Q2 2026 Boston Scientific Corp Earnings Call

July 29, 2026

Speaker #1: Morning, and welcome to the Boston Scientific's second quarter 2026 earnings call. All participants will be in listen-only mode; should you need assistance, please signal a conference specialist by pressing * then 0 on your telephone keypad.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press * then 1 on your telephone keypad.

Speaker #1: To withdraw your question, please press * then 2. Please note this event is being recorded. I would now like to turn the conference over to Lauren Tengler, Vice President Investor Relations.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Drew. And thanks to everyone for joining us. With me on today's call are Mike Mahoney, Chairman and Chief Executive Officer, and John Monson, Executive Vice President and Chief Financial Officer.

Speaker #2: 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 Q2 2026 results, which included reconciliations of the non-gap measures used in this release.

Speaker #1: Good morning, and welcome to the BOSTON SCIENTIFIC 2nd Quarter 2026 Earnings Call. All participants will be in listen-only mode. Should you need assistance, please signal at conference specialist by pressing * then 0 on your telephone keypad.

Speaker #2: The release, as well as the reconciliations of non-gap measures used in today's call, can be found on the Investor Relations section of our website.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press * then 1 on your telephone keypad.

Speaker #2: Please note that on the call, operational revenue excludes the impact of foreign security fluctuations and organic revenue further excludes certain acquisitions and investitures for which there is less than a full period of comparable net sales.

Speaker #2: Guidance excludes the previously announced agreement to acquire Penumbra, which is expected to close in the second half of 2026, subject to customary closing conditions.

Speaker #2: For more information, please refer to the Q2 financial and operating highlights deck, which may be found on the Investor Relations section of our website.

Speaker #2: Thank you, Drew. And thanks to everyone for joining us. With me on today's call are Mike Mahoney, Chairman and Chief Executive Officer, and Jon Monson, Executive Vice President and Chief Financial Officer.

Speaker #2: On this call. All references to sales and revenue are organic and relative growth is compared to the same quarter of prior year unless otherwise specified.

Speaker #2: During the Q&A session, Mike and Jon will be joined by our Chief Medical Officer, Dr. Ken Stein. We issued a press release earlier this morning announcing our Q2 2026 results, which included reconciliations of the non-gap measures used in this release.

Speaker #2: This call contains forward-looking statements. Regarding among other things, our financial performance, business plans, market expectations, and product performance and development. These statements are based on our current beliefs using information available to us as of today's date and are not intended to be guarantees of future events or performance.

Speaker #2: The release, as well as the reconciliations of non-gap measures used in today's call, can be found on the Investor Relations section of our website.

Speaker #2: If our underlying assumptions turn out to be incorrect or certain risks or uncertainties materialize, actual results could vary materially from those projected by forward-looking statements.

Speaker #2: Please note that on the call, operational revenue excludes the impact of foreign security fluctuations and organic revenue further excludes certain acquisitions and investitors for which there is less than a full period of comparable net sales.

Speaker #2: Factors that may cause such differences are discussed in our periodic reports and other filings with the SEC, including the risk factors section of our most recent annual report on Form 10-K.

Speaker #2: Guidance excludes the previously announced agreement to acquire Penumbra, which is expected to close in the second half of 2026, subject to customary closing conditions.

Speaker #2: 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 a proposed transaction with Penumbra.

Speaker #2: For more information, please refer to the Q2 financial and operating highlights deck, which may be found on the Investor Relations section of our website.

Speaker #2: On this call, all references to sales and revenue are organic and relative growth is compared to the same quarter of prior year unless otherwise specified.

Speaker #2: Boston Scientific has filed the SEC registration statement on Form S4, containing a proxy statement of Penumbra and a prospectus of Boston Scientific that contains important information about Penumbra, Boston Scientific, the proposed transaction, and related matters.

Speaker #2: At this point, I'll turn it over to Mike.

Speaker #3: Thank you, Lauren. Thank you, everyone, for joining us today. Second quarter represented a solid quarter for Boston Scientific, while we continue to navigate a dynamic environment.

Speaker #3: Told a company organic sales grew 7% versus our guide of 5 to 7, driven by our interventional cardiology endoscopy and neuromodulation business. Q2 adjusted EPS of $86 grew 15% and exceeded the high end of guidance range of $82 to $84, driven primarily by some favorable tax results.

Speaker #2: 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 a proposed transaction with Penumbra.

Speaker #3: Second quarter adjusted operating margin was $28.4%. Turning to our outlook, we now expect a second half to be more pressured than we originally anticipated.

Speaker #2: BOSTON SCIENTIFIC has filed the SEC registration statement on Form F4 containing a proxy statement of Penumbra and a prospectus of BOSTON SCIENTIFIC that contains important information about Penumbra, BOSTON

Speaker #3: To that end, we are updating our full year 2026 guidance for organic revenue of 5 to 6% with our full year adjusted EPS now $328 to $332.

Speaker #3: Representing growth of 7 to 8%. For third quarter, we're guiding to organic revenue growth of 3 to 5% and adjusted EPS of $80 to $82.

Speaker #3: We updated our guidance in Q1 with a goal of establishing the right baseline for the year. This update today is not the outcome we planned or what you have come to expect from us.

Factors that may cause such differences are discussed in our periodic reports and other filings with the SEC, including the Risk Factors section of our most recent annual report on Form 10-K. 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 Penumbra. Boston Scientific has filed with the SEC a registration statement on Form F-4 containing a proxy statement of Penumbra and a prospectus of Boston Scientific that contains important information about Penumbra, Boston Scientific, the proposed transaction, and related matters. At this point, I'll turn it over to Mike. Thank you, Lauren. Thank you, everyone, for joining us today. The second quarter represented a solid quarter for Boston Scientific while we continue to navigate that.

Dynamic environment.

Speaker #3: Boston Scientific has had a strong record of growing above our weighted average market growth rates while delivering double-digit adjusted EPS growth. However, market conditions have evolved quickly, and it's been challenged to forecast effectively.

Total company organic sales grew 7% versus our guide of 5% to 7%, driven by our Interventional Cardiology, Endoscopy, and Neuromodulation businesses.

Q2 adjusted EPS of $0.86 grew 15% and exceeded the high end of our guidance range of $0.82 to $0.84, driven primarily by some favorable tax results.

Speaker #3: Our guidance reduction is concentrated in two areas: first, Watchmen, where the U.S. market has slowed sharply and unexpectedly. Primarily driven by compounding clinical evidence, which has impacted referral patterns.

Second quarter adjusted. Operating margin was 28.4%.

Turning to our Outlook. We now expect a second half to be more pressured than we originally anticipated.

Speaker #3: And second, EP, where we did not anticipate the degree of competitive share movement, we're now seeing in the U.S. market. While we are sharpening our forecasting processes and taking actions to address controllable headwinds, our underlying assumptions are that these dynamics continue in 2027.

To that end, we are updating our full-year 2026 guidance for organic revenue growth of 5% to 6%, with our full-year adjusted EPS now at $3.28 to $3.32, representing growth of 7% to 8%.

Speaker #3: We updated our guidance in Q1 with a goal of establishing the right baseline for the year. This update today is not the outcome we planned or what you have come to expect from us.

For the third quarter, we are guiding to organic revenue growth of 3% to 5% and adjusted EPS of $0.80 to $0.82.

Speaker #3: Resulting in revenue growth below our WAMGER and limited adjusted EPS growth. We expect our revenue and EPS growth profile to improve meaningfully in 2028, supported by key catalysts across Boston Scientific.

Speaker #3: BOSTON SCIENTIFIC has had a strong record of growing above our weighted average market growth rates while delivering double-digit adjusted EPS growth. However, market conditions have evolved quickly, and it's been challenged to forecast effectively.

Speaker #3: In the meantime, we're focused on execution and delivering our 2026 guide, staying disciplined on spending, and continuing to fund the areas of the portfolio where we see the strongest long-term opportunity.

Speaker #3: Our guidance reduction is concentrated in two areas. First, Watchmen, where the U.S. market has slowed sharply and unexpectedly. Primarily driven by compounding clinical evidence, which has impacted referral patterns.

Speaker #3: As part of that effort, we just announced a restructuring program aimed to deliver approximately $500 million and run rate savings exiting 2029. This program will enable us to drive sustainable cost efficiencies while strategically reinvesting in our business to support a return to adjusted to strong adjusted EPS growth in 2028 and beyond.

Speaker #3: So before I provide more information regarding our second quarter performance and full year outlook, I want to reiterate my confidence in the future of Boston Scientific.

Speaker #3: While EP and Watchmen have been tremendous growth drivers for the company, our other business units, which represent roughly 75% of our revenue, are expected to grow approximately 6% in the second half of the year consistent with our historical performance over many quarters.

Resulting in revenue growth below our whirler and limited adjusted EPS growth.

We expect our revenue and EPS group growth profile to improve meaningfully in 2028 supported by key Catalyst across Boston Scientific.

Speaker #3: Turning to our regional performance, the U.S. grew 6% on an operational basis driven by ICVT, interventional oncology, and neuromodulation. Europe, Middle East, Africa grew 4% on operational basis driven by EP, vascular, and neuromod.

In the meantime, we're focused on execution, delivering our 2026 guide, staying disciplined on spending, and continuing to fund the areas of the portfolio where we see the strongest long-term opportunity.

Speaker #3: And Asia-Pac grew 11% operationally, led by double-digit growth in Japan, China, and Korea. Across the region, EP and Watchmen businesses. Now, some additional color on our business units.

As part of that effort, we just announced a restructuring program aimed to deliver approximately 500 million dollars and run rate savings. Exiting 29.

This program will enable us to drive sustainable cost efficiencies while strategically reinvesting in our business, to support a return to a strong adjusted EPS growth in 2028 and beyond.

Speaker #3: Neuromodulation sales grew 12% with double-digit growth in both pain and brain, within pain growth was strong across the portfolio, including a full quarter of contribution from NALU.

So before I Pro provide more information regards to our second quarter performance and fully your outlook. I want to reiterate my confidence in the future of Boston Scientific

Speaker #3: Which performed well in second quarter with integration progressing nicely. In brain, we saw a strong growth across the globe, enabled by differentiated products including our Cartesio leads, aluminum programming, and DBS patient controller.

while EP and Watchmen have been tremendous growth drivers for the company. Our other, our other business units, which represent roughly 75% of our Revenue, our expected to grow approximately 6% in the second half of the Year consistent with our historical performance over many quarters.

Speaker #3: Urology grew 1% this quarter, falling short of our expectations driven by cyclic neuromodulation with a recovery in that business taking longer than we had anticipated.

Turning to our regional performance, the U.S. grew 6% on an operational basis, driven by ICVT, Interventional Oncology, and Neuromodulation.

Speaker #3: In stone management, we continue to see pressure in the market with key portfolio gaps that we aim to fill over the next three quarters.

Speaker #3: We now expect our full year urology growth to be flat to low single digits. Endoscopy sales grew 7% with strong results across our business, another quarter of better than anticipated performance from Axios.

Europe, Middle East, and Africa grew 4% on an operational basis, driven by EP, Vascular, and Neuromod. And Asia-Pac grew 11% operationally, led by double-digit growth in Japan, China, and Korea.

Former was driven by our Interventional Cardiology EP and Watchmen businesses.

Now, some additional color on our business units.

Speaker #3: Within the quarter, we received FDA clearance for Revos, a first-of-its-kind single device design to consolidate multiple exchanges enabled physicians to streamline procedural steps while performing endoscopic ultrasound biliary drainage.

Neuromodulation sales, grew 12% with double digit growth in both pain and brain. Within paying growth with strong portfolio including the full quarter of contribution from nalu.

Which performed well in the second quarter, with the integration progressing nicely.

Speaker #3: With positive feedback received on initial cases. Turning to cardiovascular. Cardiovascular sales grew 8% in the quarter. Interventional cardiology and vascular therapies grew 12%. Our interventional cardiology business had another excellent quarter.

In brain, we saw strong growth across the globe, enabled by differentiated products, including our care will be leads, aluminum programming and DBS patient controller.

Speaker #3: Growing 15%, driven by double-digit growth in our coronary therapies with continued strength in DCB imaging and complex PCI. In May, data from the fracture trial was presented as a late breaker at EuroPCR, achieving all endpoints with a seismic force coronary IVL catheter, demonstrating high rates of freedom from major adverse cardiac events at 30 days, as well as procedural success in patients with severely calcified coronary artery disease.

Urology grew 1%, this quarter falling short of our expectations, driven by cyclical neuromodulation with the recovery in that business taking longer than we had anticipated.

In stone management, we continue to see pressure in the market, with key portfolio gaps that we aim to fill over the next three quarters.

We now expect our full year Urology growth to be flat to low single digits.

Endoscopy sales grew 7%, with strong results across our business, and another quarter of better-than-anticipated performance for Maxios.

Speaker #3: We look forward to bringing seismic force to market in the first half of 2027. Earlier this quarter, we announced our intent to potentially re-enter the TAVR market through an investment in MIRIS and their differentiated SEGAL TAVR valve.

Within the quarter, we received FDA clearance for Rivos, a first-of-its-kind single device designed to consolidate multiple exchanges and enable physicians to streamline procedural steps while performing endoscopic ultrasound biliary drainage. We received positive feedback on initial cases.

Speaker #3: The SEGAL valve is currently enrolling in the STAR clinical trial and upon achievement of certain clinical and REG milestones, Boston Scientific has the option to acquire 100% of the TAVR assets.

Turning to Cardiovascular, our Cardiovascular Sales Group grew 8% in the quarter. Interventional Cardiology and Vascular Therapies grew 12%.

Speaker #3: This valve has been built on years of research and proprietary technology we believe that the distinctive design and impressive early clinical results of the SEGAL valve may set it apart from currently available technologies.

Our Interventional Cardiology business had another excellent quarter, growing 15%, driven by double-digit growth in our coronary therapies, with continued strength in DCB, Imaging, and complex PCI.

Speaker #3: We are making great progress in our thrived trial enrollment, evaluating the TIVUS ultrasound system for renal denervation and the treatment of hypertension, and continue to anticipate bringing our technology to market in 2028.

In May, data from the FRACTURE trial is presented as a late breaker at EuroPCR.

Achieving all end points with the seismic Force. Coronary. Ivl catheter demonstrating High rates of freedom from major card adverse cardiac events at 30 days,

Speaker #3: As we look ahead, we believe that our IC business and ICVT broadly will be our strongest growth driver for Boston Scientific as we enter a number of high-growth adjacent markets over the coming years.

As well as procedural success in patients with severely calcified coronary artery disease.

We look forward to Bringing seismic Force to Market in the first half of 27.

Speaker #3: Our vascular therapies business grew 8% driven by broader adoption of Varithena and our drug-eluting portfolio. We're pleased with the performance of our seismic IVL launch with strong reception for the clinical differentiation of the device, and we continue to ramp supply.

Earlier this quarter, we announced our intent to potentially re-enter the tabber market through an investment in mirus and their differentiated seagull tabber valve. The seagull valve is currently enrolling in the star, clinical trial and upon achievement of certain clinical and rag Milestones. Boston, Scientific has the option to acquire 100% of the tabber assets.

Speaker #3: We remain excited about the opportunity to add the Penumber team and highly differentiated and complementary portfolio to Boston Scientific. We anticipate the deal will close in the second half of 2026, subject to the receipt of the remaining regulatory clearances.

Speaker #3: Our interventional oncology and embolization business grew 12% driven by strong global growth with our broad offering of innovative technologies. Earlier this month, results from the proactive, which is a large prospective real-world study evaluating Therasphere and the treatment of liver malignancies were published.

This valve has been built on years of research and proprietary technology. We believe that the distinctive design and impressive early clinical results of the Seagull valve may set it apart from currently available technologies. We're making great progress in our THRIVE trial enrollment and value in the TIVUS ultrasound system for renal denervation and the tree.

Treatment of hypertension and continued anticipate bringing our technology to Market in 28.

Speaker #3: The study demonstrated meaningful survival outcomes across all stages of disease including patients with larger or more advanced tumors, further supporting the use of Therasphere in these populations.

As we look ahead, we believe that our IC business and ICBT broadly will be our strongest growth driver for Boston Scientific as we enter a number of high-growth adjacent markets over the coming years.

Our vascular therapies business grew 8%, driven by broader adoption of Varithena and our drug-eluting portfolio.

Speaker #3: Additionally, we received FDA clearance for two select, which is a microcatheter that combines precise navigation and efficient embolic delivery. Cardiac rhythm management sales declined 2% in the quarter, and core CRM are low-voltage business declined high single digits and are high-voltage business declined mid-single digits.

We're pleased with the performance of our seismic, ivl launched with strong reception for the clinical differentiation of the device. We continue to ramp Supply.

We remain excited about the opportunity to add the PinNumber team and their highly differentiated and complementary portfolio to Boston Scientific.

Speaker #3: Across our CM franchise, we are seeing competitive pressure with some portfolio gaps, and we expect to make progress against these portfolio gaps with precedent which is a new defib platform to be launched in second half 2027.

We anticipate the deal will close in the second half of 26 subject to the receipt of the remaining regulatory clearances.

Our Interventional oncology and Emily embolization business grew. 12%, driven by strong Global growth with our broad, offering of Innovative Technologies.

Speaker #3: In Q2, our diagnostics franchise grew low double digits with continued strength across our broad diagnostic portfolio. Overall, we anticipate that our CM growth will be flat on a full-year basis with slight improvement in the second half of the year with contribution from Elupro.

Earlier this month results from the proactive, which is a large Pro prospective real world study, evaluating therapy, and the treatment of liver and malignancies with republished.

Speaker #3: Which is now in full launch. Turning to Watchmen, our goal here is to provide you with more details on the LAAC market dynamics, the impact and expectations going forward.

The study demonstrated meaningful, survival outcomes across all stages of disease including patients with larger or more advanced tumors further further supporting the use of therapy in these populations.

Speaker #3: In second quarter, Watchmen grew 4% with international growth of 18 and US growth of 3%. The adoption of concomitant has been swift, and we now estimate that one-third of Watchmen procedures in the US are done concomitantly.

Additionally, we received FDA clearance for a true select, which is a micro catheter that combines precise, navigation and efficient and volatile delivery.

Cardiac Rhythm Management sales to client were up 2% in the quarter. In core CRM, our low voltage business declined high single digits, and our high voltage business declined mid single digits.

Speaker #3: In second quarter, concomitant procedures grew over 60% with sequential growth of 11% for its first quarter of 2026. For the remaining two-thirds of the procedures that are standalone, we saw low teens declines versus second quarter of 2025.

Across RCM franchise. We are seeing competitive pressure with some portfolio, gaps.

We expect to make progress against these portfolio gaps with PRECEDENT, which is a new DEFIT platform to be launched in the second half of 2027.

Speaker #3: We believe the overall LAAC market slowdown is driven by two main factors. First, there has been a significant amount of clinical evidence regarding stroke risk in AF patients, published over the last nine months, and integrating this evidence into practice takes time.

Across our broad diagnostic portfolio.

Overall, we anticipate that our CM growth will be flat on a full-year basis, with slight improvement in the second half of the year with contribution from LUPRO, which is now a full launch.

Speaker #3: Which is impacting patient identification and referral patterns. Second, the focus on the fast adoption of concomitant procedures has created inefficiencies in the system with regards to operationalized both standalone and concomitant and allowing for sustained growth.

Turning to WATCHMAN. Our goal here is to provide you with more details on the LAAC market, dynamics, the impact, and expectations going forward.

In the second quarter, Watchman grew 4%, with international growth at 18% and US growth of 3%.

Speaker #3: With these key challenges understood, we are executing against three priorities to re-accelerate growth. First, we are driving greater clinical understanding through expanded physician education and evidence dissemination.

the adoption of common as been Swift and we now estimate that 1/3 of Watchmen procedures in the US are done, can commonly

In the second quarter, core and procedures grew over 60%, with sequential growth of 11% versus the first quarter of 2026.

Speaker #3: Which we expect will help refers and implanters more easily identify patients appropriate for Watchmen. Second, we're also strategically investing in our commercial organization to increase account engagement and unlock growth across both concomitant and standalone segments.

For the remaining two-thirds of the procedures that are standalone, we saw low teens declines versus the second quarter of 2025.

We believe the overall LaC Marcus slowdown is driven by two main factors.

Speaker #3: And finally, we're accelerating direct-to-patient investments to stimulate demand and increase patient activation and reach more patients in the state of care journey. In the start of care journey.

First there has been a significant amount of clinical evidence regarding a stroke risk in af patients published over the last 9 months and integrating this evidence into practice takes time.

Speaker #3: Together, these actions are designed to increase the number of patients treated and improve the LAAC market over time. So given these market dynamics we're seeing, we are updating our full-year outlook for global Watchmen growth to be flat to low single digits with the second half of 2026 declining mid to high single digits on a year-over-year basis.

Which is impacting patient identification and referral patterns.

Second, the focus on it—the fast adoption of common procedures—has created inefficiencies in the system with regards to operationalizing both Standalone and Concom, and allowing for sustained growth.

With these key challenges understood, we are executing against three, prior to re-accelerating growth.

Speaker #3: In the US, we anticipate that Q3 sales will decline mid single digits sequentially versus second quarter, resulting in flat full-year growth. We anticipate that year-over-year concomitant growth will materially slow in the second half due to higher comps from 2025.

First, we are driving greater clinical understanding through expanded physician education and evidence dissemination, which we expect will help referrers and implanters more easily identify patients appropriately for Watchman.

Speaker #3: Our outlook does not anticipate any improvement in standalone procedural growth trends in the second half. We absolutely believe in this therapy and that Watchmen is the best treatment for patients who can't won't or shouldn't take oral anticoagulation for stroke prevention.

Second, we're also strategically investing in our commercial organization to increase account engagement and unlock growth across both content and Standalone segments.

And finally, we're accelerating and directing to patient investments to stimulate demand, increase patient activation, and reach more patients in the state-of-care journey.

Speaker #3: We expect that the actions we are taking today will support the LAAC market over time. However, we are not assuming improved Watchmen growth in 2027 until we see these dynamics actually change.

And at the start of the care journey.

Together, these actions are designed to increase the number of patients treated and approved in the LAAC market over time.

Speaker #3: Electrophysiology sales grew 9% to 3% growth in the US in 23% internationally. Growth was driven by our innovative portfolio and including our continued expansion of our Opal mapping footprint, strong catheter utilization, and continued momentum with our Fair Point launch.

So given these market dynamics, we are seeing we are updating our full year outlook for Global Watchman growth to be flat to low. Single digits. With the second half of 2026, declining mid to high single digits on a year-over-year basis.

In the US, we anticipate that Q3 sales will decline mid-single digit sequentially versus the second quarter, resulting in flat full-year growth.

Speaker #3: We continue to be pleased with the progress of expanding our Opal mapping footprint, supported by the Opal HDX 7.0 software release, which improved map quality.

We anticipate that year-over-year growth can come in. Our growth will materially slow in the second half due to higher comps from 2025.

Speaker #3: Our software releases every six months continue to enhance capabilities and support the expanding Fair Pulse platform. We have seen significant growth in our EP business with our differentiated Fair Pulse technology, enabling the transition to PFA faster than we anticipated.

Our Outlook does not anticipate any Improvement in Standalone, procedure growth Trends in the second half,

We absolutely believe in this therapy and that Watchman is the best treatment for patients who can’t, won’t, or shouldn’t take oral anticoagulation for stroke prevention.

Speaker #3: We believe that the US PFA revenue now makes up approximately 80% of the AFIB market, which does limit our ability to offset some competitive pressures.

We expect that the actions we are taking today will support the LAAC market over time.

However, we are not assuming improved Watchman growth in 2027 until we see these dynamics actually change.

Speaker #3: Going forward, we have adjusted our market share assumptions to ensure a more realistic outlook given these developments while our team continues to focus on bringing our leading PFA ecosystem to more physicians and their patients who may benefit from the therapy.

Electrophysiology sales grew 9%, with 3% growth in the US and 23% internationally. Growth was driven by our innovative portfolio, including our continued expansion of our OAPAL mapping footprint.

Speaker #3: In light of this, we now expect our second half 26 global growth for EP to be flat. In the US, we anticipated our Q3 sales will sequentially decline mid single digits versus second quarter, resulting in full-year growth of flat to low single digits.

Strong catheter utilization and continued momentum with our Fair Point launch.

We continue to be pleased with the progress of expanding our Opal mapping footprint, supported by the Opal HDx 70 software release, which improved map quality.

Speaker #3: We expect continued strength internationally with full-year growth of approximately 20%. As we look ahead, we anticipate that our US EP performance will improve in the second half of 2027 after the introduction of Fair Wave Ultra which is a high-density mapping and ablation catheter as well as our entry into the ICE market.

Our software releases every 6 months continue to enhance capabilities and support the expanding Fair pulse platform.

We have seen significant growth in our EP business, with our differentiated FARAPULSE technology and enabling the transition to PFA faster than we anticipated.

Speaker #3: We expect further improvement in 2028 as Fair Flex, our novel large focal high-density map and ablate catheter becomes available. And importantly, earlier this month, we commenced enrollment in the pivotal Faradime trial evaluating the safety and effectiveness of Fair Flex mapping and PFA catheter for the treatment of patients with paroxysmal and persistent AF.

We believe that the US PFA Revenue now makes up Approximately 80% of the aib market, which does limit our ability to offset some competitive pressures.

Going forward, we have adjusted our market share assumptions to ensure a more realistic Outlook giving these developments while our team continues to focus on bringing our leading. PFA ecosystem to more Physicians and their patients who may benefit from the therapy.

In light of this, we now expect our second half 2026 global growth for EP to be flat.

Speaker #3: So in closing, we're not satisfied with our near-term outlook. We believe we now have a clearer picture of that dynamics in our business and our updated guidance reflects a realistic view of the second half of '26.

In the US, we anticipated our Q3 sales will sequentially decline. Mid single digits versus the second quarter. Resulting in full year growth of flat to low single digits.

Speaker #3: I remain confident in our long-term outlook for a number of reasons. Our performance is strong across many business units with interventional cardiology, neuromodulation, I/O, and even vascular, all delivering double-digit growth through the first half of the year.

We expect continued strength internationally with full year growth of approximately 20%.

Speaker #3: We also have an impactful cadence of catalysts in '27 that we expect to drive a significant improvement to our growth profile in 2028 and beyond.

Aerowave Ultra, which is a high density, mapping and ablation catheter, as well as our entry into the ice Market.

Speaker #3: And even as we work through near-term top-line pressures, we continue to be disciplined with our spending while investing in future growth drivers to ensure a return to meaningful adjusted operating margin expansion and adjusted EPS growth in '28 and beyond.

We expect further improvement in 2028 as Fairfax, our novel large focal high-density map and blade catheter, becomes available.

And importantly, earlier this month, we commenced an enrollment in the pivotal farad trial, evaluating the safety and effectiveness of fairflex mapping and PFA catheter.

Speaker #3: So while we continue to navigate current challenges, our foundation values and purpose haven't changed. Boston Scientific focuses on improving patient lives through our relentless pursuit of innovation, and we are confident that the qualities that have defined this company over many years will continue to shape our future.

For the treatment of patients, with paroxysmal and persistent AF.

So in closing, while we're not satisfied with our near-term outlook, we believe we now have a clear picture of the dynamics in our business, and our updated guidance reflects a realistic view of the second half of '26.

Speaker #3: As we evolve and build on those strengths with a highly skilled global team, and a winning spirit. So with that, I'll hand it over to John for more commentary.

Speaker #1: Thanks, Mike. Second quarter, consolidated revenue of $5 billion, $442 million represents 7.5% reported growth versus second quarter 2025. And includes a 50 basis point tailwind from foreign exchange, which was in line with our expectations.

I remain confident in our long-term outlook for a number of reasons, our performance is strong across many business units. So, the with Interventional Cardiology neuromodulation ion and Vascular, all delivering double digit growth to the first half of the year.

We also have an impactful Cadence of catalyst in 27. That would be expected to drive as significant Improvement to our growth profile in 2028 and Beyond.

Speaker #1: Excluding this $28 million foreign exchange tailwind, operational revenue growth was 7.0% in the quarter, organic revenue growth was also 7.0% versus our second quarter guidance range of 5% to 7%.

And even as we work through near-term Topline pressures, we continue to be disciplined with our spending. While investing in future growth. Drivers between ensure a return to meaningful adjusted operating margin expansion and adjusted EPS growth in 28 and Beyond.

Speaker #1: Second quarter 2026, adjusted earnings per share of 86 cents, grew 15% versus 2025, exceeding the high end of our guidance range of 82 cents to 84 cents, primarily driven by favorable discrete tax items.

So, while we continue to navigate current challenges, our foundational values and purpose haven't changed at Boston Scientific. We remain focused on improving patient lives through a relentless pursuit of innovation.

Speaker #1: Adjusted growth margin for the second quarter was 70.3%, which represented an 80 basis point increase versus the second quarter of 2025. Second quarter adjusted operating margin was 28.4%, which was in line with expectations and represented 70 basis points of expansion versus the second quarter of 2025.

And we are confident that the qualities that have defined this company over many years will continue to shape our future as we evolve and build on those strengths with a highly skilled global team and a winning spirit.

So with that, I'll hand over to John for more commentary.

Thanks Mike.

Second quarter consolidated revenue of $5,442 million represents 7.5% reported growth versus second quarter 2025.

Speaker #1: On a gap basis, second quarter operating margin was 21.6%. These results include an approximate 75 million dollar charge related to certain product liability cases, as well as the recognition of approximately 80 million dollars of refunds on previously paid IEPA tariffs representing substantially all of the refunds that we expect to receive.

And includes the 50 basis. Point Tailwind from foreign exchange, which was in line with our expectations, excluding this 28 million foreign exchange Tailwind.

Operational revenue growth was 7.0% in the quarter. Organic revenue growth was also 7.0%, versus our second quarter guidance range of 5% to 7%.

Speaker #1: Moving to below the line, second quarter adjusted interest and other expenses totaled 120 million dollars, which was slightly unfavorable to expectations driven by FX volatility and certain unhedged currencies.

Second quarter of 2026 adjusted earnings per share of 86 cents. Grew 15% versus 2025 exceeding. The high end of our guidance range of 82 cents to 84 cents, primarily driven by favorable discrete tax items.

Speaker #1: On an adjusted basis, our tax rate for the second quarter was 10.4%, which was better than expected and includes favorable discrete tax items. Fully diluted, weighted average shares outstanding, ended at 1 billion 475 million in the second quarter, reflecting the repurchase of approximately 40 million shares under our previously announced accelerated share repurchase agreement, which reduced our share count more than initially anticipated.

Adjusted gross margin. For the second quarter was 70.3% which represented an 80 basis point increase versus the second quarter of 2025.

Second quarter, adjusted. Operating margin was 28.4% which was in line with expectations and represented 70 basis points of expansion versus the second quarter of 2025.

On a gap basis. Second quarter operating margin was 21.6%.

Speaker #1: As a result, we now expect full-year 2026 weighted average shares outstanding to be approximately 1 billion 475 million. Free cash flow for the second quarter was 1 billion 290 million dollars, with 1 billion 475 million dollars from operating activities less 184 million dollars in net capital expenditures.

These results include an approximate $75 million charge related to certain product liability cases, as well as the recognition of approximately $80 million of refunds on previously paid IIPA tariffs, representing substantially all of the refunds that we expect to receive.

Speaker #1: We now expect full-year 2026 free cash flow to be approximately 3.8 billion dollars. As of June 30th, 2026, we had cash on hand of 539 million dollars and our gross debt leverage ratio was 2.0 times.

Moving to below the line, second quarter adjusted interest and other expenses totaled. 120 million dollars which was slightly unfavorable to expectations, driven by FX volatility and certain unhedged currencies.

On an adjusted basis. Our tax rate. For the second quarter was 10.4%.

This was better than expected and includes favorable discrete tax items.

Speaker #1: Our capital allocation approach is disciplined and growth-oriented. Our top priorities remain strategic tuck-in M&A and opportunistic share repurchases. While we continue to evaluate and fund the opportunities that we believe will create the greatest long-term value for our shareholders.

Fully diluted weighted, average shares outstanding ended at 1,475 million. In the second quarter reflecting the repurchase of approximately 40 million shares under our previously announced accelerated. Share. Repurchase agreement.

which reduced our share account more than initially anticipated.

Speaker #1: Consistent with that framework, we announced a 1.5 billion dollar investment in Meris, which includes an exclusive option to acquire its TAVR business, and we completed our previously announced $2 billion accelerated share repurchase program.

As a result. We now expect full year, 2026 weighted average shares outstanding to be approximately, 1 billion 475 million

Speaker #1: In addition, we look forward to the close of Penumbra in the second half, which we believe will strengthen our long-term growth profile through its innovative portfolio and strong strategic fit within our cardiovascular business.

Free cash flow for the second quarter was 1 billion. 2290 million with 1 billion, 4775 million from operating activities, less 184 million dollars in net, capital expenditures.

Speaker #1: I'll now walk through guidance for the third quarter and full-year 2026. We now expect full-year 2026 reported revenue growth to be in a range of 5.5% to 6.5% versus 2025.

We now expect full year, 2026, free cash, flow to be approximately 3.8 billion dollars.

As of June 30, 2026, we had cash on hand of $539 million, and our gross debt leverage ratio was 2.0 times.

Speaker #1: 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 5% to 6%.

...while we continue to evaluate and fund the opportunities that we believe will create the greatest long-term value for our shareholders.

Speaker #1: We believe this guidance reflects a comprehensive and realistic view of our end-market dynamics for the second half of 2026. This outlook contemplates approximately flat growth in our global electrophysiology business, a mid to high single-digit decline in our global Watchman business, and a steady base business growing approximately 6% consistent with our historical performance over many quarters.

Consistent with that framework. We announced a 1.5 billion dollar investment in Mis which includes an exclusive option to acquire its Tabor business.

And we completed our previously, announced 2 billion accelerated share repurchase program.

Speaker #1: We expect third quarter 2026 reported revenue growth to be in a range of 3% to 5% versus third quarter 2025. We anticipate no impact from foreign exchange based on current rates, and therefore expect third quarter 2026 operational and organic growth to also be in a range of 3% to 5%.

In addition, we look forward to the close of penumbra in the second half, which we believe will strengthen our long-term growth profile through its innovative portfolio and strong strategic fit within our cardiovascular business.

I'll now walk through guidance for the third quarter and full year 2026.

We now expect full year, 2026, reported Revenue growth to be in a range of 5.5% to 6.5% versus 2025.

Speaker #1: We expect full-year 2026 adjusted gross margin to be below full-year 2025, reflecting a less favorable product mix than previously anticipated, primarily driven by our lower sales outlook for Watchmen and electrophysiology.

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 5% to 6%.

We believe this guidance reflects a comprehensive and realistic view of our end market dynamics.

Speaker #1: Additionally, we continue to make incremental investments in our global supply chain and quality systems. We now expect to expand full-year 2026 adjusted operating margin by 0 to 25 basis points despite pressure on margins this year.

Speaker #1: We remain disciplined on spending while continuing to invest in our highest priority growth opportunities, supported by our recently announced restructuring program. We anticipate this comprehensive company-wide program will deliver run-rate savings of approximately 500 million dollars exiting 2029 in the areas of supply chain optimization, targeted functional transformation, org structure evolution, as well as focused reductions in indirect spending to drive sustained cost efficiencies.

For the second half of 2026, this outlook contemplates approximately flat growth in our global Electrophysiology business, a mid- to high single-digit decline in our global Watchman business, and a steady base business, growing approximately 6%, consistent with our historical performance over many quarters.

We expect third quarter 2026 reported revenue growth to be in a range of 3% to 5% versus third quarter 2025. We anticipate no impact from foreign exchange based on current rates and therefore expect third quarter 2026 operational and organic growth to also be in a range of 3% to 5%.

Speaker #1: We expect to realize over half of our run-rate savings and incur over half of our program spend exiting 2027. This will position the company to return to meaningful operating margin expansion and strong adjusted EPS growth in 2028 and beyond.

We expect full year 2026. Adjusted gross margin to be below. Full year 2025 reflecting a less favorable product mix than previously anticipated. Primarily driven by our lower sales outlook for Watchmen and electrophysiology.

Additionally, we continue to make incremental investments in our global supply chain and quality systems.

Speaker #1: We now expect full-year 2026 adjusted below the line expense to be approximately 485 million dollars, reflecting the financing impact associated with our strategic investment in Meris and our accelerated share repurchase agreement.

We now expect to expand full year. 2026 adjusted operating margin by 0 to 25 basis points.

Speaker #1: Under current legislation, including enacted laws and issued guidance, we now expect a full-year 2026 adjusted tax rate of approximately 11.5%. We expect full-year 2026 adjusted earnings per share to be in a range of $3.28 to $3.32, representing 7% to 8% growth versus 2025, including an approximate 5% headwind from foreign exchange.

Despite pressure on margins, this year we remain disciplined on spending while continuing to invest in our highest priority growth opportunities, supported by our recently announced restructuring program. We anticipate this comprehensive, company-wide program will deliver run-rate savings of approximately $500 million exiting 2029 in the areas of supply chain optimization, targeted functional transformation, org structure evolution, as well as focused reductions in indirect spending to drive sustained cost efficiencies.

Speaker #1: We expect third quarter adjusted earnings per share to be in a range of 80 cents to 82 cents. In closing, I'm confident in the long-term outlook for the company and our team's ability to navigate the current environment.

Looks like to realize over half of our run rate savings and incur over half of our program. Spend exiting 2027

This will position the company to return to meaningful operating margin expansion and strong adjusted EPS growth in 2028 and beyond.

Speaker #1: While the challenges we face today will weigh on near-term financial performance, we are taking decisive actions to sharpen our organizational focus, adjust our cost structure, and position the business for the future.

Speaker #1: We remain focused on executing our full-year 2026 guidance of 5% to 6% organic revenue growth, 0 to 25 basis points of adjusted operating margin expansion, and 7% to 8% adjusted earnings per share growth.

We now expect full-year 2026 adjusted below-the-line expense to be approximately $485 million, reflecting the financing impact associated with our strategic investment in MUS and our accelerated share repurchase agreement.

Under current legislation, including enacted laws and issued guidance, we now expect a full-year 2026 adjusted tax rate of approximately 11.5%.

Speaker #1: Importantly, we remain confident that the actions we are taking today will position Boston Scientific to return to differentiated financial performance in 2028 and beyond.

Speaker #1: For more information, please check our investor relations website for second quarter 2026 financial and operational highlights, which outlines more details on second quarter results in 2026 guidance.

We expect full-year 2026 adjusted earnings per share to be in a range of $3.28 to $3.32, representing 7% to 8% growth versus 2025, including an approximate $0.05 headwind from foreign exchange.

We expect third quarter adjusted, earnings per share to be an arrange of 80 cents to 82 cents.

In closing.

Speaker #1: And with that, I'll turn it back to Lauren, who will moderate the Q&A.

Speaker #2: Thanks, John. Drew, let's open it up for questions for the next 30 minutes or so. In order for us to take as many questions as possible, please limit yourself to one question.

I'm confident in the long-term outlook for the company and our team's ability to navigate the current environment.

While the challenges we face today will weigh on near-term financial performance, we are taking decisive actions to sharpen our organizational focus.

Speaker #2: Drew, please go ahead.

Speaker #3: Thank you. We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad.

Adjust our cost structure and position the business for the future.

Speaker #3: 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'd like to withdraw your question, please press star then 2.

Speaker #3: Again, please limit yourself to only one question. At this time, we will pause momentarily to assemble our roster. The first question comes from Robbie Marcus.

We remain focused on executing our full-year 2026 guidance of 5% to 6% organic revenue growth, 0 to 25 basis points of adjusted operating margin expansion, and 7% to 8% adjusted earnings per share growth. Importantly, we remain confident that the actions we are taking today will position Boston Scientific to return to differentiated financial performance in 2028 and beyond.

Speaker #3: With JP Morgan. Please go ahead.

For more information, please check our investor relations website for second quarter 2026 financial and operational highlights, which outlines more details on second quarter results in 2026 guidance.

Speaker #4: Great. Good morning and thank you for taking the question. I wanted to ask we're coming off a beat in second quarter here, and I realize there have been a number of downward revisions over the past few quarters as some of the end markets have been moving.

Thanks, John. Drew, let's open it up for questions for the next 30 minutes or so. In order for us to take as many questions as possible, please limit yourself to one question. Drew, please go ahead.

Speaker #4: How do you frame this latest guidance update particularly with respect to EP and Watchmen? Is this based on a level of conservatism where you can eliminate hopefully any future negative revisions?

Speaker #4: Or is this based more on trends you're seeing exiting second quarter and so far into third quarter? And any early commentary you could give on 2027?

Thank you. 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 speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you'd like to withdraw your question, please press star, then 2. Again, please limit yourself to only one question at this time. We will pause momentarily to assemble our roster.

The first question.

Comes from Robbie Marcos.

Speaker #4: I believe buy-side is settling out somewhere around 5% organic growth coming into today. How does that sound to you going into second half of this year?

With JP Morgan, please go ahead.

Speaker #4: Thanks a lot.

Great. Uh good morning and uh thank you for taking the question. Um wanted to ask

Speaker #5: Thanks, Robbie. Yeah, we are pleased with our second quarter results, and we did mention in the script that basically 75% of our business continues to grow 6% consistent with 2025, and we anticipate that set of businesses that are 75% will improve over the coming years.

You know, we're coming off a beat in the second quarter here, and I realize there have been a number of downward revisions over the past few quarters as some of the end markets have been moving.

Speaker #5: As we strengthen our urology business, launch CRM, and continue to move there. So 75% of the business kind of growing 6%, we aim for that to improve in the future.

How do you frame this? Latest guidance update, particularly with respect to EP and Watchman—is this based on a level of conservatism where you can eliminate, you know, hopefully any future negative revisions?

Speaker #5: The challenge, as you know, has been in the two areas, EP and Watchmen. That had hypergrowth and usually differentiated growth in '24 and '25, and now we expect more pressure in '26 and '27.

Speaker #5: And specific to EP, we see that rebounding in second half '27, and we expect to get back to kind of at-market or above-market growth in EP in '28.

Or is this based more on trends you're seeing exiting the second quarter and so far into the third quarter? Any early commentary you could give on 2027? I believe the buy side is settling out somewhere around 5% organic growth coming into today. How does that sound to you going into the second half of this year? Thanks a lot.

Speaker #5: So when you look at the second half, really it's the EP and Watchmen is driving the bulk of the guidance reduction. And we're clearly not pleased with this change.

Well, thanks, Robbie. Uh, yeah, we are pleased with our second quarter results and we did mention in the uh script.

Basically, 75% of our business continues to grow at 6%.

Speaker #5: It's not the outcome that we planned for. It's not what you expect from us. And I do take responsibility for the guidance reduction, and it's primarily driven by EP and Watchmen.

Speaker #5: As I mentioned in the script, the Watchmen side itself, we do expect a second half declines globally in the mid-single digit to high-single digit results.

Speaker #5: And that is based on a trend that we've seen that we have not seen uptick in the first half of the year. So we think that's the appropriate prudent conservative guide for Watchmen based on the existing market that we're seeing, that we're assuming in the Watchmen guide that despite the efforts we are making, which we aim to improve, that those do not benefit the existing Watchmen market.

um, consistent with 2020 20 202 and we anticipate that set of businesses that are 75% will improve over the coming years as we strengthen our Urology business launch CRM and continued momentum there. So 75% of the business kind of growing 6%, we aim for that to improve in the future. The challenge as you know, is been in the 2 areas, EP and Watchmen

That had hyper growth and usually differentiated growth in 24, and 25. And now we expect uh, more pressure in 26 and 27.

Speaker #5: EP and Watchmen is driving the bulk of the guidance reduction. And we're clearly not pleased with this change. It's not the outcome that we planned for.

Speaker #5: So if the three things that we laid out today continue to enhance and if labeling occurs in 2027, that obviously could be some upside to those numbers.

Speaker #5: It's not what you expect from us. And I do take responsibility for the guidance reduction. And it's primarily driven by EP and Watchmen. As I mentioned in the script, on the Watchmen side itself, we do expect a second half declines.

Speaker #5: But for guidance purposes, we're assuming the existing market that we're seeing today does not change. And that market change is very dramatic and pretty sudden.

Speaker #5: Over the past six months. So the Watchmen is the biggest piece of it. And secondly, on EP, we're overall on EP, we're actually quite pleased with the performance in the quarter.

Speaker #5: Globally, in the mid-single digit, the high single digit results. And that is based on a trend that we've seen that we have not seen uptick.

Speaker #5: And we're quite pleased with the portfolio roadmap that we have with Altair being launched in kind of this time next year. The entry into ice and the Altair platform just initiating its IDE.

Speaker #5: In the first half of the year. So we think that's the appropriate prudent conservative guide for Watchmen based on the existing market that we're seeing, that we're assuming in the Watchmen guide that despite the efforts we are making, which we aim to improve, that those do not benefit the existing Watchmen market.

Speaker #5: So that team is executing well. But with specific EP, we did undercall the competitive pressures in the US in terms of share taking. We continue to be the PFA leader but our share has come down.

Speaker #5: So if the three things that we laid out today continue to enhance and if labeling occurs in 2027, that obviously could be some upside to those numbers.

Speaker #5: And the second attribute there is the PFA market has really accelerated to about 80, 85 percent of the market share. We don't see that in Europe and Asia where we continue to grow about 20% in our EP business.

Speaker #5: But for guidance purposes, we're assuming the today does not change. And that market change is very dramatic and pretty sudden. Over the past six months.

Speaker #5: So the second half guide down is primarily driven by Watchmen and EP for the reason stated. In 2027, to be appropriately conservative again, we would say that in 2027, we aim to do better than our guide for the second half of 2026.

Speaker #5: So the Watchmen is the biggest piece of it. And secondly, on EP, we're overall on EP, we're actually quite pleased with the performance in the quarter.

Speaker #5: And we're quite pleased with the portfolio roadmap that we have, with Alter being launched in kind of this time next year. The entry into ice.

Speaker #5: So assuming our 2027, we're being appropriately conservative with our Watchmen market call, and we aim to get back to stronger performance in EP and we're confident that 75% of the business, which is growing 6%, will improve over time, with urology and CRM specifically.

Speaker #5: And the Alter platform just initiating its IDE. So that team is executing well. But with specific EP, we did undercall the competitive pressures in the US in terms of share taking.

Speaker #5: We continue to be the PFA leader but our share has come down. And the second attribute there is the PFA market has really accelerated to about 80, 85 percent of the market share.

Speaker #5: I hope that answered some of your questions.

Speaker #3: Thank you. The next question comes from Larry Beagleson with Wells Fargo. Please go ahead.

Speaker #5: We don't see that in Europe and Asia where we continue to grow about 20% in our EP business. So the second half guide down is primarily driven by Watchmen and EP for the reason stated.

Speaker #6: Hey, good morning. Thanks for taking the question. Mike, regarding Watchmen, I think you said mid to high single digit decline in the second half of '26.

Speaker #6: So when you say no to the full year guide or flat to low single digit growth, or second half guidance? And how are you thinking about new competition next year?

Speaker #5: In 2027, to be appropriately conservative again, we would say that in 2027, we aim to do better than our guide for the second half of 2026.

Speaker #6: The 20% cut to the physician fee, and just lastly, do you still expect the first line label based on the three-year champion data? Thank you.

Speaker #5: So assuming our 2027, we're being appropriately conservative with our Watchmen market call. And we aim to get back to stronger performance in EP and we're confident that 75% of the business, which is growing 6%, will improve over time.

Speaker #5: Yeah, the again, on EP, we undercalled the share. The Watchmen, we're not looking for a pass, but it has changed dramatically over the past six months.

Speaker #5: With urology and CRM specifically. I hope that answered some of your questions.

Speaker #5: So when we look at second half, our assumption for the we're talking about the market here because we're about 91% share of the market.

Speaker #3: Thank you. The next question comes from Larry Beagleson with Wells Fargo. Please go ahead.

Speaker #5: We do think the market declines that mid to high single digit range. It's primarily based on high comps with concomitants. And as I mentioned, declining standalone share of about or standalone growth of about mid-teens growth negative.

Speaker #6: Hey, good morning. Thanks for taking the question. Mike, regarding Watchmen, I think you said mid to high single digit decline in the second half of '26.

Speaker #6: So when you say no improvement in '27, are you referring to the full year guide of flat to low single digit growth or second half guidance?

Speaker #5: So that's the call for second half. In terms of the market in 2027, we obviously aim for that to get better. Based on educating the referrer community, the clinical messaging, expanded commercial coverage, and increase in DTP.

Speaker #6: And how are you thinking about new competition next year? The 20% cut to the physician fee. And just lastly, do you still expect the first line label based on the three-year champion data?

Speaker #5: But for now, we think it's prudent to assume that the 27 market is consistent with the trends that we're seeing now. And we'll be happy to change that call once we see improvement in the Watchmen market if that occurs.

Speaker #6: Thank you.

Speaker #5: Yeah, again, on EP, we undercalled the share. The Watchmen, we're not looking for a pass, but it has changed dramatically over the past six months.

Speaker #5: So when we look at second half, our assumption for the we're talking about the market here because we're about 91% share of the market.

Speaker #5: As you mentioned, we do anticipate a competitor at some point in 2027. We have high confidence that Watchmen will continue to be clearly the market leader.

Speaker #5: We do think the market declines, that mid to high single digit range. It's primarily based on high comps with concomitants. And as I mentioned, decline standalone share of about or standalone growth of about mid-teens growth negative.

Speaker #5: But likely we'll have some share erosion in 2027 with the introduction of a new competitor. So Watchmen will be an absentee change in the market, which we have not assumed in this guidance, despite the efforts that we are taking.

Speaker #5: We expect Watchmen will be difficult in 2027.

Speaker #3: Thank you. The next question comes from Joanne Wench with Citibank. Please go ahead.

Speaker #7: Good morning. And thank you for taking the question. If I heard you correctly, 2026 revenue growth of 5 to 6 percent organic is probably a good starting place to think about 2027.

Speaker #7: And then re-accelerating in 2028. Could you sort of confirm that's the right parameters to think about? And then if you could comment on what the new products are that you think will be the main drivers as we think about going into 2028.

Speaker #5: As you mentioned, we do anticipate a competitor at some point in 2027. We have high confidence that Watchmen will continue to be clearly the market leader.

Speaker #7: Thank you.

Speaker #5: Yeah. So it's we gave our guide for '26. It's difficult to give you a precise guide, which we won't, in 2027 until January. But for now, we at least want to give a framework that we aim to improve 2027 versus our second half 2026 guidance.

Speaker #5: that we are taking, we expect Watchmen will be difficult in 2027.

Speaker #3: Thank you. The next question comes from Joanne Wench with Citibank. Please go ahead.

Speaker #5: And again, that's kind of assuming that the Watchmen markets don't change. Which we obviously aim for them to improve. When you look to the 2028 and beyond, so I guess I would say, first of all, we are taking action.

Speaker #7: Good morning and thank you for taking the question. If I heard you correctly, 2026 revenue growth of 5 to 6 percent organic is probably a good starting place to think about 2027 and then re-accelerating in 2028.

Speaker #5: The company has delivered very, very high performance over many, many years, last four or five years. We had a decent first half of this year growing 8% top line, 10% EPS growth for the first half.

Speaker #7: Could you sort of confirm that's the right parameters to think about? And then if you could comment on what the new products are that you think will be the main drivers as we think about going into 2028.

Speaker #5: And we've given our guide for 2026. We do expect a challenge in 2027. But if I could just touch on the future there in 2028 and beyond.

Speaker #7: Thank you.

Speaker #5: So we are restructuring this year to help take some cost out. But why we're so confident in improvement as you point to second half of '27 and '28 is one, the WAMGers that we compete in are 78%.

Speaker #5: We have a number of businesses now that are growing double digits. We expect that 75% of our business that's growing 6% will improve over the coming two years.

Speaker #5: In addition to that, based on investments that we've made over the past two or three years, we'll be entering seven new meaningful launches that exceed about a 25 billion dollar TAM in 2028.

Speaker #5: The company has delivered very, very high performance over many, many years last four or five years. We had a decent first half of this year growing 8% top line, 10% EPS growth for the first half.

Speaker #5: And those launches basically are highlighted in our press release there. Our IVL, hypertension, the closing of Penumbra, entry into ice imaging, fairway of ultra, and if the MIRAS clinical trial continues to go as planned, the future acquisition of MIRAS, as well as the addition of circulatory supports.

Speaker #5: And we've given our guide for 2026. We do expect a challenge in 2027. But if I could just touch on the future there in 2028 and beyond.

Speaker #5: So we really see the ICVTX sector being a significant growth driver for the company in '28, '29, '30. And we expect that core 75% of our business to strengthen over that time period.

Speaker #5: We have a number of businesses now that are growing double digits. We expect that 75% of our business that's growing 6% will improve over the coming two years.

Speaker #5: And then on top of that, you layer in seven meaningful platforms that exceed about a 25 billion dollar TAM market opportunity. In addition to that, we're confident that the EP business would get back to at market or beyond growth in 2028 and improve nicely in second half 2027.

Speaker #5: In addition to that, based on investments that we've made over the past two or three years, we'll be entering seven new meaningful launches with that exceed about a 25 billion dollar TAM in 2028.

Speaker #5: And those launches, basically, are highlighted in our press release there. Our IVL, hypertension, the closing of Penumbra, entry into ice imaging, fair wave ultra, and if the Myers clinical trial continues to go as planned, the future acquisition of Myers.

Speaker #5: The Watchmen market's tougher to call. We'll keep you as updated as we can. But we feel like the combination of all those elements will drive us to higher performance and peer-leading performance again in '28 and beyond.

Speaker #5: As well as the additional circulatory supports. So we really see the ICVTX sector being a significant growth driver for the company in 28, 29, 30.

Speaker #3: Thank you. The next question comes from Rick Wise with CFOL. Please go ahead.

Speaker #6: Good morning, good morning. I have two questions. First, my first question is I was hoping you could expand on your restructuring comments. We all read the release, the 8K earlier this week.

Speaker #5: And we expect that core 75% of our business to strengthen over that time period. And then on top of that, you layer in seven meaningful platforms that exceed about a 25 billion dollar TAM market opportunity.

Speaker #5: In addition to that, we're confident that the EP business would get back to at market or beyond growth in 2028 and improve nicely in second half 2027.

Speaker #6: And you spoke about the some of the benefits and the efficiencies and the timeframe. But could you talk a little bit more about the impact as we think about the next several years on the P&L?

Speaker #5: The Watchman market's tougher to call. We'll keep you as updated as we can. But we feel like the combination of all those elements will drive us to higher performance and peer-leading performance again in 28 and beyond.

Speaker #6: Where will we see it? To what extent are you going to reinvest some of those savings which I think were some of the language in the 8K?

Speaker #6: Where are you going to reinvest them in your growth initiatives? How do we think about that?

Speaker #3: Thank you. The next question comes from Rick Wise with CFOL. Please go ahead.

Speaker #5: Yeah, thanks. Rick, for the question. It's John. Yeah, so comprehensive enterprise-wide program that we're initiating. So goal-driving better speed, and cost efficiency, targeting 500 million of savings within the next three years, based off of the phasing of that program.

Speaker #4: Good morning, good morning. I have two questions. First, my first question is I was hoping you could expand on your restructuring comments. We all read the release, the 8K earlier this week.

Speaker #5: We'd expect to realize over half of those savings exiting 2027. So we'll start to see those savings come in in 2027. And that will position us to drive more meaningful operating margin expansion and strong EPS growth in 2028 and beyond, as Mike has indicated, as well as continuing to fully fund those high-growth opportunities.

Speaker #4: And you spoke about the some of the benefits and the efficiencies and the timeframe. But could you talk a little bit more about the impact as we think about the next several years on the P&L?

Speaker #4: Where will we see it? To what extent are you going to reinvest some of those savings which I think with some of the language in the AK, where are you going to reinvest them in your growth initiatives?

Speaker #5: And Mike just ticked through several of those, but we have them across the businesses. So broad program. As far as where we'll see those savings, I'd expect to see them materialize in SG&A first, and then COGS later, over time.

Speaker #4: How do we think about that?

Speaker #5: Yeah, thanks. Rick, for the question. It's John. Yeah, so comprehensive enterprise-wide program that we're initiating. So goal-driving better speed and cost efficiency. Targeting 500 million of savings within the next three years based off of the phasing of that program.

Speaker #5: So I feel like it's the right program for Boston Scientific, given where we are. And we'll help position us to return to strong growth and meaningful EPS expansion and growth in '28 and beyond.

Speaker #3: Thank you. The next question comes from Michael Pollard with Wolf Research. Please go ahead.

Speaker #7: Hey, good morning. Thank you for taking the question. Follow-up on Watchmen and the topic of compounding clinical evidence impacting referral patterns. I think we've all seen these studies.

Speaker #5: As well as continuing to fully fund those high-growth opportunities and Mike just ticked through several of those. But we have them across the businesses.

Speaker #7: Obviously, closure champion OSHAN alone. The question is, what can you do to change that? Is it a new round of clinical evidence generation? Is it the form factor innovation?

Speaker #5: So broad program. As far as where we'll see those savings, I'd expect to see them materialize in SG&A first and then COGS later, over time.

Speaker #7: Just talk to me about the fixed playbook for those shifting referral patterns for Watchmen. Thank you.

Speaker #5: So I feel like it's the right program for Boston Scientific given where we are and will help position us to return to strong growth and meaningful EPS expansion.

Speaker #5: Dr. Stein, if you want to take that one.

Speaker #6: Yeah, yeah, sure, Mike. And again, I think it's pretty clear that there was a much bigger impact than we anticipated dating back to last November.

Speaker #5: And growth in 28 and beyond.

Speaker #6: The release of OSHAN closure. And then I think some of the confusion around champions certainly hasn't helped with that. We have seen, for instance, much greater use of this so-called ablate and wait strategy, in patients with a CHA2DS2-VASc score of 3, following ablation.

Speaker #3: Thank you. The next question comes from Michael Pollard with Wolf Research. Please go ahead.

Speaker #6: Hey, good morning. Thank you for taking the question. Follow-up on Watchman and the topic of compounding clinical evidence impacting referral patterns. I think we've all seen these studies.

Speaker #6: Obviously, closure champion OSHAN alone. The question is, what can you do to change that? Is it a new round of clinical evidence generation? Is it the form factor innovation?

Speaker #6: And while concomitant is continuing to grow, that has affected the growth trajectory of concomitant. When we look at standalone Watchmen procedures, we're really seeing more than anything else is a drop-off in referrals for the so-called soft indications.

Speaker #6: Just talk to me about the fixed playbook for those shifting referral patterns for Watchman. Thank you.

Speaker #6: For the device, patients who really just prefer not to be on an oral anticoagulant, without having a really well-defined reason to seek an alternative.

Speaker #5: Dr. Stein, if you want to take that one.

Speaker #4: Yeah, yeah, sure, Mike. And again, I think it's pretty clear that there was a much bigger impact than we anticipated dating back to last November.

Speaker #6: And I think the solution is sort of everything that you listed. And everything that Mike listed that we're doing, it's continuing to educate on the totality of the clinical data.

Speaker #4: The release of OSHAN closure. And then I think some of the confusion around champions certainly hasn't helped with that. We have seen for instance, much greater use of this so-called wait and wait strategy.

Speaker #6: To come back to what Mike said in the prepared remarks, right, that this is still the only proven and the best option for patients who can't or who won't or who shouldn't be on long-term blood thinners.

Speaker #4: In patients with the CHADS-VASc score of three, following ablation, and while concomitant is continuing to grow, that has affected the growth trajectory of concomitant.

Speaker #6: I'd remind all of you, right, that somewhere between 30 and 40 percent of patients who need stroke prevention and atrial fibrillation currently don't get anything.

Speaker #4: When we look at standalone Watchman procedures, what we're really seeing more than anything else is a drop-off in referrals for the so-called soft indications.

Speaker #6: So there's, again, a very sizable unmet medical need that the Watchmen device serves in addition to continuing our education on the current data. There's more data to come.

Speaker #4: For the device, patients who really just prefer not to be on an oral anticoagulant, without having a really well-defined reason to seek an alternative.

Speaker #6: I'd highlight our simplified trial which we expect to be released second half of this year. Which, if it meets its endpoints, could help simplify the drug regimen post-implant.

Speaker #4: And I think the solution is sort of everything that you listed. And everything that Mike listed that we're doing. It's continuing to educate on the totality of the clinical data.

Speaker #4: To come back to what Mike said in the prepared remarks, right, that this is still the only proven and the best option for patients who can't or who won't or who shouldn't be on long-term blood thinners.

Speaker #6: Deal with some of the concern around immediate post-procedure bleeding. We've talked about continuing to iterate our device platform with the upcoming clinical trial evaluating the Watchmen Elite device.

Speaker #4: I've reminded all of you, right, that somewhere between 30 and 40 percent of patients who need stroke prevention and atrial fibrillation currently don't get anything.

Speaker #6: And again, we continue to believe that the data from champion and the overall totality of the clinical data merit an update to our labeling from FDA.

Speaker #4: So there's, again, a very sizable unmet medical need that the Watchman device serves in addition to continuing our education on the current data. There's more data to come.

Speaker #6: And merit a reconsideration of the CMS national coverage decision.

Speaker #3: Thank you. The next question comes from Travis Steed with Bank of America. Please go ahead.

Speaker #4: I'd highlight our simplified trial which we expect to be released second half of this year. Which, if it meets its endpoints, could help simplify the drug regimen post-implant.

Speaker #5: All right, everybody. I wanted to ask about the limited EPS growth comment in 2027. Is that flat EPS? Is that EPS growth kind of in line with the 3% revenue growth in '27?

Speaker #5: Or is there some leverage still? And then 2028, do we get back to double-digit growth? And maybe also maybe address why the lack of EPS growth in '27 is just a lack of higher margin revenue growth?

Speaker #4: Deal with some of the concern around immediate post-procedure bleeding. We've talked about continuing to iterate our device platform with the upcoming clinical trial evaluating the Watchman Elite device.

Speaker #5: Or needing to invest more in growth drivers? Yeah, thanks, Travis. We'll get into much more detail on '27 expectations as we always do on our Q4 earnings call.

Speaker #4: And again, we continue to believe that the data from champion and the overall totality of the clinical data merit a update to our labeling from FDA and merit a reconsideration of the CMS national coverage decision.

Speaker #5: But based on what we're assuming today, and you heard Mike outline Watchmen and EP dynamics, we expect those to extend into 2027. We expect limited EPS growth in 2027 and improving op margins will be a challenge.

Speaker #3: Thank you. The next question comes from Travis Steed with Bank of America. Please go ahead.

Speaker #5: All right, everybody. I wanted to ask about the limited EPS growth comment in 2027. Is that flat EPS? Is that EPS growth kind of in line with the 3% revenue growth in '27?

Speaker #5: That is due to gross margin pressure from continued softness in Watchmen and EP. As well as the initial impacts of ANUMBRA anticipate that will close in the second half of this year.

Speaker #5: Excited to add PANUMBRA, but as we've previously disclosed, expect PANUMBRA to be slightly diluted to our op margins. And EPS in 2026. Now, again, we are taking action to ensure a return to meaningful operating margin expansion and strong EPS growth.

Speaker #5: Or needing to invest more in growth drivers? Yeah, thanks, Travis.

Speaker #5: We'll maintain disciplined approach to spending across Boston Scientific. Again, we'll continue to fully fund those areas of the portfolio that we see driving our long-term growth.

Speaker #5: And again, as we discussed, we initiated a company-wide restructuring program which, along with those growth catalysts that Mike laid out a moment ago, that will start to hit in '27, '28.

Speaker #5: That will position us to return to strong revenue growth and strong adjusted EPS growth in 2028 and beyond.

Speaker #3: Thank you. The next question comes from Matt Taylor with Jefferies. Please go ahead.

Speaker #7: Hi, thanks for taking the question. I wanted to see if you could be a little bit more specific on 2027 assumptions for EP growth.

Speaker #7: You talked a little bit about the Watchmen outlook. Could you discuss EP as well? And I guess, when do you expect some of these pipeline contributions to help the EP growth outlook?

Speaker #6: Sure. Yeah, I mentioned it a little bit earlier. Really pleased with the momentum and execution of our EP R&D and innovation team broadly speaking.

Speaker #6: And as we know, we have Fairpoint that we're launching or launched this year. But the big meaningful launches that will widen our ecosystem. And widen it the number of patients that we can treat and provide a more full, comprehensive solution beyond current FairPulse really start in 2027, where we launched our next-generation FairPulse Ultra device.

Speaker #6: Which we anticipate launching right around this time next year. At scale. And then entry into the really the greater than a billion dollar or so growing quickly ICE market will happen again in 2027, where we're not currently playing.

Speaker #6: So those two launches will help us considerably as we look at second half of '27. So we basically see the first half of '27 looking like similar dynamics that we see today in second half '26.

Speaker #6: But we do see improvement in 2027. And then in 2028, we have our Ultra device which is now in clinical trial which we think is a breakthrough device for us which will again widen the patient indication and kind of full-service solution that we can offer an EP customer.

Speaker #6: So we're very confident in 2028 getting to add or above market growth again in EP. Based on that portfolio of Ultra, ICE, and Fairway.

Speaker #5: FairFlex.

Speaker #6: FairFlex. I'm sorry. FairFlex.

Speaker #3: Thank you. The next question comes from Marie Thibault with BTIG. Please go ahead.

Speaker #8: Hi, good morning. Thanks for taking the questions. I wanted to ask a question here on one of the bright spots for your business which has been the ICV TX segment.

Speaker #8: What are the products that are doing best? What are sort of the catalysts to look for in that business? And how can we sort of have confidence in the sustainability of some of the above WAMGER growth that you've been showing there?

Speaker #8: Thanks for taking the question.

Speaker #6: Yeah, we think that this will be our largest set of businesses in the company. In the future here, if you look at interventional cardiology, vascular, the ideally close by the end of this year addition of PANUMBRA.

Speaker #6: And the adjacencies that we may enter, I talked about the MIRIS TAVR valve in my script. So there's just numerous first of all, they have excellent momentum now.

Speaker #6: And that's being driven by our complex PCI portfolio, our imaging capabilities, and our agent drug coated balloon which we're looking to continue to widen indication and expansions with our current trial.

Speaker #6: So that business is performing at a very high level. And then as we look over the years here, we're excited to enter the IVL market which is a multi-billion dollar market in 2027 in coronary.

Speaker #6: We're making a lot of momentum on our hypertension enrollment in our trial. And we expect to finish that hopefully by the end of this year.

Speaker #6: Or first quarter of 2028. And so we expect to launch that product no later than 2028. And which we think will be very nice timing based on potential and enhancements that continue to need to be made in the reimbursement landscape.

Speaker #6: And then we'll have the closing of PANUMBRA. So there's just a number of large adjacencies that we're moving into in that sector. And they're riding a continued momentum.

Speaker #6: And as John said with this restructuring, we are clearly protecting these high-growth markets that will allow us to enable to grow to high-end performance again in '28 and beyond.

Speaker #3: Thank you. The next question comes from Jason Bedford with Raymond James. Please go ahead.

Our Imaging capabilities and our agent uh drug code of balloon, which we're looking to continue to widen indication of expansions with our current trial. So that business is performing at a very high level.

Speaker #7: Good morning. I may have missed this, but in answering an earlier question, but what do you think your WAMGER is today? Just given the slowdown in the LAAC market.

And then, as we look over the years here, we're excited to enter the IVL market, which is a multibillion-dollar market, in 2027 in coronary.

Speaker #7: And then just a quick one. What can be done in sacral neuromodulation? I'm just curious. Is it more market or share-related things?

Uh, we're making a lot of momentum on our hypertension enrollment in our trial, and we expect to finish that.

Speaker #6: Yeah, we would estimate our WAMGER is probably seven to eight. So tick down probably a point. Keep in mind, Watchmen is a great product for us, but it's less than 10% of our revenue.

Hopefully, by the end of this year or, uh, first quarter of 2028. And so we expect to launch that, uh, product, um, no later than 2028, which we think will be very nice timing, based on, uh, potential and enhancements that continue to need to be made in the, re- uh, reimbursement landscape.

Speaker #6: So we would call our WAMGER in the seven to eight percent range. And hopefully that'll enhance over time. Based on the closing of PANUMBRA, and the potential entry into these other markets that I mentioned.

Speaker #6: On urology, we're frustrated with our results year to date. We do anticipate kind of flattish growth, maybe up 1% for the full year. And that business, we're confident and we've been saying this for a while, but we're confident that's going to improve in 2027.

Uh, then we'll have the closing up Panera. Um, so there's just a number of large adjacencies that we're moving into in that sector. Um, and they're ready to continue momentum. And as John said with this restructuring, we are clearly protecting these high growth markets, uh, that will allow us to enable to grow to high-end performance again in 28 and Beyond.

Speaker #6: We have three key launches in our core stone portfolio over the coming two or three quarters. We're expecting to get closer to at-market growth in 2027 in that area.

Thank you. The next question comes from Jason Bedford with Raymond James. Please go ahead.

Speaker #6: And in sacral neuromodulation, as we've discussed at numerous calls, we had a significant kind of disruption of the commercial capabilities. And those gaps have been filled.

Uh, good morning. Um, I may have missed this in an earlier answer, but what do you think your WHAMER is today, just given the slowdown in the LAAC market? And then just a quick one—

Speaker #6: We've trained and hired and are now in the field activating a number of new clinical and sales reps. So we anticipate that business should get better as the quarters progress here in '26.

What can be done in sacral neuromodulation? I'm just curious if it's more market share related. Thanks.

Yeah, we would estimate our Amber is probably 7 to 8, so tick down, probably a point. Um, you know, keep in mind, Watchman is a great product for us, but it's less than 10% of our Revenue.

Speaker #6: And with a more mature team in 2027. So we aim for our urology business to kind of get closer to their urology market growth rate in 2027.

Um, so we call our Wham, we're in the 78% range, and hopefully that will enhance over time, based on the closing of Penumbra and the potential entry into some of these other markets that I mentioned.

Speaker #3: Thank you. I understand that there is time for one last questioner. That will come from Josh Jennings with TD Cowan. Please go ahead.

uh neurology, uh

You know, we're frustrated with our results here today. We do anticipate kind of flattish growth. Uh, maybe up 1% for the full year.

Speaker #5: Hi, good morning. Thanks for the question. I wanted to follow up on Jason's WAMGER question. Does that hold for 2027? And just hoping for an updated outlook on the US EP market growth.

Speaker #5: And does Boston expect FairWave to maintain leadership in the AFib ablation catheter segment in front of the FairWave Ultra launch? And just an update on how Boston's doing.

And that business we're confident. And we've been saying this for a while but we're confident that's going to improve in 2027. We have 3 uh key launches in our core Stone portfolio, over the coming 2 or 3 quarters. We expect to get closer to app market growth in 2020 uh 7 in that area.

And cycle neuromodulation as we've discussed at numerous calls, we had a significant, um, kind of disruption of the commercial capabilities.

Speaker #5: In the non-ablation catheter segments of the US EP market. Sorry, multi-layered, but appreciate you taking it.

And those gaps have been filled. We've trained and hired and are now in the field activating a number of new clinical and sales reps.

Speaker #6: I think the seven to eight call for the WAMGER is I think the appropriate number. In terms of PFA leadership, we have it now.

So we anticipate that business should get better uh as the quarters progress here in 26 and with a more mature team in 2027.

Speaker #6: We have lost some share in the US. We continue to do extremely well in Europe and Asia-Pac where the PFA penetration is not quite as high.

So, uh, we aim for our Urology business to kind of get closer to their Urology market growth rate in 2027.

Speaker #6: And we've seen all the competitive launches there. But we do continue to expect some competitive launches. We'll impact performance in second half '26, which is the guide.

Thank you. I understand that there is time for 1 last questioner, uh, that will come from Josh Jennings with TD. Colin please go ahead.

Speaker #6: And then we see that continued trend occurring through first half '27. And that's when we launched our next generation Ultra. And eventually our ICE device.

Speaker #6: So we expect that business to strengthen in second half '27. And in '28.

Hi, good morning. Thanks for the question. I wanted to follow up on Jason's WHAMER question. Is that holding for 2027? And just hoping for an updated outlook on the USEP market growth?

Speaker #3: Thank you. This concludes our question and answer session. I would like to turn the conference back over to Lauren Tangler for any closing remarks.

Speaker #1: Thanks for joining us today. We appreciate your interest in Boston Scientific. If we were unable to get to your question or you have any additional follow-ups, please don't hesitate to reach out to the investor relations team.

And does. Boston expect a fair wave to maintain leadership in that in the eib ablation. Catheter segment, uh, in front of the Fairway vulture launch. I just an update on on how Boston's doing, uh, in the non-emergency Gatherings of of the EP us, EP Market. Sorry multi multi-layered but uh appreciate you taking it.

Speaker #1: Before you disconnect, Drew will give you all of the pertinent details for the replay. Thank you, everyone.

I think the 7 to 8 call for the WERS,

I think the, uh, the appropriate number

Speaker #3: Thank you. 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 1147211 until August 5th, 2026 at 11:59 PM Eastern Time.

Which is the guide.

And then um we see that continued Trend occurring through first half 27 and that's when we launched our next Generation. Uh Ultra and eventually they are uh Ice device. So we expect that business to strengthen in second, half 27 and in 28.

Thank you. This concludes our question and answer session. I would like to turn the conference back over to Lauren Tengler for any closing remarks.

Thanks for joining us today. We appreciate your interest in Boston Scientific. If we were unable to get to your question or you have any additional 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. Pertinent details for the replay. Thank you, everyone.

Thank you. Please note, a recording will be available in 1 hour by dialing either 1-877-344-7529 or 1-412-317-00088, using replay code 1147211, until August 5th, 2026, at 11:59 p.m. Eastern Time. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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