Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

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fabc41686b00309c2e5e532c3ba745862d0ed0dad4018c0eb292de0003872f79

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

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a2a3f3c92060ca83fa37af6bb5402da6d67184bcf78b5ea16fd1722b2d36c7f7

U.S.

Europe, Middle East, Africa

Asia-Pacific

Latin America and Canada

Emerging Markets

Other

- Japan

Total Revenue

a414f2822220cdebbf59c5595534d358a0bf7461495999eb2f46c4cf2610a5d4

Operational net sales growth (Consolidated) (percentage)

Organic net sales growth (Consolidated) (percentage)

Operational net sales growth (Neuromodulation) (percentage)

Organic net sales growth (Neuromodulation) (percentage)

Operational net sales growth (Cardiology) (percentage)

Operational net sales growth (Peripheral Interventions) (percentage)

Operational net sales growth (Endoscopy) (percentage)

Organic net sales growth (Endoscopy) (percentage)

Operational net sales growth (Urology) (percentage)

1be16d410f3ed57ee8abce0b4939f04dafcd880c89ce0308bc55de6acf1aad7b

Net income (loss) [USD, millions]

Depreciation and amortization [USD, millions]

Deferred and prepaid income taxes [USD, millions]

Stock-based compensation expense [USD, millions]

Net loss (gain) on investments and notes receivable [USD, millions]

Contingent consideration net expense (benefit) [USD, millions]

Inventory step-up amortization [USD, millions]

Other, net (Operating Activities) [USD, millions]

Cash provided by (used for) operating activities [USD, millions]

Purchases of property, plant and equipment and internal use software [USD, millions]

Payments for acquisitions of businesses, net of cash acquired [USD, millions]

Cash provided by (used for) investing activities [USD, millions]

Payment of contingent consideration previously established in purchase accounting [USD, millions]

Payments for royalty rights (Financing Activities) [USD, millions]

Payments for finance leases [USD, millions]

Payments on short-term borrowings [USD, millions]

Net increase (decrease) in commercial paper [USD, millions]

Proceeds from long-term borrowings, net of debt issuance costs [USD, millions]

Cash used to net share settle employee equity awards [USD, millions]

Proceeds from issuances of common stock pursuant to employee stock compensation and purchase plans [USD, millions]

Cash provided by (used for) financing activities [USD, millions]

Effect of foreign exchange rates on cash [USD, millions]

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents [USD, millions]

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period [USD, millions]

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period [USD, millions]

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Net sales (USD, millions)

Cost of products sold (USD, millions)

Gross profit (USD, millions)

Selling, general and administrative expenses (USD, millions)

Research and development expenses (USD, millions)

Royalty expense (USD, millions)

Amortization expense (USD, millions)

Contingent consideration net expense (benefit) (USD, millions)

Restructuring net charges (credits) (USD, millions)

Operating income (loss) (USD, millions)

Interest expense (USD, millions)

Other, net (USD, millions)

Income (loss) before income taxes (USD, millions)

Income tax expense (benefit) (USD, millions)

Net income (loss) (USD, millions)

Net income (loss) attributable to noncontrolling interests (USD, millions)

Net income (loss) attributable to Boston Scientific common stockholders (USD, millions)

fdcdf1859f121687a0f4b3b40fd52d684bfa9e9902b7100a3b089d685d164ede

Boston Scientific’s **Q3 2024 revenue increase** was driven by **robust commercial execution** across key segments, successful **product launches**—notably the rapid adoption of the **FARAPULSE™ Pulsed Field Ablation System** in the U.S. and the European launch of the **ACURATE Prime™ Aortic Valve System**—as well as strategic **acquisitions** and strong regional growth in markets like the U.S., EMEA, and Asia-Pacific.  **[20241023NE37604:0]** **[0000885725-24-000073_bsx-20240930.htm:41]** **[BSX_3403357_2]** 

What drove the strong revenue increase in Q3 2024?

Boston Scientific’s Q2 2024 operating income was **$520 million**, which is lower than the **$675 million** recorded in Q1 2024. While the documents do not provide an explicit explanation comparing Q1 and Q2 of 2024, the analysis for Q2 2024 states that despite strong net sales growth, significant increases in **intangible asset impairment charges** (rising from **$57 million in Q2 2023** to **$276 million in Q2 2024**) and higher **SG&A expenses** (increasing from **$1,354 million** to **$1,446 million**) partially offset the benefits from higher gross profit. This mixture of headwinds is likely a key factor contributing to the lower operating income in Q2 compared to Q1, even though the detailed factors were only discussed in relation to the year-over-year change.  **[0000885725-24-000068_bsx-20240630.htm:1]** **[20240724NE68166:0]** 

Why was Operating Income lower in Q2 2024?

Boston Scientific’s minimal Q4 2023 income tax expense was largely driven by **favorable discrete tax items and stock compensation adjustments**, which helped lower the effective tax rate to **10%** for the quarter.  **[BSX_3371353_5]**  In addition, significant **tax incentives**, such as the **Costa Rica incentive that generated $212 million in savings**, also contributed to reducing the tax burden.  **[0000885725-24-000017_bsx-20231231.htm:147]** 

What contributed to the minimal Income Tax Expense in Q4 2023?

In Q3 2024, Boston Scientific’s intangible asset impairment charges became markedly more negative due to prior period impairments related to its acquisitions. Specifically, during the first nine months of 2024, the company recorded **$276 million** in impairment charges. These impairments were driven by two key factors: the assets acquired from Cryterion Medical, Inc. were impaired because the strong commercial adoption of its **Farapulse™ Pulsed Field Ablation System** led to lower revenue projections and cannibalization of the cryoablation business, and the impairments for Devoro Medical, Inc. resulted from management’s decision to cancel the related program in Q2 2024.  **[0000885725-24-000073_bsx-20240930.htm:49]** **[0000885725-24-000073_bsx-20240930.htm:11]** **[0000885725-24-000073_bsx-20240930.htm:12]** 

Why did Intangible Asset Impairment Charges become markedly more negative in Q3 2024?

The reversal in contingent consideration in Q3 2024 was driven primarily by a **decrease in expected payments for revenue-based earnouts**, contrasting with the previous quarter's net charge, which was influenced by **increases in expected payments for commercialization-based milestones and revenue-based payments**. Additionally, the adjustments in contingent payments made earlier in 2024 further supported this reversal by lowering the anticipated future liabilities.  **[0000885725-24-000073_bsx-20240930.htm:49]** **[0000885725-24-000073_bsx-20240930.htm:9]** 

What drove the reversal in Contingent Consideration in Q3 2024?

67e13fad29d9b281b5e3b659d7c27373e28c597bbe54fe677d9db2f258b7b55b

The surge in cash and cash equivalents in Q1 2024 was primarily driven by **a €2 billion senior note offering**, which significantly boosted financing activities, resulting in **$1,569 million in cash inflows from financing activities**. This major influx was complemented by **additional cash from operating activities** of **$164 million**, even though there was a **$500 million outflow from the repayment of senior notes** and **$285 million in cash outflows from investing activities**.  **[0000885725-24-000046_bsx-20240331.htm:44]** **[BSX_3380427_4]** 

What drove the surge in cash and cash equivalents in Q1 2024?

The spike in long-term debt in Q1 2024 was primarily due to the issuance of new debt, which outweighed the impact of repaying maturing debt. Specifically, the company issued **new senior notes**—including **March 2029 Senior Notes of $810 million** and **March 2032 Senior Notes of $1,349 million**—and repaid approximately **$500 million** of maturing debt. This net increase in debt activities led to the rise from **$8,571 million** in Q4 2023 to **$9,534 million** in Q1 2024.  **[0000885725-24-000046_bsx-20240331.htm:2]** **[0000885725-24-000046_bsx-20240331.htm:19]** **[BSX_3380427_4]** 

Why did long-term debt spike in Q1 2024?

The jump in current debt obligations in Q2 2024 is primarily attributed to the **March 2025 Senior Notes** moving closer to their maturity. These notes, which had a balance of **$1,105 million** as of December 31, 2023, were reclassified as current debt obligations because they are due within one year, contributing significantly to the increase from **$531 million** to **$1,580 million**.  **[0000885725-24-000068_bsx-20240630.htm:22]** **[0000885725-24-000068_bsx-20240630.htm:2]** 

What contributed to the jump in current debt obligations in Q2 2024?

The significant increase in total current assets in Q1 2024 was driven by several factors. **Cash and Cash Equivalents** saw a large boost, rising from **$865 million to $2,329 million** mainly due to the completion of a **2 billion euro-denominated senior note offering**, which was partially intended to fund the Axonics acquisition.  **[0000885725-24-000046_bsx-20240331.htm:2]** **[BSX_3380427_4]**  Additionally, a rise in **Trade Accounts Receivable, Net** from **$2,228 million to $2,304 million**, increased **Inventories** from **$2,484 million to $2,561 million**, and an increase in **Other Current Assets** from **$621 million to $671 million** collectively contributed to the overall jump in total current assets.  **[0000885725-24-000046_bsx-20240331.htm:2]** 

What factors led to the increase in total current assets in Q1 2024?

The **swing to a loss in Accumulated Other Comprehensive Income for Q3 2024** was mainly driven by two factors. First, the **Foreign Currency Translation Adjustment** decreased by **$191 million**, and second, the **Net Change in Derivative Financial Instruments** decreased by **$100 million** during the quarter. These decreases resulted in a total decline of **$292 million**, which shifted the balance from **$164 million** at Q2 2024 to **$(128) million** in Q3 2024.  **[0000885725-24-000073_bsx-20240930.htm:39]** 

Why did accumulated other comprehensive income swing to a loss in Q3 2024?

3268583ac5d0540499bc3426803097a983231ff099444807468c628b80f2c767

The jump in **operating cash flow** in **FY 2023**—an increase of **$977 million** compared to FY 2022—was driven mainly by **higher net sales and operating income**, **lower non-recurring tax payments**, and **timing changes in employee-related accruals and prepaid expenses**. These factors contributed to the significant increase, although it was partially offset by higher cash outflows for inventory purchases.  **[0000885725-24-000017_bsx-20231231.htm:77]** 

What drove the large jump in operating cash flow in FY 2023?

The sharp rise in operating cash flow in Q3 2024 was primarily due to **higher operating income**, which reflected improved profitability, and **a slower inventory buildup** resulting from better supply chain conditions. These factors helped boost cash generation, despite being partly offset by increased income tax and employee-related payments.  **[0000885725-24-000073_bsx-20240930.htm:4]** **[0000885725-24-000073_bsx-20240930.htm:53]** 

Why did operating cash flow rise so sharply in Q3 2024?

The documents indicate that the **significant increase** from **$111 million in Q1 2023** to **$179 million in Q1 2024** in purchases of property, plant and equipment and internal use software is noted, but they do not provide **specific factors** driving this higher level of capital expenditures in Q1 2024. It suggests that the increase could be a result of Boston Scientific's ongoing investments possibly related to **infrastructure, technology, or capacity expansion**, yet no explicit details are mentioned in the documents.  **[0000885725-24-000046_bsx-20240331.htm:45]** **[0000885725-24-000046_bsx-20240331.htm:4]** 

What factors contributed to the higher capital expenditures in Q1 2024?

e4fbd4a534f92e232531ab7df1190bd43a9a184c129aa4a572304bb97b35ea03

Boston Scientific Corp (BSX)

Financials