Boston Scientific (BSX) FY2020 results: revenue $9.9 billion, down 7.7% on the year
Boston Scientific Corp. (BSX) reported revenue of $9.9 billion for fiscal 2020, the year ended 31 December 2020, down 7.7% on the year before. Net income was -$115 million, and diluted earnings per share $-0.08. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$9.9 billion
-7.7% on the year
FY2013FY2020
Operating margin
-0.8%
14.1% a year earlier
FY2013FY2020
Net income
-$115 million
FY2013FY2020
Diluted EPS
-$0.08
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
9,913
10,735
9,823
-7.7%
Cost of revenue
3,465
3,116
2,813
+11.2%
Gross profit
6,448
7,620
7,011
-15.4%
Gross margin
65.0%
71.0%
71.4%
Research and development
1,143
1,174
1,113
-2.6%
Selling, general and administrative
3,787
3,941
3,569
-3.9%
Operating income
-80.0
1,518
1,506
Operating margin
-0.8%
14.1%
15.3%
Interest expense
361
473
241
-23.7%
Pre-tax income
-79.0
687
1,422
Income tax
2.0
-4,013
-249
Effective tax rate
n/a
-584.1%
-17.5%
Net income
-115
4,700
1,671
Net margin
-1.2%
43.8%
17.0%
Diluted EPS
-$0.08
$3.33
$1.19
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,508
1,836
310
-17.9%
Capital expenditure
376
461
316
-18.4%
Free cash flow
1,132
1,375
-6.0
-17.7%
Free cash flow margin
11.4%
12.8%
-0.1%
Cash from investing
-411
-5,041
-1,921
Cash from financing
293
2,973
1,432
-90.1%
Depreciation and amortisation
1,123
1,011
894
+11.1%
Share-based compensation
170
157
140
+8.3%
Buybacks
535
0.0
0.0
Dividends paid
28.0
0.0
0.0
Diluted shares, weighted
1,417m
1,411m
1,401m
+0.4%
Shares outstanding at period end
n/a
1,395m
1,385m
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
15,326
13,877
8,726
+10.4%
Debt
9,130
10,008
7,056
-8.8%
Operating lease liabilities
401
276
0.0
+45.3%
Other liabilities
5,920
6,404
5,217
-7.6%
Total liabilities and equity
30,777
30,565
20,999
+0.7%
Fixed assets
2,084
2,079
1,782
+0.2%
Goodwill
9,951
10,176
7,911
-2.2%
Intangible assets
5,917
7,886
6,372
-25.0%
Securities held for sale or to maturity
2.0
23.0
26.0
-91.3%
Cash and equivalents
1,734
217
146
+699.1%
Inventory
1,351
1,579
1,166
-14.4%
Other assets
9,738
8,605
3,596
+13.2%
Total assets
30,777
30,565
20,999
+0.7%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.