Boston Scientific (BSX) FY2018 results: revenue $9.8 billion, up 8.6% on the year
Boston Scientific Corp. (BSX) reported revenue of $9.8 billion for fiscal 2018, the year ended 31 December 2018, up 8.6% on the year before. Net income was $1.7 billion, up 1506.7%, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2019.
Revenue
$9.8 billion
+8.6% on the year
FY2011FY2018
Operating margin
15.3%
14.2% a year earlier
FY2011FY2018
Net income
$1.7 billion
+1,506.7% on the year
FY2011FY2018
Diluted EPS
$1.19
+1,387.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
9,823
9,048
8,386
+8.6%
Cost of revenue
2,813
2,593
2,424
+8.5%
Gross profit
7,011
6,455
5,962
+8.6%
Gross margin
71.4%
71.3%
71.1%
Research and development
1,113
997
920
+11.6%
Selling, general and administrative
3,569
3,294
3,099
+8.3%
Operating income
1,506
1,285
447
+17.2%
Operating margin
15.3%
14.2%
5.3%
Interest expense
241
229
233
+5.2%
Pre-tax income
1,422
933
177
+52.4%
Income tax
-249
828
-170
Effective tax rate
-17.5%
88.7%
-96.0%
Net income
1,671
104
347
+1,506.7%
Net margin
17.0%
1.1%
4.1%
Diluted EPS
$1.19
$0.08
$0.25
+1,387.5%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
310
1,426
1,182
-78.3%
Capital expenditure
316
319
376
-0.9%
Free cash flow
-6.0
1,107
806
Free cash flow margin
-0.1%
12.2%
9.6%
Cash from investing
-1,921
-1,010
-887
Cash from financing
1,432
110
-206
+1,201.8%
Depreciation and amortisation
894
844
815
+5.9%
Share-based compensation
140
127
116
+10.2%
Buybacks
0.0
n/a
0.0
Dividends paid
0.0
n/a
n/a
Diluted shares, weighted
1,401m
1,393m
1,377m
+0.6%
Shares outstanding at period end
1,385m
1,373m
1,362m
+0.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
8,726
7,012
6,733
+24.4%
Debt
7,056
5,616
5,484
+25.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
5,217
6,414
5,879
-18.7%
Total liabilities and equity
20,999
19,042
18,096
+10.3%
Fixed assets
1,782
1,697
1,630
+5.0%
Goodwill
7,911
6,998
6,678
+13.0%
Intangible assets
6,372
5,837
5,883
+9.2%
Securities held for sale or to maturity
26.0
47.0
n/a
-44.7%
Cash and equivalents
146
188
196
-22.3%
Inventory
1,166
1,078
955
+8.2%
Other assets
3,596
3,197
2,754
+12.5%
Total assets
20,999
19,042
18,096
+10.3%
10-K for the year ended 31 December 2018, filed 19 February 2019: the filing.