Boston Scientific (BSX) FY2014 results: revenue $7.5 billion, up 5.5% on the year
Boston Scientific Corp. (BSX) reported revenue of $7.5 billion for fiscal 2014, the year ended 31 December 2014, up 5.5% on the year before. Net income was -$119 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
$7.5 billion
+5.5% on the year
FY2007FY2014
Operating margin
-4.0%
1.7% a year earlier
FY2007FY2014
Net income
-$119 million
FY2007FY2014
Diluted EPS
-$0.09
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
7,462
7,072
7,249
+5.5%
Cost of revenue
2,210
2,174
2,349
+1.7%
Gross profit
5,170
4,969
4,900
+4.0%
Gross margin
69.3%
70.3%
67.6%
Research and development
817
861
886
-5.1%
Selling, general and administrative
2,902
2,674
2,535
+8.5%
Operating income
-301
120
-3,868
Operating margin
-4.0%
1.7%
-53.4%
Interest expense
216
324
261
-33.3%
Pre-tax income
-509
-223
-4,107
Income tax
-390
-102
-39.0
Net income
-119
-121
-4,068
Net margin
-1.6%
-1.7%
-56.1%
Diluted EPS
-$0.09
-$0.09
-$2.89
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
1,269
1,110
1,280
+14.3%
Capital expenditure
259
245
226
+5.7%
Free cash flow
1,010
865
1,054
+16.8%
Free cash flow margin
13.5%
12.2%
14.5%
Cash from investing
-745
-475
-579
Cash from financing
-150
-624
-764
Depreciation and amortisation
725
689
683
+5.2%
Share-based compensation
103
105
108
-1.9%
Buybacks
125
500
600
-75.0%
Diluted shares, weighted
1,324m
1,341m
1,407m
-1.3%
Shares outstanding at period end
1,327m
1,322m
1,356m
+0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,457
6,539
6,870
-1.3%
Debt
4,244
4,240
4,256
+0.1%
Other liabilities
6,341
5,792
6,028
+9.5%
Total liabilities and equity
17,042
16,571
17,154
+2.8%
Fixed assets
1,507
1,546
1,564
-2.5%
Goodwill
5,898
5,693
5,973
+3.6%
Intangible assets
5,606
5,950
6,289
-5.8%
Cash and equivalents
587
217
207
+170.5%
Inventory
946
897
884
+5.5%
Other assets
2,498
2,268
2,237
+10.1%
Total assets
17,042
16,571
17,154
+2.8%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.