Boston Scientific Corp. Q1 FY2024 results: revenue $3.9 billion, up 13.8% on the year

Boston Scientific Corp. (BSX) reported revenue of $3.9 billion for Q1 FY2024, the quarter ended 31 March 2024, up 13.8% on the same quarter a year earlier. Net income was $495 million, up 65.0% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$3.9 billionup 13.8%

Net income$495 millionup 65.0%

Diluted EPS$0.33

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	3,856	3,725	n/a	n/a
Cost of revenue	1,209	1,146	n/a	n/a
Gross profit	2,648	2,579	n/a	n/a
Gross margin	68.7%	69.2%	n/a
Research and development	366	362	n/a	n/a
Selling, general and administrative	1,364	1,379	n/a	n/a
Operating income	675	584	n/a	n/a
Operating margin	17.5%	15.7%	n/a
Interest expense	69.0	64.0	n/a	n/a
Pre-tax income	608	505	n/a	n/a
Income tax	115	1.0	n/a	n/a
Effective tax rate	18.9%	0.2%	n/a
Net income	495	504	n/a	n/a
Net margin	12.8%	13.5%	n/a
Diluted EPS	$0.33	$0.34	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	164	957	n/a	n/a
Capital expenditure	179	267	n/a	n/a
Free cash flow	-15.0	690	n/a	n/a
Free cash flow margin	-0.4%	18.5%	n/a
Depreciation and amortisation	304	312	n/a	n/a
Share-based compensation	63.0	59.0	n/a	n/a
Dividends paid	0.0	0.0	n/a	n/a
Diluted shares, weighted	1,482m	1,464m	n/a	n/a
Shares outstanding at period end	1,470m	1,467m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	36,669	35,136	n/a	n/a
Cash and equivalents	2,329	865	n/a	n/a
Inventory	2,561	2,484	n/a	n/a
Goodwill	14,361	14,387	n/a	n/a
Long-term debt including finance leases	9,534	8,571	n/a	n/a
Operating lease liabilities	382	390	n/a	n/a
Shareholders' equity	19,926	19,282	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,527	3,725	3,856	4,120	4,209	4,562	4,663	5,061	5,065	5,285	5,203	5,442
Cost of revenue	1,101	1,146	1,209	1,270	1,312	1,466	1,453	1,637	1,523	1,608	1,590	1,594
Gross profit	2,426	2,579	2,648	2,850	2,897	3,095	3,210	3,424	3,542	3,678	3,614	3,848
Gross margin	69%	69%	69%	69%	69%	68%	69%	68%	70%	70%	69%	71%
R&D	356	362	366	383	407	459	443	526	514	569	516	554
SG&A	1,242	1,379	1,364	1,446	1,562	1,612	1,597	1,716	1,741	1,833	1,781	1,803
Operating income	693	584	675	520	733	675	921	819	1,048	825	1,101	1,178
Operating margin	20%	16%	18%	13%	17%	15%	20%	16%	21%	16%	21%	22%
Interest expense	66.0	64.0	69.0	77.0	79.0	80.0	82.0	90.0	87.0	90.0	90.0	96.0
Pre-tax income	610	505	608	420	669	585	805	941	939	700	1,162	1,060
Tax rate	17%	0%	19%	23%	30%	4%	17%	16%	19%	4%	-15%	15%
Net income	505	504	495	324	469	565	674	797	755	672	1,341	907
Net margin	14%	14%	13%	8%	11%	12%	14%	16%	15%	13%	26%	17%
Diluted EPS	$0.34	$0.34	$0.33	$0.22	$0.32	$0.38	$0.45	$0.53	$0.51	$0.45	$0.90	$0.61
Operating cash flow	698	957	164	813	1,002	1,456	541	1,286	1,343	1,364	348	1,474
Capital expenditure	190	267	179	155	179	277	187	157	181	351	177	195
Free cash flow	508	690	-15.0	658	823	1,179	354	1,129	1,162	1,013	171	1,279
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	1,465m	1,467m	1,470m	1,473m	1,474m	1,476m	1,479m	1,482m	1,482m	1,484m	1,486m	1,449m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 1 May 2024, accession 0000885725-24-000046: the filing on EDGAR. All of Boston Scientific Corp.'s filings: EDGAR company page.

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