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Boston Scientific Announces Results For Fourth Quarter And Full Year Ended December 31, 2016

Published: Feb 02, 2017

MARLBOROUGH, Mass., Feb. 2, 2017 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated sales of $2.191 billion during the fourth quarter ended December 31, 2016. This represents growth of 11 percent compared to the prior year period on a reported and operational basis (calculated on constant currency basis). The company reported GAAP earnings of $124 million or $0.09 per share (EPS), compared to a GAAP loss of $142 million or $(0.11) per share a year ago, and achieved adjusted earnings per share of $0.30 for the period, compared to $0.26 a year ago.

For the year ended December 31, 2016, the company achieved full year sales of $8.386 billion, representing 12 percent revenue growth on a reported and operational basis. The company reported GAAP earnings of $0.25 per share, compared to a GAAP loss of $(0.18) in the prior year period and delivered full year adjusted earnings per share of $1.11, compared to $0.93 in 2015.

"Boston Scientific delivered excellent financial results in 2016, with accelerated revenue growth, improved profitability, and strong double digit adjusted EPS growth," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "Our strategy of category leadership in key markets and diversification into high growth adjacencies is working, and enabling continued investment in innovative medical technologies. I want to thank our employees for their commitment to advancing science and improving the lives of patients around the world."

Fourth quarter financial results and recent developments:

  • Achieved fourth quarter sales of $2.191 billion, compared to the company's guidance range of $2.140 to $2.190 billion, representing an increase of 11 percent on a reported and operational basis, all compared to the prior year period.
  • Grew organic revenue 10 percent in the fourth quarter over the prior year period. Organic revenue growth excludes the impact of changes in foreign currency exchange rates and sales from the acquisition of EndoChoice Holdings, Inc. (EndoChoice).
  • Reported fourth quarter GAAP earnings of $0.09 per share compared to the company's guidance range of $0.15 to $0.17 per share, primarily due to litigation-related charges and delivered adjusted earnings per share of $0.30, compared to the guidance range of $0.27 to $0.29 per share.
  • Achieved excellent fourth quarter revenue growth in all segments, all compared to the prior year period:
    • Medsurg: 13 percent (12 percent operational and 11 percent organic)
    • Cardiovascular: 11 percent reported, operational and organic
    • Rhythm Management: 7 percent reported, operational and organic
    • Delivered revenue growth in all regions, all compared to the prior year period:
      • U.S.: 11 percent reported, operational and organic
      • Europe: 3 percent (7 percent operational and organic)
      • AMEA (Asia-Pacific, Middle East and Africa): 17 percent (13 percent operational and organic)
      • Emerging Markets:* 9 percent (17 percent operational and organic)
      • Announced initial U.S. commercial performance results of the WATCHMAN Left Atrial Appendage Closure (LAAC) Device collected during 3,822 consecutive LAAC procedures, demonstrating a nearly 96 percent implant success rate. The overall rate of complications evaluated within these data, presented at the Transcatheter Cardiovascular Therapeutics (TCT) Scientific Sessions, was 1.63%, and compared favorably to the clinical trial data leading to device approval, validating the rigorous process for selecting and training new operators.
      • Announced positive results from the 900-patient MultiSENSE study evaluating the performance of the HeartLogic Heart Failure Diagnostic Service** to predict impending heart failure (HF) decompensation in a late-breaking clinical trial session at the American Heart Association Scientific Sessions 2016. The trial data demonstrated the HeartLogic alert could successfully notify clinicians of an associated HF event*** with a 34-day median alert window.


        • To read full press release, please click here.

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