Stock Analysis on Net
Stock Analysis on Net

Boston Scientific Corp. (NYSE:BSX)

$22.49

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

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Boston Scientific Corp., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net sales
Cost of products sold
Gross profit
Selling, general and administrative expenses
Research and development expenses
Royalty expense
Amortization expense
Goodwill impairment charges
Intangible asset impairment charges
Contingent consideration net (expense) benefit
Restructuring net charges
Litigation-related net charges
Gain (loss) on disposal of businesses and assets
Operating expenses
Operating income (loss)
Interest expense
Other, net
Other income (expense)
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)
Preferred stock dividends
Net income (loss) available to common stockholders

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 and Gross Profit
Net sales showed an overall upward trend from 2018 to 2022, increasing from $9,823 million to $12,682 million. However, there was a slight decline in 2020. Correspondingly, gross profit followed a similar pattern, rising generally but experiencing a decline in 2020 before recovering strongly in 2021 and 2022.
Cost of Products Sold and Operating Expenses
The cost of products sold increased steadily over the five years, from $2,812 million in 2018 to $3,955 million in 2022. Operating expenses also rose consistently, moving from $5,505 million to $7,078 million within the same time frame. This suggests increasing resource consumption and investment in operations.
Operating Income (Loss)
Operating income remained positive in most years except 2020, where it showed a loss of $80 million. Despite this setback, operating income rebounded in 2021 and increased further in 2022, indicating improved operational efficiency or revenue conditions after 2020.
Expenses Breakdown: SG&A, R&D, and Amortization
Selling, general and administrative expenses grew from $3,570 million to $4,519 million, reflecting increased selling and administrative activities. Research and development expenses showed a consistent rise, indicating continued investment in innovation. Amortization expenses fluctuated, with a notable increase in 2020, likely impacted by intangible asset charges that also peaked that year.
Impairment and Other Charges
Intangible asset impairment charges were significant in 2020 ($460 million) and gradually decreased afterward. Goodwill impairment charges appeared only in 2020, suggesting a one-time write-down. Litigation-related net charges increased sharply in 2020 and 2021 but dropped again in 2022. Contingent consideration benefits peaked in 2021 but turned negative in 2022.
Income Before and After Taxes
Income before income taxes and net income exhibited volatility. 2019 had an unusually high net income of $4,700 million, influenced strongly by a large income tax benefit. In contrast, 2020 recorded losses both before and after tax. Income rebounded in 2021 and 2022 but did not reach the 2019 peak, with net income available to common stockholders dropping from $985 million in 2021 to $642 million in 2022.
Tax Expense and Impact
Income tax expense fluctuated considerably, with a very large tax benefit in 2019 and increasing tax expenses in 2022. This volatility heavily influenced net income results across the years.
Interest and Other Income/Expenses
Interest expense rose significantly in 2019 and 2022, which could have impacted profitability. Other income and expenses showed variability, with a substantial negative impact in 2019 and 2022.
Dividends
Preferred stock dividends appeared starting in 2020, maintaining a consistent amount through 2022, representing an additional outflow affecting net income available to common shareholders.
Summary
Overall, the data reflects growth in net sales and gross profit with increased costs and operating expenses, leading to fluctuations in operating income and net income over the five-year period. The year 2020 stands out as an anomaly with losses and higher impairments. Subsequent years show recovery but not a full return to the exceptionally high net income levels seen in 2019. Variability in tax benefits and expenses, along with one-time charges, significantly influenced profitability measures.