Boston Scientific Corporation (NYSE:BSX) Q4 2017 Earnings Conference Call Transcript

Feb 01, 2018 • 07:30 am ET

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Boston Scientific Corporation (NYSE:BSX) Q4 2017 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Boston Scientific Fourth Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and answer-session. Instructions will be given at that time. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Susie Lisa. Please go ahead.

Executive
Susan Lisa

Thank you, Greg. Good morning, everyone, and thanks for joining us. With me on today's call are Mike Mahoney, Chairman and Chief Executive Officer and Dan Brennan, Executive Vice President and Chief Financial Officer. We issued a press release earlier this morning announcing our Q4 2017 results, which included reconciliations of the non-GAAP measures used in the release. We have posted a copy of that release as well as reconciliations of the non-GAAP measures used in today's call to the Investor Relations section of our website under the heading Filings.The duration of this morning's call will be just under one hour. Mike will provide strategic and revenue highlights for Q4 2017 and full year 2017. Dan will review the financials for the quarter, and then Q1 2018 and full year 2018 guidance and then, we'll take your questions.

During today's Q&A session, Mike and Dan will be joined by our Global Chief Medical Officer, Dr. Ian Meredith and Chief Medical Officer for Rhythm Management and Global Health Policy, Dr. Ken Stein.

Before we begin, I'd like to remind everyone that on the call operational revenue growth excludes the impact of changes in foreign currency exchange rates. And organic revenue growth is defined as excluding the impacts of changes in foreign currency exchange rates and sales from the acquisitions of EndoChoice and Symetis over the relevant prior year period. Also note, this call contains forward-looking statements within the meaning of federal securities laws, which may be identified by words like anticipate, expect, believe, estimate, goals and other similar words. They include, among other things, statements about our growth and market share, new product approvals and launches, clinical trials, cost savings and growth opportunities, our cash flow and expected use, our financial performance, including sales, margins, earnings and other Q1 and full year 2018 guidance, as well as our tax rates, R&D spend and other expenses. Actual results may differ materially from those discussed in the forward-looking statements. Factors that may cause such differences include those described in the Risk Factors section of our most recent 10-K and subsequent 10-Q filed with the SEC. These statements speak only as of today's date and we disclaim any intention or obligation to update them.

At this point, I'll turn it over to Mike for his comments. Mike?

Executive
Michael Mahoney

Good morning. Thanks you, Susie. Thanks for dialing in Boston Scientific delivered excellent financial results in fourth quarter 2017 with 8% operational revenue growth, 7% organic revenue growth, 190 basis point improvement in profitability and 14% adjusted EPS growth to $0.34.

These fourth quarter results closed out a