Filing Flows › Boston Scientific (BSX) › Q1 2025
Boston Scientific (BSX) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Boston Scientific (BSX) reported revenue of $4.7B for the first quarter 2025 (Q1 2025), +21% from a year earlier and +2% from the quarter before. Operating margin was 19.8%, net earnings $672M (14.4% of revenue).
Boston Scientific, Q1 2025: revenue $4.7B (+21% year over year), operating margin 19.8%, net earnings $672M, operating cash flow $541M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.7B | +2% | +21% |
| Gross profit | $3.2B | +4% | +21% |
| Operating profit | $921M | +36% | +36% |
| Net earnings | $672M | +20% | +36% |
| Operating cash flow | $541M | -63% | +230% |
| Free cash flow | $354M | -70% | — |
What changed
Revenue was $4.7B in Q1 2025, up 21% year over year and up 2% from the previous quarter. Electrophysiology was the largest line at 16% of revenue. Electrophysiology added $0.43B year over year (up 143%), 53% of the total change.
Gross margin was 68.8%, up 0.2 points from a year earlier. Operating profit was $0.92B, a 19.8% margin (up 2.2 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, above the 18% margin then. Operating expenses grew 16% against revenue growth of 21%. The fastest-growing cost line was Research & development (+21%). Net earnings were $0.67B, up 36% year over year. The effective tax rate was 16.5%.
Operating cash flow was $0.54B (up 230% year over year), 81% of net earnings. Non-cash charges added back $0.33B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.53B. Capital expenditures of $0.19B left free cash flow of $0.35B.
Questions
What was Boston Scientific's revenue in the first quarter 2025?
Boston Scientific (BSX) reported revenue of $4.7B for the first quarter 2025 (Q1 2025), +21% from a year earlier and +2% from the quarter before.
Was Boston Scientific profitable in the first quarter 2025?
Operating profit was $921M (19.8% of revenue) and net earnings $672M.
Source: Boston Scientific 10-Q on SEC EDGAR.