus, in the quarter and the full year.
Uh, good morning. Uh thanks for taking the question. Look, I'm sure it'll be a lot of questions on on the usep uh business but I wanted to ask about Watchmen. So basically my question is, can you confirm you know, you're not seeing an impact from the 3, you know, recent trials. We saw, you know, in 20125 and I want to ask about Champions. It's, it's such an important trial. You know, maybe for Dr. Stein. What? What end points do you think Physicians? Will be most focused on, and how important do you think it is to Physicians to see similar rates of both eske and hemorrhagic stroke? Uh like we did in option. Um and uh I I'll leave it at that. Thank you.
Speaker #5: And we're quite proud of the EP performance based on the commentary I just
Speaker #4: The next question comes from
Operator: The next question comes from Larry Biegelsen with Wells Fargo. Please go ahead.
Speaker #4: Larry Beagleson with Wells Fargo. provided. Please go ahead.
[Analyst] (Stifel): ... Good morning. Thanks for taking the question. Look, I'm sure there'll be a lot of questions on, on the US EP business, but I wanted to ask about Watchman. So basically, my question is, can you confirm, you know, you're not seeing an impact from the 3, you know, recent trials we saw, you know, in 2025? And I wanna ask about Champions, since it's such an important trial. You know, maybe for Dr. Stein, what endpoints do you think physicians will be most focused on? And how important do you think it is to physicians to see similar rates of both ischemic and hemorrhagic stroke, like we did in Option? And, I'll leave it at that. Thank you.
Speaker #6: Good morning. Thanks for taking the question. Look, I'm sure there'll be a lot of questions on the U.S. EP business, but I wanted to ask about Watchman.
Michael Mahoney: Sure. I guess, you know, as we exit 25, you know, we're kind of in a, what, a 65-ish% PFA market share position. We have a market that we think is gonna grow 15%. We have high utilization in the US, call it 80%?
Speaker #6: So basically, my question is, can you confirm you're not seeing an impact from the three recent trials we saw in 2025? And I want to ask about Champions since it's such an important trial.
Speaker #6: Maybe for Dr. Stein, what endpoints do you think physicians will be most focused on? And how important do you think it is to physicians to see similar rates of both ischemic and hemorrhagic stroke like we did in you?
Jon Monson: Seven.
Michael Mahoney: 70 to 80%.
Jon Monson: Yeah.
Michael Mahoney: Outside the US, quite a bit lower. So with a healthy market, we expect to continue to grow above market. Our PFA share will reduce somewhat, but we're very confident by year-end, likely, if you add all the other competitors together, our share will be equal to them or in that area. We're not going to break out share by quarter, but we're very confident that we'll maintain clear market leadership in PFA over the course of 2026 and beyond. And I think if you look at the drivers that continue the strong pace of growth overall, one, it's geographic scope. We continue to gain share in Japan.
Yeah. That well, again, look forward to presenting the results of Champion at, uh, uh, ACC. Uh, and we will be hosting an event for uh, investors, uh, on that Saturday night at 5:30 p.m. central Time. And, you know, we we can get deep into the data at that point. Uh, again I I think, you know the uh there were there are 2 co-primary end points uh, you know, 1 non inferiority for uh uh combined endpoint Strokes, systemic embolism and death, 1 for bleeding. And just as we saw with option, I think both of those are going to be important for the field.
Speaker #5: Yeah, well, again, look forward to presenting the results of Champion at ACC. We will be hosting an event for investors on that Saturday night at 5:30 PM.
Michael Mahoney: Yeah, well, again, look forward to presenting the results of Champion at ACC. And we will be hosting an event for investors on that Saturday night at 5:30PM Central Time, and, you know, we can get deep into the data at that point. Again, I think, you know, the... There are two co-primary endpoints. You know, one, non-inferiority for a combined endpoint stroke, systemic embolism, and death. One for bleeding. And just as we saw with Option, I think both of those are gonna be important for the field.
Uh, in terms of the first half of your question, it can absolutely. Again, you, you just saw the numbers we reported out, um, can can can vary without any equivocation say that we have not seen any impact from those trials. Closure, uh, alone AF, and ocean. Uh, and again, we, we continue to see very robust uptake of Watchmen in general and of concocted procedures specifically,
Speaker #5: Central time. And we can get deep into the data at that point. Again, I think the there are two co-primary endpoints. One non-inferiority for a combined endpoint stroke systemic embolism and death.
The next question comes from Travis Steed with Bank of America, please go ahead.
Michael Mahoney: We just got a persistent indication. We continue to drive more account openings, utilization in Japan. China is a very, very big market, a small part of our number. We made significant investments the past 18 months in China, and you'll see China have a more significant impact on our overall global growth. Europe's the most competitive market, but our growth rate's quite impressive there. And we just got approval for the FaraPoint catheter. In the US, same thing, our now more significant, mapping, scaled mapping commercial team continues to gain experience, continues to add more mappers, more Opal systems.
Speaker #5: One for bleeding. And those are going to be important for the—just as we saw with Option, I think both of field. In terms of the first half of your question, it can absolutely—again, you just saw the numbers we reported out.
Michael Mahoney: In terms of the first half of your question, I can absolutely, again, you just saw the numbers we reported out, without any equivocation, say that we have not seen any impact from those trials, CLOSURE, Option-AF, and OCEAN. And again, we continue to see very robust uptake of Watchman in general and of concomitant procedures specifically.
Speaker #5: It can vary without any equivocation say that we have not seen any impact from those trials: closure, alone AF in Ocean, and again, we continue to see very robust uptake of Watchmen in general.
Hey, thanks for taking the question. I guess I want to push a little more on on usep just because it was flat sequentially and your our app competitors. Grew 18 million and 26 million sequentially in the US. So it doesn't like share, um, change versus last quarter at least, uh, on a sequential basis and I don't know if there was something that changed late in the quarter because you were pretty bullish, um, at some December meetings with investors. And so, I don't know if there anything kind of changed at the end of the quarter and especially considering the q1 guide of 8 and a half to 10%, uh, and kind of what that means, for, for EP and the early part of 26.
Michael Mahoney: The FaraPoint product will allow us more time in the lab to expand our reach in different clinical indications. And we have a host of products in the pipeline. You mentioned a few of them. They won't impact 2026 in a meaningful way, but we will continue to widen out the portfolio with our Cortex clinical trial work being done, the recent FaraPoint approval, and then we have a whole cadence of new catheters coming over the coming 1 to 3 years. So we have significant investments in the portfolio, and we continue to expect to be the clear market leader and have a very strong 2026, growing faster than the market.
Speaker #5: And of concomitant procedures
Speaker #5: specifically. The next question comes
Operator: The next question comes from Travis Steeve with Bank of America. Please go ahead.
Speaker #4: from Travis Steed with Bank Hey, thanks for taking the
Speaker #4: of America. Please go ahead.
Travis Steeve: Hey, thanks for taking the question. I guess I wanna push a little more on US EP, just because it was flat sequentially, and your RF competitors grew $18 million and $26 million sequentially in the US. So it doesn't look like share change versus last quarter, at least, on a sequential basis. I don't know if there was something that changed late in the quarter, 'cause you were pretty bullish at some December meetings with investors. So I don't know if there was anything kinda changed at the end of the quarter, and especially considering the Q1 guide of 8.5% to 10%, and kinda what that means for EP in the early part of 2026.
Speaker #7: on US EP just because it was flat question. I guess I want to push a little more sequentially. And your RF competitors grew 18 million in 26 million sequentially in the US.
Speaker #7: share change versus last So it does look like quarter. At least on a sequential basis. And I don't know if there was something that changed late in the quarter because you were pretty bullish at some December meetings with investors.
Speaker #7: And so I don't know if there's anything kind of changed at the end of the quarter. And especially considering the Q1 guide of 8.5 to 10% and kind of what that means for EP into early part of '26.
Operator: The next question comes from Joanne Winch with Citibank. Please go ahead.
Joanne Wuensch: Good morning, and thank you for taking the question. I suspect many of us will be picking through Watchman and Ferrapulse or EP for quite some time. But to drive the back half of the year, I suspect other products are accelerating, and it's not just easing comps from Axios and Accurate. What would you like to highlight to us that you see for a second half accelerating and then into 2027, so maybe we can expand our focus just a little bit? Thanks.
Speaker #5: I think we've been pretty consistent with our messaging on EP. We do think the market's 18 to 20; like, we have overshot the market growth in Q4.
Michael Mahoney: I think we've been pretty consistent with our messaging on EP. We do think the market's 18 to 20, like we said. I think some maybe have overshot the market growth in Q4. When you're the highest market share leader in PFA and competitors are coming out, we planned, and we do expect to lose some share, given the competitive launches that are coming out and given our really dominant market share position going into 2025. So we did anticipate that, and we're also very comfortable to say, as we looked at the end of 2026, that we'll be the clear PFA market leader, with the growing... And we also think our EP business grow faster than 15%.
I think we've been pretty consistent with our messaging on EP. Um, we do do think the Market's 18 to 20? Like we said, I think some maybe overshot the marker growth in Q4. Um, when you're the highest market share leader in PFA and competitors are coming out. We we planned and we do expect to lose some Cher given, uh, their competitive launches that are coming out and giving our really dominant, uh, market share position going into 2025. So we did anticipate that and we are also very comfortable to say as we looked at the end of 26th, that will be the clear, PFA market leader, uh, with growing. And we also think our EP business grow faster than the 15%. So with new entrance coming, it's not surprising that we lost some share, but the overall Eep, Eep growth of 35%, I think is quite impressive, given the size of that business. Now and grew faster overall than our competitors.
Speaker #5: When you're the highest market share leader in PFA, and competitors are coming out, we planned and we did expect to lose some share. Given their competitive launches that are coming out and giving our really dominant market share said.
On the first quarter guide. We guided full year to 10 to 11, uh, which we think is a strong guidance for the given where we are early in the year here, and 8 and a half to 10%.
Speaker #5: 2025. So we did anticipate—comfortable to say that as we looked at the end of '26, that we'll be that. And we are also very positioned going into—clear PFA market leader.
Michael Mahoney: Yeah. Great. I think, again, we expect to have a great year in EP and Watchman. We've got CHAMPION trial coming out. Those results are coming through. Concomitant is doing terrific. We're training more EP docs on concomitant every day. As you said, broadly, the comps do get a little bit easier, but we expect to have stronger performance in a number of our business units in 2026 versus what we had in 2025. We do expect our PI business, our Euro business, our Neuromod business, and our CRM businesses to have stronger years in 2026 than they did in 2025.
It's simply a 2 factors, really. Uh, 1 is our toughest comp of the year and secondly, we do have the uh, about 150 bits of impact from the accurate discontinuation along with the axios withdrawal. Well, not full withdrawal but partial Matrix withdrawal which will impact the first half of the year. So we see both those products
Speaker #5: With growing, and we also think our EP business grew faster than 15%. So, with new entrants coming, it's not surprising that we lost some share.
Michael Mahoney: So with new entrants coming, it's not surprising that we lost some share, but the overall EP, EP growth of 35%, I think, is quite impressive given the size of that business now, and grew faster overall than our competitors. On the Q1 guide, we guided full year to 10 to 11, which we think is strong guidance given where we are early in the year here. And 8.5 to 10%, simply, two factors, really. One, it's our toughest comp of the year. And secondly, we do have the, about 150 bips of impact from the accurate discontinuation, along with the Axios withdrawal. Well, not full withdrawal, but partial matrix withdrawal, which will impact the first half of the year.
Speaker #5: But the overall EP growth—impressive given the size of that business—of 35%, I think, is quite notable and grew faster overall than our competitors.
Both those issues will be addressed as you get into call it June, uh, for the second half of the year with the impact, of Acura being gone. Axis being gone, our product launches and slightly easier comps. Um, although it's still tough but slightly easier than the first quarter.
Speaker #5: On the first quarter guide, we guided full year to 10 to 11. Which we think is a strong guidance for the given where we are early in the year here.
The next question comes from Rick Wise with stifel, please go ahead.
Speaker #5: An 8.5 to 10% is simply two factors, really. One is our toughest comp of bips of impact from the about 150 for the year. And secondly, we do have the Axios withdrawal.
Michael Mahoney: Not many questions on Neuromod, but that business, we expect to be a high performer in 2026, along with improvement in PI, Euro, and CRM. And then you have our other businesses, which are performing quite well. As we get through this Axios issue, our Endo business is strong. Our IO business is now scaled to over $1 billion, growing nicely in the double digits. Our coronary business grew 20%, in the quarter, and now we're launching our seismic, IVL and PI, and we just finished enrollment in our IVL platform for coronary. Importantly, you know, we've also initiated our first clinical work with Vitalist in hypertension.
Speaker #5: Well, not full withdrawal, but partial matrix accurate discontinuation along with year. So we see both those products, both those issues will withdrawal, which will impact the first half of the be addressed as you get into call it June for the second half of the year with the impact of accurate being gone, Axios being gone, our product launches, and slightly easier comps.
Michael Mahoney: So we see both those products, both those issues will be addressed as you get into, call it, June, for the second half of the year, with the impact of Acura being gone, Axios being gone, our product launches, and slightly easier comps. Although it's still tough, but slightly easier than Q1.
Speaker #5: Although it's still tough, but slightly easier in the first quarter.
Speaker #4: The next question comes from Rick Wise with
Operator: The next question comes from Rick Wise with Stifel. Please go ahead.
Michael Mahoney: So we have a number of investments that we're making for the long term, and it's really the whole of Boston Scientific. And of our eight divisions, six of them grew faster than market, which is pretty consistent. We grow faster than the market. So we love our EP business, we love our Watchman business, but it's the entire company that gives us confidence in the 10% to 11% guide for the full year.
Speaker #4: Please go
[Analyst] (Stifel): Good morning, Mike. I hate to stick with EP, but looking at the EP discussion from another angle, maybe talk us through your expectations for how the 2025 year is going to unfold. I mean, maybe the cadence of the year, specifically relating to better understanding the growth acceleration that seems likely to occur as the quarters progress, helped by your innovation pipeline. And so maybe you can drill down further into what are the implications of FaraPoint, and talk to us again about the ancillary products like ICE catheter, et cetera, and maybe any updates on the FaraFlex timing. So we better understand how, again, the case of 2025 and the setup as we head into... I'm sorry, for 2026 and the setup for 2027.
Speaker #8: Good morning, Mike. but looking at the EP discussion from another
Speaker #8: Good morning, Mike. but looking at the EP discussion from another angle, maybe talk us through your expectations for how the CFOL. 25-year is going to unfold.
Gross acceleration. That seems likely to occur as the quarters, uh, progress helped by, um, uh, your Innovation Pipeline and so, maybe you can drill down further into what are the implications of fair point and talk to us again about, uh, the ancillary, uh, products, like ice catheter Etc and maybe any updates on the Pharaoh Flex timing. So, so, we better understand how again the the caves of 25 and the setup as we head into, uh, I'm sorry for 26 and the setup for 27. Thank you.
Operator: The next question comes from David Roman with Goldman Sachs. Please go ahead.
Speaker #8: year. Specifically, relating to better understanding the growth acceleration that seems likely to occur I mean, as the quarters progress, helped by your innovation pipeline.
Sure, I guess you know as we exit 25 um you know we're kind of in a what are 605% PFA market share position.
David Roman: Thank you. Good morning, everyone. I wanted to ask, Mike, if you could just expand a little bit more as you think about the diversification of growth drivers here on a go-forward basis. As you kind of reflect on 2025, you had some challenges in urology. You're raising some challenges here in endoscopy in the first half of the year. So what investments and processes are you putting in place to make sure that you're seeing consistency and performance in the non-EP and Watchman businesses, given those will represent a much more significant percentage of growth here on a go-forward basis?
We have a market that we think it's going to grow 15%.
we have high utilization in the US, call it
80%.
70, 80%, and you and outside the US quite a bit lower.
Speaker #8: down further into what are the implications of FairPoint and talk to us again about the ancillary products like ICE catheter, etc. And maybe any And so maybe you can drill updates on the Feraflex timing.
So, with a healthy Market, we expect to continue to grow above Market. Our PFA share will reduce somewhat, but we're very confident by year end.
Speaker #8: So we better understand cadence of 25 and the setup as we head into I'm sorry, for '26 and the setup for '27. Thank
Michael Mahoney: Yeah, we do, we do that every day at the company. I highlighted the NeuroMod, a smaller business, but I think you'll see strong performance in 2026. We just added additional product in that category via acquisition. Urology was a tougher year this year. We had some supply chain issues. Axonics integration didn't go as well as we wanted to initially. It was commercial disruption, but we feel comfortable with that. So also with new product launches coming in urology, we expect the urology to be at minimum back to market growth with our Euro business, NeuroMod, quite a bit above growth.
Speaker #8: you. Sure.
[Analyst] (Stifel): Thank you.
Likely if you add all the other competitors together our Cheryl will be equal to them or in that area. We're not going to break out share by quarter but we're very confident that we'll maintain a clear Market leadership in PFA over the course of 2026 and Beyond. And I think if you look at the accelerated, if you look at the
Michael Mahoney: Sure. I guess, you know, as we exit 25, you know, we're kind of in a, what, a 65-ish% PFA market share position. We have a market that we think is gonna grow 15%. We have high utilization in the US, call it 80%?
Speaker #5: I guess as we exit '25, we're kind of in what are 65-ish percent PFA market share position. We have a market that we think is going to grow 15%.
Drivers that continue the strong pace of growth overall.
Speaker #5: We have high utilization in the US—call it 80%, 70%, 80%. And outside the US, quite a bit lower. So, with a healthy market, we expect to continue to grow above market.
Jon Monson: Seven.
Michael Mahoney: 70 to 80%.
Jon Monson: Yeah.
Michael Mahoney: Outside the US, quite a bit lower. So with a healthy market, we expect to continue to grow above market. Our PFA share will reduce somewhat, but we're very confident by year-end, likely, if you add all the other competitors together, our share will be equal to them or in that area. We're not going to break out share by quarter, but we're very confident that we'll maintain clear market leadership in PFA over the course of 2026 and beyond. And I think if you look at the drivers that continue the strong pace of growth overall, one, it's geographic scope. We continue to gain share in Japan. We just got a persistent indication. We continue to drive more account openings, utilization in Japan. China is a very, very big market, a small part of our number.
1, it's uh, Geographic scope. Uh, we continue to gain share in Japan. We just kind of persist in indication. We continue to drive more, uh, count openings, utilization in Japan, China is a very, very big Market. A small part of our number. We made significant Investments the past 18 months in China.
Speaker #5: Our PFA share will reduce somewhat, but we're very confident by year-end, likely if you add all the other competitors together, our share will be equal to them or in that area.
Michael Mahoney: And Endo is really a solid, high-performing company with second half launches. That'll be important for us once we get through that Axonics issue. So a lot of confidence that med surg in general should have, ideally, we plan on a better year than 2026, in 2026 versus 2025. And the other businesses, you know, ICTx is a very large business with us now. Our complex coronary business grew 23%... complex coronary grew 31% in the quarter, and 23% for the year, and our ICTX business, despite the discontinuation of ACURATE, grew 10% in the quarter.
Speaker #5: We're not going to break out share by quarter, but we're very confident that we'll maintain clear market leadership in PFA. Over the course of 2026 and beyond.
And you'll see China have a more significant impact on our overall Global growth Europe's, the most competitive market. But our growth rates quite impressive there. Um, and we just got approval for the fair point catheter in the US, same thing. Our now, more significant, uh, mapping, um,
Speaker #5: The drivers that—and I think if you look at the continued strong pace of growth overall—one, it's geographic scope. We continue to gain share in Japan.
Speaker #5: We just continue to drive more account openings, utilization in got a persistent indication. Japan. China is a very, very big market, a We small part of our number.
Speaker #5: We made significant investments the past 18 months in China. And you'll see China have a more significant impact on our overall global growth. Europe's the most competitive market, but our growth rates quite impressive there.
Michael Mahoney: We made significant investments the past 18 months in China, and you'll see China have a more significant impact on our overall global growth. Europe's the most competitive market, but our growth rate's quite impressive there. And we just got approval for the FaraPoint catheter. In the US, same thing, our now more significant, mapping, scaled mapping commercial team continues to gain experience, continues to add more mappers, more Opal systems. The FaraPoint product will allow us more time in the lab to expand our reach in different clinical indications. And we have a host of products in the pipeline. You mentioned a few of them.
Scaled mapping commercial team. Continues to gain experience, uh, continues to add more mappers, more opal systems. The fair point product, will will allow us more time in the in the lab to expand. Our reach in different, uh, clinical indications, and we have a host of, uh, products in the pipeline. You mentioned a few of them, they won't impact 2026 in a meaningful way. But we will continue to widen out the, uh, portfolio with our cortex, uh, clinical trial work being done. The recent Fair Point approval, and then we have a
Michael Mahoney: So that business is doing extremely well with agent, with our imaging portfolio, and we have the most product launches and biggest clinical studies in that business. So we continue to diversify and strengthen that ICTX business that's doing quite well. Our interventional oncology business, we have new product launches there. We've done a tuck-in M&A.So we continue to fuel all of our businesses. We don't invest at the same rate for all of them, given the Watchman and EP growth profile. But we—it's classic Boston Scientific, doing organic R&D, tuck-in M&A, to continue to grow above our weighted average market growth rate.
Speaker #5: And we just got approval for the FairPoint catheter. In the US, same thing. Our now more significant mapping scaled mapping commercial team continues to gain experience.
All Cadence of new catheters coming over the coming 1 to 3 years. So we have significant investments in the portfolio, um, and we continue to expect to be the clear market leader, and have a very strong 26 growing faster than the market.
The next question comes from Joan winch. With City Bank, please go ahead.
Speaker #5: Continues to add more mappers, more OPAL systems. The FairPoint product will allow us more time in the lab to expand our reach in different clinical indications.
Speaker #5: And we have a host of products in the pipeline. You mentioned a few of them. They won't impact 2026 in a meaningful way. But we continue to widen out the portfolio, with our Cortex clinical trial work being done, the recent FairPoint approval.
Michael Mahoney: They won't impact 2026 in a meaningful way, but we will continue to widen out the portfolio with our Cortex clinical trial work being done, the recent FaraPoint approval, and then we have a whole cadence of new catheters coming over the coming 1 to 3 years. So we have significant investments in the portfolio, and we continue to expect to be the clear market leader and have a very strong 2026, growing faster than the market.
Operator: The next question comes from Patrick Wood with Morgan Stanley. Please go ahead.
Patrick Wood: Beautiful. Thank you for taking the question. I'd love to hop off essentially from that topic. And, you know, if I zoom out, there's been a ton of money spent building out people's vascular sales forces. Obviously, the proposed transaction on your side, but some of your peers, too, in the last kind of 18 months. And I guess, as I was reflecting on that, I was like, how much is that gonna help things like seismic and the IVL side, and TCAR, building out that force in a larger way? And then equally, are there things coming down the pipe, you know, over and above agent, that we can't see on the vascular side, that's causing a lot of money to be deployed in acquiring and building out sales forces there? Thanks.
Speaker #5: And then we have a whole cadence of new catheters coming over the coming one to three years. So we have significant investments in the portfolio.
Uh, good morning, and thank you for checking the question. Um, I suspect many of us will be picking through Watchmen and um, Farah Pulsar EP for quite some time, but to drive the back half of the year, I suspect other products um, are accelerating, um, and it's not just easing comps from axios and accurate. What would you like to highlight to us that you see for a second half? Accelerant and then into 2027. So maybe we can expand our Focus. Just a little bit. Thanks.
Speaker #5: And we continue to expect to be the clear market leader and have a very strong '26, growing faster than the market.
Yeah, great. I think again, we expect to have a great year in EP in Watchmen
Speaker #4: The next question comes from Joanne Winch with Citibank. Please go ahead.
Operator: The next question comes from Joanne Winch with Citibank. Please go ahead.
Joanne Winch: Good morning, and thank you for taking the question. I suspect many of us will be picking through Watchman and Ferrapulse or EP for quite some time. But to drive the back half of the year, I suspect other products are accelerating, and it's not just easing comps from Axios and Accurate. What would you like to highlight to us that you see for a second half accelerating and then into 2027, so maybe we can expand our focus just a little bit? Thanks.
Speaker #9: Good morning. And thank you for checking the questions. I suspect many of us will be picking through Watchmen and FairPulse or EP for quite some time.
We've got Champion trial coming out with those results are be coming through. Can comment is doing terrific, we're training more, EP docs on concocted, uh, every day as you said, they broadly, the comps do get a little bit easier. We expect to have stronger performance and number of our business units in 26 versus what we had in 25.
Speaker #9: But to drive the back half of the year, I suspect other products are accelerating. And it's not just easing comps from AXIOS and ACURATE.
Uh, we do. We do expect our um, Pi business, our Euro business, our neuromod business and our CRM businesses to have stronger years in 26, and they did in 25.
Speaker #9: What would you like to highlight to us that you see for a second-half accelerant and then into 2027? So maybe we can expand our focus just a little bit.
Michael Mahoney: I'm not sure I quite get the question. I would say on the commercial side, we have tremendous scale in our EI business commercially and within our interventional cardiology business. We're combining the reporting structure of those business units together, so we're very much market leaders in that area. The announcement of Penumbra, as we've talked about, is really exciting for us. It gets us into new high-growth markets in PE and neurovascular, just to name a few, with a highly scaled sales force. So in terms of commercial, clinical capability, I think we're pretty unmatched in that area.
Uh, not many questions on neuromod, but that business to be expected to be high performer in 26, along with Improvement, in pi Euro and CRM.
Speaker #9: Thanks.
Speaker #5: Yeah. Great. I think, again, we expect to have a great year in EP and Watchmen. We've got champion trial coming out. Those results will be coming through.
Michael Mahoney: Yeah. Great. I think, again, we expect to have a great year in EP and Watchman. We've got CHAMPION trial coming out. Those results are coming through. Concomitant is doing terrific. We're training more EP docs on concomitant every day. As you said, broadly, the comps do get a little bit easier, but we expect to have stronger performance in a number of our business units in 2026 versus what we had in 2025. We do expect our PI business, our Euro business, our Neuromod business, and our CRM businesses to have stronger years in 2026 than they did in 2025. Not many questions on Neuromod, but that business, we expect to be a high performer in 2026, along with improvement in PI, Euro, and CRM. And then you have our other businesses, which are performing quite well.
Speaker #5: Concomitant is doing terrific. We're training more EP docs on concomitant every day. As you said, they broadly, the comps do get a little bit easier.
Speaker #5: But we expect to have stronger performance in a number of our business units in '26 versus what we had in '25. We do expect our PI business, our euro business, our neuromod business, and our CRM businesses to have stronger years in '26 than they did in '25.
Michael Mahoney: And, you know, traditionally, with the company, you've seen a lot of organic R&D, like Agent was, and a lot of clinical work with new products being introduced starting with IVL this year. We'll continue to look at more tuck-in M&A there. So I think that whole, we call that ICTV, ICVT area now, we're very bullish on, and some of the biggest investments in the company are in that area.
Speaker #5: Not many questions on Neuromod, but that business will be expected to be a high performer in ’26, along with improvement in PI, Euro, and CRM.
Speaker #5: And then you have our other businesses, which are performing quite well. As we get through this Axios issue, our endo business is strong, our IO business is now scaled to over a billion dollars, growing nicely in the double digits.
Michael Mahoney: As we get through this Axios issue, our Endo business is strong. Our IO business is now scaled to over $1 billion, growing nicely in the double digits. Our coronary business grew 20%, in the quarter, and now we're launching our seismic, IVL and PI, and we just finished enrollment in our IVL platform for coronary. Importantly, you know, we've also initiated our first clinical work with Vitalist in hypertension. So we have a number of investments that we're making for the long term, and it's really the whole of Boston Scientific. And of our eight divisions, six of them grew faster than market, which is pretty consistent. We grow faster than the market.
Uh, clinical work, uh, with vitalist and hypertension. So we have a number of Investments that we're making for the long term, and it's really the, the whole of Boston Scientific, um, and of our 8 division, 6 of them grew faster than the market, which is pretty consistent, we grow faster than wamer. So, we love our EP business. We love our Watchman business, but it's the entire company that gives us confidence in the 10 to 11% guide for the full year.
Operator: The next question comes from Danielle Antalfi with UBS. Please go ahead.
The next question comes from David Roman. With Goldman Sachs, please go ahead.
Speaker #5: Our coronary business grew 20% in the quarter. And now we're launching our Seismic IVL and PI. And we just finished enrollment in our IVL platform for coronary.
Danielle Antalffy: Good morning, guys. Thanks so much for taking the question. And Mike, sorry, this is another EP Watchman question, and maybe it's actually for Dr. Stein, though. I mean, I guess I'm curious, as you see competitors launch. I know you guys talked about, like, pretty significant efficiency gains with Ferrapulse and PFA devices overall. Those are probably slowing. You know, we have Watchman coming. I mean, I asked this at the Analyst Day, but I'm just curious what's playing out in the real world as far as capacity at the EP lab. Because a lot of the docs we talk to sound like they have growing wait lists for their EP procedures, and this could only just get exacerbated once Champion comes, assuming Champion's positive.
Speaker #5: And importantly, we've first clinical work with also initiated our Vitalist. And hypertension. So we have a number of investments that we're making for the long term.
Thank you. Good morning everyone. I I, I wanted to ask Mike, if you could just expand a little bit more. As you think about the diversification of growth drivers here on a, go for a basis, as you kind of reflect on 2025, you had some challenges in neurology, you're raising some challenges here in Endoscopy in the first half of the year.
Speaker #5: And it's really the whole of Boston Scientific. And of our eight divisions, six of them grew faster than the market, which is pretty consistent.
Speaker #5: We grow faster than WAMGER. So we love our EP business. We love our Watchman business. But it's the entire company that gives us confidence in the 10 to 11% guide for the full
Michael Mahoney: So we love our EP business, we love our Watchman business, but it's the entire company that gives us confidence in the 10% to 11% guide for the full year.
So, what investments, and and processes are you putting in place to make sure that you're seeing consistency and performance in the non EP and watching businesses. Giving those will represent a much more significant percentage of growth here on and go forward basis.
Speaker #5: year. The next question comes
Operator: The next question comes from David Roman with Goldman Sachs. Please go ahead.
Speaker #4: From David Roman with Goldman Sachs. Please go ahead.
Danielle Antalffy: So I'm just curious what you could say to that and how much that is currently impacting overall market growth. Thanks so much.
David Roman: Thank you. Good morning, everyone. I wanted to ask, Mike, if you could just expand a little bit more as you think about the diversification of growth drivers here on a go-forward basis. As you kind of reflect on 2025, you had some challenges in urology. You're raising some challenges here in endoscopy in the first half of the year. So what investments and processes are you putting in place to make sure that you're seeing consistency and performance in the non-EP and Watchman businesses, given those will represent a much more significant percentage of growth here on a go-forward basis?
Speaker #10: Thank you. Good morning, everyone. I want to ask, Mike, if you could just expand a little bit more, as you think about the diversification of growth drivers here on a go-forward basis.
Kenneth Stein: Yeah, Danielle, I mean, I think you nailed it, right? I mean, we've now anniversaried, I mean, we're three years into the launch of TheraPulse in the US. I think, you know, the efficiency gains that people saw, you know, are largely now built into the system. And, you know, I think as Mike said, you know, that's why what we're looking for, again, is 15% growth in the EP market next year. Again, we are growing and believe we will continue to grow faster than that market. But, you know, the keys, again, I feel a little sort of almost silly that I'm apologizing for 15% growth in, you know, what's one of the largest markets in medtech. But, it...
Speaker #10: As you kind of reflect on 2025, you had some challenges in Urology. You're raising some challenges here in Endoscopy in the first half of the year.
Yeah, we do. We do that every day at the company. Uh, I highlighted a neuromod a smaller business but I think you'll see strong performance in 2026, we just added additional uh product uh and that category that V acquisition. Neurology was a tougher year this year. Uh we had some supply chain issues axonics integration uh didn't go as well as we wanted to, initially was commercial disruption, but we feel comfortable with that.
Speaker #10: So what place to make sure that you're investments and processes are you putting in seeing consistency in performance in the non-EP and Watchman businesses, given those will represent a much more significant percentage of growth here on a go-forward basis?
So also with new product, launches coming to Urology, we expected to be Urology to be at minimum, back to market growth with our Euro business neuromod quite a bit of growth.
And Endo is really a solid High performing company with second half launches, that'll be important for us once we get through that axio issue. So a lot of confidence that Med Surgeon General
Speaker #5: Yeah. We do that every day at the company. I highlighted on neuromod, a smaller business, but I think you'll see strong performance in 2026.
Michael Mahoney: Yeah, we do, we do that every day at the company. I highlighted the NeuroMod, a smaller business, but I think you'll see strong performance in 2026. We just added additional product in that category via acquisition. Urology was a tougher year this year. We had some supply chain issues. Axonics integration didn't go as well as we wanted to initially. It was commercial disruption, but we feel comfortable with that. So also with new product launches coming in urology, we expect the urology to be at minimum back to market growth with our Euro business, NeuroMod, quite a bit above growth. And Endo is really a solid, high-performing company with second half launches. That'll be important for us once we get through that Axonics issue.
Speaker #5: We just added additional product in that category through an acquisition. Urology was a tougher year this year. We had some supply chain issues. Axonix integration didn't go as well as we wanted to initially.
Should have, uh, ideally we plan on a better year than 26 and 26 versus 25 and other businesses. Uh, you know, ictx, uh is a very large business with us. Now, our complex, coronary business, grew 203%,
Kenneth Stein: You know, the keys to driving that forward will be, A, starting the build-out of ASCs in the United States to unlock some more capacity and reduce those waiting lists. Continued just development and repurposing cath labs for the use for EP procedures in the hospital. Continuing what we can do as a company to help further drive greater efficiency in procedures. So things that we can do with concomitant procedures, just growth of concomitant overall helps with that efficiency. We've talked about some of the other investments that we've made, the partnership with Siemens on 4D ICE.
I'm sorry. Is it a complex coronary with 31% in the quarter 23% for the year?
Speaker #5: It was some commercial disruption. But we feel comfortable with that. So also with new product launches coming to urology, we expect urology to be at minimum back to market growth with our euro business, neuromod quite a bit above growth.
uh, and our ictx business, despite the discontinuation of accurate through 10% in the quarter, so that business is doing extremely well with agent with our um,
With our, um, Imaging portfolio. And we have the most
Speaker #5: And endo is really a solid high-performing company with second half launches that will be important for us once we get through that Axios issue.
Speaker #5: So, a lot of confidence that MedSurge in general should have. Ideally, we plan on a better year than '26, and '26 versus '25. And the other businesses—ICTX is a very large business with us now.
Michael Mahoney: So a lot of confidence that med surg in general should have, ideally, we plan on a better year than 2026, in 2026 versus 2025. And the other businesses, you know, ICTx is a very large business with us now. Our complex coronary business grew 23%... complex coronary grew 31% in the quarter, and 23% for the year, and our ICTX business, despite the discontinuation of ACURATE, grew 10% in the quarter. So that business is doing extremely well with agent, with our imaging portfolio, and we have the most product launches and biggest clinical studies in that business. So we continue to diversify and strengthen that ICTX business that's doing quite well. Our interventional oncology business, we have new product launches there. We've done a tuck-in M&A.
Product launches and biggest clinical studies in that business. So we continue to diversify and strengthen that ictx business that's doing quite well. Our Interventional oncology business, we have new product launches there, we've done a tech and m&a
Speaker #5: Our complex coronary business grew 23%. I'm sorry—complex coronary grew 31% in the quarter and 23% for the year. And our ICTx business, despite the discontinuation of ACCURATE, grew 10% in the quarter.
Kenneth Stein: But it really, you know, until all of those things play out, you know, it, that's why we really, you know, don't see growth exceeding 20% in the market, and why that 15% seems to us to be a much more realistic way to view it. But again, to close, it is our intent to continue to grow faster than that market.
So we can continue to fuel all of our businesses. We don't invest at the same rate for all of them, given the Watchmen and EP growth profile, but we it's classic Boston. Scientific doing organic R&D tuck in m&a uh to continue to continue to grow above. Our weighted average market growth rate.
The next question comes from Patrick wood with Morgan Stanley. Please go ahead.
Speaker #5: So that business is doing extremely well with agent, with our imaging portfolio, and we have the most product launches and biggest clinical studies in that business.
Operator: The next question comes from Michael Pollark with Wolfe Research. Please go ahead.
Speaker #5: So we continue to diversify and strengthen that ICTX business that's doing quite well. Our interventional oncology business, we have new product launches there. We've done a tuck and M&A.
Michael Polark: Hey, good morning. I have a question on ICE. So the partnership with Siemens Healthineers for the 4D catheter versus your plans to launch a 2D product, can you just help us understand, do these things work together? Does the partnership with Siemens, you know, is that a reflection of-... of a fresh view on how you plan to go to market with the 2D product. Help us understand how these are catalysts, how they coexist. I would appreciate any color. Thank you.
Speaker #5: So we continue to fuel all of our businesses. We don't invest at the same rate for all of them, given the Watchman and EP growth profile.
Beautiful. Um thank you for taking the question. I I I'd love to hop off essentially from from that topic and you know if I zoom out there's been a ton of money spent building out people's vascular sales forces, obviously the proposed transaction on your side but but some of your peers too in the last kind of 18 months and I guess as I was reflecting on that I was like how much is that going to help things like seismic and the ivl side um and teacup building out that Force.
Michael Mahoney: So we continue to fuel all of our businesses. We don't invest at the same rate for all of them, given the Watchman and EP growth profile. But we—it's classic Boston Scientific, doing organic R&D, tuck-in M&A, to continue to grow above our weighted average market growth rate.
Speaker #5: Doing organic R&D, tuck-in, but it's classic Boston Scientific M&A to continue to grow above our weighted average market growth.
In a larger way and then equally are there things coming down the pipe, you know over and above agent that we can't see on the vascular side that's causing a lot of money to be deployed in acquiring and building out. Salesforce is there. Thanks.
Speaker #5: rate. The next
Operator: The next question comes from Patrick Wood with Morgan Stanley. Please go ahead.
Speaker #4: question comes from Patrick Wood with Morgan Stanley. Please go
Speaker #4: ahead. Beautiful.
Patrick Wood: Beautiful. Thank you for taking the question. I'd love to hop off essentially from that topic. And, you know, if I zoom out, there's been a ton of money spent building out people's vascular sales forces. Obviously, the proposed transaction on your side, but some of your peers, too, in the last kind of 18 months. And I guess, as I was reflecting on that, I was like, how much is that gonna help things like seismic and the IVL side, and TCAR, building out that force in a larger way? And then equally, are there things coming down the pipe, you know, over and above agent, that we can't see on the vascular side, that's causing a lot of money to be deployed in acquiring and building out sales forces there? Thanks.
Speaker #10: Thank you for taking the question. I'd love to hop off, essentially, from that topic. If I zoom out, there's been a ton of money spent building out people's vascular sales forces.
Michael Mahoney: Yeah, we'll give it just a little bit. It's a bit too early for that. We're excited about the Siemens collaboration. That's a product that's in development. It's not commercially available yet. So we, in partnership with them, it's really gonna be different segments. That'll be very much a premium product, and markets that can pay for a premium product, and we think it'll be differentiated and, you know, further differentiate in our Watchman and our Paraflex capability. 2D ICE would be a different price point. It's been an established market for a while. So our 2D ICE programs will really be just a nice portfolio addition to our overall portfolio within our our EP portfolio bag.
I'm not sure, I, I quite get the question, I would say, um, on the commercial side, we have tremendous scale, uh, in our EI business commercially. And within our invention of Cardiology business,
Speaker #10: Obviously, the proposed transaction on your side, but some of your peers too in the last kind of 18 months. And I guess, as I was reflecting on that, I was like, how much is that going to help things like seismic and the IVL side and TCAR, building out that force in a larger way?
Uh, we're combining the reporting structure of those business units together. So, we're very much Market leaders in that area.
Speaker #10: And then equally, are there things coming down the pipe over and above agent that we can't see on the vascular side that's causing a lot of money to be deployed in acquiring and building out sales forces there?
Uh the announcement of penumbra as we talked about uh is really exciting for us. It gets us into new high growth markets in PE and neurovascular. Just the name a few with a highly scaled sales force. So in terms of the commercial
Clinical uh, capability. I think we're pretty unmatched. Uh, in that in that area and
Speaker #10: Thanks.
Speaker #5: I'm not sure I quite get the question. I would say on the commercial side, we have tremendous scale in our PI business, commercially, and within our interventional cardiology business.
Michael Mahoney: I'm not sure I quite get the question. I would say on the commercial side, we have tremendous scale in our EI business commercially and within our interventional cardiology business. We're combining the reporting structure of those business units together, so we're very much market leaders in that area. The announcement of Penumbra, as we've talked about, is really exciting for us. It gets us into new high-growth markets in PE and neurovascular, just to name a few, with a highly scaled sales force. So in terms of commercial, clinical capability, I think we're pretty unmatched in that area. And, you know, traditionally, with the company, you've seen a lot of organic R&D, like Agent was, and a lot of clinical work with new products being introduced starting with IVL this year.
Operator: The next question comes from Matt Taylor with Jefferies. Please go ahead.
Matthew Taylor: Hi, thanks for taking the question. I wanted to follow up on Champion. You sound excited about that and should be. It's a big study. I was wondering if you could comment on the range of outcomes for that, obviously, non-inferiority trial. Do you think there's any chance of showing superiority on any of the endpoints or the secondary endpoints? And I, I also wanted to ask if you think a positive Champion result could boost concomitant in the option indication.
Speaker #5: We're combining the reporting structure of those business units together so we're very much market leaders in that area. The announcement of Penumbra, as we've talked about, is really exciting for us.
A new products, uh, being introduced, uh, starting with ivl this year and we'll continue to look at more tuck in m&a there. So, I think that hole we call that ictv, uh, icvt area. Now, uh, we're very bullish on and some of the biggest investments in the company are in that area.
The next question comes from Danielle and Tali with UBS, please go ahead.
Speaker #5: It gets us into new high-growth markets. In PE and neurovascular, just to name a few, with a highly scaled sales force. So in terms of commercial, clinical, capability, I think we're pretty unmatched in that area.
Kenneth Stein: Yeah, Matt. I first of all just to clarify the bleeding endpoint is powered as a superiority endpoint. We'll see what it shows when we report it out, but the goal there would be to show superiority on bleeding complications. I think it'd be... You would have needed to power for superiority on stroke, would have needed a trial that would probably have been an order of magnitude larger. And so that's, you know, part of, and I... Well, let me just backtrack on that a little bit. And I don't think we need to show superiority on stroke.
Speaker #5: And traditionally, with a company, you've seen a lot of organic R&D, like agent was. And a lot of clinical work with new products being introduced starting with IVL this year.
Speaker #5: And we'll continue to look at more tuck and M&A there. So I think that whole what we call that ICTV area now, we're very bullish on.
Michael Mahoney: We'll continue to look at more tuck-in M&A there. So I think that whole, we call that ICTV, ICVT area now, we're very bullish on, and some of the biggest investments in the company are in that area.
Speaker #5: And some of the biggest investments in the company are in that area.
Operator: The next question comes from Danielle Antalfi with UBS. Please go ahead.
Speaker #4: The next question comes from Daniel Anselfi with UBS. Please go ahead.
Danielle Antalfi: Good morning, guys. Thanks so much for taking the question. And Mike, sorry, this is another EP Watchman question, and maybe it's actually for Dr. Stein, though. I mean, I guess I'm curious, as you see competitors launch. I know you guys talked about, like, pretty significant efficiency gains with Ferrapulse and PFA devices overall. Those are probably slowing. You know, we have Watchman coming. I mean, I asked this at the Analyst Day, but I'm just curious what's playing out in the real world as far as capacity at the EP lab. Because a lot of the docs we talk to sound like they have growing wait lists for their EP procedures, and this could only just get exacerbated once Champion comes, assuming Champion's positive. So I'm just curious what you could say to that and how much that is currently impacting overall market growth.
Speaker #11: Good morning, guys. Thanks so much for taking the question. And Mike, sorry, this is another EP, Watchman question. And maybe it's actually for Dr. Stein, though.
Good morning guys, thanks so much for taking the question and Mike. Sorry. Um, this is another um, EP Watchman question and maybe it's actually for Dr. Stein though. I mean, I guess I'm curious if you see competitors launch. I know you guys talked about, like pretty significant efficiency, gains with, uh, therapulse and PFA devices. Overall, those are probably slowing, you know, we have Watchman coming. I mean, I asked this at the analyst day but I'm just curious. What's playing out in the real world as far as capacity at the EP lab because a lot of the docs we talked to sound like they have growing weightless for their EP procedures. And this could only just get exacerbated once Champion comes assuming Champions positive. So I'm just curious what you could say to that and how much that is currently impacting overall market growth. Thanks so much.
Kenneth Stein: Again, you know, the goal here would be to show that Watchman would be non-inferior, so as effective as the drugs, but to be able to show superiority on bleeding. And again, that, that was what we demonstrated with Option. And I think everyone's seen the impact that that's had for the Option population. In terms of the second part of the question, you know, I think it's a perceptive question, because, you know, there are a couple of things that would happen if Champion does turn out to be positive.
Speaker #11: guess I'm curious, as you see competitors I mean, I launch, I know you guys talked about pretty significant efficiency gains with SeroPulse and PFA devices overall.
Speaker #11: Those are probably slowing. We have Watchman coming. I mean, I ask this as the analyst day, but I'm just curious what's playing out in the real world as far as capacity at the EP lab because a lot of the docs we talk to sound like they have growing waitlists for their EP procedures.
Yeah, Danielle. I I I mean, I think you nailed it, right? I mean, we've now anniversary, I mean we're we're 3 years into the launch of uh Sarah pulse in the US. I think, you know, the efficiency gains that people saw, you know, are largely now built into the system. Uh, and you know, I think as as as Mike said, you know that that's why what we're looking for. Again, it's 15% growth uh uh in the EP Market next year, again, we uh,
Speaker #11: And this could only just get exacerbated once Champion comes, assuming Champion's positive. So I'm just curious what you could say to that and how much that is currently impacting overall market growth.
Are growing and believe it will continue to grow faster than that market. Uh but you know, the the keys again.
Kenneth Stein: All right? And one is developing the new indication, but the other is strengthening the current indication. And so I do believe that a positive Champion would give increased impetus for referrers to referring for the current indication, which includes the Option indication. It will take time to build out the new indication, get better representation and guidelines, and get a revision of the CMS national coverage decision. And again, that's part of, you know, when we look at the Champion story, right? If it's positive, it's not just a step change in growth in Watchman, but it sort of sustains the growth in Watchman over our long-range plan.
Speaker #11: Thanks so
Danielle Antalfi: Thanks so much.
Speaker #11: much. Yeah,
Ken Stein: Yeah, Danielle, I mean, I think you nailed it, right? I mean, we've now anniversaried, I mean, we're three years into the launch of TheraPulse in the US. I think, you know, the efficiency gains that people saw, you know, are largely now built into the system. And, you know, I think as Mike said, you know, that's why what we're looking for, again, is 15% growth in the EP market next year. Again, we are growing and believe we will continue to grow faster than that market. But, you know, the keys, again, I feel a little sort of almost silly that I'm apologizing for 15% growth in, you know, what's one of the largest markets in medtech. But, it...
Speaker #5: Daniel, I mean, I think you nailed it, right? I mean, we've now anniversary— I mean, we're three years into the launch of SeroPulse in the US.
Speaker #5: I think the efficiency gains that people saw are largely now built into the system. And I think as Mike said, that's why what we're looking for, again, is 15% growth in the EP market next year.
Speaker #5: Again, we are growing and believe we will continue to grow faster than that market. But the key is, again, I feel a little, sort of, almost silly that I'm apologizing for 15% growth in what's one of the largest markets in med tech.
Operator: The next question comes from Josh Jennings with TD Cowen. Please go ahead.
Feel feel a little sort of almost silly to apologizing for 15% growth and you know what's what's 1 of the largest markets in Medtech. Uh but you know the the keys to driving that forward will be a starting to build out of uh asc's uh in the United States uh to unlock some more capacity and and and reduce those waiting lists uh continue just development and repurposing. Cath labs for the use for EP procedures, uh in the hospital, uh continuing what we can do, as a company uh to help the further Drive greater efficiency and procedures. Uh, so things that we can do with incompetent procedures, uh, just growth of concocted overall helps with that efficiency. Uh,
Joshua Jennings: Hi, good morning. Thanks for taking the question. Mike, it's only been a couple of months since the Investor Day, and I think I just wanted to hear about your confidence level in hitting your LRP targets through 2028, specifically the 10%+ organic revenue growth goal. Throughout this call, I think your confidence level is clear that 2026, the guidance is achievable. But any updates just on your confidence level for through the LRP and the double-digit organic revenue growth target? Thanks for taking the question.
Speaker #5: But the keys to driving that forward will be A, starting to build out of ASCs in the United States, to unlock some more capacity and reduce those waiting lists.
Ken Stein: You know, the keys to driving that forward will be, A, starting the build-out of ASCs in the United States to unlock some more capacity and reduce those waiting lists. Continued just development and repurposing cath labs for the use for EP procedures in the hospital. Continuing what we can do as a company to help further drive greater efficiency in procedures. So things that we can do with concomitant procedures, just growth of concomitant overall helps with that efficiency. We've talked about some of the other investments that we've made, the partnership with Siemens on 4D ICE.
Speaker #5: Continue just development and repurposing cath labs for the use for EP procedures. In the hospital, continuing what we can do as a company to help further drive greater efficiency in procedures.
We've talked about some of the other Investments that we've made the partnership with Siemens, on 4D Ice. Uh, but it really, you know, until all of those things play out, you know, there. It's it's why we really, you know, don't see growth exceeding, 20% in the market and and why that 15% seems to us to be a much more realistic, way to view it, but again to close. But it is our intent to continue to grow faster than that market.
The next question comes from Michael polar, with wolf research. Please go ahead.
Michael Mahoney: Yeah, it hasn't changed. If we were doing our Investor Day today, we'd get the same numbers. Ten percent plus, 26 to 28, 150 basis points of margin improvement, a strong double GDPs growth, you know, even within that. We think Penumbra further enhances our WAMGR and further strengthens the company beyond that. Really, no, no change of position here. Our whole key to our business is being in fast growth markets, which we've demonstrated. We anticipate in that time horizon, the WAMGR gets closer to 9. Penumbra actually could slightly even improve that once that closes by a small margin, but slightly improve it. Excluding Penumbra, we're very comfortable with those LRP goals, as we've stated.
Speaker #5: So things that we can do with concomitant procedures, just growth of concomitant overall helps with that efficiency. We've talked about some of the other investments that we've made, the partnership with Siemens, on 4DICE.
Hey, good morning. Um, I have a question on ice, so the partnership with Siemens healthineers for the 4D catheter, versus your plans to launch a 2d product. Can you just help us understand do these things work together? Um, does the partnership with Siemens, uh, you know, is that a reflection of
Ken Stein: But it really, you know, until all of those things play out, you know, it, that's why we really, you know, don't see growth exceeding 20% in the market, and why that 15% seems to us to be a much more realistic way to view it. But again, to close, it is our intent to continue to grow faster than that market.
Speaker #5: But really, until all of those things play out, that's why we really don't see growth exceeding 20% in the market. And why that 15% seems to us to be a much more realistic way to view it.
Of a fresh view on how you plan to go to market with the 2D product. Um,
Help us understand how these are catalysts how they coexist um how to appreciate any color. Thank you.
Speaker #5: But again, to close, it is our intent to continue to grow faster than that.
Yeah, we'll give you just a little bit. It's it's a bit too early for that. Um, we're excited about the Siemens collaboration. That's a product that's uh, in development. It's not commercially available yet.
Speaker #5: market. The next question comes
Operator: The next question comes from Michael Pollark with Wolfe Research. Please go ahead.
Speaker #4: from Michael Polark with Wolff Research. Please go ahead.
Speaker #12: Hey, good morning. I have a question on ICE. So the partnership with Siemens Healthineers for the 4D catheter versus your plans to launch a 2D product.
Michael Pollark: Hey, good morning. I have a question on ICE. So the partnership with Siemens Healthineers for the 4D catheter versus your plans to launch a 2D product, can you just help us understand, do these things work together? Does the partnership with Siemens, you know, is that a reflection of-
Operator: I understand there's time for one last question. I have that from Chris Pasquale with Nephron Research. Please go ahead.
Speaker #12: Can you just help us understand, do these things work together? Does the partnership with Siemens is that a reflection of a fresh view on how you plan to go to market with the 2D product?
Chris Pasquale: Great. Thanks for fitting me in. I think I heard you say that you think US PSA penetration is already at 70% for AF cases, which is a little higher than we were thinking, and suggests that we're already in the latter innings of that mix shift. I'd love to hear your thoughts on what's left to penetrate with PSA, particularly as we think about other procedure categories like SVT or VT, and what's gonna be necessary from either a product or a data perspective in order to really move into those segments?
Jon Monson: ... of a fresh view on how you plan to go to market with the 2D product. Help us understand how these are catalysts, how they coexist. I would appreciate any color. Thank you.
Uh, so we in partnership with with them, it's really going to be different segments. Uh, that'll be very much a premium product, um, and markets that can pay for premium product and we think it'll be differentiated. And, you know, further differentiate, uh, you know, our Watchmen and fairflex capability 2D Ice, uh, would be a different price point. It's been established market for a while, so, our 2D ice programs, uh, will really be just a nice portfolio addition to our overall portfolio within our um, our EP portfolio bag.
Speaker #12: Help us understand how these are catalysts, how they coexist. I would appreciate any color.
Speaker #12: Thank you. Yeah.
Michael Mahoney: Yeah, we'll give it just a little bit. It's a bit too early for that. We're excited about the Siemens collaboration. That's a product that's in development. It's not commercially available yet. So we, in partnership with them, it's really gonna be different segments. That'll be very much a premium product, and markets that can pay for a premium product, and we think it'll be differentiated and, you know, further differentiate in our Watchman and our Paraflex capability. 2D ICE would be a different price point. It's been an established market for a while. So our 2D ICE programs will really be just a nice portfolio addition to our overall portfolio within our our EP portfolio bag.
Speaker #5: We'll give you just a little bit. It's a bit too early for that. We're excited about the Siemens collaboration. That's a product that's in development.
The next question comes from. Matt Taylor with Jeffrey's, please go ahead.
Speaker #5: It's not commercially available yet. So in partnership with them, it's really going to be different segments. That'll be very much a premium product. And markets that can pay for premium product.
Kenneth Stein: Yeah. Thanks, Chris. Again, I think first of all, right, the 70% penetrated AFib, there's still 30% left to penetrate. And, you know, there's always just the tailwind of adoption of new technologies. I think as you look at arrhythmias other than atrial fibrillation, you know, there is probably the two prime use cases where we would see a real advantage to moving to PFA would be for atrial tachycardias, you know, the atypical atrial flutter-type thing. Although frankly, we think that's gonna be a diminishing part of the market going forward, because usually where that's seen, that's a redo AF ablation, and we just see redo numbers shrinking with the efficacy of FARAPULSE for de novo ablation.
Excited about that and should be, it's a big study. I was wondering if you could comment on the range of outcomes for that. Obviously, non-inferiority, trial, do you think there's any chance of showing superiority on any of the endpoints or the secondary endpoints?
Speaker #5: And we think it'll be differentiated, and further differentiate our WATCHMAN and Farapulse capability to the ICE. It would be a different price point. It's been an established marker for a while.
And I I also wanted to ask if you think a positive Champion result could boost concom in the option indication.
Speaker #5: So our 2D ICE programs will really be just a nice portfolio addition to our overall portfolio within our EP portfolio.
Speaker #5: bag. The next question comes from
Operator: The next question comes from Matt Taylor with Jefferies. Please go ahead.
Speaker #4: Matt Taylor with Jefferies. Please go
Speaker #4: ahead. Hi.
Uh yeah, man, I I think first of all, just uh, to clarify uh, the breeding endpoint is powered as a superior end. Point, uh, we'll see what it shows when we when we reported out. But but the goal there would be to show superiority on bleeding complications. Um, it I think it'd be
Matt Taylor: Hi, thanks for taking the question. I wanted to follow up on Champion. You sound excited about that and should be. It's a big study. I was wondering if you could comment on the range of outcomes for that, obviously, non-inferiority trial. Do you think there's any chance of showing superiority on any of the endpoints or the secondary endpoints? And I, I also wanted to ask if you think a positive Champion result could boost concomitant in the option indication.
Speaker #13: Thanks for taking the question. I wanted to follow up on Champion. You sound excited about that and should be. It's a big study. I was wondering if you could comment on the range of outcomes for that.
You wouldn't needed to power for superiority, on stroke would have needed a trial, that would probably have been an order of magnitude larger. Uh, and
Speaker #13: Obviously, non-inferiority trials. Do you think there's any chance of showing superiority on any of the endpoints or the secondary endpoints? And I also wanted to ask if you think a positive CHAMPION result could boost Concomitant in the OPTION indication.
Speaker #13: Obviously, non-inferiority trials. Do you think there's any chance of showing superiority on any of the endpoints or the secondary endpoints? And I also wanted to ask if you think a positive Champion result could boost concomitant in the option indication.
and, and so that's, you know, part of and and I well, let me just
Kenneth Stein: I think the other thing you hit on is ventricular tachycardia. We are already engaged in a couple of studies of using Farapulse technology for ablation in the ventricles. And it's one of the areas where both Farapoint catheter and Faraflex catheter, which is in development now, and we're very pleased with the progress of that in its first human use studies. But that is one of the areas where, again, I think those catheters and those form factors are gonna shine.
Ken Stein: Yeah, Matt. I first of all just to clarify the bleeding endpoint is powered as a superiority endpoint. We'll see what it shows when we report it out, but the goal there would be to show superiority on bleeding complications. I think it'd be... You would have needed to power for superiority on stroke, would have needed a trial that would probably have been an order of magnitude larger. And so that's, you know, part of, and I... Well, let me just backtrack on that a little bit. And I don't think we need to show superiority on stroke. Again, you know, the goal here would be to show that Watchman would be non-inferior, so as effective as the drugs, but to be able to show superiority on bleeding.
Speaker #5: Yeah, man. I think, first of all, just to clarify, the bleeding endpoint is powered as a superiority endpoint. We'll see what it shows when we report it out.
Backtrack on that a little bit. Uh, and I don't think we need to show superiority on stroke again. You know, the, the goal here would be to show that Watchman would be non-inferior. So, as effective as the drugs but to be able to show superiority and bleeding. And again, that that was what we demonstrated with option. Uh, and I think everyone's seen the impact that that's had for the option population, uh, in terms of
Speaker #5: But the goal there would be to show superiority on bleeding complications. I think it'd be you would have needed to power for superiority on stroke would have needed a trial that would probably have been in order of magnitude larger.
Second part of the question, you know? Uh, I I I think it's perceptive.
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Speaker #5: And so that's part of and well, let me just backtrack on that a little bit. And I don't think we need to show superiority on stroke.
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Speaker #5: Again, the goal here would be to show that Watchman would be non-inferior. So as effective as the drugs, but to be able to show superiority on bleeding.
Speaker #5: And again, that was what we demonstrated with option. And I think everyone's seen the impact that that's had for the option population. In terms of the second part of the question, I think it's perceptive question because there are a couple of things that would happen if Champion does turn out to be positive.
Ken Stein: And again, that, that was what we demonstrated with Option. And I think everyone's seen the impact that that's had for the Option population. In terms of the second part of the question, you know, I think it's a perceptive question, because, you know, there are a couple of things that would happen if Champion does turn out to be positive. All right? And one is developing the new indication, but the other is strengthening the current indication. And so I do believe that a positive Champion would give increased impetus for referrers to referring for the current indication, which includes the Option indication. It will take time to build out the new indication, get better representation and guidelines, and get a revision of the CMS national coverage decision.
Question. Because, you know, there are a couple of things that would happen if Champion, does turn out to be positive, all right, and and 1 is developing the new indication but the other is strengthening the current indication. And so I do believe that a positive Champion would give, uh, increased impetus for referrals to referring for the current indication, which includes the option. Indication it will take time to build out the new indication, get better representation and guidelines and and get, uh, uh, a revision of the CMS National coverage decision. And again, that's that's part of, you know, when we look at the champion story, right? If it's positive, uh, it it's, it's not just a step change.
In in growth, in Watchmen. But but some of it sustains the growth in Watchmen over our long-range plan.
Speaker #5: All right? And one is developing the new indication, but the other is strengthening the current indication. And so I do believe that a positive CHAMPION would give increased impetus for referrers to refer for the current indication, which includes the option indication.
The next question comes from. Josh Jennings with TD Cowen, please go ahead.
Hi, good morning. Thanks for taking the question and
Speaker #5: It will take time to build out the new indication. Get better representation and guidelines. And get a revision of the CMS national coverage decision.
Mike, it's only been a couple of months since the investor day and I think it's 1 of the hear about your confidence level in hitting your lrp targets through 28 uh specifically the 10% Plus organic growth goal.
Speaker #5: And again, that's part of when we look at the Champion story, right? If it's positive, it's not just a step change in growth in Watchman, but it's something that sustains the growth in Watchman over our long-range.
Ken Stein: And again, that's part of, you know, when we look at the Champion story, right? If it's positive, it's not just a step change in growth in Watchman, but it sort of sustains the growth in Watchman over our long-range plan.
Throughout this call, I think your confidence level is clear that that 2026 uh 10 guidelines. But but any updates just on your confidence level for through the lrp and and and the double digit organic Revenue growth Target. Thanks for taking the question.
Speaker #5: plan. The next question comes
Yeah, it hasn't changed. If we were doing our investor day today. You'd get the same numbers. Uh, 10% plus 26, to 28, 150 bits of, uh,
Operator: The next question comes from Josh Jennings with TD Cowen. Please go ahead.
Speaker #4: from Josh Jennings with TD Cowan. Please go ahead.
Speaker #14: Hi. Good morning. Thanks for taking the question. And Mike, it's only been a couple of months since the investor day. And I think it's one of the here about your confidence level in hitting your LRP targets through 28, specifically the 10% plus we're going to cram a growth goal.
Jon Monson: Hi, good morning. Thanks for taking the question. Mike, it's only been a couple of months since the Investor Day, and I think I just wanted to hear about your confidence level in hitting your LRP targets through 2028, specifically the 10%+ organic revenue growth goal. Throughout this call, I think your confidence level is clear that 2026, the guidance is achievable. But any updates just on your confidence level for through the LRP and the double-digit organic revenue growth target? Thanks for taking the question.
Speaker #14: Throughout this call, I think your confidence level is clear that that 2026, the guidance is achievable. But any updates just on your confidence level through the LRP and the double-digit organic revenue growth target?
Margin Improvement and strong, double gdps growth. Um, you know, even within that. And then we think penumbra further, enhances our whamer and further strengthens the, the company beyond that. So really no, no change in position here. Um, our whole key to our business is being in fast growth markets which we've demonstrated we anticipate in that time Horizon. The lamber gets closer to 9, uh, per number actually, could slightly even approve that once that closes by by a small margin, but slightly improve it and excluding a number. And we're very comfortable with those lrp goals as we stated.
Speaker #14: Thanks for taking the
Speaker #14: question. Yeah.
Michael Mahoney: Yeah, it hasn't changed. If we were doing our Investor Day today, we'd get the same numbers. Ten percent plus, 26 to 28, 150 basis points of margin improvement, a strong double GDPs growth, you know, even within that. We think Penumbra further enhances our WAMGR and further strengthens the company beyond that. Really, no, no change of position here. Our whole key to our business is being in fast growth markets, which we've demonstrated. We anticipate in that time horizon, the WAMGR gets closer to 9. Penumbra actually could slightly even improve that once that closes by a small margin, but slightly improve it. Excluding Penumbra, we're very comfortable with those LRP goals, as we've stated.
Speaker #5: It hasn't changed. If we were doing our investor day today, we'd get the same numbers. 10% plus, 26 to 28, 150 bips of margin improvement, a strong double-digit EPS growth.
And I understand there's time for uh, 1 last question.
Uh, I have that from Chris Pasquale. With nefron research. Please go ahead.
Speaker #5: Even within that, and then we think Penumbra further enhances our WAMGER and further strengthens the company beyond that. So really no change of position here.
Speaker #5: Our whole key to our business is being in fast-growth markets, which we've demonstrated. We anticipate in that time horizon, the WAMGER gets closer to 9.
Speaker #5: Penumbra actually could slightly even improve that once that closes by a small margin, but slightly improve it. And excluding Penumbra, we're very comfortable with those LRP goals as we
Great. Thanks for fitting me in. Um, I think I heard you say that you think us. PFA penetration is already at 70% for AF cases, which is a little higher than we were thinking and suggests that we're already in the, the ladder Innings of that makeshift. I'd love to hear your thoughts on on, what's left to penetrate with PFA, um, particularly as we think about other procedure categories, like SVT or VT, and what's going to be necessary for either a product or a data perspective, in order to really move into those segments.
Speaker #5: stated.
Speaker #4: And I
Operator: I understand there's time for one last question. I have that from Chris Pasquale with Nephron Research. Please go ahead.
Speaker #4: understand there's time for one last question. I have that from Chris Pascual with Nefron Research. Please go
Speaker #4: ahead.
Speaker #5: Great. Thanks for fitting me
Chris Pasquale: Great. Thanks for fitting me in. I think I heard you say that you think US PSA penetration is already at 70% for AF cases, which is a little higher than we were thinking, and suggests that we're already in the latter innings of that mix shift. I'd love to hear your thoughts on what's left to penetrate with PSA, particularly as we think about other procedure categories like SVT or VT, and what's gonna be necessary from either a product or a data perspective in order to really move into those segments?
Speaker #5: in. I think I heard you say that you think USPFA penetration is already at 70% for AF cases, which is a little higher than we were thinking.
Penetrate. Um, and you know there's always just a Tailwind of adoption of new technologies. Uh I I I think as you look at arrhythmias other than uh atrial fibrillation uh
Speaker #5: And suggest that we're already in the latter innings of that makeshift. I'd love to hear your thoughts on what's left to penetrate with PFA particularly as we think about other procedure categories like SVT or VT and what's going to be necessary for either a product or a data perspective in order to really move into those segments.
Speaker #5: Yeah. Thanks, Chris. Again, I think first of all, right, the 70% penetrated in AFib, there's still 30% left to penetrate. And there's always just a tailwind of adoption of new technologies.
Ken Stein: Yeah. Thanks, Chris. Again, I think first of all, right, the 70% penetrated AFib, there's still 30% left to penetrate. And, you know, there's always just the tailwind of adoption of new technologies. I think as you look at arrhythmias other than atrial fibrillation, you know, there is probably the two prime use cases where we would see a real advantage to moving to PFA would be for atrial tachycardias, you know, the atypical atrial flutter-type thing. Although frankly, we think that's gonna be a diminishing part of the market going forward, because usually where that's seen, that's a redo AF ablation, and we just see redo numbers shrinking with the efficacy of FARAPULSE for de novo ablation.
Speaker #5: I think, as you look at arrhythmias other than atrial fibrillation, there is probably the two prime use cases where we would see a real advantage to moving to PFA.
You know, there there is, the probably, the 2 Prime use cases, where we would see a real advantage, to moving to PFA would be for atrial tacardon. Uh, I think the other thing you hit on is the trigger attack of cardia. We already engaged in a couple of studies of using, uh, farra pulse technology for ablation, uh, in the ventricles, uh, and it's 1 of the areas where both Sara Point catheter and Farah Flex catheter, which is in development. Now, and I'm very pleased with the progress of that, in its first human use study.
Speaker #5: Would be for atrial tachycardias the thing. atypical atrial flutter, type Although, frankly, we think that's going to be a diminishing part of the market going forward.
Uh but but that is 1 of the areas that I think those catheters and those form factors are going to shine.
Speaker #5: Because usually where that's seen, that's a redo AF ablation, and we just see redo numbers shrinking with the efficacy of Farapulse for de novo ablation.
Thank you for joining us today. We appreciate your interest in Boston Scientific. If we were unable to get to your question or if you have any follow-ups, please don't hesitate to reach out to the investor relations team before you disconnect. Drew will give you all of the pertinent details for the replay. Thank you, everyone.
Ken Stein: I think the other thing you hit on is ventricular tachycardia. We are already engaged in a couple of studies of using Farapulse technology for ablation in the ventricles. And it's one of the areas where both Farapoint catheter and Faraflex catheter, which is in development now, and we're very pleased with the progress of that in its first human use studies. But that is one of the areas where, again, I think those catheters and those form factors are gonna shine.
Speaker #5: I think the other thing you hit on is ventricular tachycardia. We are already engaged in a couple of studies using Farapulse technology for ablation in the ventricles.
Speaker #5: And it's one of the areas where both the Farapoint catheter and Faraflex catheter, which is in development now—and we're very pleased with the progress of that in its first human use studies—but that is one of the areas where, again, I think those catheters and those form factors are going to...
Please note, a recording will be available in 1 hour by dialing. Either 1 8773447529 or 1412317000088 using Replay code 9666361 until February 11th, 2026 at 11:59 p.m. eastern time. The conference has now concluded, thank you for attending today's presentation. You may now disconnect
Speaker #5: shine. Thank
Lauren Tengler: Thank you for joining us today. We appreciate your interest in Boston Scientific. If we were unable to get to your question or if you have any follow-ups, please don't hesitate to reach out to the investor relations team. Before you disconnect, Drew will give you all of the pertinent details for the replay. Thank you, everyone.
Speaker #1: you for joining us today. We appreciate your interest in Boston Scientific. If we were unable to get to your question or if you have any follow-ups, please don't hesitate to reach out to the investor relations team.
Speaker #1: Before you disconnect, Drew will give you all of the pertinent details for the replay. Thank you, everyone.
Speaker #4: Please note a recording will be available in one hour by dialing either 1-877-344-7529 or 1-412-317-0088 using replay code 9663601 until February 11th, 2026 at 11:59 PM Eastern Time.
Operator: Please note, a recording will be available in one hour by dialing either 1-877-344-7529 or 1-412-317-0088, using replay code 9663601, until 11 February 2026, at 11:59PM Eastern Time. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
