By the numbers
Q3 sales: $5.07 billion
20.3% growth year over year
Cardiovascular sales: $3.34 billion
22.4% growth year over year
Electrophysiology sales: $865 million
64.2% growth year over year
Watchman sales: $512 million
34.8% growth year over year
Boston Scientific continues to see strong sales growth for its electrophysiology unit, even among tough year-over-year comparisons and escalating competition in the space.
On Wednesday, Boston Scientific reported electrophysiology sales of $865 million in the third quarter, representing year-over-year growth of about 64%. The growth was, once again, driven by sales of its pulsed field ablation portfolio, including the Farapulse system.
While the company is not reporting the triple-digit sales growth seen last year, it’s still finding success as PFA has turned electrophysiology into a new battleground for some of the industry’s largest competitors.
PFA is a relatively new treatment for atrial fibrillation, a type of irregular heartbeat that can lead to strokes and heart failure. The technology has upended the standard of care, replacing traditional treatments like cryoablation and radiofrequency ablation. The success of PFA has attracted the largest companies in the medtech industry, including Medtronic, Boston Scientific, Johnson & Johnson and Abbott. The latter is currently racing to get a device on the market as sales for its competitors grow.
CEO Mike Mahoney told investors on a third-quarter earnings call that Boston Scientific’s Farapulse PFA system remains the leading PFA technology, having now been used in more than 500,000 procedures.
Mahoney did not share specific Farapulse sales numbers; however, the CEO said that sales grew double digits in the third quarter in the U.S., supported by increased adoption of the Opal mapping system.
“Looking forward, our aim is to continue to grow our share in the overall [electrophysiology] market, and we expect to retain a strong leadership position in PFA, enabled by our innovative portfolio, expanding mapping and commercial resources, and consistent data publications,” Mahoney said.
After a blockbuster start to its PFA launch, Boston Scientific still sees room for growth over the next several years. The company expects PFA’s global penetration to be 50% by the end of 2025, growing to approximately 80% by 2028.
Earlier this month, Boston Scientific forecast the global electrophysiology market to grow from an estimated $13 billion in 2025 to $20 billion in 2028.
PFA continues to drive Boston Scientific’s electrophysiology growth, after nearly two years of Farapulse being on the market. PFA leadership, however, is not the company’s endgame — leadership in electrophysiology overall is.
At a recent investor day event, Boston Scientific outlined plans to be the leading company in electrophysiology. Mahoney reiterated those comments on the earnings call.
If the company wants to lead the space, it’ll have strong competition. In July, Johnson & Johnson similarly stated that it plans to be the leader of the electrophysiology space.
Tim Schmid, J&J’s worldwide chairman of medtech, said the electrophysiology market battle is “very personal,” adding that while some Wall Street analysts were quick to write off the company earlier this year, J&J remains confident that it will retain its global market leadership position.
“[Electrophysiology] is currently — I think it’s fair to say — probably the most exciting category in medtech,” Schimd said. “And let me be clear: We are not rolling over.”
Boston Scientific and J&J will also have to contend with Medtronic, which is seeing success with its own PFA system, as well as Abbott, which plans to bring a device to market sometime next year following Food and Drug Administration approval.
