(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: | January 31, 2024 | BOSTON SCIENTIFIC CORPORATION | |||||||||
By: | /s/ Susan Thompson | ||||||||||
Susan Thompson | |||||||||||
Vice President, Chief Corporate Counsel, and Assistant Secretary |
Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Reported Basis | Impact of Foreign Currency Fluctuations | Operational Basis | Impact of Recent Acquisitions / Divestitures | Organic Basis | ||||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Endoscopy | $ | 645 | $ | 571 | 12.9 | % | (0.7) | % | 12.2 | % | (1.4) | % | 10.8 | % | |||||||||||||||||||||||||||
Urology | 527 | 477 | 10.5 | % | (0.5) | % | 9.9 | % | — | % | 9.9 | % | |||||||||||||||||||||||||||||
Neuromodulation | 269 | 249 | 8.0 | % | (0.5) | % | 7.5 | % | (4.9) | % | 2.6 | % | |||||||||||||||||||||||||||||
MedSurg | 1,441 | 1,297 | 11.1 | % | (0.6) | % | 10.5 | % | (1.6) | % | 8.9 | % | |||||||||||||||||||||||||||||
Cardiology | 1,751 | 1,529 | 14.5 | % | (0.3) | % | 14.2 | % | — | % | 14.2 | % | |||||||||||||||||||||||||||||
Peripheral Interventions | 533 | 476 | 12.1 | % | 0.1 | % | 12.2 | % | (2.1) | % | 10.2 | % | |||||||||||||||||||||||||||||
Cardiovascular | 2,285 | 2,005 | 13.9 | % | (0.2) | % | 13.8 | % | (0.5) | % | 13.3 | % | |||||||||||||||||||||||||||||
3,725 | 3,302 | 12.8 | % | (0.4) | % | 12.5 | % | (0.9) | % | 11.6 | % | ||||||||||||||||||||||||||||||
Other5 | — | (60) | (100.0) | % | — | % | (100.0) | % | — | % | (100.0) | % | |||||||||||||||||||||||||||||
Net Sales | $ | 3,725 | $ | 3,242 | 14.9 | % | (0.4) | % | 14.5 | % | (0.9) | % | 13.6 | % | |||||||||||||||||||||||||||
Increase/(Decrease) | |||||||||||||||||||||||||||||
Three Months Ended December 31, | Reported Basis | Impact of Foreign Currency Fluctuations | Operational Basis | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | |||||||||||||||||||||||||||
U.S. | $ | 2,213 | $ | 1,986 | 11.4 | % | — | % | 11.4 | % | |||||||||||||||||||
EMEA | 749 | 657 | 14.0 | % | (2.4) | % | 11.6 | % | |||||||||||||||||||||
APAC | 616 | 536 | 14.8 | % | 2.2 | % | 17.0 | % | |||||||||||||||||||||
LACA | 148 | 122 | 20.8 | % | (6.2) | % | 14.6 | % | |||||||||||||||||||||
3,725 | 3,302 | 12.8 | % | (0.4) | % | 12.5 | % | ||||||||||||||||||||||
Other5 | — | (60) | (100.0) | % | — | % | (100.0) | % | |||||||||||||||||||||
Net Sales | $ | 3,725 | $ | 3,242 | 14.9 | % | (0.4) | % | 14.5 | % | |||||||||||||||||||
Emerging Markets4 | $ | 595 | $ | 511 | 16.3 | % | 2.4 | % | 18.7 | % | |||||||||||||||||||
Increase/(Decrease) | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Reported Basis | Impact of Foreign Currency Fluctuations | Operational Basis | Impact of Recent Acquisitions / Divestitures | Organic Basis | ||||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Endoscopy | $ | 2,482 | $ | 2,221 | 11.7 | % | 0.6 | % | 12.3 | % | (1.2) | % | 11.1 | % | |||||||||||||||||||||||||||
Urology | 1,964 | 1,773 | 10.8 | % | 0.4 | % | 11.1 | % | — | % | 11.1 | % | |||||||||||||||||||||||||||||
Neuromodulation | 976 | 917 | 6.4 | % | 0.3 | % | 6.7 | % | (1.3) | % | 5.3 | % | |||||||||||||||||||||||||||||
MedSurg | 5,422 | 4,911 | 10.4 | % | 0.4 | % | 10.8 | % | (0.8) | % | 10.0 | % | |||||||||||||||||||||||||||||
Cardiology | 6,709 | 5,932 | 13.1 | % | 0.9 | % | 14.0 | % | (0.5) | % | 13.6 | % | |||||||||||||||||||||||||||||
Peripheral Interventions | 2,110 | 1,899 | 11.1 | % | 1.4 | % | 12.6 | % | (1.6) | % | 10.9 | % | |||||||||||||||||||||||||||||
Cardiovascular | 8,819 | 7,831 | 12.6 | % | 1.1 | % | 13.7 | % | (0.7) | % | 12.9 | % | |||||||||||||||||||||||||||||
14,240 | 12,742 | 11.8 | % | 0.8 | % | 12.6 | % | (0.8) | % | 11.8 | % | ||||||||||||||||||||||||||||||
Other5 | — | (60) | (100.0) | % | — | % | (100.0) | % | — | % | (100.0) | % | |||||||||||||||||||||||||||||
Net Sales | $ | 14,240 | $ | 12,682 | 12.3 | % | 0.8 | % | 13.1 | % | (0.8) | % | 12.3 | % | |||||||||||||||||||||||||||
Increase/(Decrease) | |||||||||||||||||||||||||||||
Year Ended December 31, | Reported Basis | Impact of Foreign Currency Fluctuations | Operational Basis | ||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | |||||||||||||||||||||||||||
U.S. | $ | 8,425 | $ | 7,632 | 10.4 | % | — | % | 10.4 | % | |||||||||||||||||||
EMEA | 2,856 | 2,526 | 13.1 | % | (0.2) | % | 12.9 | % | |||||||||||||||||||||
APAC | 2,400 | 2,116 | 13.4 | % | 5.7 | % | 19.1 | % | |||||||||||||||||||||
LACA | 560 | 469 | 19.3 | % | (2.4) | % | 16.9 | % | |||||||||||||||||||||
14,240 | 12,742 | 11.8 | % | 0.8 | % | 12.6 | % | ||||||||||||||||||||||
Other5 | — | (60) | (100.0) | % | — | % | (100.0) | % | |||||||||||||||||||||
Net Sales | $ | 14,240 | $ | 12,682 | 12.3 | % | 0.8 | % | 13.1 | % | |||||||||||||||||||
Emerging Markets4 | $ | 2,310 | $ | 1,968 | 17.3 | % | 4.5 | % | 21.9 | % | |||||||||||||||||||
CONTACT: | ||||||||||||||
Media: | Emily Anderson | Investors: | Lauren Tengler | |||||||||||
617-515-2000 (office) | 508-683-4479 (office) | |||||||||||||
Media Relations | Investor Relations | |||||||||||||
Boston Scientific Corporation | Boston Scientific Corporation | |||||||||||||
Emily.Anderson2@bsci.com | BSXInvestorRelations@bsci.com |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||
in millions, except per share data | 2023 | 2022 | 2023 | 2022 | |||||||||||||
Net sales | $ | 3,725 | $ | 3,242 | $ | 14,240 | $ | 12,682 | |||||||||
Cost of products sold | 1,146 | 1,011 | 4,345 | 3,956 | |||||||||||||
Gross profit | 2,579 | 2,231 | 9,896 | 8,727 | |||||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative expenses | 1,379 | 1,163 | 5,190 | 4,520 | |||||||||||||
Research and development expenses | 363 | 330 | 1,414 | 1,323 | |||||||||||||
Royalty expense | 12 | 13 | 46 | 47 | |||||||||||||
Amortization expense | 208 | 199 | 828 | 803 | |||||||||||||
Intangible asset impairment charges | — | — | 58 | 132 | |||||||||||||
Contingent consideration net expense (benefit) | 14 | (33) | 58 | 35 | |||||||||||||
Restructuring net charges (credits) | 19 | 6 | 69 | 24 | |||||||||||||
Litigation-related net charges (credits) | — | 131 | (111) | 173 | |||||||||||||
Loss (gain) on disposal of businesses and assets | — | 22 | — | 22 | |||||||||||||
1,995 | 1,830 | 7,553 | 7,078 | ||||||||||||||
Operating income (loss) | 584 | 402 | 2,343 | 1,649 | |||||||||||||
Other income (expense): | |||||||||||||||||
Interest expense | (65) | (64) | (265) | (470) | |||||||||||||
Other, net | (14) | 58 | (93) | (38) | |||||||||||||
Income (loss) before income taxes | 505 | 396 | 1,985 | 1,141 | |||||||||||||
Income tax expense (benefit) | 1 | 256 | 393 | 443 | |||||||||||||
Net income (loss) | $ | 504 | $ | 140 | $ | 1,592 | $ | 698 | |||||||||
Preferred stock dividends | — | (14) | (23) | (55) | |||||||||||||
Net income (loss) attributable to noncontrolling interests | (0) | — | (1) | — | |||||||||||||
Net income (loss) attributable to Boston Scientific common stockholders | $ | 504 | $ | 126 | $ | 1,570 | $ | 642 | |||||||||
Net income (loss) per common share - basic | $ | 0.34 | $ | 0.09 | $ | 1.08 | $ | 0.45 | |||||||||
Net income (loss) per common share - diluted | $ | 0.34 | $ | 0.09 | $ | 1.07 | $ | 0.45 | |||||||||
Weighted-average shares outstanding | |||||||||||||||||
Basic | 1,465.3 | 1,432.7 | 1,453.0 | 1,430.5 | |||||||||||||
Diluted | 1,476.9 | 1,442.4 | 1,463.5 | 1,439.7 |
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
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) Attributable to Boston Scientific Common Stockholders | Impact per Share | ||||||||||||||||||||
Reported | $ | 2,579 | $ | 1,995 | $ | 584 | $ | (79) | $ | 505 | $ | 504 | $ | — | $ | 504 | $ | 0.34 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (208) | 208 | — | 208 | 178 | — | 176 | 0.12 | ||||||||||||||||||||
Acquisition/divestiture-related net charges (credits) | 9 | (120) | 129 | (0) | 129 | 54 | — | 54 | 0.04 | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 22 | (30) | 52 | — | 52 | 43 | — | 43 | 0.03 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | — | — | — | — | (1) | — | (1) | (0.00) | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | (0) | (0) | 2 | — | 2 | 0.00 | ||||||||||||||||||||
EU MDR implementation costs | 11 | (5) | 16 | — | 16 | 14 | — | 14 | 0.01 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 44 | — | 44 | 0.03 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | (18) | — | (18) | (0.01) | ||||||||||||||||||||
Adjusted | $ | 2,621 | $ | 1,631 | $ | 990 | $ | (79) | $ | 911 | $ | 819 | $ | — | $ | 817 | $ | 0.55 | |||||||||||
Three Months Ended December 31, 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) Attributable to Boston Scientific Common Stockholders | Impact per Share(1) | ||||||||||||||||||||
Reported | $ | 2,231 | $ | 1,830 | $ | 402 | $ | (6) | $ | 396 | $ | 140 | $ | (14) | $ | 126 | $ | 0.09 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (199) | 199 | — | 199 | 175 | — | 175 | 0.12 | ||||||||||||||||||||
Acquisition/divestiture-related net charges (credits) | 24 | (29) | 53 | (44) | 9 | 59 | — | 59 | 0.04 | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 16 | (12) | 28 | — | 28 | 25 | — | 25 | 0.02 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | (131) | 131 | — | 131 | 101 | — | 101 | 0.07 | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | (38) | (38) | (32) | — | (32) | (0.02) | ||||||||||||||||||||
EU MDR implementation costs | 13 | (6) | 19 | — | 19 | 17 | — | 17 | 0.01 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 42 | — | 42 | 0.03 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | 129 | — | 129 | 0.09 | ||||||||||||||||||||
Adjusted | $ | 2,285 | $ | 1,452 | $ | 833 | $ | (88) | $ | 745 | $ | 656 | $ | (14) | $ | 642 | $ | 0.45 | |||||||||||
(1) For the three months ended December 31, 2022 the effect of assuming the conversion of 5.50% Mandatory Convertible Preferred Stock, Series A (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 attributable to common stockholders. On June 1, 2023, all outstanding shares of MCPS automatically converted into shares of common stock. | |||||||||||||||||||||||||||||
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. | |||||||||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
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) Attributable to Boston Scientific Common Stockholders | Impact per Share(2) | ||||||||||||||||||||
Reported | $ | 9,896 | $ | 7,553 | $ | 2,343 | $ | (358) | $ | 1,985 | $ | 1,592 | $ | (23) | $ | 1,570 | $ | 1.07 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (828) | 828 | — | 828 | 713 | — | 709 | 0.48 | ||||||||||||||||||||
Intangible asset impairment charges | — | (58) | 58 | — | 58 | 54 | — | 54 | 0.04 | ||||||||||||||||||||
Acquisition/divestiture-related net charges (credits) | 53 | (314) | 367 | 6 | 373 | 352 | — | 352 | 0.24 | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 77 | (107) | 185 | — | 185 | 156 | — | 156 | 0.11 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | 111 | (111) | — | (111) | (88) | — | (88) | (0.06) | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | 21 | 21 | 24 | — | 24 | 0.02 | ||||||||||||||||||||
EU MDR implementation costs | 47 | (21) | 69 | — | 69 | 59 | — | 59 | 0.04 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 155 | — | 155 | 0.11 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | 8 | — | 8 | 0.01 | ||||||||||||||||||||
Adjusted | $ | 10,073 | $ | 6,335 | $ | 3,738 | $ | (331) | $ | 3,407 | $ | 3,025 | $ | (23) | $ | 2,999 | $ | 2.05 | |||||||||||
Year Ended December 31, 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) Attributable to Boston Scientific Common Stockholders | Impact per Share(2) | ||||||||||||||||||||
Reported | $ | 8,727 | $ | 7,078 | $ | 1,649 | $ | (508) | $ | 1,141 | $ | 698 | $ | (55) | $ | 642 | $ | 0.45 | |||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Amortization expense | — | (803) | 803 | — | 803 | 694 | — | 694 | 0.48 | ||||||||||||||||||||
Goodwill and Intangible asset impairment charges | — | (132) | 132 | — | 132 | 102 | — | 102 | 0.07 | ||||||||||||||||||||
Acquisition/divestiture-related net charges (credits) | 97 | (206) | 303 | (18) | 285 | 338 | — | 338 | 0.24 | ||||||||||||||||||||
Restructuring and restructuring-related net charges (credits) | 65 | (45) | 110 | — | 110 | 96 | — | 96 | 0.07 | ||||||||||||||||||||
Litigation-related net charges (credits) | — | (173) | 173 | — | 173 | 133 | — | 133 | 0.09 | ||||||||||||||||||||
Investment portfolio net losses (gains) | — | — | — | (30) | (30) | (28) | — | (28) | (0.02) | ||||||||||||||||||||
EU MDR implementation costs | 46 | (25) | 71 | — | 71 | 62 | — | 62 | 0.04 | ||||||||||||||||||||
Debt extinguishment charges | — | — | — | 194 | 194 | 149 | — | 149 | 0.10 | ||||||||||||||||||||
Deferred tax expenses (benefits) | — | — | — | — | — | 140 | — | 140 | 0.10 | ||||||||||||||||||||
Discrete tax items | — | — | — | — | — | 129 | — | 129 | 0.09 | ||||||||||||||||||||
Adjusted | $ | 8,935 | $ | 5,694 | $ | 3,241 | $ | (362) | $ | 2,880 | $ | 2,514 | $ | (55) | $ | 2,459 | $ | 1.71 | |||||||||||
(2) For the years ended December 31, 2023 and 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 attributable to common stockholders. On June 1, 2023, all outstanding shares of MCPS automatically converted into shares of common stock. | |||||||||||||||||||||||||||||
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. | |||||||||||||||||||||||||||||
Q1 2024 Estimate | Full Year 2024 Estimate | ||||||||||||||||
(Low) | (High) | (Low) | (High) | ||||||||||||||
Reported growth | 7.5 | % | 9.5 | % | 8.5 | % | 9.5 | % | |||||||||
Impact of foreign currency fluctuations | 1.0 | % | 1.0 | % | 0.5 | % | 0.5 | % | |||||||||
Operational growth | 8.5 | % | 10.5 | % | 9.0 | % | 10.0 | % | |||||||||
Impact of acquisitions/divestitures | (1.5) | % | (1.5) | % | (1.0) | % | (1.0) | % | |||||||||
Organic growth | 7.0 | % | 9.0 | % | 8.0 | % | 9.0 | % | |||||||||
Q1 2024 Estimate | Full Year 2024 Estimate | ||||||||||||||||
(Low) | (High) | (Low) | (High) | ||||||||||||||
GAAP results | $ | 0.29 | $ | 0.31 | $ | 1.38 | $ | 1.42 | |||||||||
Amortization expense | 0.12 | 0.12 | 0.48 | 0.48 | |||||||||||||
Acquisition/divestiture-related net charges (credits) | 0.03 | 0.03 | 0.10 | 0.10 | |||||||||||||
Restructuring and restructuring-related net charges (credits) | 0.02 | 0.02 | 0.11 | 0.11 | |||||||||||||
Other adjustments | 0.04 | 0.04 | 0.16 | 0.16 | |||||||||||||
Adjusted results | $ | 0.50 | $ | 0.52 | $ | 2.23 | $ | 2.27 |
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