Summary
Boston Scientific Corporation (BSX) filed an 8-K on April 21, 2003, primarily to announce its first-quarter earnings for the period ending March 31, 2003. The report highlights the company's practice of reporting both Generally Accepted Accounting Principles (GAAP) and pro forma (non-GAAP) financial results. Management utilizes pro forma figures to gain a clearer understanding of underlying business trends and set operational targets, believing it better reflects operating performance by excluding certain charges. Investors should note that the company provides earnings guidance exclusively on a pro forma basis due to the complexities of forecasting GAAP-required adjustments. While pro forma results are presented as a complement to GAAP measures and not as a superior substitute, they offer insight into how the company views its performance and future outlook. This filing serves to furnish a press release detailing these earnings and financial reporting methodologies.
Key Highlights
- 1Boston Scientific (BSX) filed an 8-K on April 21, 2003, announcing Q1 2003 earnings.
- 2The company reported both GAAP and pro forma (non-GAAP) financial results for the quarter ended March 31, 2003.
- 3Management uses pro forma results to assess operational performance and identify underlying business trends.
- 4Pro forma earnings guidance is provided due to the difficulty in forecasting GAAP-specific adjustments.
- 5The press release detailing these results is furnished as an exhibit to the 8-K filing.
- 6This filing does not trigger Section 18 liabilities of the Exchange Act, nor is it deemed incorporated by reference into other filings.
- 7Lawrence C. Best, Senior Vice President - Finance and Administration and Chief Financial Officer, signed the report.