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Boston Scientific Corp. (NYSE:BSX)

This company has been moved to the archive! The financial data has not been updated since May 4, 2023.

Common-Size Balance Sheet: Assets

Boston Scientific Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Cash and cash equivalents 2.86 5.97 5.63 0.71 0.70
Trade accounts receivable, net 6.07 5.52 4.97 5.98 7.66
Inventories 5.75 5.00 4.39 5.17 5.55
Prepaid income taxes 0.81 0.64 0.63 0.64 0.77
Assets held for sale 0.00 0.00 3.68 0.00 0.00
Restricted cash and restricted cash equivalents 0.46 0.58 0.68 1.13 3.12
Derivative assets 0.71 0.70 0.43 0.34 0.58
Licensing arrangements 0.18 0.41 0.48 0.61 0.00
Other 0.89 0.79 0.85 0.80 0.69
Other current assets 2.25% 2.48% 2.44% 2.88% 4.39%
Current assets 17.74% 19.60% 21.75% 15.37% 19.06%
Property, plant and equipment, net 7.53 6.99 6.77 6.80 8.49
Goodwill 39.79 37.20 32.33 33.29 37.67
Other intangible assets, net 18.18 18.99 19.23 25.80 30.34
Deferred tax assets 12.14 12.85 13.68 13.73 0.41
Restricted cash equivalents 0.15 0.17 0.17 0.14 0.13
Operating lease right-of-use assets 1.19 1.35 1.49 1.10 0.00
Derivative assets 0.46 0.52 0.35 0.71 0.87
Investments 1.25 1.28 2.98 1.50 2.02
Licensing arrangements 0.21 0.35 0.71 1.09 0.00
Indemnification asset 0.53 0.00 0.00 0.00 0.00
Other 0.83 0.70 0.54 0.47 1.00
Other long-term assets 4.62% 4.37% 6.24% 5.00% 4.02%
Long-term assets 82.26% 80.40% 78.25% 84.63% 80.94%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset structure is characterized by a heavy concentration in long-term assets, which consistently represent between 78.25% and 84.63% of total assets. Current assets maintain a smaller footprint, fluctuating between 15.37% and 21.75% over the analyzed period, suggesting a business model heavily weighted toward non-current investments and intangible value.

Liquidity and Working Capital Trends
Cash and cash equivalents exhibited significant volatility, remaining below 1% in 2018 and 2019 before spiking to a peak of 5.97% in 2021 and moderating to 2.86% by 2022. Trade accounts receivable and inventories remained relatively stable, with receivables fluctuating between 4.97% and 7.66% and inventories ranging from 4.39% to 5.75%, indicating consistent management of short-term operational cycles.
Intangible Assets and Goodwill
A substantial portion of the balance sheet is composed of intangible assets. Goodwill showed a recovery and growth trend, rising from 32.33% in 2020 to 39.79% by 2022. Conversely, other net intangible assets experienced a steady decline, dropping from 30.34% in 2018 to 18.18% in 2022. This shift suggests a transition where a larger share of the company's long-term value is attributed to non-amortizable goodwill rather than specific amortizable intangible assets.
Deferred Tax Assets
A sharp structural change occurred in 2019, where deferred tax assets increased from 0.41% of total assets to 13.73%. This level remained relatively high and stable through 2022, ending at 12.14%, representing a permanent shift in the asset composition compared to the 2018 baseline.
Fixed and Other Long-Term Assets
Property, plant, and equipment, net, remained stable, oscillating between 6.77% and 8.49%. Other long-term assets showed a gradual increase from 4.02% in 2018 to 4.62% in 2022, while restricted cash and equivalents saw a consistent downward trend from 3.12% to 0.46% over the five-year period.

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