AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Evidence
Our product offerings include our WaveWriter Alpha™ Spinal Cord Stimulator (SCS) System, designed to provide improved pain relief to a wide range of patients who suffer from chronic pain, our Intracept™ Intraosseous Nerve Ablation System, the only U.S.
Business / Neuromodulation product offerings · Filed 17/02/2026
Food and Drug Administration (FDA)-cleared system to treat vertebrogenic pain, a form of chronic low back pain, our G4™ Generator and consumable portfolio in Radiofrequency Ablation (RFA) for pain management and our Vercise Genus™ Deep Brain Stimulation (DBS) System for the treatment of Parkinson's disease, tremor and intractable primary and secondary dystonia.
Business / Neuromodulation regulatory distinction · Filed 17/02/2026
WATCHMAN™ is the first device to offer a non-pharmacologic alternative to oral anti-coagulants that has been studied in a randomized clinical trial and is the leading device in percutaneous LAAC globally.
Business / WATCHMAN clinical history and issuer-reported leadership · Filed 17/02/2026
We received FDA approval in the United States, and Pharmaceuticals and Medical Device Agency (PMDA) approval in Japan, in the second and third quarters of 2025, respectively, to expand instructions for use labeling to include the treatment of drug refractory, symptomatic persistent AF with the FARAPULSE™ PFA System.
Business / Electrophysiology completed regulatory approvals · Filed 17/02/2026
In 2025 and 2024, reported net sales growth was primarily driven by the growth of our Electrophysiology business unit, led by our Farapulse™ Pulsed Field Ablation (PFA) System, continued market penetration of Left Atrial Appendage Closure (LAAC) procedures with our WATCHMAN™ LAAC Devices, as well as our coronary therapies franchise led by our AGENT™ Drug-Coated Balloon.
MD&A / Cardiovascular sales growth drivers · Filed 17/02/2026
We hold patents worldwide that cover various aspects of our technology.
Business / Proprietary rights and patents · Filed 17/02/2026
In the aggregate, these intellectual property assets and licenses are of material importance to our business; however, we believe that no single patent, trade secret, trademark, intellectual property asset or license is material in relation to our business as a whole.
Business / Aggregate importance of intellectual property · Filed 17/02/2026
The PMA approval process generally requires clinical data to support the safety and effectiveness of the device, and is generally more detailed, lengthier and more expensive than the 510(k) process.
Regulatory environment / PMA requirements · Filed 17/02/2026
Our primary competitors include Abbott Laboratories and Medtronic plc, as well as a wide range of medical device companies that sell a single or limited number of competitive products or participate in only a specific market segment.
Business / Named primary competitors · Filed 20/02/2024
Net sales for the second quarter and first six months of 2026 were impacted by increased competition within our Electrophysiology business unit and a deceleration of certain WATCHMAN™ procedures.
MD&A / Realized Electrophysiology competition and WATCHMAN procedure deceleration · Filed 03/08/2026
•electrophysiology products, including the Volt® Pulsed Field Ablation System, the TactiFlex® and TactiCath® families of ablation catheters, including the TactiFlex™ Duo Ablation Catheter, Sensor Enabled™, and FlexAbility® irrigated ablation catheters; the EnSite® family of cardiac mapping systems; Agilis® NxT and Swartz™ introducer catheters; the Advisor® HD Grid mapping catheter; and the ViewFlex® family of intracardiac echocardiography catheters;
Abbott business / Electrophysiology product portfolio · Filed 20/02/2026
No assurance can be made that any pending or future patent applications will result in the issuance of patents, that any current or future patents issued to, or licensed by, us will not be challenged or circumvented by our competitors, or that our patents will not be found invalid.
Risk factors / Patent challenges and circumvention · Filed 17/02/2026
We also face competition from non-medical device companies, which may offer alternative therapies for disease states that could also be treated using our products, or from companies offering technologies that could augment or replace procedures using our products.
Business / Alternative therapies and technologies · Filed 17/02/2026
In addition, on May 28, 2025, we announced the discontinuation of worldwide sales of the ACURATE neo2™ and ACURATE Prime™ Aortic Valve Systems and that we would no longer pursue U.S.
Restructuring / ACURATE worldwide sales discontinuation · Filed 17/02/2026
FDA approval for ACURATE or approval in other geographies.
Restructuring / ACURATE approval pursuit discontinued · Filed 17/02/2026
The decision resulted in total pre-tax restructuring and restructuring-related net charges of approximately $87 million in 2025.
Restructuring / Realized ACURATE exit charges · Filed 17/02/2026
We also compete on ease of use, comparative effectiveness, reliability and physician familiarity.
Business / Physician familiarity as a competitive factor · Filed 17/02/2026
ABP Financial Metrics 2025 Reported Results $20.074 billion GAAP Net Sales $1.94 GAAP Net Income Per Share 18.0% GAAP Operating Income Margin 2025 Adjusted Results for ABP $ 19.931 billion Adjusted Net Sales(1)(2) $3.06 Adjusted Net Income Per Share (Adjusted EPS)(1)(2) 28.0% Adjusted Operating Income Margin(1)(2) rTSR and ONSG PSP Financial Metrics 119.29% 3-year rTSR(4) For 2023 rTSR PSP 16.6% Average GAAP Net Sales Growth 2023 - 2025 14.8% Average Organic Net Sales Growth(1)(2) 2023 - 2025 For 2023 ONSG PSP(3) (1)Adjusted Net Sales, Adjusted EPS, Adjusted OIM and ONSG are non-GAAP financial measures.
Compensation discussion / Reported 2025 results and 2023–2025 organic growth · Filed 18/03/2026
•Reported net sales of $5.442 billion, representing an increase of 7.5 percent on a reported basis, compared to the company's guidance range of 5.5 to 7.5 percent; and 7.0 percent on an operational and organic basis, compared to the company's guidance range of 5 to 7 percent, all compared to the prior year period.
Second-quarter 2026 results / Actual sales growth versus guidance · Filed 29/07/2026
We are not dependent on any single institution, and no single customer accounted for more than ten percent of our net sales in 2025, 2024 and 2023; however, large group purchasing organizations, hospital networks, international distributors and dealers and other buying groups are important to our business and represent a substantial portion of our net sales.
Receivables / Customer concentration and buying groups · Filed 17/02/2026
We have entered certain agreements with group purchasing organizations to sell our products to participating hospitals at negotiated prices.
Revenue / Negotiated group purchasing agreements · Filed 18/02/2025
We continue to experience pressures across many of our businesses due to competitive activity, increased market power of our customers as the health care industry consolidates, national and regional government tenders, economic pressures experienced by our customers, capacity shortages within health care facilities that have and may continue to negatively impact demand for our products, public perception of our products, and the impact of managed care organizations and other third-party payers.
Risk factors / Ongoing competitive and purchaser pressures · Filed 17/02/2026
The following is a reconciliation of our gross profit margin and a description of the drivers of the changes from period to period: Three Months Six Months Period ended June 30, 2025 67.7% 68.2% Sales pricing, volume and mix 0.6% 0.7% Net impact of foreign currency fluctuations (0.4)% (0.6)% All other, including inventory charges and other period expenses 2.9% 1.8% Period ended June 30, 2026 70.7% 70.1% In the second quarter of 2026, the primary factors that impacted gross profit margin were increased sales of higher margin products, the benefit recognized in connection with the recovery of previously incurred tariffs and a decrease in inventory charges, slightly offset by an unfavorable impact from foreign currency.
MD&A / Gross margin bridge and pricing, volume and mix · Filed 03/08/2026
These factors also impacted gross profit margin during the first six months of 2026, along with a decrease in the impact of inventory step-up adjustments associated with acquisitions.
MD&A / First-half gross margin drivers · Filed 03/08/2026
The following is a reconciliation of Operating Income Margin (OIM) prepared in accordance with GAAP to Adjusted OIM as used in our Annual Bonus Plan: Adjusted Operating Income Margin 2025 2024 Operating Income Margin, as reported 18.0 % 15.5 % Non-GAAP adjustments 10.0 % 11.5 % Operating Income Margin, adjusted 28.0 % 27.0 % Use of Non-GAAP Financial Measures To supplement our consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures.
Annex A / GAAP operating margin comparison · Filed 18/03/2026
45 Table of Contents The following provides a summary and description of our net cash inflows (outflows): Six Months Ended June 30, (in millions) 2026 2025 Cash provided by (used for) operating activities $ 1,822 $ 1,827 Cash provided by (used for) investing activities (2,547) (1,626) Cash provided by (used for) financing activities (670) (107) Operating Activities During the first six months of 2026, cash provided by (used for) operating activities remained relatively flat compared to the prior year period primarily due to comparatively higher sales and corresponding operating income, offset by an increase in employee and working capital-related payments.
Liquidity / Actual first-half cash flows · Filed 03/08/2026
Investing Activities During the first six months of 2026, cash provided by (used for) investing activities included net cash payments of $718 million for acquisitions of multiple businesses, primarily related to Nalu Medical, Inc., net payments for investments and acquisitions of certain technologies of $1.501 billion, primarily related to the investment in MiRus LLC (MiRus), and purchases of property, plant and equipment and internal use software of $372 million.
Liquidity / Actual acquisition, investment and capital spending · Filed 03/08/2026
Financing Activities During the first six months of 2026, cash provided by (used for) financing activities included net proceeds from the issuance of commercial paper of $1.675 billion, a $2.000 billion payment to repurchase shares of our common stock, and a $255 million payment of the remaining balance of 3.750% Senior Notes due March 2026.
Liquidity / Commercial paper, repurchases and debt repayment · Filed 03/08/2026
We plan to fund the transaction consideration through a combination of cash on hand and newly issued debt in an aggregate amount equal to approximately $11.000 billion, and the remaining portion of the transaction consideration will be paid in shares of our common stock.
Business / Planned Penumbra transaction financing · Filed 17/02/2026
2025 Long-Term Incentives: Fifty percent (50%) of our 2025 long-term incentive awards granted to our executive officers were in the form of performance-based RSUs pursuant to our 2025 Organic Net Sales Growth Performance Share Program (ONSG PSP) and 2025 relative Total Shareholder Return Performance Share Program (rTSR PSP).
Compensation discussion / Actual 2025 performance-based awards · Filed 18/03/2026
The number of shares ultimately issued to the recipient is based on the total stockholder return (TSR) of our common stock as compared to the TSR of the common stock of the other companies in the S&P 500 Health Care Index over a three-year period.
Stock compensation / Three-year relative TSR award terms · Filed 17/02/2026
Do not permit pledging or hedging of the economic value of our common stock by executives or directors.
Compensation policies / Hedging and pledging prohibition · Filed 18/03/2026
For purposes of our 2025 ABP: (i) Adjusted Net Sales is calculated on a constant currency basis that excludes the impact of foreign currency fluctuations, which are highly variable and difficult to predict, and net sales from acquisitions completed after the establishment of the internal financial plan, as applicable; (ii) Adjusted EPS equals adjusted net income (loss) divided by weighted average shares outstanding for the performance year (adjusted net income (loss) equals GAAP net income (loss) excluding certain charges (credits) from GAAP net income, including, but not limited to, amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), and certain litigation-related net charges (credits), European Union Medical Device Regulation (EU MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and discrete tax items); and (iii) Adjusted OIM reflects the Company’s adjusted operating income (GAAP revenue less cost of goods sold less operating expenses, adjusted for certain items consistent with those excluded to determine Adjusted EPS) as a percentage of net sales.
Compensation discussion / Annual bonus metric exclusions · Filed 18/03/2026
Clawback Policies
Our Compensation Committee adopted, effective November 17, 2023, the Boston Scientific Dodd-Frank Clawback Policy (the "Dodd-Frank Clawback Policy") to comply with final rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the SEC, and the applicable NYSE listing standards.
Compensation policies / Adopted clawback policy and effective date · Filed 18/03/2026
The Dodd-Frank Clawback Policy provides for the mandatory recoupment of erroneously awarded incentive-based compensation in the event of an accounting restatement.
Compensation policies / Mandatory recoupment terms · Filed 18/03/2026
During 2025, our independent directors met in executive session without non-independent directors five times.
Governance / Actual independent-director executive sessions · Filed 18/03/2026
All of the members of the Audit Committee, Compensation Committee, and Nominating and Governance Committee meet the applicable independence requirements of the NYSE and the SEC.
Governance / Key committee independence · Filed 18/03/2026
In 2025, the Nominating and Governance Committee engaged a third-party facilitator to conduct interviews with each member of the Board, informed by priority areas identified in consultation with Board leadership.
Governance / Actual externally facilitated board evaluation · Filed 18/03/2026
For
Against
Abstain
Broker Non-Votes
1,205,130,032
2,818,667
2,445,694
81,271,529
(5) The stockholders approved the amendment of the Company’s Third Restated Certificate of Incorporation to remove supermajority voting provisions.
Annual meeting results / Approval to remove supermajority voting provisions · Filed 05/05/2026
For
Against
Abstain
Broker Non-Votes
1,189,271,431
17,774,053
3,348,909
81,271,529
(6) The stockholders approved the amendment of the Company’s Third Restated Certificate of Incorporation to provide for exculpation of certain officers as permitted by Delaware law.
Annual meeting results / Approval of officer exculpation amendment · Filed 05/05/2026
For
Against
Abstain
Broker Non-Votes
1,057,086,923
150,458,633
2,848,837
81,271,529
(7) The stockholders did not approve the amendment of the Company’s Third Restated Certificate of Incorporation and Amended and Restated By-Laws to permit stockholders owning not less than 25% of the Company’s common stock to call a special meeting of stockholders.
Annual meeting results / Special-meeting amendment not approved · Filed 05/05/2026
The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 7.0 to 8.5 percent on a reported basis and 6.5 to 8.0 percent on an organic basis.
April 2026 release / Full-year sales growth guidance · Filed 22/04/2026
The company now estimates net sales growth for the full year 2026, versus the prior year period, to be approximately 5.5 to 6.5 percent on a reported basis and 5 to 6 percent on an organic basis.
July 2026 release / Revised full-year sales growth guidance · Filed 29/07/2026
