Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Short-term Activity Ratios (Summary)
Inventory Turnover
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Turnover Ratios
Inventory turnover	1.97	2.12	2.19	2.19	2.17	2.30	2.33	2.59	2.53	2.56	2.25	2.13	1.96	1.97	1.91	2.22	2.34	2.41	—	—	—
Receivables turnover	6.28	6.44	6.72	6.43	6.52	6.69	6.87	6.68	6.21	6.47	6.33	6.97	6.84	5.87	5.79	5.89	6.13	6.11	—	—	—
Payables turnover	4.65	4.59	4.88	5.24	5.42	4.67	5.55	5.38	5.78	6.75	7.34	7.90	5.27	5.75	5.85	5.51	5.76	8.06	—	—	—
Working capital turnover	8.05	6.48	7.88	10.27	15.39	5.82	5.20	4.17	3.74	3.29	3.54	3.77	12.73	—	17.52	6.79	5.66	—	—	—	—
Average No. Days
Average inventory processing period	185	172	167	167	168	158	157	141	145	142	162	172	186	185	191	164	156	151	—	—	—
Add: Average receivable collection period	58	57	54	57	56	55	53	55	59	56	58	52	53	62	63	62	60	60	—	—	—
Operating cycle	243	229	221	224	224	213	210	196	204	198	220	224	239	247	254	226	216	211	—	—	—
Less: Average payables payment period	78	80	75	70	67	78	66	68	63	54	50	46	69	64	62	66	63	45	—	—	—
Cash conversion cycle	165	149	146	154	157	135	144	128	141	144	170	178	170	183	192	160	153	166	—	—	—

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Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Boston Scientific Corp. inventory turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Boston Scientific Corp. receivables turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Boston Scientific Corp. payables turnover ratio decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Boston Scientific Corp. working capital turnover ratio deteriorated from Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.

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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. number of days of inventory outstanding deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.	Boston Scientific Corp. number of days of receivables outstanding deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Boston Scientific Corp. operating cycle deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
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. number of days of payables outstanding increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023.
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. cash conversion cycle deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data (US$ in millions)
Cost of products sold	1,040)	1,010)	979)	1,011)	955)	972)	900)	945)	894)	999)	869)	791)	806)	850)	777)	758)	730)	728)	673)	739)	672)
Inventories	2,050)	1,867)	1,788)	1,752)	1,736)	1,610)	1,603)	1,430)	1,407)	1,351)	1,472)	1,516)	1,628)	1,579)	1,566)	1,300)	1,228)	1,166)	1,134)	1,087)	1,113)
Short-term Activity Ratio
Inventory turnover¹	1.97	2.12	2.19	2.19	2.17	2.30	2.33	2.59	2.53	2.56	2.25	2.13	1.96	1.97	1.91	2.22	2.34	2.41	—	—	—
Benchmarks
Inventory Turnover, Competitors²
Abbott Laboratories	2.77	3.10	3.37	3.24	3.36	3.59	3.47	3.27	2.99	2.99	2.71	2.56	2.92	3.07	—	—	—	—	—	—	—
Cigna Group	30.04	26.13	30.87	32.34	34.32	31.58	37.54	36.13	36.50	32.70	37.84	36.30	38.13	36.70	—	—	—	—	—	—	—
CVS Health Corp.	15.15	14.05	14.46	14.64	13.60	13.52	13.49	13.48	12.57	11.88	12.43	13.03	12.68	12.06	—	—	—	—	—	—	—
Intuitive Surgical Inc.	2.25	2.27	2.36	2.62	2.82	2.98	2.90	2.84	2.64	2.49	2.18	2.22	2.30	2.30	—	—	—	—	—	—	—
Medtronic PLC	2.09	2.20	2.26	2.38	2.47	2.43	2.24	2.20	2.10	2.23	2.34	2.35	2.37	2.44	2.35	2.39	2.42	2.53	—	—	—
Shockwave Medical Inc.	0.88	0.87	0.87	0.89	0.87	0.96	0.91	0.82	0.69	0.70	0.70	0.82	1.24	1.42	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Inventory turnover = (Cost of products sold_{Q1 2023} + Cost of products sold_{Q4 2022} + Cost of products sold_{Q3 2022} + Cost of products sold_{Q2 2022}) ÷ Inventories
= (1,040 + 1,010 + 979 + 1,011) ÷ 2,050 = 1.97

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Boston Scientific Corp. inventory turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data (US$ in millions)
Net sales	3,389)	3,242)	3,170)	3,244)	3,026)	3,127)	2,932)	3,077)	2,752)	2,708)	2,659)	2,003)	2,543)	2,904)	2,707)	2,631)	2,493)	2,561)	2,393)	2,490)	2,379)
Trade accounts receivable, net	2,076)	1,970)	1,871)	1,917)	1,866)	1,778)	1,669)	1,675)	1,631)	1,531)	1,598)	1,457)	1,577)	1,828)	1,796)	1,712)	1,621)	1,608)	1,580)	1,587)	1,580)
Short-term Activity Ratio
Receivables turnover¹	6.28	6.44	6.72	6.43	6.52	6.69	6.87	6.68	6.21	6.47	6.33	6.97	6.84	5.87	5.79	5.89	6.13	6.11	—	—	—
Benchmarks
Receivables Turnover, Competitors²
Abbott Laboratories	6.89	7.02	7.03	6.33	6.20	6.64	6.61	6.58	6.13	5.40	5.70	6.12	6.06	5.88	—	—	—	—	—	—	—
CVS Health Corp.	11.65	11.79	11.94	11.27	11.30	11.91	11.23	11.48	11.32	12.32	11.14	11.68	11.33	13.04	—	—	—	—	—	—	—
Elevance Health Inc.	16.53	18.81	19.51	18.80	16.67	20.66	18.93	18.81	17.39	19.72	18.91	18.04	16.74	18.20	—	—	—	—	—	—	—
Humana Inc.	30.60	55.25	56.74	26.54	27.18	45.69	42.91	32.51	35.43	66.78	64.58	31.30	33.43	60.97	—	—	—	—	—	—	—
Intuitive Surgical Inc.	6.95	6.60	7.20	7.11	6.52	7.30	7.90	7.38	6.96	6.75	7.32	8.56	8.73	6.94	—	—	—	—	—	—	—
Medtronic PLC	5.85	5.71	5.84	5.79	5.82	5.51	5.35	5.21	5.73	6.22	4.97	5.05	5.20	4.91	5.22	5.29	5.28	5.00	—	—	—
Shockwave Medical Inc.	6.61	6.86	6.69	6.08	6.25	6.33	5.86	5.21	4.31	5.80	5.54	8.03	6.51	5.82	—	—	—	—	—	—	—
UnitedHealth Group Inc.	14.88	18.22	18.37	16.27	15.65	20.07	19.60	18.53	16.35	19.86	20.63	19.62	16.73	20.32	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Receivables turnover = (Net sales_{Q1 2023} + Net sales_{Q4 2022} + Net sales_{Q3 2022} + Net sales_{Q2 2022}) ÷ Trade accounts receivable, net
= (3,389 + 3,242 + 3,170 + 3,244) ÷ 2,076 = 6.28

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Boston Scientific Corp. receivables turnover ratio deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data (US$ in millions)
Cost of products sold	1,040)	1,010)	979)	1,011)	955)	972)	900)	945)	894)	999)	869)	791)	806)	850)	777)	758)	730)	728)	673)	739)	672)
Accounts payable	868)	862)	803)	732)	696)	794)	674)	689)	615)	513)	452)	408)	605)	542)	512)	524)	498)	349)	453)	403)	404)
Short-term Activity Ratio
Payables turnover¹	4.65	4.59	4.88	5.24	5.42	4.67	5.55	5.38	5.78	6.75	7.34	7.90	5.27	5.75	5.85	5.51	5.76	8.06	—	—	—
Benchmarks
Payables Turnover, Competitors²
Abbott Laboratories	4.44	4.15	4.67	4.25	4.02	4.21	4.55	4.43	3.97	3.80	4.37	4.00	4.20	4.07	—	—	—	—	—	—	—
Cigna Group	7.18	7.31	7.44	7.44	7.89	7.68	7.71	7.60	7.74	7.75	8.02	8.30	9.06	9.34	—	—	—	—	—	—	—
CVS Health Corp.	22.08	18.07	18.75	19.22	19.38	19.14	18.49	20.72	20.50	19.72	18.61	21.70	21.06	20.13	—	—	—	—	—	—	—
Elevance Health Inc.	7.57	7.47	7.48	7.35	7.28	7.59	7.31	7.30	7.31	7.75	8.32	8.42	8.48	9.25	—	—	—	—	—	—	—
Humana Inc.	7.78	8.17	8.07	7.61	7.63	8.35	7.76	7.81	7.32	7.57	7.20	7.12	7.90	8.97	—	—	—	—	—	—	—
Intuitive Surgical Inc.	12.99	13.78	12.01	12.68	14.36	14.45	14.13	13.71	14.80	18.35	12.46	13.18	10.69	11.08	—	—	—	—	—	—	—
Medtronic PLC	4.62	4.46	5.14	5.41	5.67	4.98	5.56	5.19	5.56	4.72	4.96	4.84	4.89	4.69	5.31	5.16	4.98	5.56	—	—	—
Shockwave Medical Inc.	6.62	9.67	17.34	10.11	5.48	11.77	9.70	11.23	6.23	14.32	10.18	7.49	9.18	6.15	—	—	—	—	—	—	—
UnitedHealth Group Inc.	6.86	7.26	7.07	6.90	6.78	7.63	6.98	6.97	6.58	7.29	7.40	8.02	6.96	7.21	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Payables turnover = (Cost of products sold_{Q1 2023} + Cost of products sold_{Q4 2022} + Cost of products sold_{Q3 2022} + Cost of products sold_{Q2 2022}) ÷ Accounts payable
= (1,040 + 1,010 + 979 + 1,011) ÷ 868 = 4.65

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Boston Scientific Corp. payables turnover ratio decreased from Q3 2022 to Q4 2022 but then slightly increased from Q4 2022 to Q1 2023.

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data (US$ in millions)
Current assets	5,704)	5,760)	5,144)	5,083)	5,065)	6,317)	6,229)	6,758)	6,101)	6,694)	6,160)	5,803)	4,823)	4,699)	4,847)	6,334)	6,234)	4,003)	3,971)	3,929)	4,080)
Less: Current liabilities	4,083)	3,803)	3,549)	3,883)	4,275)	4,274)	4,022)	4,073)	3,393)	3,681)	3,302)	3,108)	3,976)	4,866)	4,254)	4,850)	4,479)	5,260)	5,082)	4,753)	4,988)
Working capital	1,621)	1,957)	1,595)	1,200)	790)	2,043)	2,207)	2,685)	2,708)	3,013)	2,858)	2,695)	847)	(167)	593)	1,484)	1,755)	(1,257)	(1,111)	(824)	(908)

Net sales	3,389)	3,242)	3,170)	3,244)	3,026)	3,127)	2,932)	3,077)	2,752)	2,708)	2,659)	2,003)	2,543)	2,904)	2,707)	2,631)	2,493)	2,561)	2,393)	2,490)	2,379)
Short-term Activity Ratio
Working capital turnover¹	8.05	6.48	7.88	10.27	15.39	5.82	5.20	4.17	3.74	3.29	3.54	3.77	12.73	—	17.52	6.79	5.66	—	—	—	—
Benchmarks
Working Capital Turnover, Competitors²
Abbott Laboratories	4.21	4.48	3.92	3.63	4.13	3.87	3.98	4.02	3.99	4.06	4.52	5.02	6.84	6.64	—	—	—	—	—	—	—
Cigna Group	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Elevance Health Inc.	7.60	8.37	9.11	8.85	8.65	7.23	6.79	6.67	5.38	6.39	5.98	5.40	6.81	6.11	—	—	—	—	—	—	—
Humana Inc.	8.98	10.27	10.54	9.53	9.27	8.67	7.47	7.38	7.61	7.42	6.04	6.14	6.91	7.19	—	—	—	—	—	—	—
Intuitive Surgical Inc.	1.15	1.29	1.21	1.17	1.26	1.22	1.17	1.03	0.88	0.77	0.80	0.88	1.23	1.23	—	—	—	—	—	—	—
Medtronic PLC	3.84	2.97	2.21	2.13	2.15	2.15	2.02	2.00	2.44	2.48	2.03	2.13	2.16	2.26	2.54	2.30	2.24	2.32	—	—	—
Shockwave Medical Inc.	1.24	1.24	1.26	1.27	1.15	1.01	0.81	0.64	0.42	0.31	0.25	0.21	0.28	0.22	—	—	—	—	—	—	—
UnitedHealth Group Inc.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Working capital turnover = (Net sales_{Q1 2023} + Net sales_{Q4 2022} + Net sales_{Q3 2022} + Net sales_{Q2 2022}) ÷ Working capital
= (3,389 + 3,242 + 3,170 + 3,244) ÷ 1,621 = 8.05

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Boston Scientific Corp. working capital turnover ratio deteriorated from Q3 2022 to Q4 2022 but then improved from Q4 2022 to Q1 2023 exceeding Q3 2022 level.

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data
Inventory turnover	1.97	2.12	2.19	2.19	2.17	2.30	2.33	2.59	2.53	2.56	2.25	2.13	1.96	1.97	1.91	2.22	2.34	2.41	—	—	—
Short-term Activity Ratio (no. days)
Average inventory processing period¹	185	172	167	167	168	158	157	141	145	142	162	172	186	185	191	164	156	151	—	—	—
Benchmarks (no. days)
Average Inventory Processing Period, Competitors²
Abbott Laboratories	132	118	108	113	109	102	105	111	122	122	135	142	125	119	—	—	—	—	—	—	—
Cigna Group	12	14	12	11	11	12	10	10	10	11	10	10	10	10	—	—	—	—	—	—	—
CVS Health Corp.	24	26	25	25	27	27	27	27	29	31	29	28	29	30	—	—	—	—	—	—	—
Intuitive Surgical Inc.	162	161	155	139	130	122	126	129	138	147	167	164	159	159	—	—	—	—	—	—	—
Medtronic PLC	174	166	161	153	148	150	163	166	174	164	156	155	154	150	156	153	151	144	—	—	—
Shockwave Medical Inc.	415	422	418	412	419	379	401	446	527	519	525	445	294	257	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 1.97 = 185

² Click competitor name to see calculations.

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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. number of days of inventory outstanding deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data
Receivables turnover	6.28	6.44	6.72	6.43	6.52	6.69	6.87	6.68	6.21	6.47	6.33	6.97	6.84	5.87	5.79	5.89	6.13	6.11	—	—	—
Short-term Activity Ratio (no. days)
Average receivable collection period¹	58	57	54	57	56	55	53	55	59	56	58	52	53	62	63	62	60	60	—	—	—
Benchmarks (no. days)
Average Receivable Collection Period, Competitors²
Abbott Laboratories	53	52	52	58	59	55	55	55	60	68	64	60	60	62	—	—	—	—	—	—	—
CVS Health Corp.	31	31	31	32	32	31	32	32	32	30	33	31	32	28	—	—	—	—	—	—	—
Elevance Health Inc.	22	19	19	19	22	18	19	19	21	19	19	20	22	20	—	—	—	—	—	—	—
Humana Inc.	12	7	6	14	13	8	9	11	10	5	6	12	11	6	—	—	—	—	—	—	—
Intuitive Surgical Inc.	53	55	51	51	56	50	46	49	52	54	50	43	42	53	—	—	—	—	—	—	—
Medtronic PLC	62	64	63	63	63	66	68	70	64	59	73	72	70	74	70	69	69	73	—	—	—
Shockwave Medical Inc.	55	53	55	60	58	58	62	70	85	63	66	45	56	63	—	—	—	—	—	—	—
UnitedHealth Group Inc.	25	20	20	22	23	18	19	20	22	18	18	19	22	18	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.28 = 58

² Click competitor name to see calculations.

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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. number of days of receivables outstanding deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

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

No. days

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data
Average inventory processing period	185	172	167	167	168	158	157	141	145	142	162	172	186	185	191	164	156	151	—	—	—
Average receivable collection period	58	57	54	57	56	55	53	55	59	56	58	52	53	62	63	62	60	60	—	—	—
Short-term Activity Ratio
Operating cycle¹	243	229	221	224	224	213	210	196	204	198	220	224	239	247	254	226	216	211	—	—	—
Benchmarks
Operating Cycle, Competitors²
Abbott Laboratories	185	170	160	171	168	157	160	166	182	190	199	202	185	181	—	—	—	—	—	—	—
CVS Health Corp.	55	57	56	57	59	58	59	59	61	61	62	59	61	58	—	—	—	—	—	—	—
Intuitive Surgical Inc.	215	216	206	190	186	172	172	178	190	201	217	207	201	212	—	—	—	—	—	—	—
Medtronic PLC	236	230	224	216	211	216	231	236	238	223	229	227	224	224	226	222	220	217	—	—	—
Shockwave Medical Inc.	470	475	473	472	477	437	463	516	612	582	591	490	350	320	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 185 + 58 = 243

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Boston Scientific Corp. operating cycle deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

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

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data
Payables turnover	4.65	4.59	4.88	5.24	5.42	4.67	5.55	5.38	5.78	6.75	7.34	7.90	5.27	5.75	5.85	5.51	5.76	8.06	—	—	—
Short-term Activity Ratio (no. days)
Average payables payment period¹	78	80	75	70	67	78	66	68	63	54	50	46	69	64	62	66	63	45	—	—	—
Benchmarks (no. days)
Average Payables Payment Period, Competitors²
Abbott Laboratories	82	88	78	86	91	87	80	82	92	96	83	91	87	90	—	—	—	—	—	—	—
Cigna Group	51	50	49	49	46	48	47	48	47	47	46	44	40	39	—	—	—	—	—	—	—
CVS Health Corp.	17	20	19	19	19	19	20	18	18	19	20	17	17	18	—	—	—	—	—	—	—
Elevance Health Inc.	48	49	49	50	50	48	50	50	50	47	44	43	43	39	—	—	—	—	—	—	—
Humana Inc.	47	45	45	48	48	44	47	47	50	48	51	51	46	41	—	—	—	—	—	—	—
Intuitive Surgical Inc.	28	26	30	29	25	25	26	27	25	20	29	28	34	33	—	—	—	—	—	—	—
Medtronic PLC	79	82	71	67	64	73	66	70	66	77	74	75	75	78	69	71	73	66	—	—	—
Shockwave Medical Inc.	55	38	21	36	67	31	38	32	59	25	36	49	40	59	—	—	—	—	—	—	—
UnitedHealth Group Inc.	53	50	52	53	54	48	52	52	56	50	49	46	52	51	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 4.65 = 78

² Click competitor name to see calculations.

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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. number of days of payables outstanding increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023.

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

No. days

	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	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
Selected Financial Data
Average inventory processing period	185	172	167	167	168	158	157	141	145	142	162	172	186	185	191	164	156	151	—	—	—
Average receivable collection period	58	57	54	57	56	55	53	55	59	56	58	52	53	62	63	62	60	60	—	—	—
Average payables payment period	78	80	75	70	67	78	66	68	63	54	50	46	69	64	62	66	63	45	—	—	—
Short-term Activity Ratio
Cash conversion cycle¹	165	149	146	154	157	135	144	128	141	144	170	178	170	183	192	160	153	166	—	—	—
Benchmarks
Cash Conversion Cycle, Competitors²
Abbott Laboratories	103	82	82	85	77	70	80	84	90	94	116	111	98	91	—	—	—	—	—	—	—
CVS Health Corp.	38	37	37	38	40	39	39	41	43	42	42	42	44	40	—	—	—	—	—	—	—
Intuitive Surgical Inc.	187	190	176	161	161	147	146	151	165	181	188	179	167	179	—	—	—	—	—	—	—
Medtronic PLC	157	148	153	149	147	143	165	166	172	146	155	152	149	146	157	151	147	151	—	—	—
Shockwave Medical Inc.	415	437	452	436	410	406	425	484	553	557	555	441	310	261	—	—	—	—	—	—	—

¹ Q1 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 185 + 58 – 78 = 165

² Click competitor name to see calculations.

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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. cash conversion cycle deteriorated from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Boston Scientific Corp. (NYSE:BSX)

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

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

Boston Scientific Corp. (NYSE:BSX)

Analysis of Short-term (Operating) Activity RatiosQuarterly Data

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

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