(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Date: | July 27, 2022 | BOSTON SCIENTIFIC CORPORATION | |||||||||
By: | /s/ Susan J. Thompson | ||||||||||
Susan J. Thompson | |||||||||||
Vice President, Chief Corporate Counsel, and Assistant Secretary |
Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Reported Basis | Less: Impact of Foreign Currency Fluctuations | Operational Basis | Less: Impact of Recent Acquisitions / Divestitures | Organic Basis | ||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Endoscopy | $ | 560 | $ | 551 | 1.6 | % | (4.3) | % | 5.8 | % | — | % | 5.8 | % | |||||||||||||||||||||||||||
Urology and Pelvic Health | 450 | 397 | 13.4 | % | (2.8) | % | 16.2 | % | 9.2 | % | 7.0 | % | |||||||||||||||||||||||||||||
Neuromodulation | 239 | 247 | (3.4) | % | (2.4) | % | (1.0) | % | — | % | (1.0) | % | |||||||||||||||||||||||||||||
MedSurg4 | 1,248 | 1,195 | 4.5 | % | (3.4) | % | 7.9 | % | 3.1 | % | 4.8 | % | |||||||||||||||||||||||||||||
Cardiology | 1,517 | 1,410 | 7.6 | % | (4.8) | % | 12.5 | % | 4.0 | % | 8.5 | % | |||||||||||||||||||||||||||||
Peripheral Interventions | 478 | 473 | 1.2 | % | (4.5) | % | 5.7 | % | — | % | 5.7 | % | |||||||||||||||||||||||||||||
Cardiovascular4 | 1,996 | 1,883 | 6.0 | % | (4.7) | % | 10.8 | % | 3.0 | % | 7.8 | % | |||||||||||||||||||||||||||||
Medical Devices4 | 3,244 | 3,077 | 5.4 | % | (4.2) | % | 9.6 | % | 3.0 | % | 6.6 | % | |||||||||||||||||||||||||||||
Net Sales | $ | 3,244 | $ | 3,077 | 5.4 | % | (4.2) | % | 9.6 | % | 3.0 | % | 6.6 | % | |||||||||||||||||||||||||||
Increase/(Decrease) | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Reported Basis | Less: Impact of Foreign Currency Fluctuations | Operational Basis | ||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | |||||||||||||||||||||||||||
U.S. | $ | 1,933 | $ | 1,800 | 7.4 | % | — | % | 7.4 | % | |||||||||||||||||||
EMEA | 660 | 662 | (0.3) | % | (12.2) | % | 11.8 | % | |||||||||||||||||||||
APAC | 530 | 520 | 1.9 | % | (9.3) | % | 11.2 | % | |||||||||||||||||||||
Latin America and Canada | 120 | 95 | 26.8 | % | (1.1) | % | 27.9 | % | |||||||||||||||||||||
Medical Devices4 | 3,244 | 3,077 | 5.4 | % | (4.2) | % | 9.6 | % | |||||||||||||||||||||
Net Sales | $ | 3,244 | $ | 3,077 | 5.4 | % | (4.2) | % | 9.6 | % | |||||||||||||||||||
Emerging Markets5 | $ | 427 | $ | 359 | 18.9 | % | (7.1) | % | 26.0 | % | |||||||||||||||||||
Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely. | |||||||||||||||||||||||||||||
Growth rates that exclude the impact of foreign currency fluctuations and/or the impact of acquisitions / divestitures are not prepared in accordance with U.S. GAAP. |
CONTACT: | ||||||||||||||
Media: | Kate Haranis | Investors: | Lauren Tengler | |||||||||||
508-683-6585 (office) | 508-683-4479 (office) | |||||||||||||
Media Relations | Investor Relations | |||||||||||||
Boston Scientific Corporation | Boston Scientific Corporation | |||||||||||||
kate.haranis@bsci.com | BSXInvestorRelations@bsci.com |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
in millions, except per share data | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net sales | $ | 3,244 | $ | 3,077 | $ | 6,270 | $ | 5,829 | |||||||||
Cost of products sold | 1,011 | 945 | 1,966 | 1,839 | |||||||||||||
Gross profit | 2,233 | 2,132 | 4,304 | 3,990 | |||||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative expenses | 1,165 | 1,121 | 2,225 | 2,139 | |||||||||||||
Research and development expenses | 335 | 298 | 654 | 574 | |||||||||||||
Royalty expense | 11 | 12 | 23 | 24 | |||||||||||||
Amortization expense | 204 | 180 | 402 | 365 | |||||||||||||
Intangible asset impairment charges | 7 | 45 | 7 | 45 | |||||||||||||
Contingent consideration net expense (benefit) | 36 | (85) | 48 | (91) | |||||||||||||
Restructuring net charges (credits) | 11 | 3 | 14 | 8 | |||||||||||||
Litigation-related net charges (credits) | 42 | 298 | 42 | 302 | |||||||||||||
Gain on disposal of businesses and assets | — | (2) | — | (9) | |||||||||||||
1,810 | 1,870 | 3,415 | 3,358 | ||||||||||||||
Operating income (loss) | 423 | 262 | 889 | 632 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | (64) | (86) | (343) | (168) | |||||||||||||
Other, net | (14) | (26) | (46) | 11 | |||||||||||||
Income (loss) before income taxes | 345 | 149 | 501 | 474 | |||||||||||||
Income tax expense (benefit) | 85 | (37) | 131 | (53) | |||||||||||||
Net income (loss) | $ | 260 | $ | 186 | $ | 370 | $ | 527 | |||||||||
Preferred stock dividends | (14) | (14) | (28) | (28) | |||||||||||||
Net income (loss) available to common stockholders | $ | 246 | $ | 172 | $ | 342 | $ | 500 | |||||||||
Net income (loss) per common share - basic | $ | 0.17 | $ | 0.12 | $ | 0.24 | $ | 0.35 | |||||||||
Net income (loss) per common share - assuming dilution | $ | 0.17 | $ | 0.12 | $ | 0.24 | $ | 0.35 | |||||||||
Weighted-average shares outstanding | |||||||||||||||||
Basic | 1,429.7 | 1,421.3 | 1,428.8 | 1,420.0 | |||||||||||||
Assuming dilution | 1,437.8 | 1,432.5 | 1,438.1 | 1,431.7 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
(in millions, except per share data) | Gross Profit | Operating Expenses | Operating Income (Loss) | Other Income (Expense) | Income (Loss) Before Income Taxes | Net Income (Loss) | Preferred Stock Dividends | Net Income (Loss) Available to Common Stockholders | Impact per Share (1) | ||||||||||||||||||||
Reported | $ | 2,233 | $ | 1,810 | $ | 423 | $ | (78) | $ | 345 | $ | 260 | $ | (14) | $ | 246 | $ | 0.17 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (204) | 204 | — | 204 | 175 | — | 175 | 0.12 | ||||||||||||||||||||
Intangible asset impairment charges | — | (7) | 7 | — | 7 | 7 | — | 7 | 0.00 | ||||||||||||||||||||
Acquisition / divestiture-related net charges (credits) | 23 | (67) | 91 | — | 91 | 95 | — | 95 | 0.07 | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 17 | (18) | 35 | — | 35 | 30 | — | 30 | 0.02 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | (42) | 42 | — | 42 | 33 | — | 33 | 0.02 | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | 4 | 4 | 2 | — | 2 | 0.00 | ||||||||||||||||||||
EU MDR implementation costs | 11 | (6) | 17 | — | 17 | 14 | — | 14 | 0.01 | ||||||||||||||||||||
Debt extinguishment charges | — | — | — | 0 | 0 | 0 | — | 0 | 0.00 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 34 | — | 34 | 0.02 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | (1) | — | (1) | (0.00) | ||||||||||||||||||||
Adjusted | $ | 2,284 | $ | 1,466 | $ | 818 | $ | (74) | $ | 744 | $ | 649 | $ | (14) | $ | 635 | $ | 0.44 | |||||||||||
(1) For the three months ended June 30, 2022, the effect of assuming the conversion of Mandatory Convertible Preferred Stock (MCPS) into shares of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net income and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited consolidated statements of operations, for purposes of calculating net income available to common stockholders. | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
(in millions, except per share data) | Gross Profit | Operating Expenses | Operating Income (Loss) | Other Income (Expense) | Income (Loss) Before Income Taxes | Net Income (Loss) | Preferred Stock Dividends | Net Income (Loss) Available to Common Stockholders | Impact per Share (1) | ||||||||||||||||||||
Reported | $ | 2,132 | $ | 1,870 | $ | 262 | $ | (113) | $ | 149 | $ | 186 | $ | (14) | $ | 172 | $ | 0.12 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (180) | 180 | — | 180 | 161 | — | 161 | 0.11 | ||||||||||||||||||||
Intangible asset impairment charges | — | (45) | 45 | — | 45 | 39 | — | 39 | 0.03 | ||||||||||||||||||||
Acquisition / divestiture-related net charges (credits) | 7 | 70 | (63) | (1) | (64) | (65) | — | (65) | (0.05) | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 22 | (16) | 39 | — | 39 | 35 | — | 35 | 0.02 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | (298) | 298 | — | 298 | 229 | — | 229 | 0.16 | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | 6 | 6 | 5 | — | 5 | 0.00 | ||||||||||||||||||||
EU MDR implementation costs | 8 | (4) | 12 | — | 12 | 11 | — | 11 | 0.01 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 25 | — | 25 | 0.02 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | (35) | — | (35) | (0.02) | ||||||||||||||||||||
Adjusted | $ | 2,169 | $ | 1,396 | $ | 773 | $ | (107) | $ | 665 | $ | 591 | $ | (14) | $ | 577 | $ | 0.40 | |||||||||||
(1) For the three months ended June 30, 2021, the effect of assuming the conversion of Mandatory Convertible Preferred Stock (MCPS) into shares of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net income and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited consolidated statements of operations, for purposes of calculating net income available to common stockholders. | |||||||||||||||||||||||||||||
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
in millions, except per share data | Gross Profit | Operating Expenses | Operating Income (Loss) | Other Income (Expense) | Income (Loss) Before Income Taxes | Net Income (Loss) | Preferred Stock Dividends | Net Income (Loss) Available to Common Stockholders | Impact per Share (1) | ||||||||||||||||||||
Reported | $ | 4,304 | $ | 3,415 | $ | 889 | $ | (388) | $ | 501 | $ | 370 | $ | (28) | $ | 342 | $ | 0.24 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (402) | 402 | — | 402 | 345 | — | 345 | 0.24 | ||||||||||||||||||||
Intangible asset impairment charges | — | (7) | 7 | — | 7 | 7 | — | 7 | 0.00 | ||||||||||||||||||||
Acquisition / divestiture-related net charges (credits) | 50 | (112) | 163 | — | 163 | 167 | — | 167 | 0.12 | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 35 | (29) | 64 | — | 64 | 55 | — | 55 | 0.04 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | (42) | 42 | — | 42 | 33 | — | 33 | 0.02 | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | 11 | 11 | 7 | — | 7 | 0.00 | ||||||||||||||||||||
EU MDR implementation costs | 21 | (12) | 33 | — | 33 | 28 | — | 28 | 0.02 | ||||||||||||||||||||
Debt extinguishment charges | — | — | — | 194 | 194 | 149 | — | 149 | 0.10 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 63 | — | 63 | 0.04 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | — | — | — | (0.00) | ||||||||||||||||||||
Adjusted | $ | 4,411 | $ | 2,811 | $ | 1,599 | $ | (183) | $ | 1,416 | $ | 1,224 | $ | (28) | $ | 1,197 | $ | 0.83 | |||||||||||
(1) For the six months ended June 30, 2022, the effect of assuming the conversion of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net income and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited consolidated statements of operations, for purposes of calculating net income available to common stockholders. | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
in millions, except per share data | Gross Profit | Operating Expenses | Operating Income (Loss) | Other Income (Expense) | Income (Loss) Before Income Taxes | Net Income (Loss) | Preferred Stock Dividends | Net Income (Loss) Available to Common Stockholders | Impact per Share (1) | ||||||||||||||||||||
Reported | $ | 3,990 | $ | 3,358 | $ | 632 | $ | (157) | $ | 474 | $ | 527 | $ | (28) | $ | 500 | $ | 0.35 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (365) | 365 | — | 365 | 328 | — | 328 | 0.23 | ||||||||||||||||||||
Intangible asset impairment charges | — | (45) | 45 | — | 45 | 39 | — | 39 | 0.03 | ||||||||||||||||||||
Acquisition / divestiture-related net charges (credits) | 21 | 34 | (13) | (199) | (212) | (219) | — | (219) | (0.15) | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 40 | (48) | 88 | — | 88 | 79 | — | 79 | 0.05 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | (302) | 302 | — | 302 | 233 | — | 233 | 0.16 | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | 152 | 152 | 117 | — | 117 | 0.08 | ||||||||||||||||||||
EU MDR implementation costs | 15 | (8) | 23 | — | 23 | 20 | — | 20 | 0.01 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 43 | — | 43 | 0.03 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | (38) | — | (38) | (0.03) | ||||||||||||||||||||
Adjusted | $ | 4,066 | $ | 2,625 | $ | 1,442 | $ | (205) | $ | 1,237 | $ | 1,129 | $ | (28) | $ | 1,102 | $ | 0.77 | |||||||||||
(1) For the six months ended June 30, 2021, the effect of assuming the conversion of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net income and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited consolidated statements of operations, for purposes of calculating net income available to common stockholders. | |||||||||||||||||||||||||||||
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. |
Q3 2022 Estimate | Full Year 2022 Estimate | ||||||||||||||||
(Low) | (High) | (Low) | (High) | ||||||||||||||
Reported growth | 6.0 | % | 8.0 | % | 6.5 | % | 7.5 | % | |||||||||
Less: Impact of foreign currency fluctuations | (4.0) | % | (4.0) | % | (4.0) | % | (4.0) | % | |||||||||
Operational growth | 10.0 | % | 12.0 | % | 10.5 | % | 11.5 | % | |||||||||
Less: Impact of certain acquisitions / divestitures | 2.0 | % | 2.0 | % | 2.5 | % | 2.5 | % | |||||||||
Organic growth | 8.0 | % | 10.0 | % | 8.0 | % | 9.0 | % |
Q3 2022 Estimate | Full Year 2022 Estimate | ||||||||||||||||
(Low) | (High) | (Low) | (High) | ||||||||||||||
GAAP results | $ | 0.20 | $ | 0.24 | $ | 0.69 | $ | 0.76 | |||||||||
Amortization expense | 0.12 | 0.12 | 0.48 | 0.48 | |||||||||||||
Acquisition / divestiture-related net charges (credits) | 0.05 | 0.04 | 0.19 | 0.18 | |||||||||||||
Restructuring and restructuring-related net charges (credits) | 0.03 | 0.02 | 0.09 | 0.07 | |||||||||||||
Litigation-related net charges (credits) | — | — | 0.02 | 0.02 | |||||||||||||
Debt extinguishment charges | — | — | 0.10 | 0.10 | |||||||||||||
Other adjustments | 0.04 | 0.04 | 0.15 | 0.14 | |||||||||||||
Adjusted results | $ | 0.43 | $ | 0.45 | $ | 1.74 | $ | 1.77 |
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