Stock Analysis on Net
Stock Analysis on Net

Boston Scientific Corp. (NYSE:BSX)

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Beginner level

Short-term Activity Ratios (Summary)

Boston Scientific Corp., short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
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
Turnover Ratios
Inventory turnover 2.13 1.96 1.97 1.91 2.22 2.34 2.41 2.43 2.50 2.35 2.41 2.36 2.44 2.58 2.54 2.38 2.37 2.18 2.14
Receivables turnover 6.97 6.84 5.87 5.79 5.89 6.13 6.11 6.12 5.99 5.87 5.84 6.01 6.03 6.01 5.70 5.90 5.74 5.94 5.86
Payables turnover 7.90 5.27 5.75 5.85 5.51 5.76 8.06 6.09 6.75 6.47 4.89 6.84 6.63 6.65 5.42 7.99 8.19 9.59 10.40
Working capital turnover 3.77 12.73 17.52 6.79 5.66 49.53 53.76 13.80 7.18
Average No. Days
Average inventory processing period 172 186 185 191 164 156 151 150 146 155 152 155 150 142 144 153 154 168 171
Add: Average receivable collection period 52 53 62 63 62 60 60 60 61 62 62 61 60 61 64 62 64 61 62
Operating cycle 224 239 247 254 226 216 211 210 207 217 214 216 210 203 208 215 218 229 233
Less: Average payables payment period 46 69 64 62 66 63 45 60 54 56 75 53 55 55 67 46 45 38 35
Cash conversion cycle 178 170 183 192 160 153 166 150 153 161 139 163 155 148 141 169 173 191 198

Based on: 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).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Boston Scientific Corp.’s inventory turnover ratio deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Boston Scientific Corp.’s receivables turnover ratio improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Boston Scientific Corp.’s payables turnover ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Boston Scientific Corp.’s working capital turnover ratio improved from Q4 2019 to Q1 2020 but then slightly deteriorated from Q1 2020 to Q2 2020 not reaching Q4 2019 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Boston Scientific Corp.’s number of days of inventory outstanding deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Boston Scientific Corp.’s number of days of receivables outstanding improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Boston Scientific Corp.’s operating cycle improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Boston Scientific Corp.’s number of days of payables outstanding increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Boston Scientific Corp.’s cash conversion cycle improved from Q4 2019 to Q1 2020 but then slightly deteriorated from Q1 2020 to Q2 2020 not reaching Q4 2019 level.

Inventory Turnover

Boston Scientific Corp., inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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
Selected Financial Data (US$ in millions)
Cost of products sold 791  806  850  777  758  730  728  673  739  672  674  637  632  650  618  594  639  573  574  539  540  520 
Inventories 1,516  1,628  1,579  1,566  1,300  1,228  1,166  1,134  1,087  1,113  1,078  1,077  1,023  971  955  998  981  1,022  1,016  1,086  968  958 
Short-term Activity Ratio
Inventory turnover1 2.13 1.96 1.97 1.91 2.22 2.34 2.41 2.43 2.50 2.35 2.41 2.36 2.44 2.58 2.54 2.38 2.37 2.18 2.14
Benchmarks
Inventory Turnover, Competitors2
Becton, Dickinson & Co. 3.35 3.28 3.49 3.42 3.42 3.72 3.56 3.13 2.87 2.09 3.38 3.40 3.63 3.77 3.78 3.51 3.65 3.10 2.85 2.50 1.82 2.76
Danaher Corp. 3.26 3.09 4.87 4.04 4.08 4.24 4.60 4.25 4.27 4.27 4.42 4.21 4.37 4.34 4.42 4.87 3.96 4.17 4.68
Edwards Lifesciences Corp. 1.47 1.73 1.74 1.74 1.59 1.49 1.55 1.61 1.63 1.56 1.58 1.58 1.71 1.93 2.01 1.90 1.92 1.86 1.82
Intuitive Surgical Inc. 2.22 2.30 2.30 2.24 2.41 2.50 2.74 2.89 3.10 3.46 3.88 4.02 4.02 3.90 4.47 4.37 4.73 4.91 4.80
Medtronic PLC 2.35 2.37 2.44 2.35 2.39 2.42 2.53 2.42 2.52 2.65 2.78 2.48 2.45 2.50 2.63 2.75 2.47 2.25 1.82
Stryker Corp. 1.50 1.55 1.58 1.56 1.54 1.56 1.58 1.57 1.64 1.64 1.73 1.67 1.78 1.85 1.89 1.75 1.75 1.88 2.04
Thermo Fisher Scientific Inc. 3.93 4.14 4.22 4.23 4.30 4.37 4.49 4.46 4.47 4.21 3.86 3.45 4.29 4.36 4.48 4.09 4.59 4.39 4.62

Based on: 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).

1 Q2 2020 Calculation
Inventory turnover = (Cost of products soldQ2 2020 + Cost of products soldQ1 2020 + Cost of products soldQ4 2019 + Cost of products soldQ3 2019) ÷ Inventories
= (791 + 806 + 850 + 777) ÷ 1,516 = 2.13

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Boston Scientific Corp.’s inventory turnover ratio deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Receivables Turnover

Boston Scientific Corp., receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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
Selected Financial Data (US$ in millions)
Net sales 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 
Trade accounts receivable, net 1,457  1,577  1,828  1,796  1,712  1,621  1,608  1,580  1,587  1,580  1,548  1,470  1,444  1,429  1,472  1,385  1,387  1,291  1,275  1,274  1,195  1,161 
Short-term Activity Ratio
Receivables turnover1 6.97 6.84 5.87 5.79 5.89 6.13 6.11 6.12 5.99 5.87 5.84 6.01 6.03 6.01 5.70 5.90 5.74 5.94 5.86
Benchmarks
Receivables Turnover, Competitors2
Becton, Dickinson & Co. 8.06 8.37 7.37 7.71 7.48 7.70 6.89 6.57 5.89 6.13 6.93 6.95 7.85 8.18 7.72 7.61 7.77 7.41 6.35 5.73 5.38 8.23
Danaher Corp. 5.59 5.25 5.61 5.31 5.42 5.70 5.70 5.90 5.85 5.75 5.20 5.48 5.42 5.66 5.30 5.90 4.77 5.11 5.19
Intuitive Surgical Inc. 8.56 8.73 6.94 6.65 6.38 7.03 5.46 6.15 6.49 6.95 6.11 6.40 5.97 6.74 6.29 6.07 6.27 7.51 6.05
Medtronic PLC 5.05 5.20 4.91 5.22 5.29 5.28 5.00 5.15 5.15 5.18 5.31 5.38 5.12 5.36 5.18 5.87 5.15 4.84 3.96
Stryker Corp. 6.39 5.65 5.14 5.97 5.90 6.08 5.83 6.39 6.24 6.04 5.66 6.17 6.28 6.29 5.76 6.04 5.96 6.32 5.98
Thermo Fisher Scientific Inc. 5.86 5.69 5.87 5.75 6.02 5.93 5.89 6.20 5.90 5.52 5.39 5.42 5.89 6.05 5.99 6.21 6.50 6.50 6.67
UnitedHealth Group Inc. 19.62 16.73 20.32 21.70 24.04 17.92 19.75 19.88 19.54 17.94 20.92 22.65 18.19 19.61 22.57 24.52 18.76 21.23 23.98

Based on: 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).

1 Q2 2020 Calculation
Receivables turnover = (Net salesQ2 2020 + Net salesQ1 2020 + Net salesQ4 2019 + Net salesQ3 2019) ÷ Trade accounts receivable, net
= (2,003 + 2,543 + 2,904 + 2,707) ÷ 1,457 = 6.97

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Boston Scientific Corp.’s receivables turnover ratio improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Payables Turnover

Boston Scientific Corp., payables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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
Selected Financial Data (US$ in millions)
Cost of products sold 791  806  850  777  758  730  728  673  739  672  674  637  632  650  618  594  639  573  574  539  540  520 
Accounts payable 408  605  542  512  524  498  349  453  403  404  530  371  376  376  447  298  284  232  209  210  191  228 
Short-term Activity Ratio
Payables turnover1 7.90 5.27 5.75 5.85 5.51 5.76 8.06 6.09 6.75 6.47 4.89 6.84 6.63 6.65 5.42 7.99 8.19 9.59 10.40
Benchmarks
Payables Turnover, Competitors2
Danaher Corp. 5.28 4.55 5.23 5.08 5.05 5.13 5.13 5.49 5.33 5.27 5.39 5.31 5.49 5.46 5.08 6.15 4.45 4.86 4.78
Intuitive Surgical Inc. 13.18 10.69 11.08 9.80 9.52 8.96 11.12 11.08 10.07 10.18 11.33 11.26 11.62 11.26 11.89 13.24 12.35 13.83 15.33
Medtronic PLC 4.84 4.89 4.69 5.31 5.16 4.98 5.56 5.03 5.34 5.33 5.37 5.92 5.48 5.54 5.35 6.76 6.01 5.80 3.92
Stryker Corp. 8.12 7.08 7.69 7.74 8.00 7.74 7.22 8.09 8.01 8.28 8.77 8.97 9.48 8.82 8.76 8.70 8.21 8.42 8.16
Thermo Fisher Scientific Inc. 10.35 8.93 7.40 8.44 9.92 9.33 8.36 9.89 9.42 8.99 8.03 9.58 10.58 9.84 10.69 10.38 11.31 11.08 11.20
UnitedHealth Group Inc. 9.50 8.21 8.51 8.76 8.64 8.36 8.67 8.44 8.42 8.09 8.63 8.38 8.32 8.21 8.63 8.48 8.20 8.06 8.38

Based on: 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).

1 Q2 2020 Calculation
Payables turnover = (Cost of products soldQ2 2020 + Cost of products soldQ1 2020 + Cost of products soldQ4 2019 + Cost of products soldQ3 2019) ÷ Accounts payable
= (791 + 806 + 850 + 777) ÷ 408 = 7.90

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Boston Scientific Corp.’s payables turnover ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Working Capital Turnover

Boston Scientific Corp., working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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
Selected Financial Data (US$ in millions)
Current assets 5,803  4,823  4,699  4,847  6,334  6,234  4,003  3,971  3,929  4,080  3,822  3,478  3,222  3,026  3,239  3,181  3,330  3,164  3,471  3,462  3,773  3,189 
Less: Current liabilities 3,108  3,976  4,866  4,254  4,850  4,479  5,260  5,082  4,753  4,988  5,654  4,828  4,300  3,490  3,587  3,016  3,182  2,608  2,430  2,238  1,937  2,463 
Working capital 2,695  847  (167) 593  1,484  1,755  (1,257) (1,111) (824) (908) (1,832) (1,350) (1,078) (464) (348) 165  148  556  1,041  1,224  1,836  726 
 
Net sales 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 
Short-term Activity Ratio
Working capital turnover1 3.77 12.73 17.52 6.79 5.66 49.53 53.76 13.80 7.18
Benchmarks
Working Capital Turnover, Competitors2
Becton, Dickinson & Co. 17.14 31.45 81.96 10.39 4.38 4.63 0.79 0.81 14.11 20.13 6.35 5.32 5.48 10.09 6.20 5.28 3.39 0.85
Danaher Corp. 2.80 6.74 0.87 1.28 2.86 3.56 8.83 8.29 8.36 7.15 8.91 9.52 8.49 54.35 10.51 5.95 8.16 12.34
Edwards Lifesciences Corp. 2.38 2.55 2.09 2.11 2.39 2.22 2.64 2.20 2.35 2.46 3.04 1.81 1.88 2.20 1.74 1.75 1.82 1.91 1.59
Intuitive Surgical Inc. 0.88 1.23 1.23 1.25 1.24 1.17 1.06 1.01 1.04 1.18 1.49 1.29 1.41 1.73 1.02 1.10 1.08 1.25 1.40
Medtronic PLC 2.13 2.16 2.26 2.54 2.30 2.24 2.32 1.90 2.02 3.11 2.79 3.01 2.24 1.84 1.75 1.47 1.26 1.08 0.93
Stryker Corp. 1.68 2.28 2.14 3.13 3.35 3.32 2.76 3.53 3.87 4.17 2.76 2.72 2.43 2.21 2.40 2.51 2.48 1.24 2.24
Thermo Fisher Scientific Inc. 2.69 3.54 4.48 5.40 6.70 6.10 5.44 5.47 6.61 8.75 8.82 10.94 8.08 9.64 8.48 6.10 21.93 80.21 10.64
UnitedHealth Group Inc.

Based on: 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).

1 Q2 2020 Calculation
Working capital turnover = (Net salesQ2 2020 + Net salesQ1 2020 + Net salesQ4 2019 + Net salesQ3 2019) ÷ Working capital
= (2,003 + 2,543 + 2,904 + 2,707) ÷ 2,695 = 3.77

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Boston Scientific Corp.’s working capital turnover ratio improved from Q4 2019 to Q1 2020 but then slightly deteriorated from Q1 2020 to Q2 2020 not reaching Q4 2019 level.

Average Inventory Processing Period

Boston Scientific Corp., average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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
Selected Financial Data
Inventory turnover 2.13 1.96 1.97 1.91 2.22 2.34 2.41 2.43 2.50 2.35 2.41 2.36 2.44 2.58 2.54 2.38 2.37 2.18 2.14
Short-term Activity Ratio (no. days)
Average inventory processing period1 172 186 185 191 164 156 151 150 146 155 152 155 150 142 144 153 154 168 171
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Becton, Dickinson & Co. 109 111 105 107 107 98 103 117 127 174 108 107 101 97 97 104 100 118 128 146 200 132
Danaher Corp. 112 118 75 90 89 86 79 86 86 86 83 87 84 84 83 75 92 88 78
Edwards Lifesciences Corp. 248 211 210 210 229 246 236 227 223 234 231 230 213 189 182 193 190 197 201
Intuitive Surgical Inc. 164 159 159 163 152 146 133 126 118 106 94 91 91 94 82 83 77 74 76
Medtronic PLC 155 154 150 156 153 151 144 151 145 138 131 147 149 146 139 133 148 162 200
Stryker Corp. 244 235 231 234 237 233 231 232 223 222 211 218 206 197 193 209 208 194 179
Thermo Fisher Scientific Inc. 93 88 87 86 85 84 81 82 82 87 95 106 85 84 82 89 80 83 79

Based on: 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).

1 Q2 2020 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 2.13 = 172

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Boston Scientific Corp.’s number of days of inventory outstanding deteriorated from Q4 2019 to Q1 2020 but then improved from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Average Receivable Collection Period

Boston Scientific Corp., average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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
Selected Financial Data
Receivables turnover 6.97 6.84 5.87 5.79 5.89 6.13 6.11 6.12 5.99 5.87 5.84 6.01 6.03 6.01 5.70 5.90 5.74 5.94 5.86
Short-term Activity Ratio (no. days)
Average receivable collection period1 52 53 62 63 62 60 60 60 61 62 62 61 60 61 64 62 64 61 62
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Becton, Dickinson & Co. 45 44 50 47 49 47 53 56 62 60 53 53 46 45 47 48 47 49 57 64 68 44
Danaher Corp. 65 69 65 69 67 64 64 62 62 63 70 67 67 65 69 62 76 71 70
Intuitive Surgical Inc. 43 42 53 55 57 52 67 59 56 52 60 57 61 54 58 60 58 49 60
Medtronic PLC 72 70 74 70 69 69 73 71 71 71 69 68 71 68 70 62 71 75 92
Stryker Corp. 57 65 71 61 62 60 63 57 58 60 64 59 58 58 63 60 61 58 61
Thermo Fisher Scientific Inc. 62 64 62 63 61 62 62 59 62 66 68 67 62 60 61 59 56 56 55
UnitedHealth Group Inc. 19 22 18 17 15 20 18 18 19 20 17 16 20 19 16 15 19 17 15

Based on: 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).

1 Q2 2020 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.97 = 52

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Boston Scientific Corp.’s number of days of receivables outstanding improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Operating Cycle

Boston Scientific Corp., operating cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
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
Selected Financial Data
Average inventory processing period 172 186 185 191 164 156 151 150 146 155 152 155 150 142 144 153 154 168 171
Average receivable collection period 52 53 62 63 62 60 60 60 61 62 62 61 60 61 64 62 64 61 62
Short-term Activity Ratio
Operating cycle1 224 239 247 254 226 216 211 210 207 217 214 216 210 203 208 215 218 229 233
Benchmarks
Operating Cycle, Competitors2
Becton, Dickinson & Co. 154 155 155 154 156 145 156 173 189 234 161 160 147 142 144 152 147 167 185 210 268 176
Danaher Corp. 177 187 140 159 156 150 143 148 148 149 153 154 151 149 152 137 168 159 148
Intuitive Surgical Inc. 207 201 212 218 209 198 200 185 174 158 154 148 152 148 140 143 135 123 136
Medtronic PLC 227 224 224 226 222 220 217 222 216 209 200 215 220 214 209 195 219 237 292
Stryker Corp. 301 300 302 295 299 293 294 289 281 282 275 277 264 255 256 269 269 252 240
Thermo Fisher Scientific Inc. 155 152 149 149 146 146 143 141 144 153 163 173 147 144 143 148 136 139 134

Based on: 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).

1 Q2 2020 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 172 + 52 = 224

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Boston Scientific Corp.’s operating cycle improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Average Payables Payment Period

Boston Scientific Corp., average payables payment period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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
Selected Financial Data
Payables turnover 7.90 5.27 5.75 5.85 5.51 5.76 8.06 6.09 6.75 6.47 4.89 6.84 6.63 6.65 5.42 7.99 8.19 9.59 10.40
Short-term Activity Ratio (no. days)
Average payables payment period1 46 69 64 62 66 63 45 60 54 56 75 53 55 55 67 46 45 38 35
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Danaher Corp. 69 80 70 72 72 71 71 66 69 69 68 69 67 67 72 59 82 75 76
Intuitive Surgical Inc. 28 34 33 37 38 41 33 33 36 36 32 32 31 32 31 28 30 26 24
Medtronic PLC 75 75 78 69 71 73 66 73 68 68 68 62 67 66 68 54 61 63 93
Stryker Corp. 45 52 47 47 46 47 51 45 46 44 42 41 39 41 42 42 44 43 45
Thermo Fisher Scientific Inc. 35 41 49 43 37 39 44 37 39 41 45 38 35 37 34 35 32 33 33
UnitedHealth Group Inc. 38 44 43 42 42 44 42 43 43 45 42 44 44 44 42 43 44 45 44

Based on: 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).

1 Q2 2020 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 7.90 = 46

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Boston Scientific Corp.’s number of days of payables outstanding increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.

Cash Conversion Cycle

Boston Scientific Corp., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
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
Selected Financial Data
Average inventory processing period 172 186 185 191 164 156 151 150 146 155 152 155 150 142 144 153 154 168 171
Average receivable collection period 52 53 62 63 62 60 60 60 61 62 62 61 60 61 64 62 64 61 62
Average payables payment period 46 69 64 62 66 63 45 60 54 56 75 53 55 55 67 46 45 38 35
Short-term Activity Ratio
Cash conversion cycle1 178 170 183 192 160 153 166 150 153 161 139 163 155 148 141 169 173 191 198
Benchmarks
Cash Conversion Cycle, Competitors2
Danaher Corp. 108 107 70 87 84 79 72 82 79 80 85 85 84 82 80 78 86 84 72
Intuitive Surgical Inc. 179 167 179 181 171 157 167 152 138 122 122 116 121 116 109 115 105 97 112
Medtronic PLC 152 149 146 157 151 147 151 149 148 141 132 153 153 148 141 141 158 174 199
Stryker Corp. 256 248 255 248 253 246 243 244 235 238 233 236 225 214 214 227 225 209 195
Thermo Fisher Scientific Inc. 120 111 100 106 109 107 99 104 105 112 118 135 112 107 109 113 104 106 101

Based on: 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).

1 Q2 2020 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 172 + 5246 = 178

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Boston Scientific Corp.’s cash conversion cycle improved from Q4 2019 to Q1 2020 but then slightly deteriorated from Q1 2020 to Q2 2020 not reaching Q4 2019 level.