\n\t\t\t\t\t\t\tFind out more <\/a><\/p>\nIn Q4 2025, Boston achieved revenue of $5.2bn, indicative of a 15.9% uptick on Q4 2024. The majority of the quarter\u2019s profits came via sales in Boston\u2019s cardiovascular portfolio at $3.4bn, corresponding to an 18.2% rise on Q4 2024. Meanwhile, for FY25, cardiovascular contributed $13.3bn to the above $20bn total for the year, representing a growth margin of 23.2% versus $10.8bn for the vertical in FY24.<\/p>\n
In spite of this performance, the market seemingly homed in on flat sales, relative to Q3 2025, in Boston\u2019s electrophysiology (EP) and Watchman segments within its cardiovascular portfolio.<\/p>\n
Boston\u2019s EP segment, which includes its Farapulse pulsed-field ablation (PFA) system, drew in total global Q4 revenues of $890m, representing YoY growth of 37.1%. However, this figure was flat on a quarter-by-quarter basis, with Q3 2025\u2019s sales totalling $865m. Electrophysiology systems, like Farapulse, are seen as a major growth driver for the company given the size of the atrial fibrillation market.<\/p>\n
Meanwhile, Boston\u2019s Watchman franchise achieved total Q4 sales of $535m.And while the total figure represents a 29.4% uplift on Q4 2024, it represents only a modest climb from $512m in total sales in Q3 2025. For both the EP and Watchman segments, the US was the largest market.<\/p>\n
Looking ahead to 2026, Boston expects to achieve growth of in the 10.5% to 11.5% range, with earnings between $3.43\u00a0and $3.49 per share. The company outlined that in 2026, it expects 15% growth in the EP market.<\/p>\n
During a conference call, analysts questioned what happened in Q4 vis-\u00e0-vis Boston\u2019s expectations versus those of the market, highlighting investor concerns over flat EP and Watchman sales given they present two of Boston\u2019s key growth drivers. With respect to the EP market, Mahoney commented that the company placed more conservative numbers on its overall growth in late 2025.<\/p>\n
Boston CEO Mike Mahoney said: \u201cWe think the market in Q4 was closer to 18% to 20% growth rather than some other companies\u2019 claim that it was 25%. We think the market was in the 18% to 20% range, similar to what we developed internally in our plan. We\u2019ve called the market for 2026 at around 15% growth. We think it\u2019s an excellent market, but we don\u2019t think it grew 25% in the fourth quarter.\u201d<\/p>\n
Pressed further on Boston\u2019s EP performance, Mahoney added that \u201csome maybe overshot the market growth in Q4\u201d.<\/p>\n
Mahoney added: \u201cWe expect to lose some market share given competitor product launches that are coming out. However, we are also very comfortable to say that by the end of 2026, we will be the clear PFA market leader.\u201d<\/p>\n
Regarding Watchman, Mahoney said Boston was \u201cquite proud\u201d of the 29% growth [in the US] of the franchise.<\/p>\n
\u201cWhen you come to the consensus numbers, we exceeded our guidance, and actually exceeded analyst consensus,\u201d he added.<\/p>\n
Elsewhere across the business, Boston\u2019s medsurg portfolio rose by 11.7% to $1.8bn in Q4. For FY25, the segment achieved revenue of $6.8bn, denoting a 13.9% rise on FY24.<\/p>\n
Other large medtech players have begun posting their most recent financials. Releasing its latest financials on 4 February, GE HealthCare reported FY25 revenues of $20.6bn<\/a> amid ongoing imaging demand and now expects earnings to fall in the $4.95 to $5.15 per share range for FY26.<\/p>\n ![\"Email](\"https:\/\/www.medicaldevice-network.com\/wp-content\/themes\/goodlife-wp-B2B\/assets\/images\/newsletter-new.svg\")
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