Boston Scientific vs DexCom: Revenue, Profit and Business Model
Boston Scientific had $14.2B of annual revenue in FY2024 and $1.6B of net income. DexCom had $3.6B of annual revenue in FY2023 and $541M of net income.
Latest financial snapshot
Boston Scientific
- Latest annual revenue
- $14.2B (FY2024)
- Net income
- $1.6B
- Net margin
- 11.0%
- Revenue growth
- +10.6% a year, FY2022–FY2024
DexCom
- Latest annual revenue
- $3.6B (FY2023)
- Net income
- $541M
- Net margin
- 14.9%
- Revenue growth
- +34.3% a year, FY2014–FY2023
Financial summary
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.
DexCom
In FY2024, Best Buy generated $43.45 billion in total revenue and $1.24 billion in GAAP net income, generating over $2.1 billion in operating cash flow while returning over $1.1 billion to shareholders via dividends and share repurchases.
Revenue and profit by year
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% | — |
DexCom
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | $3.6B | $541M | 14.9% | +24.3% | |
| FY2022 | $2.9B | $345M | 11.8% | +18.8% | |
| FY2021 | $2.5B | $294M | 12.0% | +27.2% | |
| FY2020 | $1.9B | $236M | 12.2% | +30.2% | |
| FY2019 | $1.5B | $181M | 12.2% | +43.5% | |
| FY2018 | $1B | $82M | 7.9% | +43.5% | |
| FY2017 | $719M | -$95M | -13.2% | +25.3% | |
| FY2016 | $574M | -$128M | -22.3% | +42.1% | |
| FY2015 | $404M | -$110M | -27.2% | +58.4% | |
| FY2014 | $255M | -$74M | -29.0% | — |
Where the revenue comes from
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.
DexCom
- Continuous Glucose Sensors (Consumables)75.0%
Recurring monthly disposable sensor refills reimbursed through commercial insurance, Medicare, Medicaid, and direct purchases.
- Transmitters & Hardware Kits15.0%
Reusable long-life electronic transmitters and starter kits connecting sensors to receivers and mobile applications.
- Stelo Over-the-Counter Biosensors5.0%
Direct-to-consumer biosensor products tailored specifically for type 2 diabetes adults not on insulin.
- Software & Automated Pump Partnerships5.0%
Licensing and data integration fees generated from automated insulin pump partners such as Tandem Control-IQ and Insulet Omnipod 5.
Business model and strategy
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;
DexCom
How it makes money
Best Buy operates an omnichannel specialty retail and services model. It generates revenue through high-volume product sales (computers, televisions, appliances, smartphones), vendor-funded showroom partnerships (store-within-a-store displays with Apple, Samsung, and Microsoft), paid Geek Squad repairs, and recurring My Best Buy Total subscriptions.
Growth strategy
Expanding high-margin paid membership tiers (My Best Buy Total), accelerating digital retail media network advertising, growing healthcare monitoring tech, and optimizing store formats for faster omnichannel fulfillment.
Competitive advantage
Best Buy's enduring moat combines an extensive physical store footprint enabling 1-hour in-store pickup, dedicated vendor-funded boutique displays, expert non-commissioned sales consultations, and the trusted nationwide in-home Geek Squad service fleet.
Questions about Boston Scientific vs DexCom
Which company has higher revenue — Boston Scientific or DexCom, Inc.?
Boston Scientific had $14.2B (FY2024), while DexCom, Inc. had $3.6B (FY2023). By latest annual revenue, Boston Scientific is the larger business, with DexCom, Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Boston Scientific vs DexCom, Inc.?
Boston Scientific's market capitalisation stands at $115.0B, while DexCom, Inc.'s is $32.5B. Boston Scientific carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to DexCom, Inc..
How does revenue per employee compare for Boston Scientific and DexCom, Inc.?
Boston Scientific has $297k / employee in revenue per employee, while DexCom, Inc. has $377k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Boston Scientific and DexCom, Inc. make money?
Boston Scientific and DexCom, Inc. generate revenue in fundamentally different ways. 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. DexCom, Inc.: Best Buy operates an omnichannel specialty retail and services model.
Which company is valued higher relative to revenue — Boston Scientific or DexCom, Inc.?
On a price-to-sales (P/S) basis, Boston Scientific trades at 8.1x P/S and DexCom, Inc. at 9.0x P/S. DexCom, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Boston Scientific. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Boston Scientific bigger than DexCom, Inc.?
By last reported revenue, Boston Scientific ($14.2B (FY2024)) is the larger company compared to DexCom, Inc. ($3.6B (FY2023)). 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 Boston Scientific vs DexCom overview