Stock Analysis on Net
Stock Analysis on Net

Boston Scientific Corp. (NYSE:BSX)

Income Statement
Quarterly Data

Beginner level

The income statement presents information on the financial results of a company’s 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.

Boston Scientific Corp., consolidated income statement (quarterly data)

US$ in millions

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3 months ended: 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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Net sales 2,659  2,003  2,543  2,904  2,707  2,631  2,493  2,561  2,393  2,490  2,379  2,409  2,222  2,257  2,160  2,191  2,105  2,126  1,964  1,978  1,888  1,843  1,768 
Cost of products sold (869) (791) (806) (850) (777) (758) (730) (728) (673) (739) (672) (674) (637) (632) (650) (618) (594) (639) (573) (574) (539) (540) (520)
Gross profit 1,790  1,212  1,737  2,054  1,930  1,873  1,763  1,833  1,720  1,751  1,707  1,735  1,585  1,625  1,510  1,573  1,511  1,487  1,391  1,404  1,349  1,303  1,248 
Selling, general and administrative expenses (984) (798) (978) (1,092) (1,012) (968) (869) (954) (870) (885) (861) (885) (800) (815) (794) (832) (772) (779) (716) (776) (729) (700) (668)
Research and development expenses (315) (242) (300) (308) (306) (280) (280) (288) (289) (275) (261) (264) (254) (244) (235) (256) (232) (222) (210) (243) (221) (220) (192)
Royalty expense (12) (8) (12) (17) (15) (17) (16) (18) (17) (17) (18) (18) (16) (17) (17) (20) (20) (20) (19) (18) (17) (18) (17)
Amortization expense (197) (197) (201) (200) (178) (161) (160) (163) (148) (147) (141) (141) (139) (142) (143) (138) (136) (135) (136) (135) (131) (116) (113)
Intangible asset impairment charges (219) (34) (198) (1) —  (37) (67) —  —  (34) (1) (1) (3) —  —  (4) (7) —  —  —  (10) (9) — 
Contingent consideration (expense) benefit (6) —  108  25  (8) (10) 28  13  (5) 24  50  (5) 13  (33) (4) (37) (40) (19) (27)
Restructuring charges (3) (4) (10) (28) (3) (1) (6) (15) (3) (5) (13) (20) (12) (1) (4) (6) (5) (14) (3) (10) (7) (3) (6)
Litigation-related net (charges) credits (259) —  —  (223) (25) (15) 148  (85) (18) —  —  (89) 12  (205) (3) (172) (4) (618) (10) (456) (457) (193)
Pension termination charges —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (36) —  (8)
Operating expenses (1,995) (1,283) (1,591) (1,844) (1,547) (1,489) (1,222) (1,514) (1,332) (1,359) (1,300) (1,416) (1,208) (1,400) (1,146) (1,433) (1,163) (1,821) (1,098) (1,675) (1,648) (1,084) (1,224)
Operating income (loss) (205) (71) 146  210  383  384  541  319  388  392  407  319  377  225  364  140  348  (334) 293  (271) (299) 219  24 
Interest expense (86) (91) (88) (180) (95) (89) (109) (65) (58) (57) (61) (57) (57) (58) (57) (57) (58) (59) (59) (60) (58) (106) (60)
Other, net 64  (19) (36) (36) (197) (150) 25  42  126  12  (23) (34) (11) (76) (2) (33) (4) (6) (6) (10) (8) (15)
Other income (expense) (22) (110) (124) (216) (292) (239) (84) (23) 68  (45) (84) (91) (68) (134) (59) (51) (91) (63) (65) (66) (68) (114) (75)
Income (loss) before income taxes (227) (181) 22  (6) 91  145  457  296  456  347  323  228  309  91  305  89  257  (397) 228  (337) (367) 105  (51)
Income tax (expense) benefit 72  34  (11) 4,002  35  (33) 90  (24) 208  (25) (843) (26) 55  (15) 35  (29) 190  (26) 195  169  (3) 50 
Net income (loss) (155) (147) 11  3,996  126  154  424  386  432  555  298  (615) 283  146  290  124  228  (207) 202  (142) (198) 102  (1)
Preferred stock dividends (14) (6) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Net income (loss) available to common stockholders (169) (153) 11  3,996  126  154  424  386  432  555  298  (615) 283  146  290  124  228  (207) 202  (142) (198) 102  (1)

Based on: 10-Q (filing date: 2020-11-05), 10-Q (filing date: 2020-08-05), 10-Q (filing date: 2020-05-06), 10-K (filing date: 2020-02-25), 10-Q (filing date: 2019-11-05), 10-Q (filing date: 2019-07-30), 10-Q (filing date: 2019-04-29), 10-K (filing date: 2019-02-19), 10-Q (filing date: 2018-10-29), 10-Q (filing date: 2018-07-31), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-20), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-23), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-03), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-11-04), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-06).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Boston Scientific Corp.’s net sales decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.
Operating income (loss) The net result for the period of deducting operating expenses from operating revenues. Boston Scientific Corp.’s operating income (loss) decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.
Income (loss) before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Boston Scientific Corp.’s income (loss) before income taxes decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.
Net income (loss) The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Boston Scientific Corp.’s net income (loss) decreased from Q1 2020 to Q2 2020 and from Q2 2020 to Q3 2020.