Boston Scientific (BSX) FY2025 10-K Annual Report
Boston Scientific (BSX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Boston Scientific FY2025 10-K Analysis
Business Overview
- • Core business model: Medical devices portfolio across Endoscopy, Urology, Neuromodulation, MedSurg, and Cardiovascular segments
- • Cardiovascular strategic shift: Discontinued ACURATE Neo2/Prime Aortic Valve sales globally, ceased pursuit of FDA and other approvals in 2025
- • Notable new acquisitions emphasized: Axonics (Urology), Silk Road Medical and Intera (Cardiovascular), Braun vacuum therapy (Endoscopy)
- • Quantitative highlight: Net sales increased 19.9% to $20.1B in 2025, R&D spend rose 27% to $2.05B, SG&A expenses up 15%
- • Unusual fact: $194 million litigation charge in 2025 due to resolution of legacy IP claim tied to acquisition
Management Discussion & Analysis
- • No revenue, profitability, segment, or cash flow data disclosed in provided MD&A section
- • Management implementing new global ERP affecting internal controls, phased rollout began August 2025 in EMEA
- • Senior HR officer initiated a Rule 10b5-1 trading plan for sale of 14,912 shares, effective through Dec 31, 2026
- • No forward-looking guidance, risks, or financial outlook information included in the disclosed text
Risk Factors
- • Leverage ratio maximum 4.50x as of December 31, 2025, up from 3.75x pre-Axonics acquisition in November 2024
- • Total debt $11.436B at end of 2025, up from $10.746B in 2024, fixed-rate debt $11.393B versus variable $43M
- • No restructuring charge exclusion remaining after using $500M limit; litigation exclusion $1.160B remaining under credit agreement
- • Qualified Acquisition leverage step-down schedule triggered by $1B+ Axonics purchase with elevated ratios through seven quarters
- • Current debt $299M sharply down from $1.778B in 2024, reflecting liability management or refinancing activities
Boston Scientific FY2025 Key Financial MetricsXBRL
Revenue
$20.1B
▲ +19.9% YoY
Net Income
$2.9B
▲ +56.4% YoY
Gross Margin
69.0%
▲ +41bp YoY
Operating Margin
18.0%
▲ +246bp YoY
Net Margin
14.4%
▲ +337bp YoY
ROE
12.0%
▲ +345bp YoY
Total Assets
$43.7B
▲ +10.9% YoY
EPS (Diluted)
$1.94
▲ +55.2% YoY
Operating Cash Flow
$4.5B
▲ +32.0% YoY
Source: XBRL data from Boston Scientific FY2025 10-K filing on SEC EDGAR. All figures in USD.
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