Boston Scientific (BSX) FY2017 results: revenue $9.0 billion, up 7.9% on the year
Boston Scientific Corp. (BSX) reported revenue of $9.0 billion for fiscal 2017, the year ended 31 December 2017, up 7.9% on the year before. Net income was $104 million, down 70.0%, and diluted earnings per share $0.08. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$9.0 billion
+7.9% on the year
FY2010FY2017
Operating margin
14.2%
5.3% a year earlier
FY2010FY2017
Net income
$104 million
-70.0% on the year
FY2010FY2017
Diluted EPS
$0.08
-68.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
9,048
8,386
7,477
+7.9%
Cost of revenue
2,593
2,424
2,173
+7.0%
Gross profit
6,455
5,962
5,304
+8.3%
Gross margin
71.3%
71.1%
70.9%
Research and development
997
920
876
+8.4%
Selling, general and administrative
3,294
3,099
2,873
+6.3%
Operating income
1,285
447
-283
+187.5%
Operating margin
14.2%
5.3%
-3.8%
Interest expense
229
233
284
-1.7%
Pre-tax income
933
177
-650
+427.1%
Income tax
828
-170
-411
Effective tax rate
88.7%
-96.0%
n/a
Net income
104
347
-239
-70.0%
Net margin
1.1%
4.1%
-3.2%
Diluted EPS
$0.08
$0.25
-$0.18
-68.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
1,426
1,182
691
+20.6%
Capital expenditure
319
376
247
-15.2%
Free cash flow
1,107
806
444
+37.3%
Free cash flow margin
12.2%
9.6%
5.9%
Cash from investing
-1,010
-887
-2,186
Cash from financing
110
-206
1,276
Depreciation and amortisation
844
815
769
+3.6%
Share-based compensation
127
116
107
+9.5%
Buybacks
n/a
0.0
0.0
Diluted shares, weighted
1,393m
1,377m
1,341m
+1.1%
Shares outstanding at period end
1,373m
1,362m
1,347m
+0.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
7,012
6,733
6,320
+4.1%
Debt
5,616
5,484
5,650
+2.4%
Other liabilities
6,414
5,879
6,163
+9.1%
Total liabilities and equity
19,042
18,096
18,133
+5.2%
Fixed assets
1,697
1,630
1,490
+4.1%
Goodwill
6,998
6,678
6,473
+4.8%
Intangible assets
5,837
5,883
6,194
-0.8%
Securities held for sale or to maturity
47.0
n/a
n/a
Cash and equivalents
188
196
319
-4.1%
Inventory
1,078
955
1,016
+12.9%
Other assets
3,197
2,754
2,641
+16.1%
Total assets
19,042
18,096
18,133
+5.2%
10-K for the year ended 31 December 2017, filed 19 February 2019: the filing.