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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: Liabilities and Stockholders’ Equity

Boston Scientific Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Current debt obligations 0.06 0.81 0.04 4.63 10.73
Accounts payable 2.65 2.46 1.67 1.77 1.66
Legal reserves 0.71 0.82 1.64 1.54 3.39
Payroll and related liabilities 2.56 2.63 2.21 2.32 3.00
Rebates 1.08 1.09 1.08 0.97 1.09
Contingent consideration 0.23 0.90 0.08 0.18 0.66
Other 2.07 2.13 2.12 1.89 2.56
Accrued expenses 6.65% 7.56% 7.14% 6.90% 10.70%
Deferred revenue 0.68 0.65 0.45 0.47 0.55
Licensing arrangements 0.24 0.43 0.50 0.64 0.00
Taxes payable 0.71 0.65 0.51 0.87 0.60
Liabilities held for sale 0.00 0.00 0.65 0.00 0.00
Other 0.71 0.71 1.00 0.63 0.82
Other current liabilities 2.34% 2.43% 3.11% 2.61% 1.96%
Current liabilities 11.71% 13.26% 11.96% 15.92% 25.05%
Long-term debt 27.46 27.32 29.67 28.11 22.87
Deferred tax liabilities 0.44 0.96 1.07 1.95 1.56
Accrued income taxes 1.84 1.37 1.78 2.18 3.52
Legal reserves 0.65 0.88 0.21 0.74 1.03
Contingent consideration 0.23 0.61 0.56 0.98 1.00
Licensing arrangements 0.25 0.44 0.82 1.22 0.00
Long-term operating lease liabilities 1.07 1.21 1.30 0.90 0.00
Deferred revenue 0.89 0.86 0.84 0.84 0.00
Other 1.34 1.52 2.00 1.75 3.41
Other long-term liabilities 6.26% 6.89% 7.51% 8.62% 8.96%
Long-term liabilities 34.16% 35.17% 38.24% 38.68% 33.40%
Total liabilities 45.88% 48.43% 50.20% 54.60% 58.45%
Preferred stock, $0.01 par value 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.05 0.05 0.06 0.05 0.08
Treasury stock, at cost -6.93 -6.98 -7.31 -5.62 -8.18
Additional paid-in capital 62.48 62.01 64.11 57.45 82.61
Accumulated deficit -2.31 -4.32 -7.73 -7.37 -33.11
Accumulated other comprehensive income, net of tax 0.83 0.82 0.67 0.88 0.16
Stockholders’ equity 54.12% 51.57% 49.80% 45.40% 41.55%
Total liabilities and stockholders’ equity 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 capital structure exhibits a consistent shift toward a more equity-heavy composition between 2018 and 2022. Total liabilities decreased from 58.45% of total liabilities and stockholders’ equity to 45.88% over the period, while stockholders’ equity increased from 41.55% to 54.12%. This trend indicates a systemic deleveraging of the balance sheet and a strengthening of the company's solvency position.

Current Liabilities Profile
A significant reduction in current liabilities is observed, falling from 25.05% in 2018 to 11.71% in 2022. The primary driver of this decline is the near-elimination of current debt obligations, which dropped from 10.73% to 0.06%. Accrued expenses also showed a downward trend, moving from 10.70% to 6.65%, suggesting a reduction in short-term obligations relative to the total balance sheet size.
Long-term Liability Trends
Long-term liabilities remained relatively stable, ending the period at 34.16%, compared to 33.40% in 2018, despite a peak of 38.24% in 2020. Long-term debt constitutes the largest single liability component, fluctuating between 22.87% and 29.67%. Other long-term liabilities showed a gradual decline from 8.96% to 6.26%, contributing to the overall stability of the long-term debt profile.
Equity Composition and Solvency
The most notable change within stockholders’ equity is the dramatic reduction of the accumulated deficit, which improved from -33.11% in 2018 to -2.31% in 2022. This suggests a strong trend of earnings retention or capital restructuring. Additional paid-in capital remains the dominant equity component, although it experienced a sharp decline from 82.61% in 2018 to 57.45% in 2019 before stabilizing around 62% in subsequent years.
Other Liability Observations
Legal reserves, both current and long-term, have generally trended downward, indicating a potential reduction in the relative weight of contingent legal obligations. Deferred tax liabilities also declined significantly from 1.56% to 0.44%, further contributing to the overall decrease in total liabilities.

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