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June 7, 2016
This presentation 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, 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. If our underlying assumptions turn out to be
incorrect, or if certain risks or uncertainties materialize, actual results could differ materially from
the expectations and projections expressed or implied by our forward-looking statements.
Factors that may cause such differences can be found in our most recent Form 10-K and Forms
10-Q filed or to be filed with the Securities and Exchange Commission under the headings Risk
Factors and Safe Harbor for Forward-Looking Statements. Accordingly, you are cautioned not
to place undue reliance on any of our forward-looking statements. We disclaim any intention or
obligation to publicly update or revise any forward-looking statements to reflect any change in our
expectations or in events, conditions, or circumstances on which they may be based, or that may
affect the likelihood that actual results will differ from those contained in the forward-looking
statements.
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Disclaimers
For reconciliations of non-GAAP financial measures used in these presentations to the most
directly comparable GAAP figures, please refer to the Investor Relations section of our website at
www.bostonscientific.com. Footnotes referenced in this presentation can be found on slide 14.
2015: 5% organic growth, +210bps adj. OM, 23% adj. EPS growth ex FX
Q1:16: 8% organic growth, +260bps adj. OM, 41% adj. EPS growth ex FX
Creating value: MSD rev. growth + adj. OM expansion = DD adj. EPS growth ex FX
Interventional
Cardiology
$2.0B, +7%
Endoscopy
$1.3B, +6%
Structural Heart
Urology and
Pelvic Health
$100M+
$693M, +36%
Peripheral
Interventions
Neuromodulation
$904M, +13%
$501M, +8%
Rhythm Management
CRM, Heart Failure Management, Electrophysiology
CRM $1.8B, +1%
5
EP $233M, +9%
23%
$7.4B
$7.4B
15%
22.3%
8%
11%
20.2%
6%
5%
4%
11%
18.9%
17.8%**
$7.1B
2%
2012
2013
2014
2015
-3%
$7.2B
2012
2014
2015
2012
2013
2014
2015
-2%
**Adjusted for estimated impact of Medical Device Tax
(~100bps), based on actual 2013 impact
2013
STRENGTHEN
Category
Leadership
EXPAND into
High Growth
Adjacencies
DRIVE
Global
Expansion
FUND
the Journey
to Fuel Growth
DEVELOP
Key
Capabilities
A preferred
Accelerate
Grow emerging
Adjusted
New commercial
growth &
diversify into
markets +500bps
as % total sales
operating margin
target of 25%+
capabilities to
lead in dynamic
global segments
faster segments
2012-2017
by 2017
markets
Business
2015
Size
2015
Growth
2015 2020
Growth
Endoscopy
$3B
4%
4-6%
Urology and
Pelvic Health
$3B
4%
4-6%
Neuromodulation
$2B
5%
5-7%
CRM
$10B
2%
0-2%
Electrophysiology
$3B
14%
10-15%
Peripheral
$4B
4%
4-6%
IC (ex SH)
$8B
1%
0-3%
Structural Heart
$1.8B
35%
15-20%
WW Total
~$35B
~3-4%
~3-6%
* Market size and growth rates at constant currency and are BSX internal estimates
Operational Revenue3,4,5
LACA 6%
EM +12% FY15,
+21% Q1:16
operational revenue
China +20%
operational revenue3
AMEA
20%
(+7%)
U.S.
52%
(+9%)
(+8%)
Strong team
3
(+7%)
Europe
22%
Expanded
distribution
Product
registrations
R&D & training
centers
China JV
(Frankenman)
25%+
~+200bps
22.3%
~+100bps
20.2%
Accretive new
products
18.9%
5-10% annual
standard cost
improvements
17.8%
Optimize plant
networks
AMS benefit
Reduce SG&A
R&D
productivity
Reduce
adjacency
dilution
Outsourcing/
offshoring
Lean business
initiatives
AMS benefit
2012A*
2013A
2014A
2015A**
Gross Margin
*Adjusted for estimated impact of Medical Device Tax (~100bps), based on actual 2013 impact
10
Operating
Expenses
2017E
27-28%
25%+
Accretive new
products
~+200bps
22.3%
~+100bps
Accretive new
products
5-10% annual
standard cost
improvements
2015A*
11
~+200 to
300bps
5-10% annual
standard cost
improvements
Reduce SG&A
R&D productivity
Optimize plant
networks
Reduce
adjacency
dilution
Reduce SG&A
and adjacency
dilution
Outsourcing/
offshoring
R&D productivity
Optimize plant
networks
Lean business
initiatives
AMS benefit
AMS benefit
Gross Margin
Operating
Expense
Reductions
AMS benefit
Outsourcing/
offshoring
2017E
Operating
Margin
Improvements
2020E
2016 Capital
Allocation Priorities
1. Debt repayment
~$1.5B
2016E*
3. Maintain flexibility
$1.3B+
$1.26B
2014A
2015A
2015: 5% organic growth, +210bps adj. OM, 23% adj. EPS growth ex FX
Q1:16: 8% organic growth, +260bps adj. OM, 41% adj. EPS growth ex FX
13
Creating value: MSD rev. growth + adj. OM expansion = DD adj. EPS growth ex FX
Footnotes
1: Organic revenue growth excludes the impact of sales from divested businesses, changes in foreign
currency exchange rates and sales from the acquisitions of the interventional business of Bayer AG and
the American Medical Systems male urology portfolio over the prior year period.
2: Adjusted operating margin, and adjusted earnings per share are non-GAAP and exclude goodwill and
other intangible asset impairment charges, acquisition and divestiture-related net charges, litigationrelated charges, restructuring and restructuring-related charges, pension termination charges, discrete
tax items and amortization expense.
3: Operational revenue growth is at constant currency, and excludes divested businesses.
www.bostonscientific.com.
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