Jefferies Sticks to Their Hold Rating for Cleveland-Cliffs (CLF)
Elevate Your Investing Strategy:
Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
According to TipRanks, LaFemina is a 4-star analyst with an average return of 5.8% and a 49.02% success rate. LaFemina covers the Basic Materials sector, focusing on stocks such as Glencore, Cleveland-Cliffs, and Anglo American.
Currently, the analyst consensus on Cleveland-Cliffs is a Hold with an average price target of $10.05, implying a -5.72% downside from current levels. In a report released today, Citi also maintained a Hold rating on the stock with a $11.00 price target.
Based on Cleveland-Cliffs' latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $4.63 billion and a GAAP net loss of $495 million. In comparison, last year the company earned a revenue of $5.2 billion and had a GAAP net loss of $67 million
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CLF in relation to earlier this year. Most recently, in May 2025, James D. Graham, the EVP Chief Legal Admin & Sec of CLF sold 120,000.00 shares for a total of $822,000.00.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Medtronic's (MDT) Role in Medical Devices: A Unique Fit for Halal Portfolios
Medtronic plc (NYSE:MDT) is included among the 11 Best Halal Dividend Stocks to Buy Now. A surgeon in a modern operating room holding advanced medical devices with a sense of purpose and accuracy. Medtronic plc (NYSE:MDT) has maintained steady revenue and earnings over the years, demonstrating a track record of reliable performance. The company appears well-positioned to continue generating solid returns over time. This confidence stems from its strong innovation capabilities, established presence in the complex healthcare industry, and favorable long-term trends such as the global rise in aging populations. In fiscal Q4 2024, Medtronic plc (NYSE:MDT) reported revenue of $8.93 billion, which showed a 4% growth from the same period last year. The revenue also beat analysts' estimates by $98.2 million. The company posted a GAAP operating profit of $1.436 billion and an operating margin of 16.1%, reflecting year-over-year increases of 36% and 380 basis points, respectively. Medtronic plc (NYSE:MDT)'s cash position remained stable in FY25. The company's operating cash flow for the year was $7 billion, and its free cash flow amounted to $5.2 billion. It ended the year with $2.2 billion available in cash and cash equivalents. The company offers a quarterly dividend of $0.71 per share, having raised it by 1.4% in May. This marked the company's 48th consecutive year of dividend growth, which makes it one of the best halal stocks that pay dividends. As of July 18, the stock has a dividend yield of 3.17%. While we acknowledge the potential of MDT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None.
Yahoo
4 hours ago
- Yahoo
Fiserv Reports Second Quarter 2025 Results
GAAP revenue growth of 8% in the quarter and 7% year to date;GAAP EPS increased 22% in both the quarter and year to date;Organic revenue growth of 8% in both the quarter and year to date;Adjusted EPS increased 16% in the quarter and 15% year to date;Company refines 2025 organic revenue growth outlook to approximately 10%and adjusted EPS outlook to $10.15 to $10.30, or growth of 15% to 17% MILWAUKEE, July 23, 2025--(BUSINESS WIRE)--Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, today reported financial results for the second quarter of 2025. Second Quarter 2025 GAAP Results GAAP revenue for the company increased 8% to $5.52 billion in the second quarter of 2025 compared to the prior year period, with 10% growth in the Merchant Solutions segment and 7% growth in the Financial Solutions segment. GAAP revenue for the company increased 7% to $10.65 billion in the first six months of 2025 compared to the prior year period, with 8% growth in the Merchant Solutions segment and 7% growth in the Financial Solutions segment. GAAP earnings per share was $1.86 in the second quarter and $3.36 in the first six months of 2025, an increase of 22% compared to both the second quarter and first six months of 2024. GAAP operating margin was 30.7% and 29.0% in the second quarter and first six months of 2025 compared to 28.0% and 26.1% in the second quarter and first six months of 2024. GAAP operating margin in the Merchant Solutions segment was 34.6% and 34.4% in the second quarter and first six months of 2025 compared to 36.6% and 35.4% in the second quarter and first six months of 2024. GAAP operating margin in the Financial Solutions segment was 48.7% and 48.1% in the second quarter and first six months of 2025 compared to 45.9% and 45.0% in the second quarter and first six months of 2024. Net cash provided by operating activities was $2.31 billion in the first six months of 2025 compared to $2.17 billion in the prior year period. "Our second quarter results of 8% organic revenue growth and 16% adjusted earnings per share growth again demonstrated the power of our diverse business serving both merchants and financial institutions," said Mike Lyons, Chief Executive Officer of Fiserv. "We continue to make progress on our key strategic initiatives focused on client-centric innovation, deepening client relationships, and operational efficiency, to drive strong and durable performance." Second Quarter 2025 Non-GAAP Results and Additional Information Adjusted revenue increased 8% to $5.20 billion in the second quarter and 7% to $9.98 billion in the first six months of 2025 compared to the prior year periods. Organic revenue growth was 8% in the second quarter of 2025, led by 9% growth in the Merchant Solutions segment and 7% growth in the Financial Solutions segment. Organic revenue growth was 8% in the first six months of 2025, led by 9% growth in the Merchant Solutions segment and 6% growth in the Financial Solutions segment. Adjusted earnings per share increased 16% to $2.47 in the second quarter and 15% to $4.61 in the first six months of 2025 compared to the prior year periods. Adjusted operating margin increased 120 basis points to 39.6% in the second quarter and 150 basis points to 38.7% in the first six months of 2025 compared to the prior year periods. Adjusted operating margin was 34.6% and 36.6% in the Merchant Solutions segment and 48.7% and 45.9% in the Financial Solutions segment in the second quarter of 2025 and 2024, respectively. Adjusted operating margin was 34.4% and 35.4% in the Merchant Solutions segment and 48.1% and 45.0% in the Financial Solutions segment in the first six months of 2025 and 2024, respectively. Free cash flow was $1.54 billion in the first six months of 2025 compared to $1.48 billion in the prior year period. The company repurchased 12.2 million shares of common stock for $2.2 billion in the second quarter and 21.9 million shares of common stock for $4.4 billion in the first six months of 2025. The company completed a public offering of 2.175 billion Euros of 3-year, 7-year and 11-year senior notes with a weighted average coupon rate of 3.43%. In June 2025, the company entered into an agreement to acquire the remaining 49.9% ownership interest in AIB Merchant Services, an Ireland-based payments solution provider. In June 2025, the company announced plans to launch a new digital asset platform, including a new stablecoin (FIUSD), that allows financial institutions and merchants to access digital assets through a simple, secure and scalable solution. Fiserv was named to CNBC's World's Top Fintech Companies for 2025, for the third consecutive year, as well as to the TIME100 Most Influential Companies 2025 list. Outlook for 2025 Fiserv refines organic revenue growth outlook to approximately 10% and adjusted earnings per share to $10.15 to $10.30, representing growth of 15% to 17%, for 2025. "We made several refinements to our guidance based on our year-to-date performance and current business activity levels," said Lyons. "We are encouraged by our strong pipeline, recent client wins, and the quality of our strategic initiatives, and expect to deliver Fiserv's 40th consecutive year of double-digit adjusted earnings per share growth." Earnings Conference Call The company will discuss its second quarter 2025 results in a live webcast at 7 a.m. CT on Wednesday, July 23, 2025. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at A replay will be available approximately one hour after the conclusion of the live webcast. About Fiserv Fiserv, Inc. (NYSE: FI), a Fortune 500™ company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World's Most Admired Companies™. Visit and follow on social media for more information and the latest company news. Use of Non-GAAP Financial Measures In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles ("GAAP"), such as revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities, with "adjusted revenue," "adjusted revenue growth," "organic revenue," "organic revenue growth," "adjusted operating income," "adjusted operating margin," "adjusted net income," "adjusted earnings per share," "adjusted earnings per share growth," and "free cash flow." Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders' ability to evaluate the company's performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See pages 14-16 for additional information regarding the company's forward-looking non-GAAP financial measures. Examples of non-cash or other items may include, but are not limited to, non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; gains or losses from the sale of businesses, certain assets or investments; and certain discrete tax benefits and expenses. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company's operations, and management uses this information to make operating decisions, including the allocation of resources to the company's various businesses. The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Management believes organic revenue growth is useful because it presents revenue growth excluding the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company's postage reimbursements. Management believes free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders' ability to evaluate and understand the company's core business performance. These unaudited non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income, operating margin, net income attributable to Fiserv, diluted earnings per share and net cash provided by operating activities or any other amount determined in accordance with GAAP. Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share, adjusted earnings per share growth and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "could," "should," "confident," "likely," "plan," or words of similar meaning. Statements that describe the company's future plans, outlook, objectives or goals are also forward-looking statements. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company's actual results to differ materially include, among others, the following: the company's ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company's products and services; the ability of the company's technology to keep pace with a rapidly evolving marketplace; the success of the company's merchant alliances, some of which are not controlled by the company; the impact of a security breach or operational failure on the company's business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company's vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or intensified international hostilities, and the impact they may have on the company and its employees, clients, vendors, supply chain, operations and sales; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company's ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company's ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company's growth strategies; the company's ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in "Risk Factors" in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and in other documents that the company files with the Securities and Exchange Commission, which are available at You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release. Fiserv, Inc. Condensed Consolidated Statements of Income (In millions, except per share amounts, unaudited) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Revenue Processing and services $ 4,304 $ 4,140 $ 8,349 $ 8,140 Product 1,212 967 2,297 1,850 Total revenue 5,516 5,107 10,646 9,990 Expenses Cost of processing and services 1,412 1,343 2,801 2,697 Cost of product 694 639 1,378 1,290 Selling, general and administrative 1,711 1,697 3,393 3,394 Net loss (gain) on sale of other assets 3 — (17 ) — Total expenses 3,820 3,679 7,555 7,381 Operating income 1,696 1,428 3,091 2,609 Interest expense, net (365 ) (285 ) (696 ) (546 ) Other expense, net (39 ) (5 ) (57 ) (12 ) Income before income taxes and loss from investments in unconsolidated affiliates 1,292 1,138 2,338 2,051 Income tax provision (246 ) (221 ) (436 ) (374 ) Loss from investments in unconsolidated affiliates (16 ) (8 ) (24 ) (16 ) Net income 1,030 909 1,878 1,661 Less: net income attributable to noncontrolling interests 4 15 1 32 Net income attributable to Fiserv $ 1,026 $ 894 $ 1,877 $ 1,629 GAAP earnings per share attributable to Fiserv — diluted $ 1.86 $ 1.53 $ 3.36 $ 2.76 Diluted shares used in computing earnings per share attributable to Fiserv 552.7 585.4 558.7 590.1 Earnings per share is calculated using actual, unrounded amounts. Fiserv, Inc. Reconciliation of GAAP to Adjusted Net Income and Adjusted Earnings Per Share (In millions, except per share amounts, unaudited) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 GAAP net income attributable to Fiserv $ 1,026 $ 894 $ 1,877 $ 1,629 Adjustments: Merger and integration costs 1 8 22 23 59 Severance costs 14 21 29 63 Amortization of acquisition-related intangible assets 2 341 370 672 739 Non wholly-owned entity activities 3 9 26 29 54 Tax impact of adjustments 4 (73 ) (88 ) (147 ) (183 ) Incremental executive compensation 5 — — 52 — Argentine Peso devaluation 6 39 — 39 — Adjusted net income $ 1,364 $ 1,245 $ 2,574 $ 2,361 GAAP earnings per share attributable to Fiserv - diluted $ 1.86 $ 1.53 $ 3.36 $ 2.76 Adjustments - net of income taxes: Merger and integration costs 1 0.01 0.03 0.03 0.08 Severance costs 0.02 0.03 0.04 0.09 Amortization of acquisition-related intangible assets 2 0.50 0.50 0.97 1.00 Non wholly-owned entity activities 3 0.01 0.04 0.04 0.07 Incremental executive compensation 5 — — 0.09 — Argentine Peso devaluation 6 0.07 — 0.07 — Adjusted earnings per share $ 2.47 $ 2.13 $ 4.61 $ 4.00 GAAP earnings per share attributable to Fiserv growth 22 % 22 % Adjusted earnings per share growth 16 % 15 % See pages 3-4 for disclosures related to the use of non-GAAP financial measures. Earnings per share is calculated using actual, unrounded amounts. 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities include $3 million and $5 million of third-party professional service fees in the second quarter and first six months of 2025, respectively, as well as $11 million related to a legal settlement in the first six months of 2025. Merger and integration costs associated with integration activities in the second quarter and first six months of 2024 primarily include $13 million and $22 million of share-based compensation, as well as $13 million of third-party professional service fees in the first six months of 2024. 2 Represents amortization of intangible assets acquired through acquisition, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts. See additional information on page 13 for an analysis of the company's amortization expense. 3 Represents the company's share of amortization of acquisition-related intangible assets at its unconsolidated affiliates, as well as the minority interest share of amortization of acquisition-related intangible assets at its subsidiaries in which the company holds a controlling financial interest. 4 The tax impact of adjustments is calculated using a tax rate of 19.5% and 20% in the first six months of 2025 and 2024, respectively, which approximates the company's anticipated annual effective tax rates. 5 Represents incremental compensation expense associated with the transition of the company's Chief Executive Officer ("CEO"), comprised of $40 million of former CEO non-cash share-based compensation and related employer payroll taxes, and a $12 million cash replacement award paid to the company's newly appointed CEO. 6 The Argentine government announced economic policy changes, including the removal of certain currency controls, resulting in a significant devaluation of the Argentine Peso on April 14, 2025. This adjustment represents the corresponding one-day foreign currency exchange loss from the remeasurement of the company's Argentina subsidiary's monetary assets and liabilities in Argentina's highly inflationary economy. Fiserv, Inc. Financial Results by Segment (In millions, unaudited) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Total Company Revenue $ 5,516 $ 5,107 $ 10,646 $ 9,990 Adjustments: Postage reimbursements (320 ) (313 ) (661 ) (653 ) Adjusted revenue $ 5,196 $ 4,794 $ 9,985 $ 9,337 Operating income $ 1,696 $ 1,428 $ 3,091 $ 2,609 Adjustments: Merger and integration costs 8 22 23 59 Severance costs 14 21 29 63 Amortization of acquisition-related intangible assets 341 370 672 739 Incremental executive compensation — — 52 — Adjusted operating income $ 2,059 $ 1,841 $ 3,867 $ 3,470 Operating margin 30.7 % 28.0 % 29.0 % 26.1 % Adjusted operating margin 39.6 % 38.4 % 38.7 % 37.2 % Merchant Solutions ("Merchant") 1 Revenue $ 2,644 $ 2,410 $ 5,016 $ 4,663 Operating income $ 914 $ 882 $ 1,724 $ 1,651 Operating margin 34.6 % 36.6 % 34.4 % 35.4 % Financial Solutions ("Financial") 1 Revenue $ 2,552 $ 2,379 $ 4,969 $ 4,664 Operating income $ 1,244 $ 1,093 $ 2,392 $ 2,101 Operating margin 48.7 % 45.9 % 48.1 % 45.0 % Corporate and Other Revenue $ 320 $ 318 $ 661 $ 663 Adjustments: Postage reimbursements (320 ) (313 ) (661 ) (653 ) Adjusted revenue $ — $ 5 $ — $ 10 Operating loss $ (462 ) $ (547 ) $ (1,025 ) $ (1,143 ) Adjustments: Merger and integration costs 8 22 23 59 Severance costs 14 21 29 63 Amortization of acquisition-related intangible assets 341 370 672 739 Incremental executive compensation ... — — 52 — Adjusted operating loss $ (99 ) $ (134 ) $ (249 ) $ (282 ) See pages 3-4 for disclosures related to the use of non-GAAP financial measures. Operating margin percentages are calculated using actual, unrounded amounts. 1 For all periods presented in the Merchant and Financial segments, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the GAAP measures presented. Fiserv, Inc. Condensed Consolidated Statements of Cash Flows (In millions, unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net income $ 1,878 $ 1,661 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and other amortization 897 815 Amortization of acquisition-related intangible assets 673 744 Amortization of financing costs and debt discounts 22 22 Share-based compensation 215 185 Deferred income taxes (215 ) (207 ) Net gain on sale of other assets (17 ) — Loss from investments in unconsolidated affiliates 24 16 Distributions from unconsolidated affiliates 22 19 Non-cash foreign currency exchange losses 65 50 Other operating activities (6 ) (15 ) Changes in assets and liabilities, net of effects from acquisitions: Trade accounts receivable (280 ) (176 ) Prepaid expenses and other assets (612 ) (420 ) Contract costs (121 ) (104 ) Accounts payable and other liabilities (272 ) (448 ) Contract liabilities 40 30 Net cash provided by operating activities 2,313 2,172 Cash flows from investing activities Capital expenditures, including capitalized software and other intangibles (814 ) (768 ) Payments for acquisition of businesses, net of cash acquired (337 ) — Merchant cash advances, net (539 ) (451 ) Distributions from unconsolidated affiliates 13 39 Purchases of investments (41 ) (35 ) Proceeds from sale of investments 474 8 Other investing activities (19 ) — Net cash used in investing activities (1,263 ) (1,207 ) Cash flows from financing activities Debt proceeds 3,679 3,189 Debt repayments (2,360 ) (1,457 ) Net borrowings from commercial paper and short-term borrowings 1,925 532 Payments of debt financing costs (5 ) (14 ) Proceeds from issuance of treasury stock 37 58 Purchases of treasury stock, including employee shares withheld for tax obligations (4,642 ) (3,230 ) Settlement activity, net 200 (150 ) Distributions paid to noncontrolling interests and redeemable noncontrolling interest — (41 ) Payment to acquire noncontrolling interest of consolidated subsidiary (22 ) — Other financing activities 22 (1 ) Net cash used in financing activities (1,166 ) (1,114 ) Effect of exchange rate changes on cash and cash equivalents 92 (12 ) Net change in cash and cash equivalents (24 ) (161 ) Cash and cash equivalents, beginning balance 2,993 2,963 Cash and cash equivalents, ending balance $ 2,969 $ 2,802 Fiserv, Inc. Condensed Consolidated Balance Sheets (In millions, unaudited) June 30, December 31, 2025 2024 Assets Cash and cash equivalents $ 999 $ 1,236 Trade accounts receivable – net 4,116 3,725 Prepaid expenses and other current assets 3,805 3,087 Settlement assets 17,554 15,429 Total current assets 26,474 23,477 Property and equipment – net 2,585 2,374 Customer relationships – net 5,538 5,868 Other intangible assets – net 4,880 4,072 Goodwill 37,465 36,584 Contract costs – net 1,005 996 Investments in unconsolidated affiliates 1,071 1,506 Other long-term assets 2,513 2,299 Total assets $ 81,531 $ 77,176 Liabilities and Equity Accounts payable and other current liabilities $ 4,351 $ 4,799 Short-term and current maturities of long-term debt 1,528 1,110 Contract liabilities 885 819 Settlement obligations 17,554 15,429 Total current liabilities 24,318 22,157 Long-term debt 28,059 23,730 Deferred income taxes 2,189 2,477 Long-term contract liabilities 249 263 Other long-term liabilities 953 863 Total liabilities 55,768 49,490 Fiserv shareholders' equity 25,215 27,068 Noncontrolling interests 548 618 Total equity 25,763 27,686 Total liabilities and equity $ 81,531 $ 77,176 Fiserv, Inc. Selected Non-GAAP Financial Measures and Additional Information (In millions, unaudited) Organic Revenue Growth 1 Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 Growth 2025 2024 Growth Total Company Adjusted revenue $ 5,196 $ 4,794 $ 9,985 $ 9,337 Currency impact 2 47 — 124 — Acquisition adjustments (65 ) — (76 ) — Divestiture adjustments — (5 ) — (10 ) Organic revenue $ 5,178 $ 4,789 8% $ 10,033 $ 9,327 8% Merchant Adjusted revenue $ 2,644 $ 2,410 $ 5,016 $ 4,663 Currency impact 2 49 — 118 — Acquisition adjustments (55 ) — (63 ) — Organic revenue $ 2,638 $ 2,410 9% $ 5,071 $ 4,663 9% Financial Adjusted revenue $ 2,552 $ 2,379 $ 4,969 $ 4,664 Currency impact 2 (2 ) — 6 — Acquisition adjustments (10 ) — (13 ) — Organic revenue $ 2,540 $ 2,379 7% $ 4,962 $ 4,664 6% Corporate and Other Adjusted revenue $ — $ 5 $ — $ 10 Divestiture adjustments — (5 ) — (10 ) Organic revenue $ — $ — $ — $ — See pages 3-4 for disclosures related to the use of non-GAAP financial measures. Organic revenue growth is calculated using actual, unrounded amounts. 1 Organic revenue growth is measured as the change in adjusted revenue (see page 9) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions and dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositions. 2 Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods. Fiserv, Inc. Selected Non-GAAP Financial Measures and Additional Information (cont.) (In millions, unaudited) Free Cash Flow Six Months EndedJune 30, 2025 2024 Net cash provided by operating activities $ 2,313 $ 2,172 Capital expenditures (814 ) (768 ) Adjustments: Distributions paid to noncontrolling interests and redeemable noncontrolling interest — (41 ) Distributions from unconsolidated affiliates included in cash flows from investing activities 13 39 Severance, merger and integration payments 80 96 Tax payments on adjustments (16 ) (19 ) Other (31 ) — Free cash flow $ 1,545 $ 1,479 Total Amortization 1 Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Acquisition-related intangible assets $ 342 $ 371 $ 673 $ 744 Capitalized software and other intangibles 188 156 364 300 Purchased software 51 59 103 118 Financing costs and debt discounts 11 11 22 22 Sales commissions 30 27 58 55 Deferred conversion costs 29 25 56 49 Total amortization $ 651 $ 649 $ 1,276 $ 1,288 See pages 3-4 for disclosures related to the use of non-GAAP financial measures. 1 The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. Fiserv, Inc. Full Year Forward-Looking Non-GAAP Financial Measures Reconciliations of unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of these items that are excluded from the non-GAAP outlook measures. The company's forward-looking non-GAAP financial measures for 2025, including organic revenue growth, adjusted earnings per share and adjusted earnings per share growth, are designed to enhance shareholders' ability to evaluate the company's performance by excluding certain items to focus on factors and trends affecting its business. Organic Revenue Growth - The company's organic revenue growth outlook for 2025 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company's postage reimbursements. The currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods. Growth 2025 Revenue 10.0% Postage reimbursements —% 2025 Adjusted revenue 10.0% Currency impact 1.0% Acquisition adjustments (1.0)% Divestiture adjustments —% 2025 Organic revenue ~ 10% Adjusted Earnings Per Share - The company's adjusted earnings per share outlook for 2025 excludes certain non-cash or other items such as non-cash intangible asset amortization expense associated with acquisitions; non-cash impairment charges; merger and integration costs; severance costs; gains or losses from the sale of businesses, certain assets and investments; and certain discrete tax benefits and expenses. The company estimates that amortization expense in 2025 with respect to acquired intangible assets will decrease approximately 5% compared to the amount incurred in 2024. Other adjustments to the company's financial measures that were incurred in 2024 and for the three and six months ended June 30, 2025 are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred throughout the remainder of 2025 or beyond. Estimates of these impacts and adjustments on a forward-looking basis are not available due to the variability, complexity and limited visibility of these items. Fiserv, Inc. Full Year Forward-Looking Non-GAAP Financial Measures (cont.) The company's adjusted earnings per share growth outlook for 2025 is based on 2024 adjusted earnings per share performance. 2024 GAAP net income attributable to Fiserv $ 3,131 Adjustments: Merger and integration costs 1 81 Severance costs 157 Amortization of acquisition-related intangible assets 2 1,420 Non wholly-owned entity activities 3 100 Impairment of equity method investments 4 635 Non-cash settlement charge for terminated pension plans 5 147 Tax impact of adjustments 6 (548 ) 2024 adjusted net income $ 5,123 Weighted average common shares outstanding - diluted 582.1 2024 GAAP earnings per share attributable to Fiserv - diluted $ 5.38 Adjustments - net of income taxes: Merger and integration costs 1 0.11 Severance costs 0.22 Amortization of acquisition-related intangible assets 2 1.95 Non wholly-owned entity activities 3 0.14 Impairment of equity method investments 4 0.85 Non-cash settlement charge for terminated pension plans 5 0.16 2024 adjusted earnings per share $ 8.80 2025 adjusted earnings per share outlook $10.15 - $10.30 2025 adjusted earnings per share growth outlook 15% - 17% In millions, except per share amounts, unaudited. Earnings per share is calculated using actual, unrounded amounts. See pages 3-4 for disclosures related to the use of non-GAAP financial measures. Fiserv, Inc. Full Year Forward-Looking Non-GAAP Financial Measures (cont.) 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities primarily include $23 million of third-party professional service fees, $22 million of share-based compensation, and $14 million related to a legal settlement. 2 Represents amortization of intangible assets acquired through acquisition, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts. 3 Represents the company's share of amortization of acquisition-related intangible assets at its unconsolidated affiliates, as well as the minority interest share of amortization of acquisition-related intangible assets at its subsidiaries in which the company holds a controlling financial interest. 4 Represents a non-cash impairment of certain equity method investments, primarily related to the company's Wells Fargo Merchant Services joint venture, recorded within loss from investments in unconsolidated affiliates in the consolidated statement of income. 5 Represents a non-cash settlement charge associated with the terminations of the company's defined benefit pension plans in the United Kingdom and United States. Settlements of the terminated plans were completed in the fourth quarter of 2024. 6 The tax impact of adjustments is calculated using a tax rate of 20%, which approximates the company's annual effective tax rate, exclusive of actual tax impacts of an aggregate $196 million benefit associated with the impairment of certain equity method investments and the settlement charge for terminated pension plans. FI-G View source version on Contacts For more information contact: Media Relations: Sophia MarshallSenior Vice President, CommunicationsFiserv, Investor Relations: Julie ChariellSenior Vice President, Investor RelationsFiserv, Sign in to access your portfolio
Yahoo
4 hours ago
- Yahoo
Boston Scientific announces results for second quarter 2025
MARLBOROUGH, Mass., July 23, 2025 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated net sales of $5.061 billion during the second quarter of 2025, growing 22.8 percent on a reported basis, 21.6 percent on an operational1 basis and 17.4 percent on an organic2 basis, all compared to the prior year period. The company reported GAAP net income attributable to Boston Scientific common stockholders of $797 million or $0.53 per share (EPS), compared to $324 million or $0.22 per share a year ago, and achieved adjusted3 EPS of $0.75 for the period, compared to $0.62 a year ago. "This was another excellent quarter — marked by exceptional top-line performance — that delivered margin expansion and prioritized investment for future growth," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "I am incredibly grateful to our dedicated global team for demonstrating clinical and commercial excellence across the company and positioning us for differentiated long-term performance." Second quarter financial results and recent developments: Reported net sales of $5.061 billion, representing an increase of 22.8 percent on a reported basis, compared to the company's guidance range of 17.5 to 19.5 percent; 21.6 percent on an operational basis; and 17.4 percent on an organic basis, compared to the company's guidance range of 13 to 15 percent, all compared to the prior year period. Reported GAAP net income attributable to Boston Scientific common stockholders of $0.53 per share, compared to the company's guidance range of $0.45 to $0.47 per share, and achieved adjusted EPS of $0.75 per share, compared to the guidance range of $0.71 to $0.73 per share. Achieved the following net sales growth in each reportable segment, compared to the prior year period: MedSurg: 15.7 percent reported, 14.7 percent operational and 7.0 percent organic Cardiovascular: 26.8 percent reported, 25.5 percent operational and 23.2 percent organic Achieved the following net sales growth in each region, compared to the prior year period: United States (U.S.): 30.7 percent reported and operational Europe, Middle East and Africa (EMEA): 6.8 percent reported and 1.8 percent operational Asia-Pacific (APAC): 18.0 percent reported and 15.4 percent operational Latin America and Canada (LACA): 4.0 percent reported and 8.9 percent operational Emerging Markets4: 11.6 percent reported and 12.1 percent operational Received U.S. Food and Drug Administration approval to expand instructions for use labeling to include the treatment of drug refractory, symptomatic persistent atrial fibrillation (AF) with the FARAPULSE™ Pulsed Field Ablation (PFA) System. Commenced enrollment in the ReMATCH IDE clinical trial to evaluate the safety and effectiveness of the FARAWAVE™ and FARAPOINT™ PFA Catheters in patients with persistent AF who previously received a cardiac ablation and experienced a recurrence of the condition.5 Received CE mark for the WATCHMAN FLX™ Pro Left Atrial Appendage Closure Device, which is optimized for healing and designed to improve visualization during device placement and treat a broader range of patient anatomies. Completed the acquisition of Intera Oncology® Inc., a medical device company that provides the Intera 3000 Hepatic Artery Infusion Pump and floxuridine, a chemotherapy drug. Completed the acquisition of SoniVie Ltd., the developer of the TIVUS™ Intravascular Ultrasound System, an investigational renal nerve denervation technology designed to treat hypertension.5 1. Operational net sales growth excludes the impact of foreign currency fluctuations. 2. Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. 3. Adjusted EPS excludes the impacts of certain charges (credits) which may include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), European Union (EU) Medical Device Regulation (MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items. 4. Our Emerging Markets countries include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. 5. The FARAPOINT PFA Catheter and the TIVUS Intravascular Ultrasound System are investigational devices. Restricted by Federal law to investigational use only. Not available for sale in the U.S. Net sales for the second quarter by business and region:Increase/(Decrease) Three Months Ended June 30,Reported BasisImpact of Foreign Currency FluctuationsOperational BasisImpact of Certain Acquisitions/DivestituresOrganic Basis (in millions) 2025 2024 Endoscopy $ 737 $ 6769.1 %(1.3) %7.8 %— %7.8 % Urology 676 52528.9 %(0.8) %28.0 %(21.7) %6.3 % Neuromodulation 303 2827.2 %(0.6) %6.6 %— %6.6 %MedSurg 1,716 1,48315.7 %(1.0) %14.7 %(7.7) %7.0 % Cardiology 2,647 2,04729.3 %(1.4) %27.9 %— %27.9 % Peripheral Interventions 698 59018.3 %(1.1) %17.1 %(10.2) %7.0 %Cardiovascular 3,345 2,63726.8 %(1.3) %25.5 %(2.3) %23.2 % Net Sales $ 5,061 $ 4,12022.8 %(1.2) %21.6 %(4.2) %17.4 % Increase/(Decrease)Three Months Ended June 30,Reported BasisImpact of Foreign Currency FluctuationsOperational Basis(in millions)20252024 U.S.$ 3,224$ 2,46630.7 %— %30.7 %EMEA8788226.8 %(5.0) %1.8 %APAC79067018.0 %(2.6) %15.4 %LACA1691624.0 %4.9 %8.9 %Net Sales$ 5,061$ 4,12022.8 %(1.2) %21.6 % Emerging Markets4$ 758$ 68011.6 %0.5 %12.1 %Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely.Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of certain acquisitions/divestitures are not prepared in accordance with U.S. GAAP. Guidance for Full Year and Third Quarter 2025 The company estimates net sales growth for the full year 2025, versus the prior year period, to be approximately 18 to 19 percent on a reported basis and 14 to 15 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $1.89 to $1.93 and estimates adjusted EPS, excluding certain charges (credits), of $2.95 to $2.99. The company estimates net sales growth for the third quarter of 2025, versus the prior year period, to be in a range of approximately 17 to 19 percent on a reported basis, and 12 to 14 percent on an organic basis. Third quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $0.44 to $0.46 and estimates adjusted EPS, excluding certain charges (credits), of $0.70 to $0.72. Conference Call InformationBoston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website. About Boston ScientificBoston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 45 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at and connect on LinkedIn and X. Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "may," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our expected net sales; reported, operational and organic revenue growth rates; reported and adjusted EPS for the third quarter and full year 2025; our financial performance; acquisitions; clinical trials; our business plans and product performance; and new and anticipated product approvals and launches. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. Risks and uncertainties that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions, including changing trade and tariff policies; geopolitical events; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions; demographic trends; intellectual property; litigation; financial market conditions; the execution and effect of our business strategy, including our cost-savings and growth initiatives; and future business decisions made by us and our competitors. New risks and uncertainties may arise from time to time and are difficult to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. This cautionary statement is applicable to all forward-looking statements contained in this press release. Note: Amounts reported in millions within this press release are computed based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts. Use of Non-GAAP Financial InformationA reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this press release. CONTACT: Media: Emily AndersonInvestors: Lauren Tengler617-515-2000 (office) 508-683-4479 (office)Media Relations Investor RelationsBoston Scientific Corporation Boston Scientific BSXInvestorRelations@ BOSTON SCIENTIFIC CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30,Six Months Ended June 30, (in millions, except per share data) 2025 20242025 2024 Net sales $ 5,061 $ 4,120$ 9,724 $ 7,977 Cost of products sold 1,637 1,2703,090 2,479 Gross profit 3,424 2,8506,633 5,498 Operating expenses:Selling, general and administrative expenses 1,716 1,4463,312 2,810 Research and development expenses 526 383969 749 Royalty expense 14 928 19 Amortization expense 225 213444 427 Intangible asset impairment charges 46 27646 276 Contingent consideration net expense (benefit) (5) 20 18 Restructuring net charges (credits) 83 193 52,605 2,3304,894 4,303 Operating income (loss) 819 5201,740 1,195 Other income (expense):Interest expense (90) (77)(172) (146) Other, net 213 (23)179 (21) Income (loss) before income taxes 941 4201,746 1,028 Income tax expense (benefit) 146 98279 213 Net income (loss) 795 3221,467 815 Net income (loss) attributable to noncontrolling interests (2) (2)(4) (4) Net income (loss) attributable to Boston Scientific common stockholders $ 797 $ 324$ 1,471 $ 819 Net income (loss) per common share - basic $ 0.54 $ 0.22$ 0.99 $ 0.56 Net income (loss) per common share - diluted $ 0.53 $ 0.22$ 0.98 $ 0.55 Weighted-average shares outstandingBasic 1,479.9 1,470.61,478.5 1,469.5 Diluted 1,493.5 1,484.21,493.3 1,483.0Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited) Three Months Ended June 30, 2025 (in millions, except per share data) Gross Profit Operating Expenses Operating Income (Loss) Other Income (Expense) Income(Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 3,424 $ 2,605 $ 819 $ 122 $ 941 $ 795 $ (2) $ 797 $ 0.53 Non-GAAP adjustments:Amortization expense — (225) 225 — 225 193 2 191 0.13 Goodwill and other intangible asset impairment charges — (46) 46 — 46 37 — 37 0.02 Acquisition/divestiture-related net charges (credits) 46 (92) 138 (230) (92) (92) — (92) (0.06) Restructuring and restructuring-related net charges (credits) 37 (124) 161 — 161 142 — 142 0.10 Investment portfolio net losses (gains) and impairments — — — (2) (2) (2) — (2) (0.00) EU MDR implementation costs 7 (3) 10 — 10 9 — 9 0.01 Deferred tax expenses (benefits) — — — — — 45 — 45 0.03 Discrete tax items — — — — — 0 — 0 0.00 Adjusted $ 3,514 $ 2,114 $ 1,399 $ (110) $ 1,289 $ 1,127 $ 0 $ 1,127 $ 0.75 Three Months Ended June 30, 2024 (in millions, except per share data) Gross Profit Operating Expenses Operating Income Loss) Other Income (Expense) Income (Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 2,850 $ 2,330 $ 520 $ (100) $ 420 $ 322 $ (2) $ 324 $ 0.22 Non-GAAP adjustments:Amortization expense — (213) 213 — 213 184 2 182 0.12 Goodwill and other intangible asset impairment charges — (276) 276 — 276 243 — 243 0.16 Acquisition/divestiture-related net charges (credits) 11 (37) 48 1 49 38 — 38 0.03 Restructuring and restructuring-related net charges (credits) 30 (20) 50 — 50 44 — 44 0.03 Investment portfolio net losses (gains) and impairments — — — 31 31 29 — 29 0.02 EU MDR implementation costs 8 (4) 12 — 12 10 — 10 0.01 Deferred tax expenses (benefits) — — — — — 44 — 44 0.03 Adjusted $ 2,899 $ 1,780 $ 1,119 $ (68) $ 1,051 $ 913 $ (0) $ 914 $ 0.62 An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited) Six Months Ended June 30, 2025 in millions, except per share data Gross Profit Operating Expenses Operating Income (Loss) Other Income (Expense) Income (Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 6,633 $ 4,894 $ 1,740 $ 6 $ 1,746 $ 1,467 $ (4) $ 1,471 $ 0.98 Non-GAAP adjustments:Amortization expense — (444) 444 — 444 383 4 378 0.25 Goodwill and other intangible asset impairment charges — (46) 46 — 46 37 — 37 0.02 Acquisition/divestiture-related net charges (credits) 136 (150) 286 (229) 57 61 — 61 0.04 Restructuring and restructuring-related net charges (credits) 61 (149) 210 — 210 184 — 184 0.12 Investment portfolio net losses (gains) and impairments — — — 6 6 5 — 5 0.00 EU MDR implementation costs 15 (7) 23 — 23 19 — 19 0.01 Deferred tax expenses (benefits) — — — — — 91 — 91 0.06 Discrete tax items — — — — — 0 — 0 0.00 Adjusted $ 6,846 $ 4,097 $ 2,749 $ (216) $ 2,533 $ 2,249 $ 1 $ 2,248 $ 1.51 Six Months Ended June 30, 2024 in millions, except per share data Gross Profit Operating Expenses Operating Income (Loss) Other Income (Expense) Income(Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income(Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 5,498 $ 4,303 $ 1,195 $ (167) $ 1,028 $ 815 $ (4) $ 819 $ 0.55 Non-GAAP adjustments:Amortization expense — (427) 427 — 427 369 4 364 0.25 Goodwill and other intangible asset impairment charges — (276) 276 — 276 243 — 243 0.16 Acquisition/divestiture-related net charges (credits) 22 (90) 112 0 112 115 — 115 0.08 Restructuring and restructuring-related net charges (credits) 55 (42) 97 — 97 84 — 84 0.06 Investment portfolio net losses (gains) and impairments — — — 18 18 18 — 18 0.01 EU MDR implementation costs 17 (8) 26 — 26 22 — 22 0.01 Deferred tax expenses (benefits) — — — — — 81 — 81 0.05 Adjusted $ 5,592 $ 3,461 $ 2,131 $ (148) $ 1,983 $ 1,746 $ 1 $ 1,745 $ 1.18 An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATION Q3 and FY 2025 GUIDANCE RECONCILIATIONS (Unaudited) Net Sales Q3 2025 EstimateFull Year 2025 Estimate(Low) (High)(Low) (High) Reported growth 17.0 % 19.0 %18.0 % 19.0 % Impact of foreign currency fluctuations (0.5) % (0.5) %(0.5) % (0.5) % Operational growth 16.5 % 18.5 %17.5 % 18.5 % Impact of certain acquisitions/divestitures (4.5) % (4.5) %(3.5) % (3.5) % Organic growth 12.0 % 14.0 %14.0 % 15.0 % Earnings per Share Q3 2025 EstimateFull Year 2025 Estimate(Low) (High)(Low) (High) GAAP results $ 0.44 $ 0.46$ 1.89 $ 1.93 Amortization expense 0.14 0.140.52 0.52 Acquisition/divestiture-related net charges (credits) 0.04 0.040.11 0.11 Restructuring and restructuring-related net charges (credits) 0.05 0.050.24 0.24 Other adjustments 0.04 0.040.18 0.18 Adjusted results $ 0.70 $ 0.72$ 2.95 $ 2.99 Amounts may not add due to rounding. Use of Non-GAAP Financial Measures To supplement our unaudited consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share (EPS) that exclude certain charges (credits); operational net sales, which exclude the impact of foreign currency fluctuations; and organic net sales, which exclude the impact of foreign currency fluctuations as well as the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States and should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. Further, other companies may calculate these non-GAAP financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes. To calculate adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share, we exclude certain charges (credits) from GAAP net income and GAAP net income attributable to Boston Scientific common stockholders, which include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items. Amounts are presented after-tax using the company's effective tax rate, unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate." In addition to the explanation below, please refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission or Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in any Quarterly Report on Form 10-Q that we have filed or will file thereafter for an explanation of each of these adjustments and the reasons for excluding each item. The following is an explanation of each incremental or revised adjustment type, since our most recent Annual Report on Form 10-K, that management excluded as part of these non-GAAP financial measures as well as the reason for excluding each item: Restructuring and restructuring-related net charges (credits) - These adjustments primarily represent severance and other compensation-related charges, fixed asset write-offs, contract cancellations, project management fees, facility shut down costs, costs to transfer manufacturing lines between geographically dispersed facilities and other direct costs associated with our restructuring plans. These restructuring plans each consist of distinct initiatives that are fundamentally different from our ongoing, core cost reduction initiatives in terms of, among other things, the frequency with which each action is performed and the required planning, resourcing, cost and timing. Examples of such initiatives include the movement of business activities, facility consolidations and closures and the transfer of product lines between manufacturing facilities, which, due to the highly regulated nature of our industry, requires a significant investment in time and cost to create duplicate manufacturing lines, run product validations and seek regulatory approvals. Restructuring plans take place over a defined timeframe and have a distinct project timeline that requires, and begins subsequent to, approval by our Board of Directors. In contrast to our ongoing cost reduction initiatives, restructuring plans typically result in duplicative cost and exit costs over the defined timeframe and are not considered part of our core, ongoing operations. In addition, during the second quarter of 2025, we incurred restructuring and restructuring-related net charges associated with management's decision to discontinue worldwide sales of the ACURATE neo2TM and ACURATE PrimeTM Aortic Valve Systems. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring-related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance. The GAAP financial measures most directly comparable to adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share are GAAP net income (loss), GAAP net income (loss) attributable to Boston Scientific common stockholders and GAAP net income (loss) per common share – diluted, respectively. To calculate operational net sales growth rates, which exclude the impact of foreign currency fluctuations, we convert actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior periods. To calculate organic net sales growth rates, we also remove the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. The GAAP financial measure most directly comparable to operational net sales and organic net sales is net sales reported on a GAAP basis. Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules. Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses these non-GAAP financial measures to further its understanding of the performance of our operating segments. The adjustments excluded from our non-GAAP financial measures are consistent with those excluded from our operating segments' measures of net sales and profit or loss. These adjustments are excluded from the segment measures reported to our chief operating decision maker that are used to make operating decisions and assess performance. We believe that presenting adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders, adjusted net income (loss) per share, operational net sales growth rates and organic net sales growth rates, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information used by management for its operational decision-making and allows investors to see our results "through the eyes" of management. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. View original content to download multimedia: SOURCE Boston Scientific Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
