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BSX Boston Scientific

Boston Scientific Corporation, doing business as Boston Scientific, is a manufacturer of medical devices used in interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology. Boston Scientific is primarily known for the development of the Taxus Stent, a drug-eluting stent which is used to open clogged arteries. With the full acquisition of Cameron Health in June 2012, the company also became notable for offering a minimally invasive implantable cardioverter-defibrillator which they call the EMBLEM Subcutaneous Implantable Defibrillator .

Company profile

Ticker
BSX, BSX+A
Exchange
CEO
Michael Mahoney
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
42695240

BSX stock data

(
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Calendar

23 Feb 21
18 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2B 2B 2B 2B 2B 2B
Cash burn (monthly) 95.67M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 346.25M n/a n/a n/a n/a n/a
Cash remaining 1.65B n/a n/a n/a n/a n/a
Runway (months of cash) 17.2 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Apr 21 Jeffrey B. Mirviss Common Stock Sell Dispose S No Yes 40.9501 28,123 1.15M 139,158
15 Apr 21 Jeffrey B. Mirviss Common Stock Option exercise Aquire M No Yes 6.28 28,123 176.61K 167,281
15 Apr 21 Jeffrey B. Mirviss Stock Option Common Stock Option exercise Dispose M No Yes 6.28 28,123 176.61K 0
15 Apr 21 Arthur C Butcher Common Stock Sell Dispose S No Yes 40 9,676 387.04K 29,398
15 Apr 21 Arthur C Butcher Common Stock Option exercise Aquire M No Yes 13.08 4,250 55.59K 39,074
15 Apr 21 Arthur C Butcher Stock Option Common Stock Option exercise Dispose M No Yes 13.08 4,250 55.59K 4,250
6 Apr 21 Boston Scientific Common Stock Sell Dispose S No No 43.6 650,000 28.34M 3,988,106
1 Apr 21 Scott Olson Common Stock Sell Dispose S No Yes 38.61 700 27.03K 12,844
30 Mar 21 Boston Scientific Common Stock Sell Dispose S No No 40.8 1,350,000 55.08M 4,638,106

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

89.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 833 819 +1.7%
Opened positions 120 81 +48.1%
Closed positions 106 75 +41.3%
Increased positions 324 315 +2.9%
Reduced positions 278 295 -5.8%
13F shares
Current Prev Q Change
Total value 45.63B 49.39B -7.6%
Total shares 1.27B 1.29B -1.9%
Total puts 8.16M 6.7M +21.8%
Total calls 6.66M 3.14M +111.8%
Total put/call ratio 1.2 2.1 -42.5%
Largest owners
Shares Value Change
BLK Blackrock 133.51M $4.8B +3.6%
Vanguard 110.78M $3.98B -1.1%
Wellington Management 77.27M $2.78B +31.8%
STT State Street 65.07M $2.34B +1.9%
FMR 64.64M $2.32B +4.7%
Massachusetts Financial Services 49.03M $1.76B +13.2%
JHG Janus Henderson 47.93M $1.72B -1.6%
JPM JPMorgan Chase & Co. 39.69M $1.43B -4.5%
Primecap Management 39.46M $1.42B -2.5%
Bollard 31.3M $1.13B -2.3%
Largest transactions
Shares Bought/sold Change
Capital World Investors 7.21M -53.92M -88.2%
TROW T. Rowe Price 14.26M -27.92M -66.2%
Wellington Management 77.27M +18.66M +31.8%
Norges Bank 14.18M +14.18M NEW
Viking Global Investors 29.99M +11.16M +59.3%
Steadfast Capital Management 0 -9.48M EXIT
Fred Alger Management 387.48K -9.45M -96.1%
D. E. Shaw & Co. 9.95M +9.34M +1542.7%
American Century Companies 722.87K -9.19M -92.7%
Nuveen Asset Management 14.64M -8.2M -35.9%

Financial report summary

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Risks
  • The ongoing global COVID-19 pandemic and related impacts are having a material adverse effect on our operations, financial performance and cash flows. We are unable to predict the extent to which the pandemic and related impacts will continue to adversely impact our business operations, financial performance, results of operations, financial position and the achievement of our strategic objectives.
  • We face intense competition and may not be able to keep pace with the rapid technological changes in the medical devices industry, which could have an adverse effect on our business, financial condition or results of operations.
  • We may experience declines in market size, average selling prices for our products, medical procedure volumes and our share of the markets in which we compete, which may materially adversely affect our results of operations and financial condition.
  • Continued consolidation in the healthcare industry or additional governmental controls exerted over pricing in key markets could lead to increased demands for price concessions or limit or eliminate our ability to sell to certain of our significant market segments, which could have an adverse effect on our business, financial condition or results of operations.
  • Healthcare cost containment pressures, government payment and delivery system reforms, changes in private payer policies, and marketplace consolidations could decrease the demand for our products, the prices which customers are willing to pay for those products and/or the number of procedures performed using our devices, which could have an adverse effect on our business, financial condition or results of operations.
  • If we are unable to manage our debt levels, maintain investment grade credit ratings at the three ratings agencies, or experience a disruption in our cash flows it could have an adverse effect on our cost of borrowing, financial condition or results of operations.
  • We may record future intangible asset impairment charges related to one or more of our global reporting units, which could materially adversely impact our results of operations.
  • Current domestic and international economic conditions could adversely affect our cash flows and results of operations.
  • Failure to integrate acquired businesses into our operations successfully could adversely affect our business, financial condition and operating results.
  • We may not be successful in our strategy relating to future strategic acquisitions of, investments in, or alliances with, other companies and businesses, which have been a significant source of historical growth for us, and will be key to our diversification into new markets and technologies.
  • We may not realize the expected benefits from our restructuring and optimization initiatives, our long-term expense reduction programs may result in an increase in short-term expenses and our efforts may lead to unintended consequences.
  • Our future growth is dependent upon the development of new products and enhancement of existing products, which requires significant research and development, clinical trials and regulatory approvals, all of which may be very expensive and time-consuming and may not result in commercially viable products.
  • Interruption of our supply chain or manufacturing operations, including resulting from natural disasters, further public heath crises and other catastrophic events or other events outside of our control could adversely affect our results of operations and financial condition.
  • Disruptions in the supply of the materials and components used in manufacturing our products or the sterilization of our products by third-party vendors could adversely affect our results of operations and financial condition.
  • Healthcare policy changes, including healthcare reform legislation, may have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • We are subject to extensive and dynamic medical device regulation, which may impede or hinder the approval or sale of our products and, in some cases, may ultimately result in an inability to obtain approval of certain products or may result in the recall or seizure of previously approved products.
  • Our products are continually subject to clinical trials and other analyses conducted by us, our competitors or other third parties, the results of which may be unexpected, or perceived as unfavorable by the market, and could have a material adverse effect on our business, financial condition or results of operations.
  • The medical device industry and its customers continue to face scrutiny and regulation by governmental authorities and are often the subject of numerous investigations, often involving marketing and other business practices or product quality issues including device recalls or advisories. These investigations could result in the commencement of civil and criminal proceedings; imposition of substantial fines, penalties and administrative remedies, including corporate integrity agreements, stipulated judgments or exclusion; diversion of our employees' and management's attention; imposition of administrative costs and have an adverse effect on our financial condition, results of operations and liquidity; and may lead to greater governmental regulation in the future.
  • Changes in tax laws, unfavorable resolution of tax contingencies, or exposure to additional income tax liabilities could have a material impact on our financial condition, results of operations and/or liquidity.
  • We may not effectively be able to protect our intellectual property or other sensitive data, which could have a material adverse effect on our business, financial condition or results of operations.
  • We rely on the proper function, availability and security of information technology systems to operate our business and a cyber-attack or other breach of these systems could have a material adverse effect on our business, financial condition or results of operations.
  • Pending and future intellectual property litigation could be costly and disruptive to us.
  • Pending and future product liability claims and other litigation, including private securities litigation, stockholder derivative suits and contract litigation, may adversely affect our financial condition and results of operations or liquidity.
  • Any failure to meet regulatory quality standards applicable to our manufacturing and quality processes could have an adverse effect on our business, financial condition and results of operations.
  • Our business could be negatively impacted by corporate social responsibility and sustainability matters.
Management Discussion
  • Refer to Executive Summary for further discussion of our net sales and a comparison of our 2020 and 2019 net sales.
  • In 2019, we generated net sales of $10.735 billion, as compared to $9.823 billion in 2018. This increase of $912 million, or 9.3 percent, included operational growth of 11.1 percent and the negative impact of 180 basis points from foreign currency fluctuations. Operational net sales included approximately $378 million in 2019 associated with the acquisitions of NxThera, Inc. (NxThera) in the second quarter of 2018, Claret Medical, Inc. (Claret) in the third quarter of 2018, Augmenix, Inc. (Augmenix) in the fourth quarter of 2018, Vertiflex in the second quarter of 2019, and BTG in the third quarter of 2019, each with less than a full year of prior period related net sales.
  • A significant factor contributing to the decrease in our gross profit margin for 2020 as compared to 2019 was manufacturing costs of $149 million associated with abnormally low production levels resulting from plant shutdowns and reduced operations. In addition, we recorded $119 million of inventory charges associated with the global, voluntary recall of all unused inventory of our LOTUS Edge™ Aortic Valve System and discontinuation of the LOTUS platform. Our gross margin was further negatively impacted in 2020 due to our conversion to a consignment inventory model for our LAAC franchise with the launch of our next-generation WATCHMAN FLX™ Device. In addition, the unfavorable product mix due to the deferral of procedures using higher-margin products, price declines related primarily to sales of our coronary drug-eluting stent products, excess and obsolete inventory charges due to lower forecasted demand for certain of our products as well as the amortization of the inventory fair value step up recorded in connection with our acquisition of BTG contributed to a decrease in gross margin. These decreases were partially offset by manufacturing cost reductions driven by our process improvement programs in each period as well as favorable foreign currency fluctuations.
Content analysis
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Patents

GRANT
Utility
Articulating needles and related methods of use
13 Apr 21
A medical device may include a needle, including a plurality of links and a distal tip, reciprocally movable between a first configuration and a second configuration, and a conduit including a lumen extending through the needle, the conduit being coupled to the distal tip, wherein longitudinal movement of the conduit is configured to transition the needle between the first configuration and the second configuration.
GRANT
Utility
Systems, devices, and related methods for retracting tissue
13 Apr 21
In one aspect of the present disclosure, a tissue retraction system may include a first anchor, a second anchor, and an elongate coupling member extending between the first anchor and the second anchor.
GRANT
Utility
Apparatus and method for treatment of in-stent restenosis
13 Apr 21
A catheter and catheter system can use energy tailored for remodeling and/or removal of target material proximate to a body lumen, often of stenotic material or tissue in the luminal wall of a blood vessel of a patient.
GRANT
Utility
System and methods for heart rate and electrocardiogram extraction from a spinal cord stimulation system
13 Apr 21
A system and method for extracting a cardiac signal from a spinal signal include measuring a spinal signal at one or more electrodes that are connected to a neurostimulator and implanted within a patient's spinal canal and processing the spinal signal to extract the cardiac signal, which includes features that are representative of the patient's cardiac activity.
GRANT
Utility
Method and apparatus for optimizing spatio-temporal patterns of neurostimulation for varying conditions
13 Apr 21
An example of a system for programming a neurostimulator may include a storage device and a pattern generator.