Boston Scientific (BSX) FY2013 results: revenue $7.1 billion, down 2.4% on the year
Boston Scientific Corp. (BSX) reported revenue of $7.1 billion for fiscal 2013, the year ended 31 December 2013, down 2.4% on the year before. Net income was -$121 million, and diluted earnings per share $-0.09. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$7.1 billion
-2.4% on the year
FY2007FY2013
Operating margin
1.7%
-53.4% a year earlier
FY2007FY2013
Net income
-$121 million
FY2007FY2013
Diluted EPS
-$0.09
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
7,072
7,249
7,622
-2.4%
Cost of revenue
2,174
2,349
2,659
-7.4%
Gross profit
4,969
4,900
4,963
+1.4%
Gross margin
70.3%
67.6%
65.1%
Research and development
861
886
895
-2.8%
Selling, general and administrative
2,674
2,535
2,487
+5.5%
Operating income
120
-3,868
904
Operating margin
1.7%
-53.4%
11.9%
Interest expense
324
261
281
+24.1%
Pre-tax income
-223
-4,107
642
Income tax
-102
-39.0
201
Effective tax rate
n/a
n/a
31.3%
Net income
-121
-4,068
441
Net margin
-1.7%
-56.1%
5.8%
Diluted EPS
-$0.09
-$2.89
$0.29
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,110
1,280
1,008
-13.3%
Capital expenditure
245
226
304
+8.4%
Free cash flow
865
1,054
704
-17.9%
Free cash flow margin
12.2%
14.5%
9.2%
Cash from investing
-475
-579
776
Cash from financing
-624
-764
-1,728
Depreciation and amortisation
689
683
717
+0.9%
Share-based compensation
105
108
128
-2.8%
Buybacks
500
600
492
-16.7%
Diluted shares, weighted
1,341m
1,407m
1,519m
-4.7%
Shares outstanding at period end
1,322m
1,356m
1,449m
-2.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
6,539
6,870
11,353
-4.8%
Debt
4,240
4,256
4,261
-0.4%
Other liabilities
5,792
6,028
5,676
-3.9%
Total liabilities and equity
16,571
17,154
21,290
-3.4%
Fixed assets
1,546
1,564
1,670
-1.2%
Goodwill
5,693
5,973
9,761
-4.7%
Intangible assets
5,950
6,289
6,473
-5.4%
Securities held for sale or to maturity
n/a
n/a
0.0
Trading assets
n/a
n/a
0.0
Cash and equivalents
217
207
267
+4.8%
Inventory
897
884
931
+1.5%
Other assets
2,268
2,237
2,188
+1.4%
Total assets
16,571
17,154
21,290
-3.4%
10-K for the year ended 31 December 2013, filed 25 February 2015: the filing.