Boston Scientific (BSX) FY2019 results: revenue $10.7 billion, up 9.3% on the year
Boston Scientific Corp. (BSX) reported revenue of $10.7 billion for fiscal 2019, the year ended 31 December 2019, up 9.3% on the year before. Net income was $4.7 billion, up 181.3%, and diluted earnings per share $3.33. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$10.7 billion
+9.3% on the year
FY2012FY2019
Operating margin
14.1%
15.3% a year earlier
FY2012FY2019
Net income
$4.7 billion
+181.3% on the year
FY2012FY2019
Diluted EPS
$3.33
+179.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
10,735
9,823
9,048
+9.3%
Cost of revenue
3,116
2,813
2,593
+10.8%
Gross profit
7,620
7,011
6,455
+8.7%
Gross margin
71.0%
71.4%
71.3%
Research and development
1,174
1,113
997
+5.5%
Selling, general and administrative
3,941
3,569
3,294
+10.4%
Operating income
1,518
1,506
1,285
+0.8%
Operating margin
14.1%
15.3%
14.2%
Interest expense
473
241
229
+96.3%
Pre-tax income
687
1,422
933
-51.7%
Income tax
-4,013
-249
828
Effective tax rate
-584.1%
-17.5%
88.7%
Net income
4,700
1,671
104
+181.3%
Net margin
43.8%
17.0%
1.1%
Diluted EPS
$3.33
$1.19
$0.08
+179.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,836
310
1,426
+492.3%
Capital expenditure
461
316
319
+45.9%
Free cash flow
1,375
-6.0
1,107
Free cash flow margin
12.8%
-0.1%
12.2%
Cash from investing
-5,041
-1,921
-1,010
Cash from financing
2,973
1,432
110
+107.6%
Depreciation and amortisation
1,011
894
844
+13.1%
Share-based compensation
157
140
127
+12.1%
Buybacks
0.0
0.0
n/a
Dividends paid
0.0
0.0
n/a
Diluted shares, weighted
1,411m
1,401m
1,393m
+0.7%
Shares outstanding at period end
1,395m
1,385m
1,373m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
13,877
8,726
7,012
+59.0%
Debt
10,008
7,056
5,616
+41.8%
Operating lease liabilities
276
0.0
n/a
Other liabilities
6,404
5,217
6,414
+22.8%
Total liabilities and equity
30,565
20,999
19,042
+45.6%
Fixed assets
2,079
1,782
1,697
+16.7%
Goodwill
10,176
7,911
6,998
+28.6%
Intangible assets
7,886
6,372
5,837
+23.8%
Securities held for sale or to maturity
23.0
26.0
47.0
-11.5%
Cash and equivalents
217
146
188
+48.6%
Inventory
1,579
1,166
1,078
+35.4%
Other assets
8,605
3,596
3,197
+139.3%
Total assets
30,565
20,999
19,042
+45.6%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.