Income Statement
Quarterly Data
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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- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Revenues
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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).
- Net sales
- Net sales exhibited a generally upward trend from March 2018 through March 2023, increasing from approximately $2.38 billion to $3.39 billion. There was a noticeable dip in mid-2020, likely attributable to external market disruptions, followed by a recovery and continuous growth.
- Cost of products sold
- Costs progressively increased over the period, moving from about $672 million in March 2018 to $1.04 billion in March 2023. The cost rises closely followed net sales trends but with occasional sharper increases especially during late 2020, indicating potential pressure on gross margins during that period.
- Gross profit
- Gross profit generally increased over time, rising from $1.71 billion in March 2018 to $2.35 billion in March 2023. However, gross profit experienced a sharp decline in mid-2020, reflecting the impact of lower sales and higher product costs during that quarter. After this disruption, gross profit recovered and continued to grow.
- Selling, general and administrative expenses (SG&A)
- SG&A expenses grew steadily from $861 million in March 2018 to $1.21 billion in March 2023, showing ongoing investment in operational activities. There was a temporary reduction in mid-2020, aligning with decreased sales, but expenses resumed their growth trajectory subsequently.
- Research and development expenses (R&D)
- R&D spending remained relatively consistent, ranging mostly between $260 million and $340 million each quarter. The company maintained a stable commitment to innovation through the period, with a minor dip in mid-2020 which corresponds with the general expense reduction observed during that period.
- Royalty expense
- Royalty expenses were relatively low and stable, generally fluctuating slightly around $10 million to $18 million per quarter, with no significant trend.
- Amortization expense
- Amortization costs showed a gradual increase from $141 million in early 2018 to approximately $203 million in early 2023, reflecting ongoing amortization of intangible assets or capitalized expenditures.
- Impairment charges
- The data shows sporadic intangible asset impairments, notably large charges in late 2019 and multiple quarters in 2021 and 2022, sometimes exceeding $100 million. Goodwill impairment was recorded once in 2020 at $73 million. These charges may indicate periodic assessments of asset values yielding significant write-downs.
- Contingent consideration net expense (benefit)
- This item fluctuated considerably, with significant positive and negative swings, including large positive impacts such as $108 million in March 2020 and $85 million in June 2021. This suggests variability in adjustments related to acquisition-related contingencies which affected quarterly results unevenly.
- Restructuring charges
- Restructuring charges were relatively modest but persistent across all quarters, typically below $30 million, with occasional increases, implying ongoing efforts to optimize business operations periodically.
- Litigation-related net charges/credits
- There were notable volatility and large negative and positive litigation-related impacts. In particular, a sharp negative charge in December 2019 (-$223 million), further charges in 2020, and substantial credits and charges in 2021 and 2022 illustrate that legal matters significantly influenced earnings in an irregular manner.
- Gain (loss) on disposal of businesses and assets
- Gains from disposals appeared sporadically in 2020 and 2021, reaching up to $40 million in September 2021, but a substantial loss (-$22 million) was recorded in early 2023, signaling occasional material impacts from asset transactions on financial outcomes.
- Operating expenses
- Operating expenses grew substantially over time, and although there was a dip in mid-2020, expenses peaked around $2 billion in several quarters post-2020, reflecting increased investment or costs associated with the expanding business scale.
- Operating income (loss)
- Operating income displayed volatility, peaking at $541 million in March 2019 and plummeting to a loss of $205 million in September 2020 amid the pandemic-related disruption. Recovery was evident from late 2020 onward, with operating income reaching $552 million by March 2023, exceeding prior peaks.
- Interest expense
- Interest expenses largely fluctuated between $57 million and $87 million per quarter, with a spike to $279 million in March 2022, possibly corresponding to one-time financing costs or debt revaluation.
- Other, net / Other income (expense)
- Other income/expense was highly variable and influential in quarterly results. Notable were large positive impacts such as $353 million in December 2020 and negative swings around 2019-2022, indicating irregular financial activities, possibly investment or foreign exchange effects impacting net income.
- Income before income taxes
- Pre-tax income exhibited substantial fluctuations, with highs of $456 million in September 2018 and a significant low of -$227 million in September 2020. Post-2020, income before taxes showed a recovery trend, ending at $444 million in March 2023.
- Income tax expense/benefit
- Income tax figures were inconsistent, with some quarters showing tax benefits and others large expenses. For example, an extraordinary tax benefit of $4 billion appeared in December 2019, likely reflecting discrete tax events. The variability indicates complexities in tax reporting driven by fluctuations in pretax income and special items.
- Net income (loss)
- Net income generally followed the pretax income trend, with a standout spike to nearly $4 billion in December 2019 due to tax-related adjustments. Apart from that, net income showed a dip in mid-2020 but rebounded steadily through subsequent quarters, reaching a peak of $419 million in September 2021 and maintaining positive results thereafter.
- Preferred stock dividends
- Preferred dividends were consistently around $13 million to $15 million per quarter from late 2019 through March 2023, representing a stable cost of capital.
- Net income available to common stockholders
- This metric parallels net income trends and provides a clearer picture of earnings attributable to shareholders. Following the material spike in late 2019, the figure dipped during 2020, then gradually improved, ending at $300 million in March 2023, marking growth in shareholder returns.