Name: Boston Scientific Corp. (NYSE:BSX) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Boston Scientific Corp., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Endoscopy	2,221)	2,141)	1,780)	1,894)	1,762)
Urology	1,773)	1,583)	1,286)	1,413)	1,245)
Neuromodulation	917)	909)	761)	873)	779)
MedSurg	4,911)	4,633)	3,827)	4,180)	3,786)
Interventional Cardiology Therapies	2,228)	2,209)	1,975)	2,815)	2,590)
Watchman	1,019)	829)	324)	—)	—)
Cardiac Rhythm Management	2,100)	2,019)	1,704)	1,938)	1,951)
Electrophysiology	585)	365)	287)	329)	311)
Cardiology	5,932)	5,422)	4,290)	5,082)	4,852)
Peripheral Interventions	1,899)	1,820)	1,577)	1,392)	1,187)
Cardiovascular	7,831)	7,242)	5,867)	6,474)	6,039)
Other	(60)	13)	219)	81)	—)
Net sales	12,682)	11,888)	9,913)	10,735)	9,825)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Net sales exhibited a sustained growth trajectory between 2018 and 2022, rising from US$ 9,825 million to US$ 12,682 million. A systemic downturn is evident in 2020, where total revenue declined to US$ 9,913 million from US$ 10,735 million in 2019, followed by a sharp recovery in the subsequent two years.

Cardiovascular Segment Analysis: The Cardiovascular division is the largest contributor to total revenue, increasing from US$ 6,039 million in 2018 to US$ 7,831 million in 2022. This segment comprises Cardiology and Peripheral Interventions. Peripheral Interventions showed consistent year-over-year growth, rising from US$ 1,187 million to US$ 1,899 million. Cardiology revenue, while dipping in 2020, surged to US$ 5,932 million by 2022.
Watchman Product Integration: The introduction of Watchman as a distinct reporting item in 2020 highlights a significant growth engine. Starting at US$ 324 million in 2020, revenue from this line grew rapidly to US$ 1,019 million by 2022, contributing heavily to the overall recovery and growth of the Cardiology sector.
MedSurg and Endoscopy Performance: The MedSurg segment represents the second largest revenue source, increasing from US$ 3,786 million in 2018 to US$ 4,911 million in 2022. Similarly, Endoscopy revenues grew from US$ 1,762 million in 2018 to US$ 2,221 million in 2022. Both segments mirrored the broader corporate trend of a 2020 contraction followed by strong rebounds.
Urology and Neuromodulation Trends: Urology revenue demonstrated a strong upward trend, increasing from US$ 1,245 million in 2018 to US$ 1,773 million in 2022. Neuromodulation exhibited more stable, moderate growth, moving from US$ 779 million in 2018 to US$ 917 million in 2022.
Electrophysiology and Other Adjustments: Electrophysiology revenue remained relatively stable until 2022, when it experienced a significant increase to US$ 585 million from US$ 365 million in 2021. Revenue categorized as Other remained immaterial but volatile, ending 2022 with a negative balance of US$ 60 million.

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