Boston Scientific Corporation reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net sales reaching $16.747 billion, a 17.6% increase from $14.240 billion in 2023. This growth was driven by operational net sales growth of 18.5%, despite a negative impact of 90 basis points from foreign currency fluctuations. The company also saw a rise in net income attributable to common stockholders, which amounted to $1.853 billion, or $1.25 per diluted share, compared to $1.570 billion, or $1.07 per diluted share in the previous year.
The company experienced notable changes in its business structure, including several strategic acquisitions. In 2024, Boston Scientific completed the acquisitions of Axonics, Inc. and Silk Road Medical, which contributed to its growth in the Urology and Peripheral Interventions divisions, respectively. The acquisition of Axonics, which focuses on devices for urinary and bowel dysfunction, was particularly impactful, as it added approximately $3.409 billion to the company's assets. Additionally, the company launched the Farapulse™ Pulsed Field Ablation System, which saw rapid adoption in the Electrophysiology business unit.
Operationally, Boston Scientific reported a total employee headcount of approximately 53,000 as of December 31, 2024, with about 60% of its workforce located outside the United States. The company’s international sales accounted for 39% of total net sales, with emerging markets contributing significantly to this figure. The company noted a 16.1% increase in net sales from these emerging markets, highlighting its ongoing strategy to expand its global footprint.
The filing also outlined the company's commitment to research and development, with R&D expenses increasing to $1.615 billion in 2024, representing 9.6% of net sales. This investment is aimed at maintaining a robust pipeline of innovative products and technologies. Furthermore, Boston Scientific is undergoing a restructuring plan initiated in early 2023, expected to yield annual pre-tax savings of approximately $225 million to $275 million, which will be reinvested into strategic growth initiatives.
Looking ahead, Boston Scientific anticipates continued growth driven by its strategic imperatives, including strengthening category leadership and expanding into high-growth adjacencies. The company remains focused on enhancing its product offerings and operational efficiencies while navigating potential challenges posed by market conditions and regulatory environments.
About BOSTON SCIENTIFIC CORP
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