Boston Scientific Announces Results for Second Quarter 2024
Rhea-AI Summary
Boston Scientific (NYSE: BSX) reported strong Q2 2024 results, with net sales of $4.120 billion, up 14.5% on a reported basis and 14.7% organically. GAAP EPS was $0.22, while adjusted EPS reached $0.62, exceeding guidance. The company saw significant growth across segments, with Cardiovascular up 17.8% and MedSurg up 9.0%. Regionally, U.S. sales grew 16.9%, and Emerging Markets increased 14.8%. Key developments include NMPA approval in China for the FARAPULSE™ PFA System and positive clinical trial results for various products. Boston Scientific also announced plans to acquire Silk Road Medical. The company raised its full-year 2024 guidance, projecting net sales growth of 13.5-14.5% on a reported basis and adjusted EPS of $2.38-$2.42.
Positive
- Q2 net sales of $4.120 billion, up 14.5% reported and 14.7% organic, exceeding guidance
- Adjusted EPS of $0.62, surpassing guidance of $0.57-$0.59
- Cardiovascular segment sales grew 17.8% reported, 19.0% organic
- U.S. sales increased 16.9% reported and operational
- Received NMPA approval in China for FARAPULSE™ PFA System
- Positive clinical trial results for FARAPULSE PFA System and mCRM™ System
- Raised full-year 2024 guidance for net sales growth and adjusted EPS
Negative
- GAAP EPS of $0.22, below guidance range of $0.35-$0.37
News Market Reaction
On the day this news was published, SILK gained 0.11%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
"We delivered a quarter marked by exceptional performance, reflecting our global team's relentless pursuit of innovation that is supported by strong clinical evidence and investments aligned with our strategy of category leadership," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "We remain excited about our plans for the future, and I am incredibly grateful for the commitment and winning spirit of our employees around the world."
Second quarter financial results and recent developments:
- Reported net sales of
$4.12 0 billion
- Reported GAAP net income attributable to Boston Scientific common stockholders of
$0.22 $0.35 $0.37 $0.62 $0.57 $0.59
- Achieved the following net sales growth in each reportable segment, compared to the prior year period:
- MedSurg: 9.0 percent reported, 10.1 percent operational and 7.6 percent organic
- Cardiovascular: 17.8 percent reported, 19.7 percent operational and 19.0 percent organic
- Achieved the following net sales growth in each region, compared to the prior year period:
United States (U.S. ): 16.9 percent reported and operationalEurope ,Middle East andAfrica (EMEA): 13.7 percent reported and 16.1 percent operationalAsia-Pacific (APAC): 7.0 percent reported and 13.2 percent operationalLatin America andCanada (LACA): 15.3 percent reported and 15.7 percent operational- Emerging Markets4: 14.8 percent reported and 19.3 percent operational
- Received National Medical Products Administration (NMPA) approval in
China for the FARAPULSE™ Pulsed Field Ablation (PFA) System.
- Presented the following clinical data at Heart Rhythm 2024:
- Outcomes from a sub-analysis of the pivotal ADVENT clinical trial of the FARAPULSE PFA System, which demonstrated that treatment with the system resulted in an atrial arrhythmia burden (i.e., the total arrhythmia duration experienced by a patient) of less than
0.1% – a clinically meaningful threshold – in significantly more patients compared to thermal ablation. - Acute outcomes from the global FARADISE registry, which demonstrated favorable 30-day outcomes in more than 1,100 patients treated with the FARAPULSE PFA System, with no deaths or reports of coronary spasm, persistent phrenic nerve palsy, atrioesophageal fistula or pulmonary vein stenosis.
- Positive results from the ongoing pivotal MODULAR ATP clinical trial of the Modular CRM (mCRM™) System5 which met all pre-specified six-month safety and effectiveness endpoints. This is the first modular cardiac rhythm management (mCRM) system that consists of the EMBLEM™ Subcutaneous Implantable Defibrillator (S-ICD) System and the EMPOWER™ Leadless Pacemaker.
- Outcomes from a sub-analysis of the pivotal ADVENT clinical trial of the FARAPULSE PFA System, which demonstrated that treatment with the system resulted in an atrial arrhythmia burden (i.e., the total arrhythmia duration experienced by a patient) of less than
- Initiated the
U.S. launch of the AGENT™ Drug-Coated Balloon, indicated to treat in-stent restenosis in patients with coronary artery disease, and received NMPA approval for the device inChina .
- Announced agreement to acquire Silk Road Medical, Inc., (Nasdaq: SILK) a publicly traded medical technology company that commercialized a platform of products to prevent stroke in patients with carotid artery disease, subject to customary closing conditions.
- Presented outcomes at the 2024 American Society of Pain & Neuroscience meeting from three follow-up studies of patients treated with the Intracept™ Intraosseous Nerve Ablation System, which demonstrated significant improvements in vertebrogenic pain with nearly one-third of patients
100% pain free after five years.
- Elected to the company's board of directors Dr. Cheryl Pegus, former partner at Morgan Health and former executive vice president of Health & Wellness at Walmart.
1. Operational net sales growth excludes the impact of foreign currency fluctuations. |
Net sales for the second quarter by business and region:
Increase/(Decrease) | |||||||||||||
Three Months Ended June 30, | Reported | Impact of | Operational Basis | Impact of | Organic | ||||||||
(in millions) | 2024 | 2023 | |||||||||||
Endoscopy | $ 676 | $ 631 | 7.1 % | 1.3 % | 8.4 % | (0.5) % | 7.9 % | ||||||
Urology | 525 | 485 | 8.2 % | 0.9 % | 9.1 % | — % | 9.1 % | ||||||
Neuromodulation | 282 | 244 | 15.5 % | 0.7 % | 16.2 % | (12.5) % | 3.7 % | ||||||
MedSurg | 1,483 | 1,360 | 9.0 % | 1.0 % | 10.1 % | (2.5) % | 7.6 % | ||||||
Cardiology | 2,047 | 1,704 | 20.1 % | 1.9 % | 22.0 % | — % | 22.0 % | ||||||
Peripheral Interventions | 590 | 535 | 10.2 % | 2.1 % | 12.3 % | (2.8) % | 9.4 % | ||||||
Cardiovascular | 2,637 | 2,239 | 17.8 % | 1.9 % | 19.7 % | (0.7) % | 19.0 % | ||||||
Net Sales | $ 4,120 | $ 3,599 | 14.5 % | 1.6 % | 16.1 % | (1.4) % | 14.7 % | ||||||
Increase/(Decrease) | |||||||||
Three Months Ended June 30, | Reported | Impact of | Operational Basis | ||||||
(in millions) | 2024 | 2023 | |||||||
$ 2,466 | $ 2,110 | 16.9 % | — % | 16.9 % | |||||
EMEA | 822 | 723 | 13.7 % | 2.5 % | 16.1 % | ||||
APAC | 670 | 626 | 7.0 % | 6.2 % | 13.2 % | ||||
LACA | 162 | 140 | 15.3 % | 0.4 % | 15.7 % | ||||
Net Sales | $ 4,120 | $ 3,599 | 14.5 % | 1.6 % | 16.1 % | ||||
Emerging Markets4 | $ 680 | $ 592 | 14.8 % | 4.6 % | 19.3 % | ||||
Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely. | |||||||||
Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of acquisitions/divestitures are not prepared | |||||||||
Guidance for Full Year and Third Quarter 2024
The company estimates net sales growth for the full year 2024, versus the prior year period, to be in range of approximately 13.5 to 14.5 percent on a reported basis, and 13 to 14 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of
The company estimates net sales growth for the third quarter of 2024, versus the prior year period, to be in a range of approximately 13 to 15 percent on both a reported basis and organic basis. Third quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of
Conference Call Information
Boston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: investors.bostonscientific.com. Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website.
About Boston Scientific
Boston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 40 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of health care. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at www.bostonscientific.com and connect on LinkedIn and X, formerly Twitter.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "may," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our expected net sales; reported, operational and organic revenue growth rates; reported and adjusted EPS for the third quarter and full year 2024; our financial performance; acquisitions; clinical trials; our business plans and product performance; and new and anticipated product approvals and launches. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Risks and uncertainties that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future
Note: Amounts reported in millions within this press release are computed based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.
Use of Non-GAAP Financial Information
A reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this press release.
CONTACT: | ||||
Media: | Emily Anderson | Investors: | Jonathan | |
617-515-2000 (office) | 508-683-5450 (office) | |||
Media Relations | Investor Relations | |||
Boston Scientific Corporation | Boston Scientific Corporation | |||
BOSTON SCIENTIFIC CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||
in millions, except per share data | 2024 | 2023 | 2024 | 2023 | |
Net sales | $ 4,120 | $ 3,599 | $ 7,977 | $ 6,988 | |
Cost of products sold | 1,270 | 1,058 | 2,479 | 2,098 | |
Gross profit | 2,850 | 2,542 | 5,498 | 4,891 | |
Operating expenses: | |||||
Selling, general and administrative expenses | 1,446 | 1,354 | 2,810 | 2,570 | |
Research and development expenses | 383 | 359 | 749 | 695 | |
Royalty expense | 9 | 12 | 19 | 23 | |
Amortization expense | 213 | 210 | 427 | 412 | |
Intangible asset impairment charges | 276 | 57 | 276 | 57 | |
Contingent consideration net expense (benefit) | 2 | 19 | 18 | 31 | |
Restructuring net charges (credits) | 1 | 16 | 5 | 36 | |
2,330 | 2,028 | 4,303 | 3,825 | ||
Operating income (loss) | 520 | 514 | 1,195 | 1,066 | |
Other income (expense): | |||||
Interest expense | (77) | (70) | (146) | (135) | |
Other, net | (23) | (18) | (21) | (61) | |
Income (loss) before income taxes | 420 | 426 | 1,028 | 870 | |
Income tax expense (benefit) | 98 | 156 | 213 | 287 | |
Net income (loss) | 322 | 270 | 815 | 584 | |
Preferred stock dividends | — | (9) | — | (23) | |
Net income (loss) attributable to noncontrolling interests | (2) | — | (4) | — | |
Net income (loss) attributable to Boston Scientific | $ 324 | $ 261 | $ 819 | $ 561 | |
Net income (loss) per common share - basic | $ 0.22 | $ 0.18 | $ 0.56 | $ 0.39 | |
Net income (loss) per common share - diluted | $ 0.22 | $ 0.18 | $ 0.55 | $ 0.39 | |
Weighted-average shares outstanding | |||||
Basic | 1,470.6 | 1,446.2 | 1,469.5 | 1,441.0 | |
Diluted | 1,484.2 | 1,456.2 | 1,483.0 | 1,451.1 | |
BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited) | |||||||||||
Three Months Ended June 30, 2024 | |||||||||||
(in millions, except per share data) | Gross | Operating | Operating | Other | Income | Net | Preferred | Net Income | Net Income | Impact | |
Reported | $ 2,850 | $ 2,330 | $ 520 | $ (100) | $ 420 | $ 322 | $ — | $ (2) | $ 324 | $ 0.22 | |
Non-GAAP adjustments: | |||||||||||
Amortization expense | — | (213) | 213 | — | 213 | 184 | — | 2 | 182 | 0.12 | |
Intangible asset impairment charges | — | (276) | 276 | — | 276 | 243 | — | — | 243 | 0.16 | |
Acquisition/divestiture-related net | 11 | (37) | 48 | 1 | 49 | 38 | — | — | 38 | 0.03 | |
Restructuring and restructuring- | 30 | (20) | 50 | — | 50 | 44 | — | — | 44 | 0.03 | |
Investment portfolio net losses (gains) | — | — | — | 31 | 31 | 29 | — | — | 29 | 0.02 | |
EU MDR implementation costs | 8 | (4) | 12 | — | 12 | 10 | — | — | 10 | 0.01 | |
Deferred tax expenses (benefits) | — | — | — | — | — | 44 | — | — | 44 | 0.03 | |
Adjusted | $ 2,899 | $ 1,780 | $ 1,119 | $ (68) | $ 1,051 | $ 913 | $ — | $ (0) | $ 914 | $ 0.62 | |
Three Months Ended June 30, 2023 | |||||||||||
(in millions, except per share data) | Gross | Operating | Operating | Other | Income | Net | Preferred | Net Income | Net Income | Impact | |
Reported | $ 2,542 | $ 2,028 | $ 514 | $ (88) | $ 426 | $ 270 | $ (9) | $ — | $ 261 | $ 0.18 | |
Non-GAAP adjustments: | |||||||||||
Amortization expense | — | (210) | 210 | — | 210 | 182 | — | — | 182 | 0.12 | |
Intangible asset impairment charges | — | (57) | 57 | — | 57 | 54 | — | — | 54 | 0.04 | |
Acquisition/divestiture-related net | 16 | (106) | 122 | (4) | 118 | 175 | — | — | 175 | 0.12 | |
Restructuring and restructuring- | 18 | (23) | 42 | — | 42 | 35 | — | — | 35 | 0.02 | |
Investment portfolio net losses (gains) | — | — | — | (2) | (2) | 5 | — | — | 5 | 0.00 | |
EU MDR implementation costs | 14 | (6) | 20 | — | 20 | 17 | — | — | 17 | 0.01 | |
Deferred tax expenses (benefits) | — | — | — | — | — | 47 | — | — | 47 | 0.03 | |
Discrete tax items | — | — | — | — | — | 1 | — | — | 1 | 0.00 | |
Adjusted | $ 2,590 | $ 1,626 | $ 964 | $ (93) | $ 871 | $ 786 | $ (9) | $ — | $ 777 | $ 0.53 | |
(1)For the three months ended June 30, 2023, the effect of assuming the conversion of | |||||||||||
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. | |||||||||||
BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited) | |||||||||||
Six Months Ended June 30, 2024 | |||||||||||
in millions, except per share data | Gross | Operating | Operating | Other | Income | Net | Preferred | Net Income | Net Income | Impact | |
Reported | $ 5,498 | $ 4,303 | $ 1,195 | $ (167) | $ 1,028 | $ 815 | $ — | $ (4) | $ 819 | $ 0.55 | |
Non-GAAP adjustments: | |||||||||||
Amortization expense | — | (427) | 427 | — | 427 | 369 | — | 4 | 364 | 0.25 | |
Intangible asset impairment charges | — | (276) | 276 | — | 276 | 243 | — | — | 243 | 0.16 | |
Acquisition/divestiture-related net | 22 | (90) | 112 | 0 | 112 | 115 | — | — | 115 | 0.08 | |
Restructuring and restructuring- | 55 | (42) | 97 | — | 97 | 84 | — | — | 84 | 0.06 | |
Investment portfolio net losses (gains) | — | — | — | 18 | 18 | 18 | — | — | 18 | 0.01 | |
EU MDR implementation costs | 17 | (8) | 26 | — | 26 | 22 | — | — | 22 | 0.01 | |
Deferred tax expenses (benefits) | — | — | — | — | — | 81 | — | — | 81 | 0.05 | |
Adjusted | $ 5,592 | $ 3,461 | $ 2,131 | $ (148) | $ 1,983 | $ 1,746 | $ — | $ 1 | $ 1,745 | $ 1.18 | |
Six Months Ended June 30, 2023 | |||||||||||
in millions, except per share data | Gross | Operating | Operating | Other | Income | Net | Preferred | Net Income | Net Income | Impact | |
Reported | $ 4,891 | $ 3,825 | $ 1,066 | $ (195) | $ 870 | $ 584 | $ (23) | $ — | $ 561 | $ 0.39 | |
Non-GAAP adjustments: | |||||||||||
Amortization expense | — | (412) | 412 | — | 412 | 357 | — | — | 357 | 0.25 | |
Intangible asset impairment charges | — | (57) | 57 | — | 57 | 54 | — | — | 54 | 0.04 | |
Acquisition/divestiture-related net | 27 | (145) | 172 | 6 | 178 | 242 | — | — | 242 | 0.17 | |
Restructuring and restructuring- | 35 | (51) | 86 | — | 86 | 71 | — | — | 71 | 0.05 | |
Investment portfolio net losses (gains) | — | — | — | 19 | 19 | 20 | — | — | 20 | 0.01 | |
EU MDR implementation costs | 25 | (11) | 36 | — | 36 | 31 | — | — | 31 | 0.02 | |
Deferred tax expenses (benefits) | — | — | — | — | — | 88 | — | — | 88 | 0.06 | |
Discrete tax items | — | — | — | — | — | 26 | — | — | 26 | 0.02 | |
Adjusted | $ 4,978 | $ 3,148 | $ 1,829 | $ (171) | $ 1,659 | $ 1,472 | $ (23) | $ — | $ 1,449 | $ 1.00 | |
(2)For the six months ended June 30, 2023, the effect of assuming the conversion of MCPS into shares of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net income and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited consolidated statements of operations, for purposes of calculating net income attributable to common stockholders. On June 1, 2023, all outstanding shares of MCPS automatically converted into shares of common stock. | |||||||||||
An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. | |||||||||||
BOSTON SCIENTIFIC CORPORATION
Q3 and FY 2024 GUIDANCE RECONCILIATIONS
(Unaudited)
Net Sales
Q3 2024 Estimate | Full Year 2024 Estimate | ||||
(Low) | (High) | (Low) | (High) | ||
Reported growth | 13.0 % | 15.0 % | 13.5 % | 14.5 % | |
Impact of foreign currency fluctuations | 1.0 % | 1.0 % | 1.0 % | 1.0 % | |
Operational growth | 14.0 % | 16.0 % | 14.5 % | 15.5 % | |
Impact of acquisitions/divestitures | (1.0) % | (1.0) % | (1.5) % | (1.5) % | |
Organic growth | 13.0 % | 15.0 % | 13.0 % | 14.0 % | |
Earnings per Share
Q3 2024 Estimate | Full Year 2024 Estimate | ||||
(Low) | (High) | (Low) | (High) | ||
GAAP results | $ 0.36 | $ 0.38 | $ 1.34 | $ 1.38 | |
Amortization expense | 0.12 | 0.12 | 0.48 | 0.48 | |
Intangible asset impairment charges | — | — | 0.16 | 0.16 | |
Acquisition/divestiture-related net charges (credits) | 0.03 | 0.03 | 0.13 | 0.13 | |
Restructuring and restructuring-related net charges | 0.03 | 0.03 | 0.11 | 0.11 | |
Other adjustments | 0.04 | 0.04 | 0.16 | 0.16 | |
Adjusted results | $ 0.57 | $ 0.59 | $ 2.38 | $ 2.42 | |
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share (EPS) that exclude certain charges (credits); operational net sales, which exclude the impact of foreign currency fluctuations; and organic net sales, which exclude the impact of foreign currency fluctuations as well as the impact of acquisitions and divestitures with less than a full period of comparable net sales. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in
To calculate adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share, we exclude certain charges (credits) from GAAP net income and GAAP net income attributable to Boston Scientific common stockholders, which include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items. Amounts are presented after-tax using the company's effective tax rate, unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate." Please refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission or Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in any Quarterly Report on Form 10-Q that we have filed or will file thereafter for an explanation of each of these adjustments and the reasons for excluding each item.
The GAAP financial measures most directly comparable to adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share are GAAP net income (loss), GAAP net income (loss) attributable to Boston Scientific common stockholders and GAAP net income (loss) per common share – diluted, respectively.
To calculate operational net sales growth rates, which exclude the impact of foreign currency fluctuations, we convert actual net sales from local currency to
Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules.
Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses these non-GAAP financial measures to further its understanding of the performance of our operating segments. The adjustments excluded from our non-GAAP financial measures are consistent with those excluded from our operating segments' measures of net sales and profit or loss. These adjustments are excluded from the segment measures reported to our chief operating decision maker that are used to make operating decisions and assess performance.
We believe that presenting adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders, adjusted net income (loss) per share, operational net sales growth rates and organic net sales growth rates, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information used by management for its operational decision-making and allows investors to see our results "through the eyes" of management. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance.
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SOURCE Boston Scientific Corporation
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