Boston Scientific (BSX) FY2011 results: revenue $7.6 billion, down 2.4% on the year
Boston Scientific Corp. (BSX) reported revenue of $7.6 billion for fiscal 2011, the year ended 31 December 2011, down 2.4% on the year before. Net income was $441 million, and diluted earnings per share $0.29. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2012.
Revenue
$7.6 billion
-2.4% on the year
FY2007FY2011
Operating margin
11.9%
-8.4% a year earlier
FY2007FY2011
Net income
$441 million
FY2007FY2011
Diluted EPS
$0.29
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
7,622
7,806
8,188
-2.4%
Cost of revenue
2,659
2,599
2,576
+2.3%
Gross profit
4,963
5,207
5,612
-4.7%
Gross margin
65.1%
66.7%
68.5%
Research and development
895
939
1,035
-4.7%
Selling, general and administrative
2,487
2,580
2,635
-3.6%
Operating income
904
-656
-894
Operating margin
11.9%
-8.4%
-10.9%
Interest expense
281
393
407
-28.5%
Pre-tax income
642
-1,063
-1,308
Income tax
201
2.0
-283
+9,950.0%
Effective tax rate
31.3%
n/a
n/a
Net income
441
-1,065
-1,025
Net margin
5.8%
-13.6%
-12.5%
Diluted EPS
$0.29
-$0.70
-$0.68
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,008
325
835
+210.2%
Capital expenditure
304
272
312
+11.8%
Free cash flow
704
53.0
523
+1,228.3%
Free cash flow margin
9.2%
0.7%
6.4%
Cash from investing
776
-468
-793
Cash from financing
-1,728
-508
-820
Depreciation and amortisation
717
816
834
-12.1%
Share-based compensation
128
150
144
-14.7%
Buybacks
492
n/a
n/a
Diluted shares, weighted
1,519m
1,518m
1,508m
+0.1%
Shares outstanding at period end
1,449m
1,521m
n/a
-4.7%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
11,353
11,296
12,301
+0.5%
Debt
4,261
5,450
5,915
-21.8%
Other liabilities
5,676
5,382
6,961
+5.5%
Total liabilities and equity
21,290
22,128
25,177
-3.8%
Fixed assets
1,670
1,697
1,722
-1.6%
Goodwill
9,761
10,186
11,936
-4.2%
Intangible assets
6,473
6,343
6,667
+2.0%
Securities held for sale or to maturity
0.0
0.0
0.0
Trading assets
0.0
0.0
0.0
Cash and equivalents
267
213
864
+25.4%
Inventory
931
894
891
+4.1%
Other assets
2,188
2,795
3,097
-21.7%
Total assets
21,290
22,128
25,177
-3.8%
10-K for the year ended 31 December 2011, filed 17 February 2012: the filing.