01—Abstract
Summary
Summary of the 10-K/A filed March 17, 2017. Cited figures are marked; the original filing is the authoritative source.
This filing is Amendment No. 1 (Form 10-K/A) to Boston Scientific's annual report for the fiscal year ended December 31, 2016.
It contains no financial statements, business description, MD&A, or risk factors. Its only purpose is to correct a typographical error in Exhibit 23, the Consent of Independent Registered Public Accounting Firm (Ernst & Young LLP), which did not conform to the consent the auditors provided. The company states there are no other changes to the Form 10-K, and the amendment speaks only as of the original filing date, February 23, 2017.
For investors, this amendment carries no new financial information and does not change any disclosure in the original 10-K. The cover page does provide basic market data: about 1.363 billion common shares outstanding as of January 31, 2017, and an aggregate market value held by non-affiliates of roughly $31.6 billiona, based on a June 30, 2016 closing price of $23.37 on the NYSE.
The company is a large accelerated filer headquartered in Marlborough, Massachusetts. Investors seeking operating results, segment performance, or guidance should review the original 10-K filed February 23, 2017.
02—Key points
Key Highlights
- Form 10-K/A (Amendment No. 1) for fiscal year ended December 31, 2016, filed solely to correct a typo in Exhibit 23 (auditor consent); no financial or operational disclosures were changed.
- The original Form 10-K was filed with the SEC on February 23, 2017; this amendment speaks only as of that original filing date.
- Auditor is Ernst & Young LLP; the corrected consent was needed because the original consent did not match the auditors' version.
- Approximately 1,363,488,640 common shares outstanding as of January 31, 2017.
- Non-affiliate market value of approximately $31.6 billion, based on a $23.37 share price on June 30, 2016 (NYSE).
- Registrant is a Delaware corporation, large accelerated filer, and well-known seasoned issuer, headquartered at 300 Boston Scientific Way, Marlborough, MA.
- Part III information (executive compensation, governance, etc.) is incorporated by reference from the 2017 definitive proxy statement rather than included in the filing.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2016, Boston Scientific Corp kept $0.04.
- Revenue$8.39B100.0%
- Cost of revenue−$2.42B28.9%
- Gross profit$5.96B71.1%
- Operating costs−$5.51B65.8%
- Operating income$447.0M5.3%
- Interest, other & tax−$100.0M1.2%
- Net income$347.0M4.1%
Where FY2016 revenue went
$8.39B- SG&A: $3.10B, 37% of revenue
- Cost of revenue: $2.42B, 29% of revenue
- Other operating costs: $2.42B, 29% of revenue
- Net income: $347.0M, 4.1% of revenue
- Interest, other & tax: $100.0M, 1.2% of revenue
Kept 4.1% as net incomeNet income $347.0M · 4.1%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2016filed March 17, 2017Financial Statements
FY2016 against FY2015
| Line item | FY2016FY2015 | Change |
|---|---|---|
| Revenue | $8.39B$7.48B | +12.2% |
| Cost of Revenue | $2.42B$2.17B | +11.6% |
| Gross Profit | $5.96B$5.30B | +12.4% |
| SG&A Expenses | $3.10B$2.87B | +7.9% |
| Operating Expenses | $5.51B$5.59B | −1.3% |
| Operating Income | $447.00M-$283.00M | +258.0% |
| Interest Expense | $233.00M$284.00M | −18.0% |
| Net Income | $347.00M-$239.00M | +245.2% |
| EPS (Basic) | $0.26$-0.18 | +244.4% |
| EPS (Diluted) | $0.25$-0.18 | +238.9% |
| Shares Outstanding (Basic) | 1.36B1.34B | +1.2% |
| Shares Outstanding (Diluted) | 1.38B1.34B | +2.7% |
05—Questions
Frequently Asked Questions
Does this 10-K/A change Boston Scientific's 2016 financial results?
No. The amendment is limited to correcting a typographical error in Exhibit 23, the auditor's consent. The company states there are no other changes to the Form 10-K, and it does not modify or update any disclosure in the original filing.
Why did Boston Scientific file this amendment?
The consent of Ernst & Young LLP included in the original February 23, 2017 filing contained a typographical error and did not conform to the consent the auditors actually provided. The amendment replaces Exhibit 23 to correct that discrepancy.
Where can I find Boston Scientific's full 2016 financial statements and business discussion?
They are in the original Form 10-K for fiscal 2016, filed with the SEC on February 23, 2017. This amendment includes only the cover page, an explanatory note, Part IV, and the exhibit list, so it does not contain the financial statements, MD&A, or risk factors.
How many shares are outstanding, and what was the public float?
About 1,363,488,640 common shares were outstanding as of January 31, 2017. The aggregate market value held by non-affiliates was approximately $31.6 billion, measured at $23.37 per share on June 30, 2016, the last business day of the company's second fiscal quarter.
06—Continue