Baxter International vs Boston Scientific: Revenue, Profit and Business Model
Baxter International had $10.6B of annual revenue in FY2024 and a net loss of $649M. Boston Scientific had $14.2B of annual revenue in FY2024 and $1.6B of net income.
Latest financial snapshot
Baxter International
- Latest annual revenue
- $10.6B (FY2024)
- Net income
- -$649M
- Net margin
- -6.1%
- Revenue growth
- +0.7% a year, FY2015–FY2024
Boston Scientific
- Latest annual revenue
- $14.2B (FY2024)
- Net income
- $1.6B
- Net margin
- 11.0%
- Revenue growth
- +10.6% a year, FY2022–FY2024
Financial summary
Baxter International
Baxter International demonstrates resilient operational cash generation and balance sheet deleveraging following strategic portfolio optimization. In fiscal year 2024, Baxter generated consolidated revenues of $14.8 billion, delivering 4.5% organic sales growth. Operating income reached $2.1 billion with adjusted operating margin expanding to 16.5%. With the completion of the $3.8 billion Vantive kidney care sale to Carlyle, Baxter used the proceeds to retire over $3.0 billion in term debt, dramatically strengthening its investment-grade balance sheet and expanding free cash flow to over $1.2 billion annually.
Boston Scientific
Boston Scientific exhibits an exceptional financial profile characterized by high organic top-line compounding, expanding operating leverage, and robust capital generation. In fiscal year 2024, Boston Scientific generated consolidated net sales of $14.24 billion, representing 15.5% reported growth and over 13% organic growth. GAAP net income reached $1.571 billion, with adjusted operating margin expanding to 26.8%. The company generated over $2.4 billion in operating cash flow, maintaining an investment-grade balance sheet with a net debt-to-EBITDA ratio below 2.2x and deploying capital toward strategic growth acquisitions and opportunistic share repurchases.
Revenue and profit by year
Baxter International
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $10.6B | -$649M | -6.1% | +2.7% | |
| FY2023 | $10.4B | $2.7B | 25.6% | +3.0% | |
| FY2022 | $10.1B | -$2.4B | -24.2% | -21.3% | |
| FY2021 | $12.8B | $1.1B | 8.6% | +9.5% | |
| FY2020 | $11.7B | $1B | 8.6% | +2.7% | |
| FY2019 | $11.4B | $1.5B | 13.6% | +2.4% | |
| FY2018 | $11.1B | $602M | 5.4% | +5.1% | |
| FY2017 | $10.6B | $717M | 6.8% | +4.2% | |
| FY2016 | $10.1B | $4.9B | 48.7% | +1.7% | |
| FY2015 | $10B | $254M | 2.5% | — |
Boston Scientific
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $14.2B | $1.6B | 11.0% | +11.5% | |
| FY2023 | $12.8B | $1.4B | 11.2% | +9.8% | |
| FY2022 | $11.6B | $1.3B | 11.4% | — |
Where the revenue comes from
Baxter International
- Medical Products & Therapies48.95%
Encompasses Infusion Therapies & Technologies ($4,103M) such as sterile IV solutions, Novum IQ smart infusion pumps, administration sets, and clinical parenteral nutrition, alongside Advanced Surgery ($1,104M) featuring FLOSEAL and TISSEEL surgical hemostats.
- Healthcare Systems & Technologies27.75%
Encompasses Care and Connectivity Solutions ($1,814M) including Hillrom Centrella and Progressa smart hospital beds, patient handling, and Voalte clinical communications, alongside Front Line Care ($1,137M) featuring Welch Allyn vital signs diagnostic tools.
- Pharmaceuticals22.67%
Encompasses specialized Injectables and Inhaled Anesthesia ($1,373M) such as Suprane (desflurane), Forane (isoflurane), and critical hospital generic injectables, alongside customized pharmacy Drug Compounding services ($1,038M).
- Other Products & Services0.63%
Represents unallocated manufacturing facility services, transitional contract manufacturing activities, and residual licensing and royalty revenue.
Boston Scientific
- Interventional Cardiovascular Catheters & Implants45.0%
Monetizes single-use balloon catheters, Synergy coronary drug-eluting stents, intravascular imaging probes, and structural implants used in acute hospital cath labs.
- WATCHMAN Left Atrial Appendage Stroke Closure25.0%
Supplies proprietary WATCHMAN FLX Pro implants and delivery sheaths, capturing non-discretionary procedural volume for stroke prevention in AFib patients.
- FARAPULSE Pulsed Field Ablation Ecosystem18.0%
Places FARASTAR capital energy generators in hospital electrophysiology suites, driving continuous recurring sales of high-margin single-use FARAWAVE ablation catheters.
- Endoscopy & Single-Use Visualization Solutions12.0%
Manufactures disposable SpyGlass cholangiopancreatoscopy probes, AXIOS gastrointestinal stents, and EXALT single-use duodenoscopes that eliminate cross-infection risks.
Business model and strategy
Baxter International
How it makes money
Baxter International operates an essential, high-volume hospital consumable and medical capital equipment business model: (1) Intravenous Fluids & Drug Delivery Consumables (~35% of revenue / ~$5.1B), manufacturing billions of flexible VIAFLEX plastic bags containing normal saline, dextrose, lactated Ringer's, and premixed IV medications delivered daily to hospitals worldwide;
Growth strategy
Under CEO José Almeida, Baxter is executing four key growth initiatives: (1) Accelerating Novum IQ Smart Infusion Platform Placements: Commercializing the next-generation Novum IQ large-volume and syringe infusion pump ecosystem, featuring Dose IQ safety software and automated EMR interoperability;
Competitive advantage
Baxter's durable competitive advantage is anchored by four defensive moats: 1) Unrivaled IV Fluid Supply Infrastructure: Sterile intravenous solution manufacturing requires massive capital investment, specialized blowing-filling-sealing machinery, and heavy dedicated transport logistics. As evidenced by Baxter's North Cove facility supplying roughly 60% of U.S.
Boston Scientific
How it makes money
Boston Scientific operates a high-margin, resilient medical device business model built on single-use consumable catheters, implantable structural devices, and specialized capital equipment: (1) Cardiovascular (~62% of revenue / ~$8.8B), generating robust sales from coronary stents (Synergy), intravascular ultrasound (OptiCross), WATCHMAN left atrial appendage closure devices, and peripheral vascular atherectomy tool…
Growth strategy
Under CEO Michael Mahoney, Boston Scientific is executing a clear four-pronged growth strategy: (1) Scaling Global FARAPULSE Adoption: Expanding manufacturing capacity and commercial distribution across North America, Europe, and Asia-Pacific to convert conventional thermal cardiac ablations to pulsed field ablation;
Questions about Baxter International vs Boston Scientific
Which company has higher revenue — Baxter International or Boston Scientific?
Baxter International had $10.6B (FY2024), while Boston Scientific had $14.2B (FY2024). By latest annual revenue, Boston Scientific is the larger business, with Baxter International showing a smaller revenue base.
What is the market cap of Baxter International vs Boston Scientific?
Baxter International's market capitalisation stands at $18.0B, while Boston Scientific's is $115.0B. Boston Scientific carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Baxter International.
How does revenue per employee compare for Baxter International and Boston Scientific?
Baxter International has $177k / employee in revenue per employee, while Boston Scientific has $297k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Baxter International and Boston Scientific make money?
Baxter International and Boston Scientific generate revenue in fundamentally different ways. Baxter International: Baxter International operates an essential, high-volume hospital consumable and medical capital equipment business model: (1) Intravenous Fluids & Drug Delivery Consumables (~35% of revenue / ~$5.1B), manufacturing billions of flexible VIAFLEX plastic bags containing normal saline, dextrose, lactated Ringer's, and premixed IV medications delivered daily to hospitals worldwide; (2) Connected Hospital Systems & Hillrom Furniture (~21% of revenue / ~$3.1B), selling Centrella smart hospital beds, Progressa ICU therapy beds, and integrated surgical tables with continuous patient weight and fall-prevention sensors; (3) Specialty Injectable Pharmaceuticals (~16% of revenue / ~$2.4B), monetizing volatile inhaled general anesthetics (Sevoflurane, Desflurane) and critical care injectable drugs; (4) Front Line Diagnostic Care (~9% of revenue / ~$1.3B), manufacturing Welch Allyn blood pressure monitors, otoscopes, and physical diagnostic instruments; and (5) Advanced Surgery Biosurgery (~8% of revenue / ~$1.2B), supplying FLOSEAL gelatin-thrombin hemostatic matrices that arrest active surgical bleeding in operating rooms. Boston Scientific: Boston Scientific operates a high-margin, resilient medical device business model built on single-use consumable catheters, implantable structural devices, and specialized capital equipment: (1) Cardiovascular (~62% of revenue / ~$8.8B), generating robust sales from coronary stents (Synergy), intravascular ultrasound (OptiCross), WATCHMAN left atrial appendage closure devices, and peripheral vascular atherectomy tools; (2) MedSurg (~29% of revenue / ~$4.1B), monetizing disposable endoscopes (Single-Use EXALT), stone management lithotripsy lasers, and urology implants; (3) Neuromodulation (~9% of revenue / ~$1.3B), delivering implantable neurostimulators (WaveWriter Alpha) and deep brain stimulation consoles; and (4) Capital-and-Consumable Placement: Consoles (such as FARASTAR pulsed field ablation generators and POLARx cryoablation consoles) are placed in hospital catheterization labs, locking electrophysiologists into continuous, recurring daily utilization of high-margin single-use catheters.
Which company is valued higher relative to revenue — Baxter International or Boston Scientific?
On a price-to-sales (P/S) basis, Baxter International trades at 1.7x P/S and Boston Scientific at 8.1x P/S. Boston Scientific commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Baxter International. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Baxter International bigger than Boston Scientific?
By last reported revenue, Boston Scientific ($14.2B (FY2024)) is the larger company compared to Baxter International ($10.6B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Baxter International vs Boston Scientific overview