BSX - Earnings call transcript Q4 2024 | Boston Scientific Corporation

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Operator

Good morning, and welcome to the Boston Scientific Fourth Quarter 2024 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Jon Monson, Senior Vice President, Investor Relations. Please go ahead.

Robert Marcus

Thank you, Drew, and thanks, everyone, for joining us. Mike Executive and Financial Vice are and Executive Officer. today Brennan, Dan President me Mahoney, Chief Chairman Officer; With and Chief

of in by well year press measures release. release During will that used be excludes on of this the morning period the Dr. call, less Mike measures acquisitions currency non-GAAP can session, QX earlier as non-GAAP which today's our Stein. our and The sales. divestitures included net our joined excludes of full found comparable Ken further a foreign revenue the and the are this call than of fluctuations, Officer, results Chief for section a release website. used issued and operational We reconciliations in announcing revenue there and as Medical the XXXX of full Q&A Investor on be Relations Dan impact Please reconciliations organic note the which

announced Bolt closing conditions. the excludes XXXX customary first to agreements in Guidance subject to half close Intera previously Medical Oncology, are to acquire the of expected which and

For may the performance. and financial intended call, performance, the information are of and sales be found year, as This specified. are compared date plans revenue based regarding, using current and call among quarter the QX Relations events otherwise of business our same future more On of to us available beliefs contains Investor be website. our of forward-looking are performance prior section not as or guarantees things, unless These our on on and all highlights and deck, other references today's please product relative to growth information, development. statements this refer statements operational to to organic which and financial to the

annual to are in may materially statements. reports or such our out by and differences as report any obligation Mike. At other required materialize, SEC, Factors the results uncertainties call actual except the those incorrect the to XX-K. disclaims Risk risks If to discussed turn including from cause Form forward-looking or forward-looking on Factors could be our most I'll update statements, turn over that these vary filings by certain with law. Boston recent or point, assumptions projected our this underlying the Scientific section periodic of intention

Michael Mahoney

in and of we for then, U.S. differentiated performance set units FARAPULSE innovation had is XXXX, earlier-than-expected everyone, across fueled Well quarter performance XX%. XX.X%, our the our financial of XX grew Full sales organic to of high for operational approximately exceeding sales end believe XX% while spirit or our winning We which approval Great. board, our us In grew range XX%, year, grew business adoption operational exceeding most Jon, 'XX, guidance global organic global across sales outstanding respective that XX%. XX% the This guidance sales product of surpassing thank in global today. year. an year and grew joining excellent testament you, XX% the of to by that an grew the goals for 'XX, in we of their business in and and markets teams. our and diversified and our great the portfolio execution line faster is In broad our fourth than units a company the the

of exceeding also $X.XX. $X.XX the adjusted to EPS end $X.XX. $X.XX Fourth XX%, high grew the of high-end of range guidance Full of grew year of range which quarter EPS guidance exceeded $X.XX adjusted XX%, our $X.XX to of

back throughout business differentiated with basis operating the points of into XX XX% growth. the long-term along the upside to representing balance the the adjusted we margin year, a reinvestment to revenue and on of saw margin drove For drop-through we drive year,

execution, global the by quarter fueled our XX% outlook, the XX% we for and 'XX to XX% for and year. and growth we're organic differentiated our first guiding financial performance continue, our to full innovative to expect to strong For of portfolio XX%

adjusted EPS growth Our details XX% will 'XX to guide $X.XX be first $X.XX some the expect we on now adjusted to of year Dan quarter of and is 'XX. $X.XX to and XX%. EPS representing I'll provide provide full additional our highlights to more financials, $X.XX

and East fourth regionally, we units. So Europe portfolio as was grew double-digit strong X 'XX, and quarter. franchises the execution, U.S. saw about in quarter by business On here, XX% the above-market the Europe, operational supported year on an our for from in basis, talking grew and operational the key XXXX well of In business Full XX% growth with discipline. fourth X year. the commercial across units price basis, full XX% growth on XX% Middle all Africa as

We EP and from XX% in our growth for growth contribution and to the full Australia the the and again outpace momentum by Zealand. in quarter China, expect we FARAWAVE markets. 'XX with the operationally NAV fourth Asia year, In excellent grew following further Japan, performance New XX% market Pac, led of double-digit approval recent and increasing across in emerging in

basis, fueled nice digits $X growing focus million in broad grew growth differentiated in from DCB, by On strong driven early on for WATCHMAN commercial had very AGENT by revenue. China across a digits row, portfolio, really was Rezum, FARAPULSE. China double year, Pro innovation and execution. our contribution FLEX This a Japan year double a excellent full in the and second year

full Full expanding XX% is year businesses. grew the the and with diverse quarter TENACIO fourth pricing launches grew Urology, LithoVue and urology and fourth number pump had contribution DBP FARAPULSE of key the Looking the full the XXX portfolio portfolio. ahead, growth continued with success to quarter region. our and the despite increasing with in which China following in Starting our prosthetic where for and with grow I'll ongoing X% now year additional operational for the from some X% provide XX% in by an in fueled basis stone organic Axonics. management, mid-teens the on our pressures for the we expect we commentary close year AMS

with performance imaging well growth most performed investing space SpaceOAR, have operationally for X% of efficacy double-digit platform, a endoluminal Prostate safety IFSO, Health by look Committee Japan year growth our above-market led evaluating an we're Full see in in expect hydrogen. with pleased further surgery complementary franchises, our sales Within to our our trial, for AXIOS we're forward sustained well strong to the hydro drive ESG strong of with our continue updates. basis, fourth Rezum grew into an expanded the double-digit reimbursement AXIOS received urology integrating we full patient recently growth weight In also in organically. Endoscopy along the to first to surgery, Bariatric for space X% indications in for code grew growth we 'XX guideline in growth as 'XX, endoluminal to Technologies our where was see enrolled announced loss procedure and portfolio. in and continued organically International and with and and gall single-use CPT the quarter approval wins X bladder X% highly positive operationally Axonics endorsing Category year now X% the on as drainage. in recent ESG and

basis on Neuromodulation sales and in and QX, organically. year grew full X% XX% XX% a X% grew operationally and organic operationally

unique low franchise a Within mid-single X grew on expect our digits and and and brain Cartesia full CE pain digits approvals of with the Mark year our the franchise the basis, FDA mid-single in for brain recent improving stimulation, Our leads. grew and quarter the digits in we growth deep both single quarter in HX and year. XXXX

therapy. The precise first XX contact and directional only personalized that leads deliver

full growth higher Cardiology our data delivered years 'XX, sales expect with XX% effectiveness momentum XX% year an in franchise year. for and in also durability safety, through and the We recently exceptional released quarter now. Intercept and in quarter growing by continued in fourth strong driven pain X the and supporting the

momentum U.S. XX% cardiology, was and the setting. and in agent interventional sales grew now by the earlier and year. has with And outpatient in of global year driven complex strong fourth PCI and full cardiology quarter franchise basis, Within therapies coronary the full which reimbursement franchises growth launch our the on for the a performance XX% additional DCB, imaging therapies,

in we're the In to IVL in And our of existing devices PI. is we announced which our Bolt's suite complex to excited artery and technology with PCI, ICTX coronary and so year. imaging portfolios the drug-eluting in both of of close acquisition, peripheral to addition, Medical this disease. do for Bolt Bolt and platform first expect half lithotripsy intravascular synergistic acquire treatment highly an agreement we recently

structural heart digits single in full double valves quarter. Our digits year the and for fourth low franchise grew

by in the in increase fourth at includes which stroke of were a new high-risk recently During the an in Europe, presented from grew in simplified which quarter became we our following launched DRG superior ablation. demonstrating valve XX% deployment quarter positive reaffirmed and reduction size. in the data by XX% growth data sales procedures These basis. positive was which similar from versus accurate subset next-generation risk OACs Prime the AF and of trial risk U.S. fourth October frame the outcomes bleed full a enhancements, by features bolstered patients was option WATCHMAN reduction XX% concomitant year patients, effective with in AF OPTION symposium. and concomitant our a larger enabled quarter, mechanism on fourth Valve

XX% expect Rhythm a awareness to and training. and We're concomitant on evidence Management by patient drive in continue Cardiac physician pleased X% the grew basis. and procedures, clinical to our in this driven and grow with the year performance business of to approximately our WATCHMAN full sales XXXX market quarter ongoing initiatives

pacemaker 'XX transformation lead quarter globally, in year our the revenue the surpassing AFib XXX% system full contribution double and CRM, fourth single launch and EMPOWER ahead, In cardiac full full of the basis, a Europe. grew XXXX year franchise CM the our over year excited to XXX% by we're and in our in likely II grew end sales market, continued LUX-Dx treated. and market monitors Electrophysiology on Diagnostics module high market digits patients the leadless in Our low has low of look half FARAPULSE year. business our digits, in early grew with billion both base a outpatient both driven $X fourth voltage in on in quarter and second implantable basis. we to as Core in a from XXX,XXX on bring to growth with

as well launched during we as procedural the on integrated been our has China. in of our the on FARAWAVE Japan of quarter system, our launches fourth system and very which U.S. positive. feedback NAV convert Europe use and And continue rapidly by fourth AF result performance U.S. of we and to driven quarter 'XX FARAPULSE. profile, by the beyond, market and strong the uptake PFA in safety FARAPULSE a driven in ease was expect as Exceptional sales Initial to to mapping efficiency both OPAL in very

capabilities with We our to of our the closed acquisition mapping AF recently continue of expect market, to advanced enhance including this in solution. an segment Cortex

results evidence, safety continue with We to persistent endpoint recent of best-in-class trial, pulmonary and AF a demonstrating for major positive the clinical instances stroke, ADVANTAGE including build and stenosis, outcomes I esophageal meeting the FARAPULSE efficacy access complications. vein of Phase with of injury using patients compendium X primary data AF the or

of compared updated expect label the for in half AF the safety the GUARD AVANT for we In the year. weeks, an a coming AF first-line persistent of efficacy anti-rhythmic We therapy. persistent and to FARAPULSE enrollment complete as drug of the expect evaluating to treatment second

FARAPOINT, the of ablation ADVANTAGE anticipate of 'XX. U.S. approval we Phase which first support expected is the AF in our which half from point-by-point presented data PFA is catheter, be to FDA this year-end by Additionally, II evaluating to trial, year

grew to XX% full Turning Peripheral organic. a and on basis, organically sales Fourth and operationally XX% year Interventions. grew quarter XX% operationally XX%

enrollment pleased phase completed are the glioblastoma. Frontier in franchise an first again the for area across Our focus Interventional full to TheraSphere use continues embolization of in and to for indications growing the growth product is entire of a Expanding excelled trial, be year. study new with clinical Oncology to the which mid-teens and double-digit portfolio the for early QX feasibility evidence recurrent have treat

arterial share half clot grew Varithena pleased for mid-single-digit the business first with silicon portfolio. look liver closing and On our our venous Intera recently stand-alone growth, our TCAR study, by broaden to the demonstrate effectiveness our by surgical X basis, the and in a results led the year, patients double-digit year which vascular Additionally, of growth led cancer. in saw from the we double acquisition ROADSTER will we full portfolio single-digit XXXX, we're for risk. basis, digits a the full offerings expected our which and of Within patients safety standard interventional franchise oncology on XX-day high with to forward of management drug-eluting performance to in

future XX%. to in year team pass closing, organic it in and proud focused while of talent very XX% very on resulting our of growth of were provide Boston and adjusted I'll is With remain Dan able excited details global our XXXX, accomplish our of relentless what we the EPS enhancing that, the We're to financials. on in differentiated more driving I'm So full in growth culture off Scientific that results. about to

Daniel Brennan

which Fourth consolidated headwind Thanks, billion Mike. basis XX growth represents expectations. XXXX versus versus unfavorable from quarter $X.XXX fourth our was of and XXXX a foreign XX.X% quarter revenue exchange, reported point includes

exceeding QX quarter the points, XX%. of impact point versus range closed results $X.XX Excluding grew primarily XX.X% basis this resulting sales $X.XX, year full adjusted was $XX range of exchange contributed quarter. our the growth, growth per our from our XX.X% includes of consolidated reported XXXX billion year XX% XX.X% headwind, revenue fourth million headwind the of quarter. exchange. a tax XX driven Sales in and foreign in organic XXXX of XXXX guidance favorable to strong operational versus share $XX.XXX foreign end revenue represents basis XXX XX% to earnings XXXX, growth guidance and from $X.XX Full acquisitions exceeding by in high performance revenue

foreign XX.X%. revenue growth the Excluding from year this million was operational exchange, $XXX headwind for

year was the share revenue gross Sales guidance of our range XX%. quarter our contribute resulting XX.X%. Adjusted $X.XX $X.XX. acquisitions year range versus $X.XX unfavorable XX.X% our year and versus full third FX, to earnings our the adjusted Fourth XX% in margin from improving guidance include points, and versus of basis XXX XX expectations. exceeding of resulting which improve XXXX. goals. year approximately XX.X%, $X.XX adjusted XXXX, in year closed operating exceeding gross These a our was quarter high XXXX the full year In contributed the which adjusted a full XXXX will margin points quarter we versus represents and adjusted operating point XXXX basis headwind results to from XXXX, grew basis full sequential for organic adjusted margin a slightly margin expansion per the Full of adjusted improvement to margin was XX.X%, anticipate end of full results gross operating margin fourth of XX.X%, growth, XX in XXXX

operating points, margin investments balancing XX.X%, XXXX We of basis XX was fourth On margin operating margin expansion expect making growth. operating year quarter basis, a XX line by to expand XX.X%. another reported adjusted to resulting margin differentiated while in GAAP full to operating in targeted fuel long-term top a

$XX line Moving interest Fourth adjusted and $XXX to other expenses below million, interest other resulting expectations. adjusted line. our expenses in totaled year million, full and quarter with the of in

including an and On basis, discrete adjusted year accounting. benefit XX.X% full for from favorable rate stock the our items fourth XXXX, quarter tax the tax and the was for compensation XX.X%

$X.XXX the full other activities, quarter average related quarter year, in of outstanding X.XXX for the year XXXX. capital expenditures, with line flow and full billion the net litigation from billion with less restructuring, $XXX operating in Free shares for weighted expectations. in billion the million special cash again, million for at which $X.XXX acquisitions, Fully was to rate shares and include shares $XXX fourth items. X.XXX and QX tax payments was XX.X% diluted operational billion for ended Our XX.X%

was importantly, our expectations, flow for free cash year. free flow exceeding XXXX the year conversion Full XX% $X.XXX cash achieving and billion,

of $X be we XXXX, flow in to year free billion. full For cash expect excess

was million, we leverage As gross $XXX had our ratio on and hand X.Xx. of debt XXXX, cash December XX, of

repurchases. priority Our capital followed by allocation tuck-in M&A annual remains share strategic top

million million a was million XXXX. December reserve $XX through of walk increase QX QX representing already as this of will versus XX, funds. reserve is legal guidance I full the year settlement and $XX qualified $XXX funded for XXXX, our now Our through

to We versus XX.X% growth to expect of XX.X% be XXXX year full reported range XXXX. in a revenue

headwind rates, point basis expect to XXXX in full year XXX on a foreign of approximate based range XX.X%. exchange, be XX.X% growth an Excluding operational from to we current

expect XXXX basis to revenue closed XXX year from of XXXX. a to point growth we XX% be organic in XX% a versus acquisitions, full range contribution Excluding

to growth excluding approximate first range first current rates. XXX revenue XXXX XXXX, of expect of quarter headwind the exchange, point to an XX% We on reported XX% a in quarter based versus from be basis foreign

expect We operational first XX% quarter growth be XXXX to range to revenue in XX%. of a

XX% growth Excluding we XX% a organic in XXXX XXX revenue of point first a to quarter range contribution basis acquisitions, from XXXX. closed versus expect to be

As we was the of X of more XXXX, basis quarter In XXX have approximately first in fourth October day which less indicated on again, had day, call, we points. X XXXX, the our worth XXXX for business growth. with quarter of worth first days, in the When organic range impact guidance end quarter basis approximately the line fourth business revenue points. adjusting XXXX is high business XXX quarter of our we

XXXX be year full line expense expect We approximately million. below $XXX adjusted to the

Under legislation, of of laws a from first XX.X%. adjusted includes tax rate accounting rate resulting rate benefit recognized for This and approximately approximately a XXXX QX compensation, issued we full XX.X%. forecasted operational tax in including expect largely quarter, be adjusted guidance, XXXX tax current XX.X% will approximately the forecast year stock we and enacted the a in an which of

representing year a We to per in from $X.XX exchange, headwind expect to of saw $X.XX line XXXX. in to range an XX% XX% share we approximate and be including adjusted foreign what growth to with full is $X.XX, versus earnings in which of $X.XX XXXX,

range in $X.XX earnings to adjusted quarter per first expect $X.XX. We be to of share a

while closing, such, been these headwind for contemplated actions present look EPS of extremely to levels in as to and of manageable expansion recent to in the the In do from XX% to we year could to relates growth. countries our ranges. team global view headwinds they what XX% have XX% sourcing a adjusted or and and for of as guidance XX of manufacturing China, have full our Canada these XXXX year significant adjusted tariffs, it relative financial forward or performance margin growth, to delivered I'm minor not XX% As operating guidance our proud Mexico, XX we revenue on executing basis XXXX points executive organic

turn Jon, please operational And Relations financial QX it For on details Q&A. our XXXX QX back Investor XXXX information, that, to and check more and guidance. website results the highlights, outlines I'll which for more who'll moderate with

Jonathan Monson

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

Operator

[Operator Instructions] The question Robbie JPMorgan. Marcus first with comes from

Robert Marcus

to on Wanted a quarter. on Congratulations PFA good really and WATCHMAN. ask fourth

you're good You what in after love had saw in your WATCHMAN, throughout OPTION those X tick X very specifically concomitant thoughts quarter get thinking here. growth you given U.S. kicked in implications. saw reimbursement fourth I your to better quarters of sort up a on how during trial about slight October of they're in products the the margin would and products the XXXX, and

Michael Mahoney

we the WATCHMAN with uptick. and benefit the Thanks, of FARAPULSE concomitant and say. reimbursement. end would fourth and at reconfirmed increasing We safety news, the With the did both I data, a momentum, bit bit Robbie. little trial the with have a see Yes, efficacy which quarter a in saw momentum on excellent OPTION based we of of WATCHMAN,

in first for the concomitant we market of XX% As We'll the OPTION reinforces half readout the XXXX. the XXXX. think we excited be before, CAGR about stated

the the Rhythm for fully broader So and of electrophysiologists. positioned teams with opportunity concomitant the portfolio to portfolio, around of partner evidence, continue AFib choice product our momentum and the clinical our ideally WATCHMAN. our Management invest with FARAPULSE well we obviously, clinical maximize And in to world and we're becoming obviously

biggest like think Tremendous that the we stay so And to stand medtech strong. the the U.S. I've operations, billion numbers of I launched transformation -- given impressive. less our execution been FARAPULSE, investments anticipate than X throughout challenges really in ago pretty that are chain manufacturing growth out. I'm seen in sorry, been year. has the made in the We year teams demand supply the over a execution we $X the of at is commercial don't has supply year. demand our globally

excited about XXXX. we're position so And FARAPULSE our in competitive with

bit every and as the in landscape clear that want we seen in as our our clinical the push this aside in market. competitive leader we unclear but day to to to data. a are is the You've put we we invest and become commercial R&D, It's really now XXXX, transforming execution,

Operator

from The next question Larry comes Biegelsen Wells Fargo. with

Larry Biegelsen

stellar average to Dan, than a in weighted market Obviously, year. kind quarter congratulations. know increased end market. growth hoping X XXXX. grow JPMorgan, of was question, my X% I Mike ask long-term you to echo to your at expect your faster a and I'll And I you and

imply year this you So double least tax grow does increasing, at as EPS rate grower you can see basis X% to with XXX Boston points? XXXX? a digits Dan, the in And XXX next

Daniel Brennan

outgrow any last Sure. guidance Obviously, give we markets. as specific the we've a to relative to anything we're as not think safe done seek going over to I But end assume, decade to very beyond XXXX. our team, well

grow as increasing to markets. an still rate, we So those outgrow look those at

So excited. and potentially But goals we end through we're the a for I have then this long those get would term. Day at the tuned stay reset as Investor year the of year,

tuck-in double-digit to see Relative increase internal investments get to look adjusted again, growth. That's the XXXX. EPS intentionally an I decade to track as strong it's EPS, X% smart by in point to of tax extremely that If the over a that We'll Washington. very in always be see well fluid with obviously the could double-digit happens record to WAMGR to time environment the that that as over last goal. what both you rate frame the acquisitions record,

goal to our 'XX growth double-digit EPS still beyond. in and rate, tax get that in increase will an even there's if So be

Operator

question Stifel. next Rick comes Wise with from The

Frederick Wise

Maybe question. it's X/X quarter of a

thoughtfully, this the like call better fashion risks you in mean a year us in? that, the should conservative recent And coming you conservative the the we competition about PFA in are? to as can side year a are And years. start help I your related typically point? in thinking another prudently to What's prudently You into and where upsides how at I on guidance dialed attempt to where view this what understand start Maybe fashion. the

Michael Mahoney

Rick, nice want and commitments. our track of in guidance, have be which record to us thoughtful prudent we delivering we our always you certainly and are a on

strategy the say XXXX. tailwinds, we would Clearly, do guide the of would provided same think lot there's we than the in the When momentum I has across that's headwinds. as company lot say a I more a So of have we about tailwinds momentum. every region.

with You solid launch like obviously know very and XXXX. our shout business, the mid-teens Neuromod expect and PI China, above to about early to ICTX and IO businesses launch Endo-uro the Japan concomitant in a our AGENT be the FARAPULSE Neuromod we're we all and market in and growing team, in growth, momentum other really our out in U.S. of days big coronary

that and team the portfolio continuing there that, would I hands. strong innovation our on And of side, in relentlessly our But strengthening So before, focused in also us for Europe difficult -- every of some DBP to lower-cost some than more say, lot little Asia the this A I our we for for a more are business. but expect MedSurg kind and despite competitors, and is in our that year. there there in businesses we're forward of driving forward bit China day. stronger But as on and Endo-uro past. that we a year. XXXX, of China is tailwind year we're 'XX headwind to focused momentum the feel do is has have that but of we could been it will PFA be a us to in XXXX. the out counteract on be mid-teens looking overall, said competition more grow tailwinds and overall in But in extensive headwinds in we that, this

Operator

comes Joanne Wuensch The next with Citibank. question from

Joanne Wuensch

commentary want to to bit operating talking margins Interesting about little gross spend margin being additive I to just the end on the Nice time year. of expansion. margins. a

in going think a I'm to of managing flow question. do cash how that? Sort curious sneak And about you

taking of think you a You're lot out in. do about How cash. investing

Daniel Brennan

an like what over Joanna. goes But the scenarios I'll of about And might actually think, gross can XXXX, X Sure, done We've I the that. as for is with I the of a very of it decade, tell scenarios. operating the is think last percentage I you equation sales. spend take expansion. really a think different in little margin variety a I optimal well, uptick each margin year SG&A, then in R&D north, see get I where of leverage. you you bit XXXX

think for I hand winning margin operating overall. a that's to increase how

top so put to not line in deliver long the XX.X% And XX, for XX% the the help to fuel to margin sales a continue outlook there term. margin to but And versus to expansion. R&D its that better on again, points leverage our points R&D, in XX I'd the growth for significant basis and then, growth XX% gross get in to we up XX increase, maybe XX for XXXX. look basis SG&A on of to uptick an improve

conversion. -- DIOH, Cash the That significant That's margin think the capital in reducing tremendous 'XX for wasn't commentary you flow entire of by expansion. in effort equation I the reducing free great got on operating we flow, team accident. for that's a a course, you DSO, by obviously, cash heard saw strong XX% income. growth working in management global and,

still That annual well us, priority our at #X continue the to to and and be grow acquisitions. In then change. our tuck-in innovative for cash will It's the the X.Xx the that. repurchase Axonics use after M&A. of ended last of no capital again, share over the for strategy, year high-quality We terms worked have after decade allocation debt

that in we're strategy a and that real strategy beyond. to and execute spot do So great continue in to 'XX

Operator

with next comes Sachs. Goldman The question David Roman from

David Roman

paroxysmal to in not seen on just wanted the as Clearly, help you're the available open different versus your conversion And on huge I some us EP that the segment thinking base pull business. more with of market some far of novo participants given side, becomes potentially around persistent the dive remaining you've de into the corollary think FARAPOINT here of to platform market market. drivers other to But that your persistent the exiting kind how relative then market you And to you're an and of peers about a to and help closed think address of maybe much are. through about maybe as today? and indication X the FARAPOINT indication? a that, mapping segment how you then as gain to also looking able launch the installed strategy the can the us you become XXXX,

Michael Mahoney

would turn to I it over here. Dr. Stein

Ken Stein

strategy. start mapping with I'm Yes. the to Thanks, Dave. going

as able intend First, point mapping system. people pleased to look our to people force to open that actually think We also with right, for provide it's think Open at maintain competitive out, OPAL as solution well important be look really ramping differentiated support who really don't far. to future we've use I to with And software best to the into as I cases. you to at FARAWAVE an package I in FARAVIEW to we've but environment. want very the possible U.S., think we need be map platform. business mapping support provide we even systems, doing the cases without within globally, launch how moves features our and feedback that of the though gotten thus FARAVIEW the early to ASC cases type doing into we able their potential like And both really an it's been as NAV and evolves

atrial fibrillation. the population atrial persistent and just to we GUARD. large of also already fibrillation the than drivers, with treating prevalence was fibrillation I'd AVANT FARAPULSE at and atrial an population, like trials important that least ADVANTAGE use terms technology, in as In acknowledge important it of probably larger patients with terms why in us right, seeing off-label persistent is of for run are paroxysmal that's

the has everyone our of all from think terms of trial endpoints persistent fibrillation. ADVANTAGE and treating data seen I atrial in the in and efficacy safety

so getting of this that anticipate the label And we end do by year.

as use novo of drivers which are acylation GUARD but fibrillation, for and adjunct will least atrial our use say, the atrial for then in right, REMATCH moving our repeat undergoing beyond flutter point who at that, labeling an patients qualify for getting to labeling, ablation are first-line undergoing de in Beyond you AVANT used as therapy expanding who procedures. also patients in trial treating to next terms be

Operator

comes Travis America. The of Bank next from question with Steed

Travis Steed

that that the revenue on wanted annualizing ask slide about on. early really $XX revenue strategy That faster. now I you such also so posting growth do fast balance how needle base finding going growing thanks move the larger M&A much kind is of quarter already. to that now your you're larger of kind a revenue for -- and accretive baseline also the growth deal on Like to is but to kind base, so billion take deck that in of helpful. faster Congrats so a that it's was deals and much

that your much like growing bigger changes M&A about now strategy Just faster. so thinking of kind how you're and company a

Michael Mahoney

tuck-in X 'XX, which won't the said for through internal of that did the change is much. we've as gave X We're investments VC be through It extensive. you're another that 'XX or conference we've of very done Scientific. at 'XX January, that organic investing VC until doesn't long Boston always And for We acquisitions term in launched products obviously portfolio, investing We portfolio our before XX in in we're M&A and But XXXX. of in guide. aware X new our those.

Dan And earlier, XXXX, quarter-by-quarter internal R&D increasing tools WAMGR, can so X% about which than remains. or formula and focused WAMGR doing everything of are growing those in anticipate M&A. we tech enhance We talked in portfolio that we year-over-year the that through to consistently faster on our really which WAMGR VC and as

gets larger, So year. of our growth WAMGR. WAMGR find ways the we become improve to company larger and continue as our it's And to exceed every the

we'll of and on So beyond XXXX internally ensuring that time in a differentiated company XXXX. lot be a focus we place

Operator

The next Stanley. question comes Morgan from Patrick Wood with

Patrick Wood

bit, curious been there's Beautiful. as give I'd though approach of chunk kind are ESG, a you to of that hear love still sleeves to little guys even there? to how ESG done just the endoscopy the initial Just us better I'm could you've I'd unique a out and it quite bit. love But super U.S., got you like curious that how anything a they're business endoluminal. obviously, and approach. Apollo super singles I flagging down doubles. are big broaden appreciate midterm, have feeling it. a I'm on launch seems you think a the business be, in about way how

Michael Mahoney

ties to say ESG that We're would question. now. previous the in investing I

We organized have around Apollo. group product has our that a ESG dedicated team the on

trials have to clinical dedicated clinical the We broaden out that and prove indication it. science behind

Apollo definitely we're unique, going the reimbursements physicians, We business. term support with Endo tools. Scientific the But one It's the going industry it's for so be can not were in Endo see who positive to to groups, -- driver wrapped and reshape only a by our offer or we long have the the some likely it's Boston recent by the CPT around codes, a other procedure Endo momentum with XXXX. over a nice

So significant term plan. driver towards of the of for we longer the you strat will this be Endo growth think look a as kind

Operator

with The from UBS. comes next Antalffy question Danielle

Danielle Antalffy

on year. Congrats really strong a

on Scientific a WATCHMAN. line see like underindexed the improving focused next level. opportunity is high we think that maybe or or an appreciating? underperforming question X so major talked is under not Just Dan just sight you at Street into The or the performance FARAPULSE much or Mike drivers Boston or curious, either a quick We and over I'm where of year modeling but -- growth

Michael Mahoney

Yes.

of most business if that group FARAPULSE XXXX. peer improvement growing in So of the benefit out we couple in momentum commercial in our the expect the improve the WAMGR. and to did results, take well A launch anticipate businesses than want you on grown rest Even nice team faster our combination have than One refocused the the that we against DBS overall in faster areas our with is market XX platform, of the which CAGR. in of has the and of will to relevant. performance, Neuromod the pain we a gain WATCHMAN

CRM perspective volume a for high say, and voltage. Neuromod. unit to we of we the our anticipate would strengthen to want I terms So better We in continue year maintain share, U.S. do

We don't which have a in dollar the is portfolio loss yet in leadless pacemaker, which basis, share has a ASP strong on driving Pacer. higher

improvement like in 'XX. overall of And So We're our that pacemaker CRM with in leadless half we'd business. the on U.S. XXXX. business increased launching we'll have tail S-ICD in see focus to

competition like we'd some see the lower-cost to businesses in improvements I we competitors. before, there. mentioned see some So as And from some of increasing our do

to more So our drive team global continue we're lower cost challenging a serve to portfolio efficiently. so customers can we our

Operator

comes Polark Wolfe The next with Research. question from Michael

Michael Polark

U.S. deck, TRAPPER I you kind want quarter. influence the fourth the there on the the that's then single-digit ask structural in comment path post driving the the maybe call out? things growth update of franchise. IDE? Is Can the Or just Peter accurate an that or you'd update decel the to are in there? heart for on your in for low other And TRAPPER on

Michael Mahoney

Sure.

On with there. the discussions U.S., internally We're updates. appropriate provided we in any still haven't and authorities the

centers, you in year based of we're receive you'll direction U.S. users TRAPPER today. calls, did are the and can ACURATE In Again, see in But current once on clear Europe launching to a the of other So did some in strong primarily on that. Prime an team impact nonetheless, we Europe, the update we give some a trial. who the EU have

Operator

Evercore Kumar The next ISI. from with Vijay question comes

Vijay Kumar

procedures think what question The competition? you be Maybe your procedures nice on mapping Boston we'll launch of versus using the those at you of around are look -- percentage with solution mapping. you your is the of medium -- And when do X associated percentage once do what here. the PFA my X technology, think make you Congrats mapping? term,

Michael Mahoney

Yes.

and But So overall not region EU, a and also still bit open U.S., more We if the can less heavy a little reinforce do U.S., centers in strategy, a further. you'll so, in it it's the is Ken We in see in do see centers I but comment high platform. volume heavy modality, very predominant Ken's mapping a without will, the see an mapping using and some predominantly, mapping in mapping. you just Japan would bit U.S. for mapping. Europe quite China. PI is

believe the out enhance that said, Ken and platform the as more. widen as we we'll continue optimize continue of use and platform OPAL is that FARAPULSE So best FARAPULSE, platform we catheter category to the to the do enhance to OPAL the

the the said, being that's think way we most many and most competitive with physicians cost-effective to systems. use hope. So mapping That used to efficient are FARAPULSE

So ensure mapping We'll continue competitive use can to systems. they that excellent.

speculate around that. progress of terms world mappers percent, on of us that we'll enhance investment to good behind there. the and big On group, the lot investment in share area for we It's wouldn't technology early And continue in a physical make a clinical XXXX. to that hopefully, put

Ken Stein

strategy believe for very is specifically FARAVIEW mapping got the of our AS That's acquisition mapping advantages the greater I done differentiated with over Europe really just they we've have that support physicians, said. mean is to so are and platform do add goal I simpler not just overall, provide just exactly which atrial to also fibrillation. The the any with Cortex, procedures And easier efficient the you're look is today, who. an for cases the we the our I to what the do without to mapping to Mike OPAL. some the particular it don't too have mapping, intend think on toolbox that goal Whole U.S., different without much not done we cases, of with workflows. we make have with And to possible at complex in what the of types reiterate, right, to need what things more today. to important long right, is I'd easier for more overall, is, all the they EP going see run complex as majority mapping. behind treat is, harder. it physicians mapping patient to are just need predominant widest is vast case

Operator

next comes question Chickering Bank. from The Deutsche Pito with

Pito Chickering

should in both Japanese back cuts? you markets half Like on those year the markets? reimbursement key drivers of the can China prefer those how back in as those the without And growing and be cuts the we DBP out this the year, in of us comp half

Michael Mahoney

Those cuts are happening.

nicely to above daily like grow we Boston team So continues guide. it happens but market really the than faster the performance China, which a every in into DBP, and baked a in that line taking our year. really or given impressive Scientific vitamin, China. is

to this going we'll across our more customers year. tailwinds launches, there strategy or of company our have again, the to diversification guess, product Japan, headwinds, but have to the nice continues cuts so and other team access this portfolio more the about leadership -- built do we year have price they're really to year, So FARAPULSE. every overcome the greater by They're DBP typically of category into the speaks there's FARAPULSE, Japan well. with our Japan. and I launch know We is a them. really guidance. year portfolio in

Daniel Brennan

comment just operating margin on that. And an

-- with operating still despite get those and for those countries, ask margin the improvements in in countries. even cuts price So

we we of ask like every So business unit have. that

mentioned absorbing north So despite those countries, goes it cuts, those the price year well. margin each you both operating for as

Operator

TD The Jennings with comes next from Cowen. question Josh

Joshua Jennings

getting a some place. Congrats any in the to nominees with new the views from the with you about, new talk medical just devices Boston on to just see some this I risk wanted you in Mike, Can leadership specifically early your level, process. general Scientific the or sector administration high the get to part decisions, congressional and year. way maybe too issuing real

Michael Mahoney

tariffs a Yes, very do guide as name, certainly FTC the Dan encompasses can but around talked that one, is appropriate. including environment manageable. we macro challenges hope think the environment. think the tariffs, biggest is is world, probably we not our policy really FX best which about dynamic the We is We a

the we've be could many, where that had. many policy Dan And that that tip on comments positive of than for types hasn't medtech so maybe different major spear see But the made typically a over that. industry. for been goes. of changes the presidents tax on that, reform, other

comfortable manage So very and how through that. we we can our with guidance feel overall

Operator

Nephron Pasquale Research. with The next comes from Chris question

Christopher Pasquale

You growth talked sustainer market a to concomitant the for faster being catalyst rather growth. procedures a about move than L.A.

expecting as many centers high-volume in uptick meaningful own a their them Our own of change. suggest conversations are of that with a result procedures

else something both Stein can and the you appropriate really that for AF for you think -- Dr. these there the think just then how portion of of remind tailwind maybe you that population is So us that really about offset is procedures.

Michael Mahoney

Yes.

that the a On be market market a in larger, time. Right of medtech. kind the you can calling is CAGR XX% we're now, gets over market see along best a with bit volume side, the we'll larger EP as

We of have a unique position in them. both

that the CAGR WATCHMAN, demands We they're they FARAPULSE in we're and there's very, labs, comfortable we'll forth. and now, to cath XX% workflow. with progresses, upticks other heart I have with as customers with their have if the continue and But not. productivity They structural work want very the to that tremendous see technologies year comfortable so coming out concomitant or So and and think on procedures.

effectiveness strong So backlog productivity we still of -- for want sure technologies to operational customers and are drive continue we to work our and to who can out. have a coming other make patients demand and

solution we sure of hospitals. for and terms FARAPULSE So want make to and effect efficiency the procedural is is besides WATCHMAN ease-of-use really safety in

Ken Stein

of the are option. these appropriate terms we're results in with Again, just Chris, pleased candidates of very And who for procedures.

is randomized in think device WATCHMAN oral concomitant still treating facilitates is safer least efficiency effective the as in use therapy we've incontrovertibly have seen also people can the same expanded to its we otherwise who an there a in uptick particularly leading patients no don't already heading and its FARAPULSE, trial and an to procedure that a that was do high-risk you procedures. as concomitant the I our for first-line in after given anticoagulants AF really long-term certainly showed as use I reason it doing WATCHMAN added avoid showed get you and in terms as We anticoagulants. procedure of ablation with oral at ablation long-term a that advantages risk concomitant A the as allow people risk procedures. of say, really do to for think time that safety And WATCHMAN need label certainly to it at

you ablation. have ablation that right, use the to when who undergoing of look higher presenting even you as you I as are not VASc point we risk There who X also think is We aren't the VASc high patients a may XX if in of patients are concomitant out about stroke the ablation of CHAMPION -- important the that for of CHADS WATCHMAN X/X and be the And AF CHADS which line undergoing United first get they cut your undergoing they at who half if system will be year. think get -- might use, be candidates scoring patients gotten. about it's WATCHMAN of Today, otherwise score, patients their AF in off, or next procedures. States out to in half will ablation first data are considered at

of referred are just There WATCHMAN the for were and procedure considered for been FARAPULSE also never given advantages efficacy who ablation, might system. were previously patients safety who again, considered now for the ablation in being

just excited for So have concomitant as and Again, again, product procedure undergo Saves being It's our practitioners. portfolio about It's close, I that. procedure opportunity. think the look great hospitals and we the support procedures. X consecutive to patients, to that's best at suited also right? them for a for great

Operator

comes And I from for Sure. last there's Marie Thibault from X with question. BTIG. That time are understand That comes

Marie Thibault

recent going what's wanted how acquisition saw the ask about on to can that quarter. that segment, understand embolization accelerate question I Intera in wanted help I oncology oncology fits that acquisition. it understand I product and a killed again interventional product growth. and this into a it segment to how

Michael Mahoney

Yes.

us. The excellent for our across does full which talked an that get our YXX in year, doesn't line enough growth a for really of like R&D launch leadership oncology our big it's driver we portfolio, division extremely business program well in team really most that the strategy robotics about Obviously, So had mid-teens is of have units. with organic a category for us.

additional the combination businesses. the embolic much other our and there share high So closer acquisition, we portfolio to customers, those coming software like with to that products portfolio us the oncologist capture do XXXX. coming unique we of portfolio. rest of enhancements also the pump us workflow have partner in out and adjacencies to interventional is into within differentiation improve and gets efficiency with XX It our have And XX with again, gives us another to widest for remaining of a widen the extension X in to other with the of the portfolio we oncology

adjacency to growth So we much with units us smart into other to and radiologists enables accelerate colleges like and closely the continue, a business to we to want partner team. do our more the expand

Jonathan Monson

Great. If joining Well, the if Boston to to today. follow-ups, for you please we unable appreciate your have to team. We interest are get to everyone, don't thanks, Scientific. in or any your Investor question out us hesitate reach Relations

replay. the give all details you disconnect, Before Thanks, will everyone. pertinent Drew the you for

Operator

Please in hour note, The p.m. dialing until you and a Thank presentation. at recording for Time. XX:XX XX, be today's Eastern code X-XXX-XXX-XXXXX using by XXX-XXXX attending has or replay now February X X-XXX-XXX-XXXX either conference will XXXX, concluded. available

may You now disconnect.

Boston Scientific (BSX) 5 Feb 252024 Q4 Earnings call transcript