Stock Analysis on Net
Stock Analysis on Net

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
Quarterly Data

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

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Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Current debt obligations 1.55 0.06 0.06 0.53 0.74 0.81 0.82 0.84 0.04 0.04 0.04 0.82 3.33 4.63 4.85 8.02 6.88 10.73 8.93 8.59 5.01
Accounts payable 2.64 2.65 2.51 2.27 2.15 2.46 2.11 2.21 1.99 1.67 1.47 1.32 2.01 1.77 1.91 2.16 2.09 1.66 2.22 2.05 2.10
Accrued expenses 5.83 6.65 6.18 6.83 7.13 7.56 7.59 7.83 6.67 7.14 7.12 5.57 5.19 6.90 7.22 7.95 8.25 10.70 12.12 11.55 12.74
Other current liabilities 2.39 2.34 2.35 2.44 3.20 2.43 2.10 2.18 2.28 3.11 2.09 2.36 2.67 2.61 1.92 1.83 1.60 1.96 1.67 2.03 6.12
Current liabilities 12.41% 11.71% 11.11% 12.06% 13.22% 13.26% 12.62% 13.07% 10.98% 11.96% 10.71% 10.08% 13.20% 15.92% 15.90% 19.95% 18.82% 25.05% 24.94% 24.23% 25.98%
Long-term debt 25.83 27.46 26.81 27.34 28.04 27.32 27.68 28.38 29.39 29.67 30.23 30.10 30.99 28.11 35.84 31.23 31.89 22.87 23.58 24.51 25.01
Deferred income taxes 0.64 0.44 0.87 0.82 0.81 0.96 0.86 0.37 1.09 1.07 1.69 1.90 1.96 1.95 3.02 1.71 1.85 1.56 2.10 1.86 0.67
Other long-term liabilities 6.07 6.26 6.00 6.18 6.18 6.89 7.20 7.03 7.67 7.51 6.91 7.25 8.01 8.62 8.99 8.34 8.65 8.96 8.71 9.92 11.73
Long-term liabilities 32.53% 34.16% 33.67% 34.34% 35.03% 35.17% 35.74% 35.78% 38.15% 38.24% 38.84% 39.25% 40.96% 38.68% 47.85% 41.28% 42.39% 33.40% 34.39% 36.29% 37.41%
Total liabilities 44.94% 45.88% 44.78% 46.41% 48.25% 48.43% 48.36% 48.85% 49.13% 50.20% 49.54% 49.34% 54.16% 54.60% 63.75% 61.23% 61.21% 58.45% 59.33% 60.52% 63.39%
Preferred stock, $0.01 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.01 par value 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.05 0.05 0.06 0.07 0.07 0.08 0.08 0.08 0.08
Treasury stock, at cost -6.84 -6.93 -7.05 -6.99 -6.96 -6.98 -7.06 -7.22 -7.28 -7.31 -5.57 -5.57 -5.70 -5.62 -6.42 -7.06 -7.21 -8.18 -8.43 -8.75 -8.94
Additional paid-in capital 61.89 62.48 63.29 62.45 61.98 62.01 62.52 63.58 63.91 64.11 63.83 63.56 58.41 57.45 65.45 71.67 73.00 82.61 84.91 87.85 89.50
Accumulated deficit -1.37 -2.31 -2.74 -3.26 -4.01 -4.32 -4.62 -6.03 -6.63 -7.73 -8.34 -7.80 -7.48 -7.37 -23.36 -26.22 -27.43 -33.11 -36.01 -39.61 -43.36
Accumulated other comprehensive income (loss), net of tax 0.54 0.83 1.67 1.35 0.69 0.82 0.75 0.76 0.82 0.67 0.49 0.43 0.56 0.88 0.52 0.32 0.37 0.16 0.12 -0.08 -0.67
Stockholders’ equity 54.27% 54.12% 55.22% 53.59% 51.75% 51.57% 51.64% 51.15% 50.87% 49.80% 50.46% 50.66% 45.84% 45.40% 36.25% 38.77% 38.79% 41.55% 40.67% 39.48% 36.61%
Noncontrolling interests 0.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total equity 55.06% 54.12% 55.22% 53.59% 51.75% 51.57% 51.64% 51.15% 50.87% 49.80% 50.46% 50.66% 45.84% 45.40% 36.25% 38.77% 38.79% 41.55% 40.67% 39.48% 36.61%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

A comprehensive shift in the capital structure is observed from March 2018 to March 2023, characterized by a consistent reduction in total liabilities and a corresponding increase in total equity. Total liabilities decreased from 63.39% of total liabilities and equity in the first quarter of 2018 to 44.94% by the first quarter of 2023. Conversely, total equity expanded from 36.61% to 55.06% over the same period, indicating a strengthening of the solvency position and a reduced reliance on external debt financing.

Current Liabilities Trends
Current liabilities experienced a significant downward trajectory, falling from 25.98% in March 2018 to 12.41% in March 2023. A primary driver of this decline was the reduction in current debt obligations, which peaked at 10.73% in December 2018 before dropping to near-zero levels (below 1%) for much of 2020 and 2021. Additionally, accrued expenses showed a steady contraction, decreasing from 12.74% to 5.83%, suggesting more efficient management of short-term operational obligations.
Long-Term Liability Dynamics
Long-term liabilities remained more stable than current liabilities but still trended slightly downward from 37.41% to 32.53%. Long-term debt exhibited some volatility, peaking at 35.84% in September 2019 before settling at 25.83% by March 2023. Other long-term liabilities also saw a gradual decrease from 11.73% to 6.07%, further contributing to the overall reduction in the company's leverage ratio.
Equity Composition and Quality
The most notable change within the equity section is the dramatic reduction of the accumulated deficit. The deficit stood at -43.36% in March 2018 and was systematically reduced to -1.37% by March 2023, reflecting a strong trend of cumulative profitability. This improvement in retained earnings significantly offset the decline in additional paid-in capital, which dropped from 89.50% to 61.89%. Treasury stock remained relatively consistent as a percentage of the total, fluctuating between -5.57% and -8.94%, indicating a steady approach to share repurchases.
Overall Financial Positioning
The transition from a liability-heavy balance sheet to one dominated by equity suggests a strategic deleveraging process. The movement of total equity from approximately one-third to over one-half of the total capital structure implies a lower financial risk profile and an enhanced capacity to absorb potential losses or fund future growth internally.

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