Q3 2023 Highlights

October 26, 2023

1 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Safe Harbor for Forward-Looking Statements and
Use of Document
Safe Harbor for forward-looking statements:
This presentation 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 fourth quarter and full year 2023; 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.

Factors that may cause such differences can be found in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed or to be filed with the Securities and
Exchange Commission under the headings “Risk Factors” and “Safe Harbor for Forward-Looking Statements.” Accordingly, you are cautioned not to place undue reliance on any of our
forward-looking statements. 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 they may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

Non-GAAP Measures:
This document contains non-generally accepted accounting principles in the United States (GAAP) measures (denoted with *) in talking about our Company’s performance. The
reconciliations of these non-GAAP measures to their most comparable GAAP measures are contained within this document including appendices attached to the end of this
presentation or in our earnings release.

Operational net sales growth excludes the impact of foreign currency fluctuations. Organic net sales growth excludes the impact of foreign currency fluctuations and net sales
attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales.

We measure and evaluate our reportable segments based on their respective net sales, operating income, excluding intersegment profits, and operating income as a percentage of net
sales, all based on internally-derived standard currency exchange rates to exclude the impact of foreign currency, which may be updated from year to year. We exclude from operating
income of reportable segments certain corporate-related expenses and certain transactions or adjustments considered to be non-operational. 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 on Form 10-Q that we file thereafter for an explanation of each of these
adjustments and the reasons for excluding each item.

Adjusted EPS excludes the impacts of certain charges (credits) which may include amortization expense, goodwill and intangible asset impairment charges, acquisition/divestiture-
related net charges (credits), investment portfolio gains and losses, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR
implementation costs, debt extinguishment charges, deferred tax expenses (benefits) and discrete tax items.

Emerging Markets:
Periodically, we assess our list of Emerging Markets countries, and effective January 1, 2023, modified our list to include all countries except the United States, Western and Central Europe,
Japan, Australia, New Zealand and Canada. We have revised prior year amounts to conform to the current year's presentation.

Use of Document:
This document contains certain highlights with respect to our third quarter 2023 performance and developments and does not purport to be a complete summary thereof. Accordingly,
we encourage you to read our Earnings Release for the quarter ended September 30, 2023 located in the investor section of our website at www.bostonscientific.com and our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023 to be filed with the Securities and Exchange Commission.

Amounts reported in millions within this presentation 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.

2 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Q3 2023 Highlights

Financial Highlights Operational Highlights

• Net sales growth: • Announced positive 12-month results from the ADVENT pivotal
clinical trial of the FARAPULSE™ Pulsed Field Ablation (PFA)
• +11.2% reported, +11.1% operational*, +10.2% System, which met the primary safety and efficacy endpoints,
organic* Y/Y and demonstrated non-inferiority to standard-of-care therapies.

• Earnings per share: • Received U.S. FDA approval for the POLARx™ Cryoablation
System, which includes the POLARx FIT Cryoablation Balloon
• As reported: $0.34 vs. $0.12 Q3:22 Catheter and is used to treat patients with paroxysmal atrial
• Adjusted*: $0.50 vs. $0.43 Q3:22 fibrillation.
• Gross margin: • Announced the U.S. FDA approval of the latest-generation
• As reported: 68.8%, (30) bps Y/Y WATCHMAN FLX™ Pro Left Atrial Appendage Closure (LAAC)
Device.
• Adjusted*: 70.2%, (50) bps Y/Y
• Operating margin: • Received U.S. FDA 510(k) clearance and launched the next-
generation LUX-Dx II/II+™ implantable cardiac monitor (ICM)
• As reported: 19.6%, +830 bps Y/Y for long-term monitoring of arrhythmias.
• Adjusted*: 26.1%, +60 bps Y/Y • Received U.S. FDA approval for an expanded indication of the
• Q4 2023 guidance vs. Q4 2022: WaveWriter Alpha™ Spinal Cord Stimulation (SCS) Systems for
the treatment of painful diabetic peripheral neuropathy (DPN).
• As reported net sales growth: 9% - 11%
• As reported EPS: $0.26 - $0.30 • Received CE Mark, U.S. FDA clearance and Japanese
Pharmaceuticals and Medical Devices Agency (PMDA)
• Organic* net sales growth: 8% - 10% TM
approval for the AVVIGO + Multi-Modality Guidance System, a
• Adjusted EPS*: $0.49 - $0.52 next generation imaging system.
• FY 2023 guidance vs. FY 2022: • Announced agreement to acquire Relievant Medsystems, Inc.,
• As reported net sales growth: ~11% a privately held medical technology company that has
developed and commercialized the Intracept® Intraosseous
• As reported EPS: $1.00 - $1.04 Nerve Ablation System, the only U.S. FDA-cleared system for
• Organic* net sales growth: ~11% vertebrogenic pain, subject to customary closing conditions.
• Adjusted EPS*: $1.99 - $2.02

3 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Reported Net Sales by Segment and Business

Q3 2023 Reported Net Sales: $3.527B

Net Sales by Business; Segment Percentage of Total Net Sales

MedSurg NM Cardiology
$229M
38% $190M EP
Urology
$483M

$552M CRM

Cardiology
$1.647B $323M Watchman

Endo
$629M
$583M ICTx

PI
$538M

Cardiovascular
62%

4 Q3 2023 Financial & Operational Highlights | October 26, 2023

 MedSurg Performance Summary
Measure Q3 2023 Q3 2022 Change Y/Y
($ in millions)
Reported Net Sales $1,341M $1,213M +10.6%
Adjusted Operating Margin* 33.8% 30.0% +380 bps
*
Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclude the impact of foreign currency,
which may be updated from year to year. This measure is reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to the
segment and assessing its performance. Prior period adjusted operating margin has been restated at constant currency rates to conform to current year presentation.

Q3 2023 Highlights

• Endoscopy: Global net sales +12.6% as reported, +11.9% operational* and +10.6% organic*
▪ Broad-based strength across all regions.
▪ Single Use Imaging and AXIOS™ technologies both grew double digits.
▪ Received U.S. marketing authorization for expanded indication of the AXIOS™ stent to include gallbladder drainage.

• Urology: Global net sales +11.5% as reported, +11.1% operational*/organic*

▪ Stone Management franchise grew double digits, driven by LithoVue™ and Laser Therapies.
▪ Rezum™ grew double digits, backed by long-term clinical data supporting international momentum and continued
expansion, most recently launching in Korea.

• Neuromodulation: Global net sales +3.7% as reported, +3.2% operational*/organic*

▪ Pain business grew low single digits driven by SCS sales, which were slightly below expectations in light of competitive
dynamics in the market.
▪ Brain franchise grew low double digits with strength from new product launches including Vercise™ Neural Navigator 5
software in the U.S.

5 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Cardiovascular Performance Summary
Measure Q3 2023 Q3 2022 Change Y/Y
($ in millions)
Reported Net Sales $2,185M $1,958M +11.6%
Adjusted Operating Margin* 26.5% 23.4% +310 bps
*
Represents operating income as a percentage of operational net sales, both based on internally-derived standard currency exchange rates to exclude the impact of foreign currency,
which may be updated from year to year. This measure is reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to the
segment and assessing its performance. Prior period adjusted operating margin has been restated at constant currency rates to conform to current year presentation.

Q3 2023 Highlights
• Cardiology: Global net sales +11.4% as reported, +11.4% operational*/organic*
▪ Interventional Cardiology Therapies: Global net sales 6.2% as reported, +7.2% operational*/organic*
◦ Coronary Therapies franchise growth driven by ongoing success of our Imaging technologies; AGENT™ DCB performance in Japan
continues to exceed our expectations; positive AGENT IDE trial data presented in October at TCT.
◦ Structural Heart Valves franchise grew double digits, led by ACURATE Neo2™ in Europe.
▪ WATCHMAN: Global net sales +23.1% as reported, +23.3% operational*/organic*
◦ Treated more than 350,000 patients globally to date with the WATCHMAN technology.
TM
◦ Began enrollment in HEAL-LAA, a U.S. post-market study of the WATCHMAN FLX Pro Left Atrial Appendage Closure Device.
▪ Cardiac Rhythm Management: Global net sales +6.2% as reported, +5.2% operational*/organic*
◦ In Core CRM, high-voltage franchise grew low single digits and the low-voltage franchise grew mid single digits.
◦ Diagnostics franchise grew double digits fueled by our diverse portfolio of Ambulatory ECGs and ICM.
▪ Electrophysiology: Global net sales +28.2% as reported, +27.1% operational*/organic*
◦ International organic* growth of 33% driven by excellent performance from our FARAPULSE™ and POLARx™ technologies.
◦ U.S. organic* growth of 22% was led by our Access Solutions franchise along with early contribution from our POLARx™ system.
◦ Strong Access Solutions performance globally; expanded portfolio with the U.S. approval of VersaCross Connect™ Access Solution for
POLARSHEATH™.
• Peripheral Interventions: Global net sales +12.3% as reported, +12.9% operational* and +8.4% organic*
◦ Arterial franchise grew low double digits, led by ongoing global success with our drug-eluting portfolio.
◦ In Venous, presented REAL-PE study data in October, showing lower major bleeding rates in patients treated with EKOS™.
◦ Interventional Oncology franchise grew double digits with ongoing momentum with our Embold™ Coil launch as well as strong demand
for our cancer therapies.

6 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Living Our Values: ESG Update

Building a sustainable Advancing care by Accelerating STEM

supply chain addressing disparities opportunities

Completed materiality Completed materiality

assessment and assessment and
adopted new adopted new
framework for BSC ESG framework for BSC ESG
strategy, reporting and strategy, reporting and
communications, communications,
Kathryn Unger, Vice President of ESG, shares including
Key BSC new
leaders discuss digital
innovative strategies including
Encouraging new tomorrow’s
and empowering digital
“How the Healthcare Industry Can Confront the and technologies shaping the urology field, how Science, Technology, Engineering and Math
Climate Crisis Through its Supply Chain,” hub, isto
the company measure
addressing care disparities in (STEM)hub, towho
pioneers measure
will help shape the future
highlighting BSC’s progress toward its carbon
neutrality and emissions goals.
and demonstrate
underrepresented communities
accessibility and equality.
ESG
and advancing and
of health care, demonstrate
BSC highlights how itsESG
STEM
councils have helped more than 70,000 young
progress peopleprogress
explore careers in STEM in 2022.
To learn more, read Kathryn’s op-ed on Triple Pundit. To learn more, visit Device Talks. To learn more, visit our Newsroom.

RECENT AWARDS
2023 Global Partner Award 100 Best Corporate Citizens Best Investor Relations Website
from Project HOPE from 3BL from U.S. Transparency Awards

7 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Q3 2023 Net Sales vs. Q3 2022
Q3:23 Reported Organic* Growth
Net Sales vs Q3:22
(in millions)
Endoscopy $629 11%
Urology $483 11%

Neuromodulation $229 3%

MedSurg $1,341 9%

Interventional Cardiology Therapies $583 7%

Watchman $323 23%

Cardiac Rhythm Management $552 5%

Electrophysiology $190 27%

Cardiology $1,647 11%

Peripheral Interventions $538 8%

Cardiovascular $2,185 11%

Total Company $3,527 10%

Guidance Range 7 to 9 percent

Disclosed July 27, 2023

Q3 2023 organic* growth vs. Q3 2022 excludes:

• Majority stake investment in Acotec Scientific Holdings Limited, closed February 20, 2023
• Endoscopy Pathology business, divested April 1, 2023
• Apollo Endosurgery, Inc., acquired April 4, 2023

8 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Income Statement Information
Non-GAAP Reconciliation
Three Months Ended September 30, 2023 (unaudited)
Restructuring
Acquisition / and
Intangible Divestitures- Restructuring- Litigation- Investment
Asset Related Net Related Net Related Net Portfolio EU MDR Deferred Tax
GAAP Amortization Impairment Charges Charges Charges Net Losses Implementation Expenses Discrete Adjusted*
in millions, except per share data Results Expense Charges (Credits) (Credits) (Credits) (Gains) Costs (Benefits) Tax Items Results
Net sales $ 3,527 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 3,527
Cost of products sold 1,101 — — 17 20 — 11 — — 1,052
Gross profit 2,426 — — (17) (20) — — (11) — — 2,475
Gross margin 68.8 % 70.2 %
Selling, general and administrative expenses 1,242 — — 22 12 — — 0 — — 1,208
SG&A as a percentage of sales 35.2 % 34.3 %
Research and development expenses 356 — — 15 0 — — 5 — — 336
R&D as a percentage of sales 10.1 % 9.5 %
Royalty expense 11 — — — — — — — — — 11
Royalty expense as a percentage of sales 0.3 % 0.3 %
Amortization expense 208 208 — — — — — — — — —
Goodwill impairment charges — — — — — — — — —
Intangible asset impairment charges 1 — 1 — — — — — — — —
Contingent consideration expense (benefit) 12 — — 12 — — — — — — —
Restructuring charges (credits) 15 — — — 15 — — — — — —
Litigation-related net charges (credits) (111) — — — — (111) — — — — —
1,733 208 1 48 27 (111) — 5 — — 1,555
Operating income (loss) 693 (208) (1) (66) (47) 111 — (17) — — 919
Operating margin 19.6 % 26.1 %
Other income (expense):
Interest expense (66) — — — — — — — — — (66)
Other, net (18) — — (0) — — (2) — — — (16)
Income (loss) before income taxes 610 (208) (1) (66) (47) 111 (2) (17) — — 838
Income tax expense (benefit) 105 (28) (0) (10) (6) 25 0 (2) 23 0 104
Net income (loss) 504 (179) (0) (56) (41) 86 (2) (14) (23) (0) 734
Preferred stock dividends — — — — — — — — — — —
Net income (loss) attributable to noncontrolling
interests 0 (2) — — — — — — — 2
Net income (loss) attributable to Boston
Scientific common stockholders $ 505 $ (177) $ (0) $ (56) $ (41) 86 $ (2) $ (14) $ (23) $ (0) $ 732
Net income (loss) per diluted common share $ 0.34 $ (0.12) $ (0.00) $ (0.04) $ (0.03) $ 0.06 $ (0.00) $ (0.01) $ (0.02) $ (0.00) $ 0.50
Weighted average diluted shares outstanding 1,475.0 1,475.0 1,475.0 1,475.0 1,475.0 1,475.0 1,475.0 1,475.0 1,475.0 1,475.0 1,475.0

9 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Working Capital & Cash Flow Metrics

Days Sales Outstanding (DSO) Adjusted Free Cash Flow*

Sep Jun Mar Dec Sep Q3 Q3

2023 2023 2023 2022 2022 2023 2022

55 54 55 56 54 $582M $626M

Days Inventory on Hand (DIOH) Capital Expenditures

Sep Jun Mar Dec Sep Q3 Q3

2023 2023 2023 2022 2022 2023 2022

201 194 177 170 168 $190M $150M

10 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Use of Non-GAAP Measures

To supplement Boston Scientific’s consolidated financial statements

presented on a GAAP basis, the Company discloses certain non-
GAAP financial measures. These measures are not in accordance
with generally accepted accounting principles in the United States.

A reconciliation of these measures to the corresponding GAAP

measures follows in the Appendices. In addition, an explanation of
the ways in which Boston Scientific management uses these
supplemental non-GAAP measures to evaluate its business and the
substantive reasons why Boston Scientific management believes that
these measures provide useful information to investors is included
under “Use of Non-GAAP Financial Measures” in the Company’s most
recent earnings release filed with the SEC on Form 8-K. This information
is not meant to be considered in isolation from or as a substitute for
financial information prepared in accordance with GAAP.

11 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Appendix A
Net Sales Detail

12 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Appendix A - Net Sales Detail - MedSurg
Three Months Ended September 30, 2023 and 2022

Year-over-Year Change
Impact of Foreign
Q3 Q3 Currency
(in millions) 2023 2022 Reported Basis Fluctuations Operational Basis
MEDSURG SEGMENT:
ENDOSCOPY
UNITED STATES $ 382 $ 342 11.8 % — % 11.8 %
INTERNATIONAL 247 217 13.9 % (1.7) % 12.2 %
WORLDWIDE $ 629 $ 559 12.6 % (0.7)% 11.9 %

UROLOGY
UNITED STATES $ 341 $ 315 8.4 % — % 8.4 %
INTERNATIONAL 142 118 20.0 % (1.7) % 18.3 %
WORLDWIDE $ 483 $ 433 11.5 % (0.5)% 11.1 %

NEUROMODULATION
UNITED STATES $ 175 $ 173 1.1 % — % 1.1 %
INTERNATIONAL 55 48 13.1 % (2.0) % 11.1 %
WORLDWIDE $ 229 $ 221 3.7 % (0.4)% 3.2 %

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 Appendix A - Net Sales Detail - Cardiovascular
Three Months Ended September 30, 2023 and 2022
Year-over-Year Change
Impact of Foreign
Q3 Q3 Currency
(in millions) 2023 2022 Reported Basis Fluctuations Operational Basis
CARDIOVASCULAR SEGMENT:
ICTx
UNITED STATES $ 182 $ 190 (4.0) % — % (4.0) %
INTERNATIONAL 401 359 11.6 % 1.5 % 13.1 %
WORLDWIDE $ 583 $ 549 6.2 % 1.0 % 7.2 %

Watchman
UNITED STATES $ 291 $ 234 24.5 % — % 24.5 %
INTERNATIONAL 31 28 11.3 % 1.9 % 13.2 %
WORLDWIDE $ 323 $ 262 23.1 % 0.2 % 23.3 %

CRM
UNITED STATES $ 355 $ 338 4.9 % — % 4.9 %
INTERNATIONAL 197 181 8.8 % (2.8) % 5.9 %
WORLDWIDE $ 552 $ 519 6.2 % (1.0) % 5.2 %

Electrophysiology
UNITED STATES $ 89 $ 73 21.5 % — % 21.5 %
INTERNATIONAL 101 75 34.7 % (2.1) % 32.5 %
WORLDWIDE $ 190 $ 148 28.2 % (1.1) % 27.1 %

CARDIOLOGY
UNITED STATES $ 918 $ 836 9.8 % — % 9.8 %
INTERNATIONAL 730 643 13.5 % (0.1) % 13.3 %
WORLDWIDE $ 1,647 $ 1,479 11.4 % (0.1)% 11.4 %

PERIPHERAL INTERVENTIONS
UNITED STATES $ 283 $ 269 5.5 % — % 5.5 %
INTERNATIONAL 255 210 21.0 % 1.4 % 22.4 %
WORLDWIDE $ 538 $ 479 12.3 % 0.6 % 12.9 %

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 Appendix B
Additional Information -
Statement of Operations

15 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Appendix B - Statement of Operations
Profitability Margins

Three Months Ended

Adjusted Gross Margin 9/30/2023 9/30/2022 Basis Points Change
Gross Margin, as reported 68.8 % 69.1 % (30)
Non-GAAP adjustments 1.4 % 1.6 %
Gross Margin, adjusted 70.2 % 70.7 % (50)

Three Months Ended

Adjusted Operating Margin 9/30/2023 9/30/2022 Basis Points Change
Operating Margin, as reported 19.6 % 11.3 % 830
Non-GAAP adjustments 6.5 % 14.2 %
Operating Margin, adjusted 26.1 % 25.5 % 60

Estimated Adjusted Operating Margin FY 2023 Nine Months Ended

Operating Margin, as reported 17.0 % Adjusted Operating Margin 9/30/2023
Non-GAAP adjustments 9.4 % Operating Margin, as reported 16.7 %
Operating Margin, adjusted 26.4 % Non-GAAP adjustments 9.4 %
Operating Margin, adjusted 26.1 %

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 Appendix C
Additional Non-GAAP
Reconciliations

17 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Appendix C - Additional Non-GAAP
Reconciliations
Impact of Impact of
Foreign Recent
Q3 Q3 As Reported Currency Operational Acquisitions / Organic
(in millions) 2023 2022 Basis Fluctuations Basis Divestitures Basis

ENDOSCOPY $ 629 $ 559 12.6 % (0.7) % 11.9 % (1.4) % 10.6 %

UROLOGY 483 433 11.5 % (0.5) % 11.1 % — % 11.1 %
NEUROMODULATION 229 221 3.7 % (0.4) % 3.2 % — % 3.2 %
MEDSURG 1,341 1,213 10.6 % (0.5)% 10.0 % (0.6)% 9.4 %

ICTx 583 549 6.2 % 1.0 % 7.2 % — % 7.2 %

WATCHMAN 323 262 23.1 % 0.2 % 23.3 % — % 23.3 %
CARDIAC RHYTHM MANAGEMENT 552 519 6.2 % (1.0) % 5.2 % — % 5.2 %
ELECTROPHYSIOLOGY 190 148 28.2 % (1.1) % 27.1 % — % 27.1 %
CARDIOLOGY 1,647 1,479 11.4 % (0.1) % 11.4 % — % 11.4 %
PERIPHERAL INTERVENTIONS 538 479 12.3 % 0.6 % 12.9 % (4.5) % 8.4 %
CARDIOVASCULAR 2,185 1,958 11.6 % 0.1 % 11.7 % (1.1)% 10.6 %

NET SALES $ 3,527 $ 3,170 11.2 % (0.1)% 11.1 % (0.9)% 10.2 %

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 Appendix C - Additional Non-GAAP
Reconciliations

Three Months Ended

Adjusted Free Cash Flow (in millions) 9/30/2023 9/30/2022
Cash provided by (used for) operating activities $ 698 $ 470
Purchases of property, plant and equipment and internal use software (190) (150)
Proceeds from sale of of property, plant and equipment — 1
Free Cash Flow 509 320

Plus: Restructuring and restructuring-related payments 41 27

Plus: Acquisition-related payments 53 68
Plus: Certain EU MDR implementation-related payments 17 20
Plus: Special tax payments (refunds/credits) 20 (14)
Plus: Certain Litigation-related settlements (57) 205
Adjusted Free Cash Flow $ 582 $ 626

Estimated Adjusted Free Cash Flow (in billions) FY 2023

Cash provided by (used for) operating activities $ ~2.4
Proceeds from sale (purchases) of property, plant and equipment ~(0.7)
Free Cash Flow ~1.7
Special Adjustments ~0.7
Adjusted Free Cash Flow $ ~2.4

19 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Appendix C - Additional Non-GAAP
Reconciliations
12 Months
Ended
Reconciliation of Debt to Adjusted EBITDA (in millions) Q4 2022 Q1 2023 Q2 2023 Q3 2023 9/30/2023
Net income (loss) $ 140 $ 314 $ 270 $ 504 $ 1,228
Income tax (benefit) expense 256 131 156 105 648
Interest expense 64 65 70 66 264
Interest income (4) (6) (1) (5) (17)
Depreciation expense 94 82 88 93 357
Amortization expense 199 203 210 208 819
EBITDA 750 787 792 971 3,301

Non-GAAP Adjustments
Restructuring and restructuring-related net charges
(credits) 28 44 42 47 161
Goodwill and other intangible asset impairment charges — — 57 1 58
Investment portfolio net losses (gains) (38) 21 (2) 2 (17)
Acquisition/divestiture - related net charges (credits) 9 59 118 66 253
Litigation-related net charges (credits) 131 — — (111) 20
EU MDR implementation costs 19 16 20 17 72
Adjusted EBITDA $ 900 $ 928 $ 1,028 $ 991 $ 3,847

Debt $ 8,900

Debt to Adjusted EBITDA 2.3x

20 Q3 2023 Financial & Operational Highlights | October 26, 2023

 Appendix C - Additional Non-GAAP
Reconciliations
Nine Months Ended Three Months Ended
Net Sales Growth 9/30/2023 Adjusted Tax Rate 9/30/2023
Net sales growth, as reported 11.4 % Tax Rate, as reported 17.3 %
Impact of foreign currency fluctuations 1.2 % Non-GAAP adjustments (4.9) %
Net sales growth, operational 12.6 % Tax Rate, adjusted 12.4 %
Impact of recent acquisitions/divestitures (0.7) % Discrete tax items 1.5 %
Net sales growth, organic 11.9 % Tax Rate, operational 13.9 %

Three Months Ended Estimated Tax Rate FY 2023

September 30, 2023
Tax Rate, as reported 23.7 %
Adjusted Operating Margin - by Segment MedSurg Cardiovascular
Non-GAAP adjustments (11.7) %
Operating Margin, as reported 33.9 % 26.8 %
Tax Rate, adjusted 12.0 %
Non-GAAP adjustments (0.1) % (0.3) %
Discrete tax items 1.5 %
Operating Margin, adjusted 33.8 % 26.5 %
Tax Rate, operational 13.5 %

Estimated Adjusted Below-the-Line Expenses (in millions) FY 2023 2024E - 2026E

1
Net Sales Growth (CAGR)
Below-the-line expenses, as reported $ 351
Net sales growth, as reported
Non-GAAP adjustments (11)
Impact of foreign currency fluctuations
Below-the-line expenses, adjusted $ 340
Net sales growth, operational
Impact of recent acquisitions/divestitures
Net sales growth, organic 8.0 % - 10.0%

1
- Components of the reconciliation of revenue growth, on an as reported and operational basis are not currently available without unreasonable efforts on a forward-
looking basis because certain significant information necessary for such reconciliations is unavailable, dependent on future events outside our control and cannot be
predicted without unreasonable efforts.

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 BSX: Acronym Reference Guide

22 Q3 2023 Financial & Operational Highlights | October 26, 2023