波士顿科学 2024年度报告

Dear Stockholders: Our growth strategy at Boston Scientific over the past decadehas focused on category leadership: to become the go-tocompany in the medical specialties we serve. Thanks to theunparalleled talent and commitment of our global teams,in 2024 we continued to see the results of that long-termstrategy as we achieved one of the strongest years in ourcompany’s 45-year history. 2024 Results Working together, we moved from consistentlyoutperforming our peers to becoming one of thehighest-performing large cap companies in medtech.We fueled our pipeline with acquisitions that addinnovative high-growth products to our portfolio,launched approximately100 products, generatednew evidence through clinical trials, expanded ourmanufacturing and supply chain capacity to meetgrowing demand, and enhanced our digital and AIcapabilities. Most important, we helped improve thelives of more than44 million patientsaround the world. Our full-year net sales were$16.7 billion. Thisrepresents growth of17.6 percenton a reportedbasis, 18.5 percent on an operational1basis and16.4 percent on an organic2basis compared to 2023. Our exceptional worldwide performance is reflectedin strong double-digit operational growth in all regions.Compared to 2023, we grew operational net sales by21.2 percent in the United States, 13.8 percent in Europe,Middle East and Africa (EMEA), 15.7 percent in AsiaPacific (APAC) and 14.1 percent in Latin America andCanada (LACA). Net sales in Emerging Markets3countries grew 19.6 percent on an operational basiscompared to 2023. While the company’s biggest news of 2024 was ourgroundbreaking advancements for cardiology patients— accomplishments I could not be prouder of — there’sso much more to report. When you look across ourentire company, you’ll find key growth drivers in allour businesses. The depth and breadth of our portfoliois the result of years of focus and discipline and putsBoston Scientific in a strong position for continuedgrowth. These successes are possible because of theskills and values-driven efforts of our employees —approximately 53,000 around the world. I am incrediblygrateful for their dedication. Our full year adjusted operating margin4was27 percentwith adjusted earnings per share4(EPS) of $2.51,representing 22 percent growth compared to 2023.We generated$2.65 billionin free cash flow5andimproved our free cash flow conversion6to 71 percent. In 2024, we made the following business developmentannouncements: Looking forward, we continue to focus on ourlong-range financial goals of above market revenuegrowth, expanded operating margins, double-digitadjusted EPS growth and strong cash flow generation.We aim to consistently be the highest-performinglarge cap company in medtech, and we are makinginvestments today to drive growth over the longterm. Boston Scientific is in an excellent position tocontinue increasing value for customers, employeesand stockholders. Our completed acquisition ofAxonics, Inc.addsdifferentiated devices that treat urinary and boweldysfunction to our robust urology portfolio andenables our expansion into sacral neuromodulation. The close of ourSilk Road Medical, Inc.acquisitionbrings a new approach for stroke prevention andthe treatment of carotid artery disease through aprocedure called transcarotid artery revascularization(TCAR). Focused on Growth Our acquisition ofCortex, Inc., completed in January2025, complements our electrophysiology portfoliowith a differentiated cardiac mapping solution toassist with complex atrial fibrillation cases. With theacquisition ofSoundCath, Inc., we are developingan intracardiac echocardiography product that hasthe potential to simplify visualization during ablationand other cardiac procedures. Boston Scientific devices and therapies help physiciansdiagnose and treat complex cardiovascular, respiratory,digestive, oncological, neurological and urologicaldiseases and conditions. Our category leadershipstrategy involves deepening our focus in thoseareas, as well as expanding into high-growth marketsand adjacencies that complement our existingofferings. Our strategy also guides our venturecapital investments — often allowing us to investearly in promising technologies — and increasesour ability to take smart risks. We also announced our entry into a definitive agree-ment to acquireIntera Oncology, Inc., whose hepaticartery infusion pump and chemotherapy drug will addto our treatments for liver cancer. And in early 2025 weannounced our entry into a definitive agreement toacquireBolt Medical, Inc., a company in which we are Driving High Performance in 2024 $16.7 billioninnet sales One yeartotalshareholder return7:+55% Helped improve thelives of more than44 million patients $1.6 billioninvestedin R&D ~100 productslaunched already a strategic investor. Upon U.S. Food and DrugAdministration (FDA) approval, the addition of theirintravascular lithotripsy platform can help us betterserve physicians and their patients with