Boston Scientific said that while tariffs pose “unfortunate” headwinds—which are poised to add about $200 million to the cost of doing business this year, according to the company’s estimates—it believes it can take the hit and then some, based on the continuing growth of its franchises in cardiology and urology.
“Our ability to absorb the tariffs, I think, is more unique than most companies, given the strength of the growth and the leverage that we're driving,” CEO Mike Mahoney said on the company’s quarterly earnings call. “To absorb that $200 million, which is unfortunate, but we're able to absorb it and still deliver very high performance. Our operations team is excellent, and we have manufacturing across the globe.”
“There's no major adjustments other than continuing investments to support the long-term growth of the company,” Mahoney added—save for some offsets through “smart reductions in discretionary spending,” such as reducing travel to conferences and meetings.
“We remain committed to our diversified global manufacturing footprint, investing across all regions—and notably within the U.S., where we recently opened our new site in Georgia, and continue to increase our Minnesota manufacturing capacity and footprint.”
In the first quarter of 2025, Boston Scientific’s total sales amounted to $4.66 billion, up 22.2% compared to the prior year’s $3.86 billion, when accounting for changes in foreign currencies.
That includes $1.58 billion from its medical-surgical divisions, which saw global urology net sales grow 24.5%, driven in part by the company’s devices for treating kidney stones.
Meanwhile, the $3.09 billion in cardiovascular-related revenue was boosted by a 145.0% gain in electrophysiology sales’ haul of $730 million, powered by its Farapulse pulsed field ablation system. The atrial fibrillation platform received FDA approval in late January 2024 and went on to collect more than $1 billion by the end of the last calendar year.
In addition, sales of the company’s Watchman implant, a left atrial heart plug that aims to reduce the risk of stroke among people with afib, were up 23.7%—with Mahoney noting that more than half of the company’s electrophysiology customers have reported performing at least one afib procedure combining ablation with the placement of a Watchman device.
Boston Scientific has launched a clinical trial in the Asia-Pacific region specifically studying the efficacy of combined Farapulse and Watchman procedures—and said it expects to receive a new approval from the FDA later this year that would offer up Watchman as an alternative to blood thinner regimens in afib patients following ablation.
“Globally, we are now the number-two clear player in EP and we tend to continue to expand our leadership position in PFA through clinical evidence, next-generation innovation, new offerings to fill portfolio gaps and commercial capabilities,” Mahoney said, pointing to the now-completed enrollment of a once-paused study to evaluate pulsed field ablation as a first-line treatment in persistent afib, before patients sign up for drug-based therapies.
Looking ahead, Boston Scientific now forecasts that 2025 will end with about 15% to 17% growth in reported sales, versus its previous estimates earlier this year of 12.5% to 14.5%.
Alongside the earnings report, the company also announced that Chief Financial Officer Dan Brennan plans to retire—after nearly 30 years with Boston Scientific, including nearly 12 as CFO. Jon Monson, senior vice president of investor relations, will succeed Brennan starting June 30.