Name: Boston Scientific Corp. (NYSE:BSX) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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.

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Boston Scientific Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net sales	3,389)	3,242)	3,170)	3,244)	3,026)	3,127)	2,932)	3,077)	2,752)	2,708)	2,659)	2,003)	2,543)	2,904)	2,707)	2,631)	2,493)	2,561)	2,393)	2,490)	2,379)
Cost of products sold	(1,040)	(1,010)	(979)	(1,011)	(955)	(972)	(900)	(945)	(894)	(999)	(869)	(791)	(806)	(850)	(777)	(758)	(730)	(728)	(673)	(739)	(672)
Gross profit	2,349)	2,232)	2,191)	2,233)	2,071)	2,155)	2,032)	2,132)	1,858)	1,709)	1,790)	1,212)	1,737)	2,054)	1,930)	1,873)	1,763)	1,833)	1,720)	1,751)	1,707)
Selling, general and administrative expenses	(1,214)	(1,163)	(1,132)	(1,164)	(1,060)	(1,153)	(1,066)	(1,121)	(1,018)	(1,028)	(984)	(798)	(978)	(1,092)	(1,012)	(968)	(869)	(954)	(870)	(885)	(861)
Research and development expenses	(337)	(330)	(339)	(335)	(319)	(320)	(310)	(298)	(276)	(286)	(315)	(242)	(300)	(308)	(306)	(280)	(280)	(288)	(289)	(275)	(261)
Royalty expense	(11)	(13)	(11)	(11)	(12)	(11)	(14)	(12)	(12)	(13)	(12)	(8)	(12)	(17)	(15)	(17)	(16)	(18)	(17)	(17)	(18)
Amortization expense	(203)	(199)	(202)	(204)	(198)	(192)	(184)	(180)	(185)	(194)	(197)	(197)	(201)	(200)	(178)	(161)	(160)	(163)	(148)	(147)	(141)
Goodwill impairment charges	—)	—)	—)	—)	—)	—)	—)	—)	—)	(73)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Intangible asset impairment charges	—)	—)	(125)	(7)	—)	(197)	(128)	(45)	—)	(9)	(219)	(34)	(198)	(1)	—)	(37)	(67)	—)	—)	(34)	(1)
Contingent consideration net (expense) benefit	(12)	33)	(20)	(36)	(12)	19)	26)	85)	6)	(2)	(6)	—)	108)	25)	(8)	(10)	28)	9)	13)	4)	(5)
Restructuring charges	(20)	(5)	(4)	(11)	(4)	(23)	(9)	(3)	(5)	(35)	(3)	(4)	(10)	(28)	(3)	(1)	(6)	(15)	(3)	(5)	(13)
Litigation-related net (charges) credits	—)	(131)	—)	(42)	—)	(128)	—)	(298)	(4)	(19)	(259)	—)	—)	(223)	(25)	(15)	148)	(85)	(18)	—)	—)
Gain (loss) on disposal of businesses and assets	—)	(22)	—)	—)	—)	30)	40)	2)	6)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating expenses	(1,797)	(1,830)	(1,833)	(1,810)	(1,605)	(1,975)	(1,645)	(1,870)	(1,488)	(1,659)	(1,995)	(1,283)	(1,591)	(1,844)	(1,547)	(1,489)	(1,222)	(1,514)	(1,332)	(1,359)	(1,300)
Operating income (loss)	552)	402)	358)	423)	466)	180)	387)	262)	370)	50)	(205)	(71)	146)	210)	383)	384)	541)	319)	388)	392)	407)
Interest expense	(65)	(64)	(63)	(64)	(279)	(87)	(86)	(86)	(82)	(96)	(86)	(91)	(88)	(180)	(95)	(89)	(109)	(65)	(58)	(57)	(61)
Other, net	(43)	57)	(50)	(14)	(31)	26)	182)	(27)	37)	353)	64)	(19)	(36)	(36)	(197)	(150)	25)	42)	126)	12)	(23)
Other income (expense)	(108)	(7)	(113)	(78)	(310)	(61)	96)	(113)	(45)	257)	(22)	(110)	(124)	(216)	(292)	(239)	(84)	(23)	68)	(45)	(84)
Income (loss) before income taxes	444)	395)	245)	345)	156)	119)	483)	149)	325)	307)	(227)	(181)	22)	(6)	91)	145)	457)	296)	456)	347)	323)
Income tax (expense) benefit	(130)	(255)	(57)	(85)	(46)	(24)	(64)	37)	16)	(98)	72)	34)	(11)	4,002)	35)	9)	(33)	90)	(24)	208)	(25)
Net income (loss)	314)	140)	188)	260)	110)	95)	419)	186)	341)	209)	(155)	(147)	11)	3,996)	126)	154)	424)	386)	432)	555)	298)
Preferred stock dividends	(14)	(15)	(14)	(14)	(13)	(14)	(14)	(14)	(14)	(13)	(14)	(6)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss) available to common stockholders	300)	125)	174)	246)	97)	81)	405)	172)	327)	196)	(169)	(153)	11)	3,996)	126)	154)	424)	386)	432)	555)	298)

Net sales demonstrate a consistent long-term growth trajectory, increasing from 2,379 million USD in March 2018 to 3,389 million USD by March 2023. While the general trend is upward, a significant temporary contraction occurred in June 2020, where sales dropped to 2,003 million USD before recovering and resuming a growth pattern. Gross profit followed a similar trend, expanding from 1,707 million USD to 2,349 million USD over the analyzed period, maintaining a strong and relatively stable gross margin percentage.

Operating Expense Analysis: Selling, general and administrative expenses exhibited a steady increase, rising from 861 million USD in early 2018 to 1,214 million USD by March 2023. Research and development expenses remained more controlled, growing incrementally from 261 million USD to 337 million USD. This indicates that while operational overhead has scaled with revenue, investment in innovation has been maintained at a more stable pace.
Non-Recurring Charges and Volatility: Operating income was frequently impacted by significant non-recurring items. Intangible asset impairment charges occurred intermittently, with notable peaks in March 2020 and September 2020. Litigation-related charges introduced substantial volatility, with major hits recorded in December 2019 (223 million USD), September 2020 (259 million USD), and June 2021 (298 million USD). A goodwill impairment charge of 73 million USD was also recorded in December 2020.
Operating Income Performance: Despite the volatility from one-time charges, operating income showed recovery and growth toward the end of the period. After experiencing losses in the second and third quarters of 2020, operating income climbed to 552 million USD by March 2023, the highest quarterly value in the provided sequence, suggesting improved operational efficiency and the absorption of previous legal and impairment shocks.
Net Income and Tax Anomalies: Net income figures are highly distorted by non-operational events. A massive spike to 3,996 million USD occurred in December 2019, driven almost entirely by a 4,002 million USD income tax benefit. Excluding this anomaly, net income remained volatile, reflecting the impact of litigation and impairments, but ended the period on an upward trend with 314 million USD in March 2023.
Financial Obligations: Interest expenses generally remained stable between 60 million USD and 90 million USD for most of the period, with a singular anomalous peak of 279 million USD in March 2022. Preferred stock dividends remained consistent, averaging approximately 13 to 15 million USD per quarter from June 2020 onward.

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Boston Scientific Corp. (NYSE:BSX)

Income StatementQuarterly Data

Income Statement
Quarterly Data