Full Press Release Details
MARLBOROUGH, Mass. , Jan. 9, 2018 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX ) generated sales, based upon preliminary unaudited financial information, of approximately $2.41 billion during the fourth quarter ended December 31, 2017 . This represents growth of approximately 9.9 percent on a reported basis, approximately 8.1 percent on an operational basis (excludes the impact of changes in foreign currency exchange rates) and approximately 6.8 percent on an organic basis, all compared to the prior year period. Organic revenue growth excludes the impact of changes in foreign currency exchange rates and sales from the acquisitions of EndoChoice Holdings, Inc. (EndoChoice) and Symetis SA (Symetis), with no prior year comparable sales.
For the year ended December 31, 2017 , the Company generated sales, based upon preliminary unaudited financial information, of approximately $9.05 billion . This represents growth of approximately 7.9 percent on a reported basis, approximately 7.8 percent on an operational basis and approximately 6.6 percent on an organic basis, all compared to the prior year period.
| Preliminary net sales for the fourth quarter: | |||||||||||||||||||
| Three Months Ended | Change | ||||||||||||||||||
| (in billions / unaudited) | December 31, | As Reported Basis | Less: Impact of Foreign Currency | Operational Basis | |||||||||||||||
| 2017 | 2016 | ||||||||||||||||||
| Interventional Cardiology | $ | 0.64 | $ | 0.58 | 8.8 | % | 1.9 | % | 6.9 | % | |||||||||
| Peripheral Interventions | 0.28 | 0.26 | 8.4 | % | 1.7 | % | 6.7 | % | |||||||||||
| Cardiovascular | 0.91 | 0.84 | 8.7 | % | 1.9 | % | 6.8 | % | |||||||||||
| Cardiac Rhythm Management | 0.49 | 0.47 | 3.4 | % | 2.2 | % | 1.2 | % | |||||||||||
| Electrophysiology | 0.08 | 0.06 | 20.7 | % | 3.0 | % | 17.7 | % | |||||||||||
| Rhythm Management | 0.56 | 0.54 | 5.4 | % | 2.2 | % | 3.2 | % | |||||||||||
| Endoscopy | 0.44 | 0.38 | 14.8 | % | 1.7 | % | 13.1 | % | |||||||||||
| Urology and Pelvic Health | 0.31 | 0.27 | 12.7 | % | 1.4 | % | 11.3 | % | |||||||||||
| Neuromodulation | 0.19 | 0.16 | 15.5 | % | 0.9 | % | 14.6 | % | |||||||||||
| MedSurg | 0.93 | 0.82 | 14.2 | % | 1.4 | % | 12.8 | % | |||||||||||
| Net Sales | $ | 2.41 | $ | 2.19 | 9.9 | % | 1.8 | % | 8.1 | % | |||||||||
| Preliminary net sales as shown are rounded, while growth rates are based on preliminary, non-rounded amounts and may not recalculate precisely. Certain columns and rows within the table above may not add due to the use of rounded numbers. | |||||||||||||||||||
| Sales growth rates that exclude the impact of changes in foreign currency exchange rates and/or the impact of recent acquisitions with significant sales are not prepared in accordance with U.S. GAAP. |
| Preliminary net sales for the full year: | |||||||||||||||||||
| Twelve Months Ended | Change | ||||||||||||||||||
| (in billions / unaudited) | December 31, | As Reported Basis | Less: Impact of Foreign Currency | Operational Basis | |||||||||||||||
| 2017 | 2016 | ||||||||||||||||||
| Interventional Cardiology | $ | 2.42 | $ | 2.28 | 6.2 | % | 0.1 | % | 6.1 | % | |||||||||
| Peripheral Interventions | 1.08 | 1.01 | 6.5 | % | (0.1) | % | 6.6 | % | |||||||||||
| Cardiovascular | 3.50 | 3.29 | 6.3 | % | 0.0 | % | 6.3 | % | |||||||||||
| Cardiac Rhythm Management | 1.90 | 1.85 | 2.5 | % | 0.2 | % | 2.3 | % | |||||||||||
| Electrophysiology | 0.28 | 0.24 | 14.5 | % | 0.1 | % | 14.4 | % | |||||||||||
| Rhythm Management | 2.17 | 2.09 | 3.9 | % | 0.2 | % | 3.7 | % | |||||||||||
| Endoscopy | 1.62 | 1.44 | 12.4 | % | 0.1 | % | 12.3 | % | |||||||||||
| Urology and Pelvic Health | 1.12 | 1.01 | 11.8 | % | 0.2 | % | 11.6 | % | |||||||||||
| Neuromodulation | 0.64 | 0.56 | 14.2 | % | 0.1 | % | 14.1 | % | |||||||||||
| MedSurg | 3.38 | 3.00 | 12.5 | % | 0.1 | % | 12.4 | % | |||||||||||
| Net Sales | $ | 9.05 | $ | 8.39 | 7.9 | % | 0.1 | % | 7.8 | % | |||||||||
| Preliminary net sales as shown are rounded, while growth rates are based on preliminary, non-rounded amounts and may not recalculate precisely. Certain columns and rows within the table above may not add due to the use of rounded numbers. | |||||||||||||||||||
| Sales growth rates that exclude the impact of changes in foreign currency exchange rates and/or the impact of recent acquisitions with significant sales are not prepared in accordance with U.S. GAAP. |
All of the information in this press release is preliminary and subject to completion of year end financial reporting processes, reviews and audit.
J.P. Morgan Healthcare Conference on Tuesday, January 9, 2018 As previously announced, Boston Scientific will participate in the J.P. Morgan Healthcare Conference today in San Francisco, CA. Mike Mahoney , chairman and chief executive officer, will present at approximately 8:00 a.m. PT . At 8:30 a.m. PT , Mike will be joined by Dan Brennan , executive vice president and chief financial officer, Professor Ian Meredith , executive vice president and global chief medical officer, and Susie Lisa , vice president, Investor Relations, in a question-and-answer session with the host analyst and audience members.
A live webcast of the presentation and question-and-answer session will be available on the Investor Relations section of the Boston Scientific website at investors.bostonscientific.com . A replay of the webcast will be accessible at investors.bostonscientific.com beginning approximately one hour following the completion of the event.
Conference Call on Thursday, February 1, 2018 As previously announced, Boston Scientific will webcast its conference call discussing financial results and business highlights for the fourth quarter ended December 31, 2017 and provide first quarter and full year 2018 guidance on Thursday, February 1, 2018 at 8:00 a.m. EST . A live webcast of the conference call will be available on the Investor Relations section of the website at investors.bostonscientific.com . A replay of the webcast will be archived and available at investors.bostonscientific.com beginning approximately one hour following the completion of the meeting.
About Boston Scientific Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 35 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook .
Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance.
These forward-looking statements include, among other things, statements regarding our expected net sales, GAAP, operational and organic revenue growth rates, our financial performance, our business plans and our positioning for revenue and earnings growth.
Our expectations about quarterly and full year results are based on preliminary unaudited information about the fourth quarter of 2017 and are subject to revision. Although the quarter is now completed, we are still in the early stages of our standard financial reporting closing procedures. Accordingly, as we complete our normal quarter-end and year-end closing and review processes, actual results could differ materially from these preliminary estimates. Factors that could cause our actual results for the fourth quarter of 2017 to differ materially from those contemplated by these forward-looking statements include, but are not limited to, inaccurate assumptions; unrecorded expenses; changes in estimates or judgments; and facts or circumstances affecting the application of the Company's critical accounting policies, including revenue recognition.
If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These risks and uncertainties, in some cases, have affected and in the future could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Use of Non-GAAP Financial Information A reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this news release.
| CONTACTS: | |
| Media: | Kate Haranis |
| 508-683-6585 (office) | |
| Media Relations | |
| Boston Scientific Corporation | |
| [email protected] | |
| Investors: | Susie Lisa, CFA |
| 508-683-5565 (office) | |
| Investor Relations | |
| Boston Scientific Corporation | |
| [email protected] |
| BOSTON SCIENTIFIC CORPORATION | ||
| TOTAL COMPANY NET SALES GROWTH | ||
| Q4 2017 Preliminary / Unaudited Net Sales as compared to Q4 2016 | ||
| Total BSC | ||
| Percentage change in net sales, as reported | 9.9 | % |
| Less: Impact of foreign currency fluctuations | 1.8 | % |
| Percentage change in net sales, operational | 8.1 | % |
| Less: Impact of significant acquisitions | 1.3 | % |
| Percentage change in net sales, organic | 6.8 | % |
| FY2017 Preliminary / Unaudited Net Sales as compared to FY2016 | ||
| Total BSC | ||
| Percentage change in net sales, as reported | 7.9 | % |
| Less: Impact of foreign currency fluctuations | 0.1 | % |
| Percentage change in net sales, operational | 7.8 | % |
| Less: Impact of significant acquisitions | 1.2 | % |
| Percentage change in net sales, organic | 6.6 | % |
Use of Non-GAAP Financial Measures
To supplement our financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including operational net sales, which exclude the impact of changes in foreign currency exchange rates, and organic net sales, which exclude the impact of foreign currency exchange rates and the impact of recent acquisitions with significant sales. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States .
To calculate operational net sales that exclude the impact of changes in foreign currency exchange rates, we convert actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior period. To calculate organic net sales, the impact of recent acquisitions with significant sales is removed from operational net sales. The GAAP financial measure most directly comparable to operational net sales and organic net sales growth rate percentages is growth rate percentages using net sales on a GAAP basis. Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules.
SOURCE Boston Scientific Corporation