Boston Scientific
Top-quartile growth and above-median margins; the observed gaps are SG&A at 34.3% of revenue and inventory at 173 days.
Point-in-time analysis. The report was generated on the run date shown below from the filing named, and the news context reflects reporting available on that date. This page is not updated as events move on.
Boston Scientific closed fiscal 2025 with revenue of $20,074M, up 19.9%, net income of $2,892M and free cash flow of $3,658M on $4,534M of operating cash flow. Against the medtech peer set the company is above the median on gross, operating and net margin, top quartile on growth, and conservatively levered at 0.5x debt to equity. Electrophysiology grew 74.6% to $3.3B on FARAPULSE, and the cardiovascular segment reached $13.3B, two thirds of sales.
The observed gaps are on the cost side. SG&A at 34.3% of revenue trails the 28% median by 6.3 points, a $1,264.7M gap on the FY2025 revenue base; the report treats $505.9M of it as addressable through commercial-model rationalization and post-acquisition integration, and labels the share an estimate. Inventory of $2,943M turns 2.11x against a 2.8x median, which implies $725M of excess stock; the annual carrying benefit of releasing it is $72.5M, and the release is a one-time cash event rather than recurring profit.
The first 100-day move is a zero-based review of the commercial structure. The questions for management are the function-level SG&A roadmap, FARAPULSE capacity, and the defence of WATCHMAN share. Receivables were not available in the filed data, so the working-capital picture is partial.
