Boston Scientific (BSX) FY2012 results: revenue $7.2 billion, down 4.9% on the year
Boston Scientific Corp. (BSX) reported revenue of $7.2 billion for fiscal 2012, the year ended 31 December 2012, down 4.9% on the year before. Net income was -$4.1 billion, and diluted earnings per share $-2.89. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2013.
Revenue
$7.2 billion
-4.9% on the year
FY2007FY2012
Operating margin
-53.4%
11.9% a year earlier
FY2007FY2012
Net income
-$4.1 billion
FY2007FY2012
Diluted EPS
-$2.89
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
7,249
7,622
7,806
-4.9%
Cost of revenue
2,349
2,659
2,599
-11.7%
Gross profit
4,900
4,963
5,207
-1.3%
Gross margin
67.6%
65.1%
66.7%
Research and development
886
895
939
-1.0%
Selling, general and administrative
2,535
2,487
2,580
+1.9%
Operating income
-3,868
904
-656
Operating margin
-53.4%
11.9%
-8.4%
Interest expense
261
281
393
-7.1%
Pre-tax income
-4,107
642
-1,063
Income tax
-39.0
201
2.0
Effective tax rate
n/a
31.3%
n/a
Net income
-4,068
441
-1,065
Net margin
-56.1%
5.8%
-13.6%
Diluted EPS
-$2.89
$0.29
-$0.70
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
1,280
1,008
325
+27.0%
Capital expenditure
226
304
272
-25.7%
Free cash flow
1,054
704
53.0
+49.7%
Free cash flow margin
14.5%
9.2%
0.7%
Cash from investing
-579
776
-468
Cash from financing
-764
-1,728
-508
Depreciation and amortisation
683
717
816
-4.7%
Share-based compensation
108
128
150
-15.6%
Buybacks
600
492
n/a
+22.0%
Diluted shares, weighted
1,407m
1,519m
1,518m
-7.4%
Shares outstanding at period end
1,356m
1,449m
1,521m
-6.4%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
6,870
11,353
11,296
-39.5%
Debt
4,256
4,261
5,450
-0.1%
Other liabilities
6,028
5,676
5,382
+6.2%
Total liabilities and equity
17,154
21,290
22,128
-19.4%
Fixed assets
1,564
1,670
1,697
-6.3%
Goodwill
5,973
9,761
10,186
-38.8%
Intangible assets
6,289
6,473
6,343
-2.8%
Securities held for sale or to maturity
n/a
0.0
0.0
Trading assets
n/a
0.0
0.0
Cash and equivalents
207
267
213
-22.5%
Inventory
884
931
894
-5.0%
Other assets
2,237
2,188
2,795
+2.2%
Total assets
17,154
21,290
22,128
-19.4%
10-K for the year ended 31 December 2012, filed 22 February 2013: the filing.