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2020 Annual Report Boston BOSTON REPORT SCIENTIFIC 2020 ANNUAL 2020 Annual Report Boston Scientific Corporation 300 Boston Scientific Way Marlborough, MA 01752-1234 bostonscientific.com © 2021 Boston Scientific Corporation or its affiliates. All rights reserved. AR2020 23006_031221_10k_Cover.indd 1 3/15/21 1:02 PM Board of Directors Executive Officers Stockholder Information Nelda J. Connors 2,4 Daniel J. Brennan Stock Listing Certifications of the Chief Founder and Chief Executive Vice President Boston Scientific Corporation Executive Officer and Chief Executive Officer, Pine and Chief Financial Officer common stock is traded on the Financial Officer certifying the Grove Holdings, LLC NYSE under the symbol “BSX.” accuracy of the Company’s Arthur C. Butcher public disclosures have been 1,4 Executive Vice President Charles J. Dockendorff Transfer Agent filed with the Securities and and President, Asia Pacific Former Executive Vice Inquiries concerning the Exchange Commission as President and Chief transfer or exchange of Wendy Carruthers exhibits to the Company’s Financial Officer, shares, lost stock certificates, Senior Vice President, Annual Report on Form Covidien plc duplicate mailings, or changes Human Resources 10-K for the year ended of address should be directed Yoshiaki Fujimori 4 December 31, 2020. Jodi Euerle Eddy to the Company’s Transfer Senior Executive Advisor Senior Vice President and Agent at: Copies of these reports are of Japan, CVC Capital Chief Information and also available by directing Partners Computershare Inc. Digital Officer requests to: P.O. Box 30170 Donna A. James 2,3 Investor Relations Joseph M. Fitzgerald College Station, TX 77842-3170 Founder, President Boston Scientific Corporation Executive Vice President and Managing Director, Shareholder website: 300 Boston Scientific Way and President, Interventional Lardon & Associates, LLC www.computershare.com/ Marlborough, MA 01752-1234 Cardiology investor 508-683-4000 Edward J. Ludwig 2 Edward F. Mackey 508-647-2200 (Facsimile) Former Chief Executive Shareholder online inquiries: Executive Vice President, [email protected] Officer and Chairman, Becton, https://www-us.computer Operations Dickinson and Company share.com/investor/contact Investor Information Requests Investors, stockholders and 2,3 Michael F. Mahoney Stephen P. MacMillan Chairman of the Board; Independent Registered security analysts seeking Chairman, President and President and Chief Public Accounting Firm information about Boston Chief Executive Officer, Ernst & Young LLP Executive Officer Scientific should refer to Hologic, Inc. Boston, Massachusetts our website at Professor Ian T. Meredith, AM www.bostonscientific.com Michael F. Mahoney Executive Vice President and Annual Meeting Chairman of the Board; The 2021 annual meeting or contact Investor Relations Global Chief Medical Officer President and Chief of stockholders will take at 508-683-4000, or by email at Executive Officer Jeffrey B. Mirviss place on Thursday, May 6, 2021, [email protected] Executive Vice President beginning at 8:00 a.m. Eastern 1,3 David J. Roux and President, Peripheral Time. The annual meeting Co-Founder, Co-Managing Corporate Headquarters Interventions will be held in a virtual format Partner, BayPine Capital Boston Scientific Corporation only and can be accessed at 300 Boston Scientific Way Maulik Nanavaty 1,4 https://www.virtualsharehold Marlborough, MA 01752-1234 John E. Sununu Senior Vice President and Former U.S. Senator ermeeting.com/BSX2021. 508-683-4000 President, Neuromodulation Ellen M. Zane 1,3 Other Information Investor Relations Facsimile: Scott Olson CEO Emeritus, Tufts Copies of the Company’s 508-647-2200 Senior Vice President Medical Center and Annual Report on Form 10-K, and President, Rhythm Tufts Children's Hospital Quarterly Reports on Form www.bostonscientific.com Management 10-Q, Current Reports on Form Information on or connected David A. Pierce 8-K and amendments to those to our website (or the website Information is accurate as of March 1, 2021. reports are available free of 1 Member of the Audit Committee Executive Vice President of any third party) referenced 2 Member of the Executive Compensation and President, MedSurg; charge on our website at in this Annual Report is in and Human Resources Committee and President, Endoscopy www.bostonscientific.com. addition to and not a part of 3 Member of the Nominating and Our Corporate Governance Governance Committee or incorporated by reference Desiree Ralls-Morrison 4 Member of the Risk Committee Guidelines and our Code of into this Annual Report. Senior Vice President, Conduct — which applies to Such additional information General Counsel and all our directors, officers and speaks as of the date thereof Corporate Secretary employees, including our and is not intended to be Chief Executive Officer and Meghan Scanlon confirmed or updated by Chief Financial Officer — are Senior Vice President reference to it herein. Boston also available on our website. and President, Urology Scientific disclaims any and Pelvic Health liability or responsibility for or endorsement of the John B. Sorenson information on or connected Senior Vice President, to the website of a third party. Manufacturing and Supply Chain Eric Thépaut Executive Vice President and President, Europe, Middle East and Africa 23006_031221_10k_Cover.indd 2 3/15/21 3:17 PM Boston Scientific 2020 Annual Report A Message to Our Stockholders 1 Dear Stockholders: Over the last year, the global pandemic, political strife and racial injustice have tested us — and our business — as never before. These challenges, however, have not derailed Boston Scientific from our mission to transform lives through medical solutions that improve the health of patients around the world. Throughout 2020, our teams worked nimbly and quickly to support generated revenue of $219 million. Our worldwide performance customers, manage costs and put strategies in place to navigate reflected the effects of COVID-19, with declines in operational1 through uncertainty. We enhanced our digital capabilities to serve revenue of 9.7 percent in the United States, 8.4 percent in EMEA, customers in new ways, launched innovative products and touched 7.1 percent in APAC, and 15.2 percent in Latin America and Canada the lives of close to 30 million patients. We contributed more compared to 2019. Annual sales in Emerging Markets5 countries than $18 million in aid to global COVID-19 relief efforts, through were also affected, declining 9.2 percent on an operational1 basis. monetary and supply donations and by volunteering and providing engineering and manufacturing expertise and resources. We also Our adjusted operating margin6 for the full year was 19.3 percent, strengthened our commitment to diversity, equity and inclusion with adjusted earnings per share6 of $0.96, compared to $1.58 and took action to confront racism and advance social justice. a year ago. This reflects the impact of reduced procedure volumes due to COVID-19 as well as the discontinuation of the The unmet needs in healthcare are great, and we have much work LOTUS Edge™ Aortic Valve System and impact from the shift to the to do, but I’m proud of our successes and know they have been consignment model for the WATCHMAN franchise. Despite these possible because of the incredible winning spirit of our 38,000 challenges, we generated $2 billion in adjusted free cash flow,7 employees and the values that define and guide our company. with free cash flow8 of $1.1 billion. As a result of the agility and resilience our teams have shown, our business remains strong, and we believe we are well-positioned With our innovative pipeline, strong commercial presence and to return to consistent growth when the pandemic subsides and ongoing expansion into higher growth markets, we continue to medical procedure volumes resume. execute against our strategic plan objectives and drive towards ex-COVID-199 financial goals for 6-8% organic2 sales growth, expanded adjusted operating margins6 and double-digit adjusted 2020 Business Results earnings per share6 growth. We believe this momentum, combined The decline and deferral of elective procedures due to the with our ability to generate and deploy strong free cash flow, pandemic affected our revenue and earnings. As a result, our positions Boston Scientific well to create future shareholder value. 2020 financials are an exception to what has been a nearly six-year trend of excellent performance. Positioned for Growth Our full-year net sales in 2020 were $9.913 billion. This represents Boston Scientific products are used to help diagnose or treat declines of 7.8 percent on an operational1 basis and 11.3 percent complex diseases and conditions across multiple fields: cardio- on an organic2 basis compared to 2019, both of which include vascular, respiratory, digestive, neurological, urological and pelvic a 170-basis point impact associated with the conversion of U.S. health. By deepening our portfolio in these areas, our category WATCHMAN™ customers to a consignment inventory model and leadership strategy creates value for patients, physicians and transition to the next-generation WATCHMAN FLX™ Left Atrial payors. We believe our strong balance sheet and businesses Appendage Closure (LAAC) Device. Organic2 revenue declined by will enable us to continue to pursue growth and expand our 6.7 percent in MedSurg , by 13.4 percent in Rhythm and Neuro, presence in new markets and regions and make our technologies and by 13.1 percent in Cardiovascular.3 Outside of our three accessible to more people in need. As of December 31, 2020, reporting segments, our Specialty Pharmaceuticals4 business we had $1.7 billion in cash on hand, which will enable us to continue to make strategic, growth-enhancing investments. 1 Operational revenue growth rates are non-GAAP measures that exclude the impact of foreign currency fluctuations; see non-GAAP reconciliations on pages 6 and 7. 2 Organic revenue growth rates are non-GAAP measures that exclude the impact of foreign currency fluctuations and net sales from recent acquisitions and divestitures with less than a full year of comparable net sales. See non-GAAP reconciliations on pages 6 and 7.
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