Boston Scientific Announces Results For Fourth Quarter And Full Year 2020

MARLBOROUGH, Mass., Feb. 3, 2021 /PRNewswire/ -- Boston Scientific Corporation (NYSE: BSX) generated net sales of $2.708 billion during the fourth quarter of 2020. This represents a decline of (6.8) percent on a reported basis, (8.3) percent on an operational(1) basis and (8.0) percent on an organic(2) basis, all compared to the prior year period. Included within organic results is a negative 370 basis point impact associated with the conversion of U.S. WATCHMAN(TM) customers to a consignment inventory model and transition to the next-generation WATCHMAN FLX(TM) Left Atrial Appendage Closure (LAAC) Device. The company reported GAAP net income available to common stockholders of $138 million or $0.10 per share (EPS), compared to GAAP net income of $3.996 billion or $2.83 per share a year ago and achieved adjusted EPS of $0.23 for the period, compared to $0.46 a year ago. In the fourth quarter of 2019, reported GAAP net income included a net income tax benefit of $4.102 billion or $2.90 per share related to an intra-entity asset transfer of intellectual property.

For the full year 2020, the company generated net sales of $9.913 billion. This represents a decline of (7.7) percent on a reported basis, (7.8) percent on an operational(1) basis and (11.3) percent on an organic(2) basis, all compared to the prior year period. Included within organic results is a negative 170 basis point impact associated with the WATCHMAN(TM) conversion. The company reported a GAAP net loss available to common stockholders of $(173) million or $(0.12) per share, compared to GAAP net income of $4.700 billion or $3.33 per share a year ago, and delivered full year adjusted EPS of $0.96, compared to $1.58 a year ago. Full year 2019 GAAP EPS included a net income tax benefit of $2.91 per share related to the intra-entity asset transfer of intellectual property discussed above.

"As we look to 2021 and beyond, we are well-positioned given the strength of our global team and our diversified portfolio," said Mike Mahoney, chairman and chief executive officer, Boston Scientific. "I'm excited about our outlook for growth--from our category leadership positions to our innovative pipeline and commercial execution--and I am incredibly proud of how Boston Scientific delivered on our mission to transform lives amid the challenges of 2020."

Fourth quarter financial results and recent developments:

    --  Reported GAAP net income available to common stockholders of $0.10 per
        share and adjusted EPS of $0.23 per share. Included in adjusted EPS is:
        --  a ($0.06) impact associated with the WATCHMAN(TM) conversion
            mentioned above, which is now substantially complete, and
        --  an ($0.07) impact related to the voluntary recall of the LOTUS
            Edge(TM) Aortic Valve System and discontinuation of the LOTUS
            platform
    --  Generated the following sales growth/(declines) in each reportable
        segment(4), compared to the prior year period:
        --  MedSurg: 1.5 percent reported, 0.1 percent operational and 1.1
            percent organic
        --  Rhythm and Neuro: (6.1) percent reported, (7.7) percent operational
            and organic
        --  Cardiovascular: (12.0) percent reported, (13.5) percent operational
            and organic
    --  Generated the following regional(5) sales declines, compared to the
        prior year period:
        --  U.S.: (9.2) percent reported and operational
        --  EMEA (Europe, Middle East and Africa): (1.1) percent reported and
            (5.9) percent operational
        --  APAC (Asia-Pacific): (1.1) percent reported and (5.6) percent
            operational
        --  Emerging Markets(3): (9.9) percent reported and (8.9) percent
            operational
    --  Received U.S. Food and Drug Administration (FDA) approval for Vercise
        Genus(TM) family of Deep Brain Stimulation Systems, approved for MR
        conditional use in a magnetic resonance imaging (MRI) environment.
    --  Received FDA approval for WaveWriter Alpha(TM) portfolio of Spinal Cord
        Stimulator Systems, offering expanded personalization based on patient
        needs to treat multiple areas of chronic pain.
    --  Received FDA Breakthrough Device designation for the AGENT(TM)
        Drug-Coated Balloon (DCB),(6) which is designed for percutaneous
        transluminal coronary angioplasty to treat coronary artery disease.
        Breakthrough Device designation provides patients more timely access to
        novel devices that may provide a substantial improvement over existing
        therapies.
    --  Received FDA approval for the SYNERGY MEGATRON(TM) Bioabsorbable Polymer
        Stent(7), the only stent platform that is purpose built for use in large
        proximal vessels with the ability to expand to 6.0 mm in diameter.
    --  Received FDA approval for the Ranger(TM) Drug-Coated Balloon, developed
        for the treatment of patients with peripheral artery disease in the
        superficial femoral artery and proximal popliteal artery. Positive
        24-month data from the COMPARE trial was also presented at the Leipzig
        Interventional Course (LINC) congress, demonstrating non-inferiority of
        the low-dose paclitaxel-coated Ranger DCB (2.0 µg/mm2) compared to the
        higher dose IN.PACT(TM) DCB (Medtronic) balloon (3.5 µg/mm2).
    --  Received approval for the Eluvia(TM) Drug-Eluting Vascular Stent System
        from China's Center for Medical Device Evaluation and initiated a full
        launch in the region.
    --  Received FDA approval for the ORISE(TM) ProKnife, a cutting tool
        designed for endoluminal surgeries and organ-sparing alternatives to
        surgery for cancer removal and mortality disorders of the
        gastrointestinal tract.
    --  Received Japanese Pharmaceuticals and Medical Devices Agency approval
        and Japanese National Health Insurance reimbursement approval for the
        WATCHMAN FLX(TM) Left Atrial Appendage Closure (LAAC) Device, with plans
        to launch later this year, and surpassed 150,000 cumulative WATCHMAN
        implants worldwide.
    --  Announced the initiation of CHAMPION-AF--a randomized head-to-head trial
        to study the safety and efficacy of the next-generation WATCHMAN FLX
        device vs. non-vitamin K antagonist oral anticoagulants outcomes across
        a broad spectrum of patients with non-valvular atrial fibrillation, to
        evaluate the technology as a potential first-line therapy.
    --  Received Class I designation for the EMBLEM(TM) Subcutaneous Implantable
        Defibrillator System in recently updated American Heart Association and
        American College of Cardiology guidelines on treating patients with
        hypertrophic cardiomyopathy.
    --  Received approval from the FDA to begin the early feasibility study in
        the U.S. for the Millipede Transcatheter Annuloplasty Ring System(8),
        which will assess the safety and feasibility of the system in patients
        with functional mitral regurgitation.
    --  Announced a definitive agreement to acquire Preventice Solutions, Inc.,
        a privately-held company which offers a full portfolio of mobile cardiac
        health solutions and services, for a purchase price of $925 million,
        with up to an additional $300 million in a potential commercial
        milestone payment. Boston Scientific is currently an investor in
        Preventice and holds an equity stake of approximately 22 percent, which
        is expected to result in a net payment of approximately $720 million
        upon closing and a milestone payment of up to approximately $230
        million.
    --  Signed definitive agreement to divest BTG Specialty Pharmaceuticals
        business to Stark International Lux S.A.R.L. and SERB SAS, affiliates of
        SERB, for $800 million in cash.


                        1.  Operational revenue growth excludes the
                         impact of foreign currency fluctuations.


                        2.  Organic net sales growth rates exclude
                         the impact of foreign currency fluctuations
                         and net sales from the recent acquisitions
                         of Vertiflex, Inc. and BTG plc (BTG), each
                         with no prior year comparable net sales.
                         Organic net sales growth rates also exclude
                         the impact of the divestiture of our global
                         embolic microspheres portfolio, a
                         transaction entered into in connection with
                         obtaining the antitrust clearances required
                         to complete the BTG transaction, as well as
                         prior period net sales associated with our
                         intrauterine health franchise, which we
                         divested in Q2 2020.


                        3.  We define Emerging Markets as the 20
                         countries that we believe have strong growth
                         potential based on their economic
                         conditions, healthcare sectors and our
                         global capabilities.


                        4. We have three historical reportable
                         segments comprised of Medical Surgical
                         (MedSurg), Rhythm and Neuro, and
                         Cardiovascular, which represent an
                         aggregation of our operating segments that
                         generate revenues from the sale of medical
                         devices (Medical Devices). As part of our
                         acquisition of BTG on August 19, 2019, we
                         acquired an Interventional Medicine
                         business, which is now included in our
                         Peripheral Interventions operating
                         segment's revenues from the date of
                         acquisition.


                        5. As part of our acquisition of BTG on
                         August 19, 2019, we acquired a specialty
                         pharmaceuticals business (Specialty
                         Pharmaceuticals). Subsequent to acquisition,
                         Specialty Pharmaceuticals is now a stand-
                         alone operating segment presented alongside
                         our Medical Device reportable segments.
                         Specialty Pharmaceuticals net sales are
                         substantially U.S. based. Our chief
                         operating decision maker (CODM) reviews
                         financial information of our globally
                         managed Specialty Pharmaceuticals operating
                         segment at the worldwide level without
                         further disaggregation into regional
                         results. As such, Specialty Pharmaceuticals
                         net sales are presented globally, and our
                         Medical Devices reportable segments regional
                         net sales results do not include Specialty
                         Pharmaceuticals. In Q4 2020, we signed a
                         definitive agreement to sell Specialty
                         Pharmaceuticals. The sale is expected to
                         close in the first half of 2021, pending
                         customary closing conditions.


                        6.  Agent is an investigational device.
                         Limited by Federal law for investigational
                         use only. Not available for sale.


                        7.  Synergy Megatron indicated for use in
                         coronary arteries 3.5mm to 5.0mm in
                         diameter.


                        8.  Millipede is an investigational device.
                         Limited by Federal law for investigational
                         use only. Not available for sale.

Net sales for the fourth quarter by business and region:


                                                                                                                                
        
                Change



                                                        
          
                Three Months                   Reported                           Less: Impact                Operational                      Less: Impact                Organic
                                                              Ended December 31,                  Basis                            of Foreign                       Basis                        of Recent                       Basis
                                                                                                                                     Currency                                                 Acquisitions /
                                                                                                                                  Fluctuations                                                 Divestitures




     
       (in millions)                             2020                          2019



        
          Endoscopy                                                $
              515                 $
              499                                        3.4%                      1.9%                               1.5%                   0.0%     1.5%


        
          Urology and Pelvic Health               376                                 379                           (0.8)%                                1.0%                    (1.8)%                             (2.3)%                   0.6%



        
       
                MedSurg                       892                                 878                             1.5%                                1.5%                      0.1%                             (1.0)%                   1.1%


        
          Cardiac Rhythm Management               451                                 473                           (4.6)%                                1.8%                    (6.4)%                               0.0%                 (6.4)%


        
          Electrophysiology                        85                                  84                             1.1%                                2.8%                    (1.8)%                               0.0%                 (1.8)%


        
          Neuromodulation                         232                                 261                          (11.2)%                                0.8%                   (12.0)%                               0.0%                (12.0)%



        
       
                Rhythm and Neuro              767                                 817                           (6.1)%                                1.6%                    (7.7)%                               0.0%                 (7.7)%


        
          Interventional Cardiology               585                                 748                          (21.9)%                                1.5%                   (23.4)%                               0.0%                (23.4)%


        
          Peripheral Interventions                429                                 403                             6.5%                                1.7%                      4.8%                               0.0%                   4.8%



        
       
                Cardiovascular              1,014                               1,151                          (12.0)%                                1.6%                   (13.5)%                               0.0%                (13.5)%



        
       
                Medical Devices4            2,673                               2,847                           (6.1)%                                1.5%                    (7.7)%                             (0.3)%                 (7.4)%



        
       
                Specialty Pharmaceuticals5     36                                  58                          (38.5)%                                0.3%                   (38.8)%                               0.0%                (38.8)%




     
       Net Sales                                        $
          
                2,708          $
       
               2,905                                      (6.8)%                      1.5%                             (8.3)%                 (0.3)%   (8.0)%

                                                                                                                                                                                                                                                         ===


                                                                                                                                                        
             
         Change



                                                                                       
              
                Three Months                               Reported                         Less: Impact          Operational
                                                                                                 Ended December 31,                              Basis                          of Foreign                     Basis
                                                                                                                                                                                  Currency
                                                                                                                                                                               Fluctuations




     
              (in millions)                                                     2020                              2019



        
              U.S.                                                                                  $
              1,502                            $
             1,654                                  (9.2)%                  0.0% (9.2)%


        
              EMEA                                                               590                                             597                               (1.1)%                            4.8%                (5.9)%


        
              APAC                                                               489                                             495                               (1.1)%                            4.6%                (5.6)%


        
              Latin America and Canada                                            91                                             101                              (10.5)%                          (7.2)%                (3.2)%



        
              
                Medical Devices4                                    2,673                                           2,847                               (6.1)%                            1.5%                (7.7)%



        
              
                Specialty Pharmaceuticals5                             36                                              58                              (38.5)%                            0.3%               (38.8)%



        
              
                Net Sales                                                   $
              
                2,708                  $
           
               2,905                                  (6.8)%                  1.5% (8.3)%





        
              
                Emerging Markets(3)                                           $
              
                293                    $
           
               325                                  (9.9)%                (1.0)% (8.9)%




                                Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not
                                 recalculate precisely.




                                Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of recent
                                 aforementioned
        acquisitions / divestitures are not prepared in accordance with U.S. GAAP.

Net sales for the full year by business and region:


                                                                                                                      
          
             Change



                                                          
       
                Year Ended                   Reported                           Less: Impact                Operational                      Less: Impact                Organic
                                                              December 31,                      Basis                           of Foreign                       Basis                        of Recent                       Basis
                                                                                                                                  Currency                                                 Acquisitions /
                                                                                                                               Fluctuations                                                 Divestitures




     
       (in millions)                             2020                       2019



        
          Endoscopy                                           $
              1,780                 $
            1,894                                      (6.0)%                      0.3%                             (6.3)%                  0.0%    (6.3)%


        
          Urology and Pelvic Health             1,286                             1,413                          (9.0)%                                0.0%                    (9.0)%                             (1.7)%                (7.3)%



        
       
                MedSurg                     3,066                             3,307                          (7.3)%                                0.2%                    (7.5)%                             (0.7)%                (6.7)%


        
          Cardiac Rhythm Management             1,704                             1,939                         (12.1)%                                0.2%                   (12.4)%                               0.0%               (12.4)%


        
          Electrophysiology                       287                               329                         (12.8)%                                0.8%                   (13.5)%                               0.0%               (13.5)%


        
          Neuromodulation                         761                               873                         (12.8)%                                0.1%                   (13.0)%                               2.8%               (15.7)%



        
       
                Rhythm and Neuro            2,752                             3,140                         (12.4)%                                0.3%                   (12.7)%                               0.8%               (13.4)%


        
          Interventional Cardiology             2,299                             2,816                         (18.4)%                              (0.1)%                   (18.2)%                               0.0%               (18.2)%


        
          Peripheral Interventions              1,577                             1,392                           13.3%                                0.2%                     13.1%                              15.6%                (2.5)%



        
       
                Cardiovascular              3,876                             4,208                          (7.9)%                                0.0%                    (7.9)%                               5.2%               (13.1)%



        
       
                Medical Devices4            9,694                            10,654                          (9.0)%                                0.1%                    (9.1)%                               2.1%               (11.2)%



        
       
                Specialty Pharmaceuticals5    219                                81                             n/a                                 n/a                       n/a                                n/a                   n/a




     
       Net Sales                                        $
       
                9,913           $
      
              10,735                                      (7.7)%                      0.1%                             (7.8)%                  3.5%   (11.3)%


                                                                                                                                                                     
          
     Change



                                                                                         
              
                Year Ended                                    Reported                                 Less: Impact           Operational
                                                                                             
                December 31,                                 Basis                                 of Foreign                      Basis
                                                                                                                                                                                               Currency
                                                                                                                                                                                            Fluctuations




     
              (in millions)                                                     2020                              2019



        
              U.S.                                                                                  $
              5,508                                  $
            6,097                                           (9.7)%                  0.0% (9.7)%


        
              EMEA                                                             2,097                                           2,264                                            (7.4)%                             1.0%                (8.4)%


        
              APAC                                                             1,781                                           1,898                                            (6.2)%                             1.0%                (7.1)%


        
              Latin America and Canada                                           307                                             395                                           (22.2)%                           (7.0)%               (15.2)%



        
              
                Medical Devices4                                    9,694                                          10,654                                            (9.0)%                             0.1%                (9.1)%



        
              
                Specialty Pharmaceuticals5                            219                                              81                                               n/a                              n/a                   n/a



        
              
                Net Sales                                                   $
              
                9,913                         $
         
              10,735                                           (7.7)%                  0.1% (7.8)%





        
              
                Emerging Markets(3)                                         $
              
                1,093                          $
         
              1,252                                          (12.7)%                (3.5)% (9.2)%




                                Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate
                                 precisely.




                                Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of recent
                                 aforementioned
        acquisitions / divestitures are not prepared in accordance with U.S. GAAP.

Guidance for First Quarter and Full Year 2021

The company estimates revenue growth for the first quarter of 2021, versus the prior year period, to be in a range of approximately 0 to 6 percent on a reported basis and a growth range of approximately (3) to 3 percent on an organic basis. First quarter organic guidance excludes the impact of foreign currency fluctuations and the divestiture of our intrauterine health franchise, which we divested in Q2 2020, and includes net sales of the Specialty Pharmaceuticals business, assuming the previously announced divestiture closes on April 1, 2021. First quarter guidance excludes the previously announced acquisition of Preventice Solutions, Inc. which is projected to close by mid-2021, subject to customary closing conditions. The company estimates earnings on a GAAP basis in a range of $0.05 to $0.11 per share and estimates adjusted earnings, excluding certain charges (credits) in a range of $0.28 to $0.34 per share.

The company estimates revenue growth for the full year 2021, versus the prior year period, to be in a range of approximately 13 to 19 percent on a reported basis and a growth range of approximately 12 to 18 percent on an organic basis. Full year organic guidance excludes the impact of foreign currency fluctuations and the divestiture of our intrauterine health franchise, which we divested in Q2 2020, and includes net sales of the Specialty Pharmaceuticals business through the first quarter of 2021 assuming the previously announced divestiture closes on April 1, 2021. Full year guidance excludes the previously announced acquisition of Preventice Solutions, Inc. which is projected to close by mid-2021, subject to customary closing conditions. The company estimates income on a GAAP basis in a range of $0.72 to $0.82 per share and estimates adjusted earnings, excluding certain charges (credits) in a range of $1.50 to $1.60 per share.

Conference Call Information

Boston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: www.bostonscientific.com. Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website.

About Boston Scientific
Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 40 years, we advance science for life by providing a broad range of high performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.

Cautionary Statement Regarding Forward-Looking Statements
This press release 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. These forward-looking statements include, among other things, statements regarding our expected net sales, GAAP, operational and organic revenue growth rates, GAAP earnings and adjusted earnings for the first quarter and full year 2021, our financial performance, our business plans and product performance, and the impact of the COVID-19 outbreak on the company's results of operations. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.

Factors that may cause such differences include, among other things: future economic, political, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item IA - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this press release.

Note: Amounts reported in millions within this press release are computed based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in dollars.

Use of Non-GAAP Financial Information
A reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this press release.


     CONTACT:


     Media:   
     Kate Haranis                                      
     Investors: 
     Susie Lisa, CFA


              
     508-683-6585 (office)                                          
     508-683-5565 (office)


              
     Media Relations                                                
     Investor Relations


              
     Boston Scientific Corporation                                  
     Boston Scientific Corporation


                                            kate.haranis@bsci.com              
     
                
                  BSXInvestorRelations@bsci.com


                                                                                  
          
               BOSTON SCIENTIFIC CORPORATION

                                                                                    
          CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                                             
              (Unaudited)




                                                                                                Three Months Ended                                      Year Ended
                                                                                    
            December 31,                                   
         December 31,




       
                in millions, except per share data                        2020                        2019                    2020                  2019

    ---                                                                                                                                                ---






       Net sales                                                                            $
              2,708                                 $
         2,905                             $
      9,913      $
     10,735



       Cost of products sold                                                 1,000                                     851                                        3,465    3,116




       Gross profit                                                          1,708                                   2,054                                        6,448    7,620





       Operating expenses:



       Selling, general and administrative expenses                          1,027                                   1,092                                        3,787    3,941



       Research and development expenses                                       286                                     309                                        1,143    1,174



       Royalty expense                                                          14                                      17                                           45       65



       Amortization expense                                                    194                                     201                                          789      699



       Goodwill impairment charges                                             131                                                                                 131



       Intangible asset impairment charges                                       8                                                                                 460      105



       Contingent consideration expense (benefit)                                2                                    (26)                                       (100)    (35)



       Restructuring charges (credits)                                          36                                      28                                           52       38



       Litigation-related charges (credits)                                     18                                     223                                          278      115



                                                                              1,716                                   1,843                                        6,586    6,102




       Operating income (loss)                                                 (8)                                    210                                        (138)   1,518





       Other income (expense):



       Interest expense                                                       (96)                                  (179)                                       (361)   (473)



       Other, net                                                              352                                    (37)                                         362    (358)




       Income (loss) before income taxes                                       248                                     (6)                                       (138)     687



       Income tax expense (benefit)                                             96                                 (4,002)                                           2  (4,013)




       
                Net income (loss)                                                $
          
                152                          $
        
           3,996                        $
      
        (140) $
      
       4,700




       Preferred stock dividends                                              (14)                                                                               (33)




       
                Net income (loss) available to common stockholders               $
          
                138                          $
        
           3,996                        $
      
        (173) $
      
       4,700






       
                Net income (loss) per common share - basic                      $
          
                0.10                           $
        
           2.87                       $
      
        (0.12)  $
      
       3.38



       
                Net income (loss) per common share - assuming dilution          $
          
                0.10                           $
        
           2.83                       $
      
        (0.12)  $
      
       3.33





       
                
                  Weighted-average shares outstanding

    ---


       Basic                                                               1,427.7                                 1,394.3                                      1,416.7  1,391.5



       Assuming dilution                                                   1,440.6                                 1,413.1                                      1,416.7  1,410.6


                                                                                                                                                                                                                                                                                                                                                         
              
                BOSTON SCIENTIFIC CORPORATION

                                                                                                                                                                                                                                                                                                                                                
              NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS

                                                                                                                                                                                                                                                                                                                                                                        
              (Unaudited)




                                                                                                                                                                                                                                                                                                    
              
                Three Months Ended December 31, 2020


                                                                                                                                        Operating                              Operating                             Other Income                           Income (Loss)                            Net Income                           Preferred                              Net Income
                                                                                                                                                                                Expenses                            Income (Loss)                             (Expense)                             Before Income                              (Loss)                               Stock                                  (Loss)
                                                                                                                                                                                                                                                                                                        Taxes                                                                     Dividends                            Available to
                                                                                                                                                                                                                                                                                                                                                                                                                           Common

           
                in millions, except per share data                                                                             Gross Profit                                                                                                                                                                                                                                                                   Stockholders                        Impact per
                                                                                                                                                                                                                                                                                                                                                                                                                                                  Share(1)

    ---                                                                                                                                                                                                                                                                                                                                                                                                                                                ---


           
                Reported                                                                                                                         $
              
                1,708                                                                                            $
              
                1,716                                                                              $
              
                (8)                                           $
      
           256   $
     
     248                 $
       
            152            $
     
     (14)    $
       
        138  $
      
      0.10



           
                Non-GAAP adjustments:



           Amortization expense                                                                                                                   -                                                                        (194)                                                                             194                                                                                                                   194                                            169                   169                   0.12



           Goodwill and other intangible asset impairment                                                                                         -                                                                        (139)                                                                             139                                                                                                                   139                                            139                   139                   0.10
    charges



           Acquisition / divestitures-related net charges (credits)                                                                              25                                                                          (24)                                                                              48                                                                                                                    48                                             16                    16                   0.01



           Restructuring and restructuring-related net charges (credits)                                                                         17                                                                          (77)                                                                              94                                                                                                                    94                                             80                    80                   0.06



           Litigation-related net charges (credits)                                                                                               -                                                                         (18)                                                                              18                                                                                                                    18                                              6                     6                   0.00



           Investment impairment net charges (credits)                                                                                            -                                                                                                                                                                                                                                  (363)                                      (363)                                         (280)                (280)                (0.19)



           EU MDR implementation costs                                                                                                            7                                                                           (2)                                                                               9                                                                                                                     9                                              8                     8                   0.01



           Deferred tax expenses (benefits)                                                                                                       -                                                                                                                                                                                                                                                                                                                              14                    14                   0.01



           Discrete tax items                                                                                                                     -                                                                                                                                                                                                                                                                                                                              48                    48                   0.03




           
                Adjusted                                                                                                                         $
              
                1,757                                                                                            $
              
                1,261                                                                              $
              
                495                                          $
      
           (108)  $
     
     388                 $
       
            351            $
     
     (14)    $
       
        337  $
      
      0.23





            (1) For the three months ended December 31, 2020, the effect of assuming the conversion of Mandatory Convertible Preferred Stock (MCPS) into shares of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net income and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited condensed consolidated statements of operations, for
             purposes of calculating net income available to common stockholders.




                                                                                                                                                                                                                                                                                                    
              
                Three Months Ended December 31, 2019


                                                                                                                                        Operating                              Operating                             Other Income                           Income (Loss)                            Net Income                           Preferred                              Net Income                             Impact per
                                                                                                                                                                                Expenses                            Income (Loss)                             (Expense)                             Before Income                              (Loss)                               Stock                                  (Loss)                             Share
                                                                                                                                                                                                                                                                                                        Taxes                                                                     Dividends                            Available to
                                                                                                                                                                                                                                                                                                                                                                                                                           Common

           
                in millions, except per share data                                                                             Gross Profit                                                                                                                                                                                                                                                                   Stockholders

    ---                                                                                                                                                                                                                                                                                                                                                                                                                                                           ---


           
                Reported                                                                                                                         $
              
                2,054                                                                                            $
              
                1,843                                                                              $
              
                210                                          $
      
           (216)  $
     
     (6)              $
        
           3,996    
      
      $            $
        
       3,996  $
      
      2.83



           
                Non-GAAP adjustments:



           Amortization expense                                                                                                                   -                                                                        (201)                                                                             201                                                                                                                   201                                            184                   184                   0.13



           Intangible asset impairment charges                                                                                                    -                                                                                                                                                                                                                                                                                                                               5                     5                   0.00



           Acquisition / divestiture-related net charges (credits)                                                                               54                                                                          (47)                                                                             101                                                                         19                                         121                                            282                   282                   0.20



           Restructuring and restructuring-related net charges (credits)                                                                         13                                                                          (31)                                                                              44                                                                                                                    44                                             37                    37                   0.03



           Litigation-related net charges (credits)                                                                                               -                                                                        (223)                                                                             223                                                                                                                   223                                            169                   169                   0.12



           Investment impairment net charges (credits)                                                                                            -                                                                                                                                                                                                                                      1                                           1                                              1                     1                   0.00



           EU MDR implementation costs                                                                                                            3                                                                           (1)                                                                               4                                                                                                                     4                                              3                     3                   0.00



           Debt extinguishment charges                                                                                                            -                                                                                                                                                                                                                                     86                                          86                                             67                    67                   0.05



           Deferred tax expenses (benefits)                                                                                                       -                                                                                                                                                                                                                                                                                                                         (4,102)              (4,102)                (2.90)



           Discrete tax items                                                                                                                     -                                                                                                                                                                                                                                                                                                                               2                     2                   0.00




           
                Adjusted                                                                                                                         $
              
                2,124                                                                                            $
              
                1,341                                                                              $
              
                783                                          $
      
           (110)  $
     
     674                 $
       
            643    
      
      $              $
       
        643  $
      
      0.46






           
                An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document.


                                                                                                                                                                                                                                                                                                                                                               
              
                BOSTON SCIENTIFIC CORPORATION

                                                                                                                                                                                                                                                                                                                                                      
              NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS

                                                                                                                                                                                                                                                                                                                                                                               
              (Unaudited)




                                                                                                                                                                                                                                                                                                               
              
                Year Ended December 31, 2020



                                                                                                                                        Operating                              Operating                             Other Income                           Income (Loss)                            Net Income                           Preferred                              Net Income                            Impact per
                                                                                                                                                                                Expenses                            Income (Loss)                             (Expense)                             Before Income                              (Loss)                               Stock                                 (Loss)                       Share(1)
                                                                                                                                                                                                                                                                                                        Taxes                                                                     Dividends                            Available to
                                                                                                                                                                                                                                                                                                                                                                                                                          Common

           
                in millions, except per share data                                                                             Gross Profit                                                                                                                                                                                                                                                                   Stockholders

    ---                                                                                                                                                                                                                                                                                                                                                                                                                                                      ---


           
                Reported                                                                                                                         $
              
                6,448                                                                                            $
              
                6,586                                                                                     $
              
                (138)                                  $
       
             1   $
       
       (138)              $
      
          (140)          $
       
       (33)   $
       
       (173)   $
        
       (0.12)



           
                Non-GAAP adjustments:



           Amortization expense                                                                                                                   -                                                                        (789)                                                                             789                                                                                                                                             789                   701                         701                0.49



           Goodwill and other intangible asset impairment                                                                                         -                                                                        (591)                                                                             591                                                                                                                                             591                   523                         523                0.37
    charges



           Acquisition / divestitures-related net charges (credits)                                                                             122                                                                          (75)                                                                             198                                                                        (1)                                                                  196                   115                         115                0.08



           Restructuring and restructuring-related net charges (credits)                                                                         64                                                                         (107)                                                                             171                                                                                                                                             171                   146                         146                0.10



           Litigation-related net charges (credits)                                                                                               -                                                                        (278)                                                                             278                                                                                                                                             278                   261                         261                0.18



           Investment impairment net charges (credits)                                                                                            -                                                                                                                                                                                                                                  (429)                                                                (429)                (331)                      (331)             (0.23)



           EU MDR implementation costs                                                                                                           21                                                                           (7)                                                                              29                                                                                                                                              29                    25                          25                0.02



           Deferred tax expenses (benefits)                                                                                                       -                                                                                                                                                                                                                                                                                                                               41                          41                0.03



           Discrete tax items                                                                                                                     -                                                                                                                                                                                                                                                                                                                               69                          69                0.05




           
                Adjusted                                                                                                                         $
              
                6,655                                                                                            $
              
                4,738                                                                                     $
              
                1,917                               $
        
            (429)  $
       
       1,488               $
      
          1,411           $
       
       (33)   $
       
       1,378    $
       
          0.96





            (1) For the year ended December 31, 2020, the effect of assuming the conversion of Mandatory Convertible Preferred Stock (MCPS) into shares of common stock was anti-dilutive, and therefore excluded from the calculation of EPS. Accordingly, GAAP net loss and adjusted net income were reduced by cumulative Preferred stock dividends, as presented in our unaudited condensed consolidated statements of operations, for purposes of
             calculating EPS. We have assumed dilution of 13.8 million common stock equivalents related to employee stock options for all or a portion of the non-GAAP adjustments, which were anti-dilutive for GAAP purposes due to our net loss position.




                                                                                                                                                                                                                                                                                                               
              
                Year Ended December 31, 2019


                                                                                                                                        Operating                              Operating                             Other Income                           Income (Loss)                            Net Income                           Preferred                              Net Income                            Impact per
                                                                                                                                                                                Expenses                            Income (Loss)                             (Expense)                             Before Income                              (Loss)                               Stock                                 (Loss)                         Share
                                                                                                                                                                                                                                                                                                        Taxes                                                                     Dividends                            Available to
                                                                                                                                                                                                                                                                                                                                                                                                                          Common

           
                in millions, except per share data                                                                             Gross Profit                                                                                                                                                                                                                                                                   Stockholders

    ---                                                                                                                                                                                                                                                                                                                                                                                                                                                      ---


           
                Reported                                                                                                                         $
              
                7,620                                                                                            $
              
                6,102                                                                                     $
              
                1,518                               $
        
            (831)    $
       
       687               $
      
          4,700   
     
     $                   $
       
       4,700    $
       
          3.33



           
                Non-GAAP adjustments:



           Amortization expense                                                                                                                   -                                                                        (699)                                                                             699                                                                                                                                             699                   628                         628                0.44



           Intangible asset impairment charges                                                                                                    -                                                                        (105)                                                                             105                                                                                                                                             105                   102                         102                0.07



           Acquisition / divestiture-related net charges (credits)                                                                              114                                                                         (161)                                                                             275                                                                        350                                                                   626                   672                         672                0.48



           Restructuring and restructuring-related net charges (credits)                                                                         32                                                                          (50)                                                                              82                                                                                                                                              82                    68                          68                0.05



           Litigation-related net charges (credits)                                                                                               -                                                                        (115)                                                                             115                                                                                                                                             115                    72                          72                0.05



           Investment impairment net charges (credits)                                                                                            -                                                                                                                                                                                                                                      4                                                                     4                     3                           3                0.00



           EU MDR implementation costs                                                                                                            4                                                                           (1)                                                                               6                                                                                                                                               6                     5                           5                0.00



           Debt extinguishment charges                                                                                                            -                                                                                                                                                                                                                                     86                                                                    86                    67                          67                0.05



           Deferred tax expenses (benefits)                                                                                                       -                                                                                                                                                                                                                                                                                                                          (4,102)                    (4,102)             (2.91)



           Discrete tax items                                                                                                                     -                                                                                                                                                                                                                                                                                                                               18                          18                0.01




           
                Adjusted                                                                                                                         $
              
                7,769                                                                                            $
              
                4,970                                                                                     $
              
                2,800                               $
        
            (390)  $
       
       2,409               $
      
          2,234   
     
     $                   $
       
       2,234    $
       
          1.58








           
                An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document.


                                     BOSTON SCIENTIFIC CORPORATION


                              ESTIMATED REVENUE NON-GAAP GROWTH RATES AND
                             NON-GAAP NET INCOME PER SHARE RECONCILIATIONS
                                  (Unaudited)

Q1 and Full Year 2021 Estimated Revenue Growth Rates


                                                                   Q1 2021 Estimate        Full Year 2021 Estimate



                                                                         (Low)      (High)               (Low)     (High)




     
                Estimated GAAP sales growth                                   -%    6%                 13%        19%



     Less: Estimated impact of foreign currency fluctuations                    4%     4%                  3%         3%




     
                Estimated sales growth, operational                         (4)%     2%                 10%        16%



     Less: Estimated impact of recent acquisitions / divestitures             (1)%   (1)%                (2)%       (2)%




     
                Estimated sales growth, organic                             (3)%     3%                 12%        18%

Q1 and Full Year 2021 Earnings per Share Guidance


                                                                                         Q1 2021 Estimate                        Full Year 2021 Estimate



                                                                                (Low)                     (High)      (Low)          (High)




       
                GAAP results                                                     $
            
               0.05            $
     
            0.11                  $
     
     0.72 $
     
     0.82

    ---




       Estimated amortization expense                                           0.11                            0.11                              0.43  0.43



       Estimated acquisition / divestitures-related net charges (credits)       0.03                            0.03                              0.08  0.08



       Estimated restructuring and restructuring-related net charges (credits)  0.06                            0.06                              0.15  0.15



       Estimated other adjustments                                              0.03                            0.03                              0.12  0.12



       
                Adjusted results                                                 $
            
               0.28            $
     
            0.34                  $
     
     1.50 $
     
     1.60

    ---

Use of Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) available to common stockholders and adjusted net income (loss) per share (EPS) that exclude certain amounts, operational net sales, which exclude the impact of foreign currency fluctuations and organic net sales, which exclude the impact of foreign currency fluctuations and the impact of recent aforementioned acquisitions and divestitures. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States and should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. Further, other companies may calculate these non-GAAP financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes.

To calculate adjusted net income (loss), adjusted net income (loss) available to common stockholders and adjusted net income (loss) per share we exclude certain charges (credits) from GAAP net income and GAAP net income available to common stockholders. Amounts are presented after-tax at the company's effective tax rate, unless the amount is a significant unusual or infrequently occurring item in accordance with FASB Accounting Standards Codification section 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate." The following is an explanation of each adjustment type that management excluded as part of these non-GAAP financial measures, as well as the reason for excluding each item:

    --  Amortization expense - We record intangible assets at historical cost
        and amortize them over their estimated useful lives. Amortization
        expense is excluded from management's assessment of operating
        performance and is also excluded from our operating segments' measures
        of profit and loss used for making operating decisions and assessing
        performance.
    --  Goodwill and other intangible asset impairment charges - This amount
        represents write-downs of certain goodwill and/or other intangible asset
        balances during each period. We review intangible assets subject to
        amortization quarterly to determine if any adverse conditions exist or a
        change in circumstances has occurred that would indicate impairment and
        test our goodwill and other indefinite-lived intangible assets at least
        annually for impairment. If we determine the carrying value of the
        amortizable intangible asset is not recoverable, if we determine
        goodwill of a reporting unit is impaired or we conclude that it is more
        likely than not that the indefinite-lived asset is impaired, we will
        write the carrying value down to fair value in the period identified.
        Impairment charges are excluded from management's assessment of
        operating performance and from our operating segments' measures of
        profit and loss used for making operating decisions and assessing
        performance.
    --  Acquisition/divestiture-related net charges (credits) or payments -
        These adjustments may consist of (a) contingent consideration and
        Zytiga(TM) licensing arrangement fair value adjustments; (b) gains on
        previously held investments; (c) due diligence, deal fees and other fees
        and costs related to our acquisition and divestiture transactions; (d)
        inventory step-up amortization and accelerated compensation expense; (e)
        integration and exit costs; and (f) separation costs and gains primarily
        associated with the sale of a business or portion of a business. The
        contingent consideration and Zytiga licensing arrangement fair value
        adjustments represent accounting adjustments to state contingent
        consideration liabilities and Zytiga-related assets and liabilities at
        their estimated fair value. These adjustments can be highly variable
        depending on the assessed likelihood and amount of future contingent
        consideration and Zytiga royalty payments. In addition, we have sold our
        rights to retain any future royalties related to Zytiga. Refer to Note D
        - Hedging Activities and Fair Value Measurements for further information
        on the Zytiga licensing arrangement. Gains on previously held
        investments, due diligence, deal fees and other fees and costs,
        inventory step-up amortization, accelerated compensation expense, and
        other expenses and gains associated with prior and potential future
        acquisitions and divestitures can be highly variable and not
        representative of ongoing operations. Integration and exit costs,
        include contract cancellations, severance and other compensation-related
        charges and costs, project management fees and costs, and other direct
        costs associated with the integration of our acquisitions. Examples of
        integration and exit activities include the movement of business
        activities; the elimination or combination of redundant roles and
        business processes; the consolidation or closure of facilities and legal
        entities; and the transfer of product lines between manufacturing
        facilities. These integration and exit activities take place over a
        defined timeframe and have a distinct project timelines, are incremental
        to activities and costs that arise in the ordinary course of our
        business and are not considered part of our core, ongoing operations. In
        addition, our acquisition-related charges in 2019 included expenses for
        instruments entered into solely for the purpose of financing or hedging
        the BTG Acquisition, including net interest expense and hedging
        expenses. Subsequent to September 30, 2019, we did not incur and will
        not incur any hedging gains or losses related to the BTG Acquisition,
        and we are not classifying any interest expense subsequent to the BTG
        acquisition date as an acquisition/divestiture-related item.
        Acquisition/divestiture-related net charges (credits) are excluded from
        management's assessment of operating performance and from our operating
        segments' measures of profit and loss used for making operating
        decisions and assessing performance.
    --  Restructuring and restructuring-related net charges (credits) or
        payments - These adjustments primarily represent compensation-related
        charges, fixed asset write-offs, contract cancellations, project
        management fees and other direct costs associated with our restructuring
        plans. These restructuring plans each consist of distinct initiatives
        that are fundamentally different from our ongoing, core cost reduction
        initiatives in terms of, among other things, the frequency with which
        each action is performed and the required planning, resourcing, cost and
        timing. Examples of such initiatives include the movement of business
        activities, facility consolidations and closures and the transfer of
        product lines between manufacturing facilities, which, due to the highly
        regulated nature of our industry, requires a significant investment in
        time and cost to create duplicate manufacturing lines, run product
        validations and seek regulatory approvals. Restructuring initiatives
        take place over a defined timeframe and have a distinct project timeline
        that begins subsequent to approval by our Board of Directors. In
        contrast to our ongoing cost reduction initiatives, restructuring
        initiatives typically result in duplicative cost and exit costs over
        this period of time, are one-time shut downs or transfers and are not
        considered part of our core, ongoing operations. These restructuring
        plans are incremental to the core activities that arise in the ordinary
        course of our business. Restructuring and restructuring-related net
        charges (credits) are excluded from management's assessment of operating
        performance and from our operating segments' measures of profit and loss
        used for making operating decisions and assessing performance.
    --  Litigation-related net charges (credits) or payments - These adjustments
        include certain significant product liability and other
        litigation-related charges and credits. We record these charges and
        credits, which we consider to be unusual or infrequent and significant,
        within the litigation-related charges line in our consolidated
        statements of operations; all other legal and product liability charges,
        credits and costs are recorded within selling general and administrative
        expenses. Litigation-related net charges (credits) are excluded from
        management's assessment of operating performance and from our operating
        segments' measures of profit and loss used for making operating
        decisions and assessing performance.
    --  EU MDR implementation costs - These adjustments represent incremental
        costs or payments specific to complying with the new European Union
        Medical Device Regulation (EU MDR) for previously registered products.
        EU MDR is a replacement of the existing European Medical Devices
        Directive (MDD) regulatory framework, and manufacturers of medical
        devices are required to comply with EU MDR beginning in May 2021
        (previously May 2020) for new product registrations and by May 2024 for
        medical devices which have a valid CE Certificate to the current
        Directives (issued before May 2021). We expect to incur significant
        expenditures in connection with the adoption of the EU MDR requirements
        and we consider the adoption of EU MDR to be a significant change to a
        regulatory framework, and therefore, these expenditures are not
        considered to be ordinary course expenditures in connection with
        regulatory matters. As such, these medical device regulation charges are
        excluded from management's assessment of operating performance and from
        our operating segments' measures of profit and loss used for making
        operating decisions and assessing performance.
    --  Debt extinguishment net charges (credits) - These amounts relate to the
        early extinguishment of certain outstanding principal amounts of our
        senior notes in November 2019. Certain debt extinguishment net charges
        (credits) are excluded from management's assessment of operating
        performance and from our operating segments' measures of profit and loss
        used for making operating decisions and assessing performance.
    --  Investment impairment net charges (credits) - These amounts represent
        write-downs or fair value remeasurement gains and losses related to our
        investment portfolio that are considered unusual and/or infrequent, or
        are the result of factors outside of the control of management. Each
        reporting period, we evaluate our investments without a readily
        determinable fair value to determine if there are any events or
        circumstances that are likely to have a significant adverse effect on
        the fair value of the investment. If we identify an impairment
        indicator, we will estimate the fair value of the investment and compare
        it to its carrying value and determine if the impairment is
        other-than-temporary, and recognize an impairment loss. In addition, for
        those investments accounted for under the measurement alternative method
        of accounting, we record gains and losses to remeasure the carrying
        value of the investments to their fair values based on observable market
        prices or implied market values. Certain investment impairment charges
        and fair value remeasurements are excluded from management's assessment
        of operating performance and from our operating segments' measures of
        profit and loss used for making operating decisions and assessing
        performance.
    --  Deferred tax expenses (benefits) - This adjustment relates to a $4.1
        billion non-cash tax benefit arising from an intra-entity asset transfer
        of intellectual property completed in the fourth quarter of 2019. The
        effects of this transfer were excluded from management's assessment of
        operating performance and from our operating segments' measures of
        profit and loss used for making operating decisions and assessing
        performance.
    --  Discrete tax items - These items represent adjustments of certain tax
        positions including those which a) are related to the finalization of
        the enactment date impact of the TCJA, or b) are related to the tax
        consequences of a non-GAAP adjustment item booked in a prior period.
        These discrete tax items are excluded from management's assessment of
        operating performance and from our operating segments' measures of
        profit and loss used for making operating decisions and assessing
        performance.

The GAAP financial measures most directly comparable to adjusted net income (loss), adjusted net income (loss) available to common stockholders and adjusted net income (loss) per share are GAAP net income (loss), GAAP net income (loss) available to common stockholders and GAAP net income (loss) per common share - assuming dilution, respectively.

To calculate operational net sales growth rates, which exclude the impact of foreign currency fluctuations, we convert actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior period. To calculate organic net sales growth rates, we remove the impact of recent aforementioned acquisitions with no prior period related net sales from operational net sales. In addition, to calculate organic net sales growth rates, we remove from prior year, sales from product lines that we divested. The GAAP financial measure most directly comparable to operational net sales and organic net sales is net sales on a GAAP basis.

Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules.

Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses these non-GAAP financial measures to further its understanding of the performance of our operating segments. With the exception of the impact of the recent aforementioned acquisitions and divestitures, the adjustments excluded from our non-GAAP financial measures are consistent with those excluded from our operating segments' measures of net sales and profit or loss. These adjustments are excluded from the segment measures reported to our chief operating decision maker that are used to make operating decisions and assess performance.

We believe that presenting adjusted net income (loss), adjusted net income (loss) available to common stockholders, and adjusted net income (loss) per share, operational net sales and organic net sales, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information used by management for its operational decision-making and allows investors to see our results "through the eyes" of management. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance.

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SOURCE Boston Scientific Corporation