Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Boston Scientific Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net sales	12,682)	11,888)	9,913)	10,735)	9,823)
Cost of products sold	(3,955)	(3,711)	(3,465)	(3,115)	(2,812)
Gross profit	8,727)	8,177)	6,448)	7,620)	7,011)
Selling, general and administrative expenses	(4,519)	(4,358)	(3,788)	(3,941)	(3,570)
Research and development expenses	(1,323)	(1,204)	(1,143)	(1,174)	(1,113)
Royalty expense	(47)	(49)	(45)	(65)	(70)
Amortization expense	(803)	(741)	(789)	(699)	(599)
Goodwill impairment charges	—)	—)	(73)	—)	—)
Intangible asset impairment charges	(132)	(370)	(460)	(105)	(35)
Contingent consideration net (expense) benefit	(35)	136)	100)	35)	21)
Restructuring net charges	(24)	(40)	(52)	(38)	(36)
Litigation-related net charges	(173)	(430)	(278)	(115)	(103)
Gain (loss) on disposal of businesses and assets	(22)	78)	—)	—)	—)
Operating expenses	(7,078)	(6,978)	(6,528)	(6,102)	(5,505)
Operating income (loss)	1,649)	1,199)	(80)	1,518)	1,506)
Interest expense	(470)	(341)	(361)	(473)	(241)
Other, net	(38)	218)	362)	(358)	157)
Other income (expense)	(508)	(123)	1)	(831)	(84)
Income (loss) before income taxes	1,141)	1,076)	(79)	687)	1,422)
Income tax (expense) benefit	(443)	(35)	(3)	4,013)	249)
Net income (loss)	698)	1,041)	(82)	4,700)	1,671)
Preferred stock dividends	(56)	(56)	(33)	—)	—)
Net income (loss) available to common stockholders	642)	985)	(115)	4,700)	1,671)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Boston Scientific Corp. net sales increased from 2020 to 2021 and from 2021 to 2022.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	Boston Scientific Corp. operating income (loss) increased from 2020 to 2021 and from 2021 to 2022.
Income (loss) before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Boston Scientific Corp. income (loss) before income taxes increased from 2020 to 2021 and from 2021 to 2022.
Net income (loss)	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Boston Scientific Corp. net income (loss) increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Boston Scientific Corp. (NYSE:BSX)

Income Statement