Selected Financial Data
since 2005
Income Statement
Boston Scientific Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 12,682) | 1,649) | 698) |
| Dec 31, 2021 | 11,888) | 1,199) | 1,041) |
| Dec 31, 2020 | 9,913) | (80) | (82) |
| Dec 31, 2019 | 10,735) | 1,518) | 4,700) |
| Dec 31, 2018 | 9,823) | 1,506) | 1,671) |
| Dec 31, 2017 | 9,048) | 1,285) | 104) |
| Dec 31, 2016 | 8,386) | 447) | 347) |
| Dec 31, 2015 | 7,477) | (327) | (239) |
| Dec 31, 2014 | 7,380) | (301) | (119) |
| Dec 31, 2013 | 7,143) | 120) | (121) |
| Dec 31, 2012 | 7,249) | (3,868) | (4,068) |
| Dec 31, 2011 | 7,622) | 904) | 441) |
| Dec 31, 2010 | 7,806) | (656) | (1,065) |
| Dec 31, 2009 | 8,188) | (894) | (1,025) |
| Dec 31, 2008 | 8,050) | (1,505) | (2,036) |
| Dec 31, 2007 | 8,357) | (14) | (495) |
| Dec 31, 2006 | 7,821) | (2,949) | (3,577) |
| Dec 31, 2005 | 6,283) | 968) | 628) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance of the organization from 2005 to 2022 is characterized by a long-term expansion in top-line revenue contrasted with significant volatility in operational and bottom-line profitability.
- Revenue Growth Patterns
- Net sales exhibited three distinct phases. An initial growth period occurred between 2005 and 2007, with sales increasing from 6,283 million to 8,357 million US$. This was followed by a period of stagnation and slight contraction between 2008 and 2014, where revenues fluctuated between approximately 7,100 million and 8,200 million US$. A sustained upward trajectory began in 2015, culminating in a peak of 12,682 million US$ by 2022, representing a substantial increase in market scale over the final eight years of the period.
- Operational Profitability and Volatility
- Operating income demonstrated extreme instability, with frequent shifts between profit and loss. Significant operational losses were recorded in 2006 (-2,949 million US$), 2008 (-1,505 million US$), and 2012 (-3,868 million US$). A period of relative operational stabilization emerged starting in 2016, with positive operating income maintained through 2019 and again from 2021 to 2022. The operational loss in 2020 (-80 million US$) represents a brief interruption in an otherwise improving trend in operational efficiency.
- Net Income Analysis
- Net income mirrored the volatility of operating results but exhibited more extreme fluctuations. Deep losses occurred in 2006 (-3,577 million US$) and 2012 (-4,068 million US$). A notable divergence between operating income and net income is observed in 2019, where net income reached a peak of 4,700 million US$ despite an operating income of 1,518 million US$, suggesting the impact of significant non-operating gains. The period concluded with a return to profitability, reporting a net income of 698 million US$ in 2022.
Overall, while the company successfully scaled its revenue base, the transition to consistent profitability was non-linear, marked by several periods of substantial financial losses before achieving more stable earnings in the most recent years.
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Balance Sheet: Assets
Boston Scientific Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 5,760) | 32,469) |
| Dec 31, 2021 | 6,317) | 32,229) |
| Dec 31, 2020 | 6,694) | 30,777) |
| Dec 31, 2019 | 4,699) | 30,565) |
| Dec 31, 2018 | 4,003) | 20,999) |
| Dec 31, 2017 | 3,822) | 19,042) |
| Dec 31, 2016 | 3,239) | 18,096) |
| Dec 31, 2015 | 3,471) | 18,133) |
| Dec 31, 2014 | 3,606) | 17,042) |
| Dec 31, 2013 | 3,011) | 16,571) |
| Dec 31, 2012 | 3,022) | 17,154) |
| Dec 31, 2011 | 3,105) | 21,290) |
| Dec 31, 2010 | 3,615) | 22,128) |
| Dec 31, 2009 | 4,061) | 25,177) |
| Dec 31, 2008 | 5,452) | 27,139) |
| Dec 31, 2007 | 5,921) | 31,197) |
| Dec 31, 2006 | 4,901) | 31,096) |
| Dec 31, 2005 | 2,631) | 8,196) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset base of the organization has experienced significant volatility between 2005 and 2022, characterized by two distinct periods of rapid expansion followed by a prolonged phase of consolidation and subsequent recovery.
- Total Asset Trajectory
- A substantial increase in total assets occurred between 2005 and 2006, rising from 8,196 million to 31,096 million. Following this peak, a consistent downward trend was observed from 2007 through 2013, with total assets contracting to a low of 16,571 million. This represents a reduction of approximately 47% from the 2006 high. A second period of aggressive growth began in 2018, culminating in a sharp increase in 2019 to 30,565 million, after which the asset base stabilized, reaching 32,469 million by the end of 2022.
- Current Asset Fluctuations
- Current assets exhibited a growth phase from 2005 to 2007, peaking at 5,921 million. A gradual decline followed until 2013, when current assets reached a trough of 3,011 million. A recovery trend emerged between 2014 and 2020, with a notable spike in 2020 to 6,694 million, the highest level in the recorded period. This was followed by a moderate correction to 5,760 million by December 31, 2022.
- Asset Composition and Liquidity Patterns
- The relationship between current assets and total assets indicates shifting liquidity profiles. In 2005, current assets comprised approximately 32% of total assets. Following the expansion of the total asset base in 2006, this ratio dropped significantly to approximately 15.7%. This proportion remained relatively suppressed during the contraction period and the subsequent growth phase, typically hovering between 15% and 18%. A temporary increase in the liquidity ratio was observed in 2020, where current assets represented roughly 21.7% of the total asset base, before receding to 17.7% in 2022.
- Comparative Growth Analysis
- The asset growth patterns suggest significant structural changes to the balance sheet, likely driven by major capital allocations or divestitures. The rapid expansion in 2006 and 2019 suggests periods of intensive acquisition or investment, while the steady decline from 2007 to 2013 suggests a period of asset write-downs, divestments, or strategic streamlining.
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Balance Sheet: Liabilities and Stockholders’ Equity
Boston Scientific Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2022 | 3,803) | 8,935) | 17,573) |
| Dec 31, 2021 | 4,274) | 9,065) | 16,622) |
| Dec 31, 2020 | 3,681) | 9,143) | 15,326) |
| Dec 31, 2019 | 4,866) | 10,008) | 13,877) |
| Dec 31, 2018 | 5,260) | 7,056) | 8,726) |
| Dec 31, 2017 | 5,654) | 5,616) | 7,012) |
| Dec 31, 2016 | 3,587) | 5,484) | 6,733) |
| Dec 31, 2015 | 2,430) | 5,677) | 6,320) |
| Dec 31, 2014 | 2,846) | 4,262) | 6,457) |
| Dec 31, 2013 | 1,824) | 4,240) | 6,539) |
| Dec 31, 2012 | 1,772) | 4,256) | 6,870) |
| Dec 31, 2011 | 1,807) | 4,261) | 11,353) |
| Dec 31, 2010 | 2,609) | 5,438) | 11,296) |
| Dec 31, 2009 | 3,022) | 5,918) | 12,301) |
| Dec 31, 2008 | 3,233) | 6,745) | 13,174) |
| Dec 31, 2007 | 3,250) | 8,189) | 15,097) |
| Dec 31, 2006 | 2,630) | 9,124) | 15,298) |
| Dec 31, 2005 | 1,479) | 2,020) | 4,282) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial position from 2005 to 2022 is characterized by significant volatility in debt levels and a robust recovery in stockholders' equity during the latter half of the period.
- Total Debt Trends
- Total debt exhibited a volatile trajectory, starting at 2,020 million in 2005 and surging to 9,124 million in 2006. This was followed by a period of gradual deleveraging, with debt falling to 4,240 million by 2013. A second expansionary phase occurred between 2014 and 2019, where debt reached a peak of 10,008 million before moderating to 8,935 million by 2022.
- Stockholders' Equity Evolution
- Equity levels showed a marked increase in 2006 to 15,298 million, followed by a persistent decline that reached a low of 6,320 million in 2015. From 2016 onward, a consistent upward trend is observed, with equity growing to 17,573 million by 2022, representing a substantial strengthening of the company's capital base.
- Current Liabilities Management
- Current liabilities remained relatively stable between 2005 and 2013, fluctuating between 1,479 million and 3,250 million. A significant increase occurred between 2014 and 2017, peaking at 5,654 million, after which a downward trend emerged, reducing current liabilities to 3,803 million by 2022.
- Capital Structure and Solvency Insights
- The relationship between debt and equity indicates a shift toward a more conservative capital structure in the most recent years. Although debt increased significantly between 2014 and 2019, the accelerated growth in stockholders' equity since 2016 has outpaced debt accumulation. By 2022, the equity-to-debt ratio improved considerably compared to the levels observed during the 2012-2015 period, signaling an overall improvement in long-term solvency.
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Cash Flow Statement
Boston Scientific Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operating activities | Cash (used for) provided by investing activities | Cash provided by (used for) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 1,526) | (2,011) | (548) |
| Dec 31, 2021 | 1,870) | (1,597) | (95) |
| Dec 31, 2020 | 1,508) | (411) | 293) |
| Dec 31, 2019 | 1,836) | (5,041) | 2,973) |
| Dec 31, 2018 | 310) | (1,921) | 1,432) |
| Dec 31, 2017 | 1,426) | (1,010) | 110) |
| Dec 31, 2016 | 972) | (887) | (206) |
| Dec 31, 2015 | 600) | (2,186) | 1,322) |
| Dec 31, 2014 | 1,269) | (745) | (150) |
| Dec 31, 2013 | 1,082) | (475) | (596) |
| Dec 31, 2012 | 1,260) | (579) | (744) |
| Dec 31, 2011 | 1,008) | 769) | (1,721) |
| Dec 31, 2010 | 325) | (480) | (496) |
| Dec 31, 2009 | 835) | (793) | (820) |
| Dec 31, 2008 | 1,216) | 324) | (1,350) |
| Dec 31, 2007 | 934) | (474) | (680) |
| Dec 31, 2006 | 1,845) | (9,312) | 8,439) |
| Dec 31, 2005 | 903) | (551) | (954) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2022 is characterized by consistent operational liquidity punctuated by periodic, large-scale capital allocations and corresponding financing activities. Operating cash flows have remained positive throughout the entire period, although they exhibit significant volatility, with a general range between 310 million and 1.87 billion US dollars.
- Operating Cash Flow Dynamics
- Cash provided by operating activities demonstrates a cyclical pattern. High points were reached in 2006, 2019, and 2021, with the peak occurring in 2021 at 1.87 billion US dollars. Conversely, sharp declines are noted in 2010, 2015, and 2018, the latter representing the lowest point in the sequence at 310 million US dollars. Despite these fluctuations, the company consistently generates positive cash from its core operations.
- Investing Activity and Capital Expenditure
- Investing activities are predominantly negative, indicating a sustained commitment to capital expenditures or acquisitions. Two primary spikes in cash outflows are evident: a substantial 9.31 billion US dollar outflow in 2006 and a 5.04 billion US dollar outflow in 2019. These outliers suggest major strategic acquisitions or infrastructure investments. Outside of these peaks, investing outflows typically range between 400 million and 2 billion US dollars, with rare instances of positive cash flow in 2008 and 2011.
- Financing Activity and Capital Sourcing
- Financing activities show a high degree of correlation with investing spikes. The massive investing outflow in 2006 was largely offset by a financing inflow of 8.44 billion US dollars. Similarly, the investment spike in 2019 was supported by a financing inflow of 2.97 billion US dollars. In years without major acquisitions, financing activities often trend negative, particularly in the most recent periods (2021-2022), suggesting a shift toward debt repayment or shareholder distributions.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a strategy of leveraging financing and operating cash to fund significant growth initiatives. In 2006 and 2019, the company utilized external financing to bridge the gap between operating cash and aggressive investing requirements. In more stable years, operating cash flows have been sufficient to cover both investing and financing obligations, though the volatility in operating cash suggests sensitivity to external market conditions or internal operational shifts.
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Per Share Data
Boston Scientific Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 0.45 | 0.45 | 0.00 |
| Dec 31, 2021 | 0.69 | 0.69 | 0.00 |
| Dec 31, 2020 | -0.08 | -0.08 | 0.00 |
| Dec 31, 2019 | 3.38 | 3.33 | 0.00 |
| Dec 31, 2018 | 1.21 | 1.19 | 0.00 |
| Dec 31, 2017 | 0.08 | 0.08 | 0.00 |
| Dec 31, 2016 | 0.26 | 0.25 | 0.00 |
| Dec 31, 2015 | -0.18 | -0.18 | 0.00 |
| Dec 31, 2014 | -0.09 | -0.09 | 0.00 |
| Dec 31, 2013 | -0.09 | -0.09 | 0.00 |
| Dec 31, 2012 | -2.89 | -2.89 | 0.00 |
| Dec 31, 2011 | 0.29 | 0.29 | 0.00 |
| Dec 31, 2010 | -0.70 | -0.70 | 0.00 |
| Dec 31, 2009 | -0.68 | -0.68 | 0.00 |
| Dec 31, 2008 | -1.36 | -1.36 | 0.00 |
| Dec 31, 2007 | -0.33 | -0.33 | 0.00 |
| Dec 31, 2006 | -2.81 | -2.81 | 0.00 |
| Dec 31, 2005 | 0.76 | 0.75 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share earnings data for the period from 2005 to 2022 reveals significant volatility, characterized by recurring periods of negative earnings interspersed with phases of profitability.
- Earnings Volatility and Loss Periods
- A substantial period of instability is evident between 2006 and 2015. Following a positive basic earnings per share of 0.76 in 2005, a sharp decline occurred in 2006 to -2.81. Although a brief return to profitability was achieved in 2011 at 0.29, a severe downturn followed in 2012, with earnings dropping to -2.89. The subsequent years from 2013 to 2015 remained in negative territory, albeit at lower magnitudes ranging from -0.09 to -0.18.
- Profitability Recovery and Peak Performance
- A consistent upward trajectory in profitability was observed from 2016 through 2019. Basic earnings per share increased from 0.26 in 2016 to a peak of 3.38 in 2019, representing the highest earnings level recorded during the analyzed timeframe.
- Recent Performance Trends
- The growth trend was interrupted in 2020, with basic earnings per share falling to -0.08. However, a recovery was observed in 2021 and 2022, with values returning to 0.69 and 0.45, respectively.
- Dilution and Dividend Analysis
- There is a negligible variance between basic and diluted earnings per share across all reporting years, suggesting that the impact of dilutive securities on per-share earnings is minimal. Additionally, no dividend distributions per share were recorded throughout the entire period from 2005 to 2022.
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