Today, Boston Scientific shared its financial results for the third quarter of 2024.
Overall, we generated net sales of $4.209 billion during the third quarter of 2024, growing 19.4 percent on a reported basis and 18.2 percent on an organic1 basis compared to the prior year period.
We also achieved net sales growth in each of our reportable segments, with 10.3 percent reported growth and 7.7 percent organic1 growth in MedSurg and 25.0 percent reported growth and 24.6 percent organic1 growth in Cardiovascular compared to the prior year period.
"Our sustained high performance is a testament to the strength of our talented global team, differentiated portfolio and category leadership strategy,” says Mike Mahoney, chairman and chief executive officer, Boston Scientific. "We continue to gain momentum driven by our product pipeline, clinical evidence and commercial execution that position us well for the long term.”
Additional highlights:
- We received U.S. Food and Drug Administration (FDA) approval for the navigation-enabled FARAWAVE™ NAV Ablation Catheter for the treatment of paroxysmal atrial fibrillation (AF) and FDA 510(k) clearance for the new FARAVIEW™ Software, which combine to provide visualization for cardiac ablation procedures with the FARAPULSE™ Pulsed Field Ablation (PFA) System.
- We announced Pharmaceuticals and Medical Device Agency (PMDA) approval in Japan for the FARAPULSE™ PFA System.
- We received CE mark and initiated the European launch of the ACURATE Prime™ Aortic Valve System, the company's next generation transcatheter aortic valve replacement technology designed to treat severe aortic stenosis in patients across all surgical risk levels while also expanding the treatment range to patients with a larger anatomy.
- We received CE mark for the LUX-Dx II/II+™ Insertable Cardiac Monitor System for long-term monitoring of arrhythmias.
- We recently published in The Spine Journal an analysis for basivertebral nerve ablation that demonstrated the Intracept™ Intraosseous Nerve Ablation System at the five-year follow-up is a cost-effective treatment for vertebrogenic chronic low back pain compared to standard care such as medication or physical therapy alone.
- Completed the acquisition of Silk Road Medical, Inc., a medical technology company that commercialized a platform of products to prevent stroke in patients with carotid artery disease.
For the full Boston Scientific earnings announcement and more business highlights from the third quarter of 2024, see the press release.
About Boston Scientific
Boston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 45 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of health care. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at www.bostonscientific.com and connect on LinkedIn and X, formerly Twitter.
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This articlecontains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “may,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our financial performance; our business plans and product performance, acquisitions, and new and anticipated product approvals and launches. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Risks and uncertainties that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions; geopolitical events; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions; demographic trends; intellectual property; litigation; financial market conditions; the execution and effect of our business strategy, including our cost-savings and growth initiatives; and future business decisions made by us and our competitors. New risks and uncertainties may arise from time to time and are difficult to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. This cautionary statement is applicable to all forward-looking statements contained in this article.
Use of Non-GAAP Financial Information
This release contains non-GAAP measures in talking about the company’s performance. The reconciliations of those non-GAAP financial measures to their most comparable GAAP measures are included below.
Net sales for the third quarter by business:
1 Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales. The GAAP financial measure most directly comparable to organic net sales is net sales reported on a GAAP basis.