Boston Scientific Corporation · NYSE:BSX
Boston Scientific — Investor Day (June 2019)
167 slides from Boston Scientific's investor day presentation, Jun 26, 2019
Slide 1: Susan Lisa, Vice President, Investor Relations
Susan Lisa Vice President, Investor Relations
Slide 2: Safe harbor for forward-looking statements
Safe harbor for forward-looking statements This presentation 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,”
Slide 3: Regulatory disclaimers
Regulatory disclaimers Product Regulatory Disclaimer EXALT™ Model D Not available for sale, currently pending 510(k) clearance in the US. SpyGlass™ Discover Device under development. Not available for use or sale worldwide. EXALT™ Model B Device under development. Not available for use or sale world
Slide 4: Regulatory disclaimers
Regulatory disclaimers Product Regulatory Disclaimer Next Gen SCS System Device under development. Not available for use or sale worldwide. Next Gen DBS Programming with Visualization & Device under development. Not available for use or sale worldwide. StimView™ Next Gen DBS Platform & Programmer De
Slide 5: Financial disclaimers
Financial disclaimers Market Estimates: Unless noted otherwise, all references to market sizes, market share positions, and market growth rates are BSX internal estimates. BSX Estimates: All financial estimates and other projections, including but not limited to pipeline, growth drivers, and investm
Slide 6: Agenda
Agenda Time Duration Topic Presenter 7:30am 5 min Welcome + Opening Video Susie Lisa 7:35am 20 min Strategic Overview Mike Mahoney 7:55am 20 min MedSurg – Urology and Pelvic Health Dave Pierce, Meghan Scanlon 8:15am 35 min MedSurg - Endoscopy Art Butcher, Brian Dunkin, M.D. 8:50am 20 min Q&A - MedSu
Slide 7: Mike Mahoney
Mike Mahoney Chairman and Chief Executive Officer
Slide 8: Our Mission and Values
Our Mission and Values Boston Scientific is dedicated to transforming lives through innovative medical solutions that improve the health of patients around the world. Meaningful High Global Diversity & Winning Caring Innovation Performance Collaboration Inclusion Spirit
Slide 9: Boston Scientific: Snapshot 2018
Boston Scientific: Snapshot 2018 2018 global revenue $9.8B, 8% operational* growth, 7% organic* growth LACA Urology & $0.4B, +16% Pelvic Health $1.2B, +11% Interventional APACt Cardiology $1.7B, +7% $2.6B, +7% Endoscopy $1.8B, +8% Above Market Strong Growth Growth in in Every Region US Most Segments
Slide 10: What to expect from BSX 2019+
What to expect from BSX 2019+ 1. High employee engagement, strong global culture, deep leadership bench 2. Track record of delivering high performance & strong shareholder value 3. Consistent drive for category leadership AND mix shift into faster growth markets 4. Compelling and differentiated pipe
Slide 11: Strategic Imperatives
Strategic Imperatives Top tier sales growth and double-digit EPS growth Strengthen Expand into Drive Fund the Develop Category High Growth Global Journey to Key Leadership Adjacencies Expansion Fuel Growth Capabilities Innovation driving growth Accelerating growth via Building scale and Increase adj
Slide 12: Track record: Organic revenue growth
Track record of delivering high performance Organic* revenue growth Driving market share, entering new high growth segments and expanding geographic reach Est Organic CAGR Organic CAGR +6-9% Organic CAGR +7% +6% Organic CAGR (1%) 2011 2012 2013 2014 2015 2016 2017 2018 2019E 1 2020E- 2022E
Slide 13: Track record: Operating margin improvement and EPS growth
Track record of delivering high performance Operating margin improvement and EPS growth Delivering on adjusted operating Consistent double digit adjusted EPS* growth margin* expansion goals ’15-’19E1 CAGR: 14% Adj. operating margin* goal Adj. EPS* growth goal +DD% Y/Y +50-100 bps Y/Y $1.56 26.25% $1
Slide 14: Category leadership
Category leadership Multiple sources of innovation drive compelling pipeline Strength across therapeutic categories Sources of innovation • Employee engagement Interventional Cardiac Rhythm – “Imagine If” program Cardiology Management • R&D: Internal adj R&D* ~10% of revenue, high end of peers • M&A
Slide 15: Consistent Portfolio Diversification into higher growth markets
Consistent Portfolio Diversification into higher growth markets BSX portfolio revenue mix High growth markets (≥8% CAGR): NM (SCS, MIS Pain, DBS), Structural Heart (TAVR, LAAC, $10.6B Embolic Protection), RM (EP), PI (Drug Eluting, Venous, ~35% Therapeutic Oncologyt), Endo (Endoluminal Surgery, Sing
Slide 16: Expanding into high growth markets approaching ~$22B
Expanding into high growth markets approaching ~$22B 2018 Sales Market 2022E Growth Accelerators • LAAC Global Expansion (WATCHMAN™) IC: Structural Heart $475M+ ~$8B • TAVR (ACURATE neo™, LOTUS Edge™) and Embolic Protection • Mitral Repair Technologies • Drug-eluting (ELUVIA™ DES, Ranger™ DCB) Perip
Slide 17: Interventional cancer therapies
Interventional cancer therapies Driving leadership in high growth segments 2018: $1B revenue, +6% 2019E: $1.5B revenue, est +10% growth 2021E: ~$2B, 10%+ growth goal • Led in areas “core” to BSX • Acquiring high-growth strategic assets • Accelerate acquisitions / invest in R&D Endoscopic Biopsy GI S
Slide 18: Strong product pipeline supports top tier growth
Strong product pipeline supports top tier growth 2019E 2020E 2021E 2022E/2023E Coronary Therapies Coronary Therapies Coronary Therapies Coronary Therapies • SYNERGY™ 4.5/5.0 • SYNERGY™ XD, 48mm, MEGATRON • AVVIGO™ Guidance System for IVUS • Next gen stent • MAMBA™ MicroCatheter family • COMET™ II pr
Slide 19: Our caring culture
Our caring culture PATIENTS EMPLOYEES COMMUNITY Health Equity Initiatives Diversity and Inclusion Living our Caring Value Helping clinicians treat more than Creating thriving employee 1,300+ BSX volunteers 35 million patients annually communities with 4,400+ employees active in 43,000+ volunteer hou
Slide 20: Reducing our environmental footprint
Reducing our environmental footprint Increased our solid waste Our employee-led Green Teams recycling index to 83% implement projects that help preserve and improve the local community Decreased water consumption by 30%t Making progress towards our carbon neutrality goal by reducing greenhouse gas e
Slide 21: Recent awards and recognitions
Recent awards and recognitions reflect winning spirit culture that drives results Recognized for life/work Ranked in Top 100 based Recognized for advancing Recognized for programs to policies and programs on employee ratings women in the workplace support diverse women Scored 100% for the 5th Scored
Slide 22: References
References 1Based on midpoint of 2019 guidance issued April 24, 2019 2Full year 2018 adjusted earnings per share of $1.47 and 17% growth includes a $0.07 net tax benefit. This net benefit includes the second quarter $0.06 benefit from settling the IRS Stipulation of Settled Issues for the 2001 throu
Slide 23: David Pierce, Meghan Scanlon
David Pierce Executive Vice President, MedSurg Meghan Scanlon Vice President and Commercial General Manager, Urology and Pelvic Health
Slide 24: Urology and Pelvic Health: Strong core and meaningful new markets
Urology and Pelvic Health: Strong core and meaningful new markets • Track record of consistent high performance, outpacing our markets • Clear category leadership, deep portfolio, multiple platforms • Exciting growth sector with compelling outlook/shift to minimally invasive techniques • Several sig
Slide 25: Leadership in Urology and Pelvic Health
Leadership in Urology and Pelvic Health Global leader with #1 share position 2018 Market Size $3.3B Demographics Disease prevalence (diabetes, obesity, CV) 2018 Revenue $1.2B 2019-2022 Served Market CAGR 6% Increased demand for less-invasive treatments Expanding patient access 2018 Revenue G
Slide 26: Large and growing markets
Large and growing markets Stone Disease Men’s Health Women’s Health Prostate Heath Prosthetic Urology $1.4B Market $450M Market $470M Market $1.0B Market 5-7% Growth 10-12% Growth 6-8% Growth 2-4% Growth 6% of the population 50% of men age 50+ 15M men worldwide 35% of women worldwide worldwide affec
Slide 27: Category leadership + broadening into adjacencies
Category leadership + broadening into adjacencies Market Market 2018 2022E Key Accelerators • StoneSmart™ launches Stone Disease $1.4B $1.7B • Evidence expansion • Global training & education • Commercial execution Prostate Health $450M $850M • Strategic globalization • Patient engagement • New prod
Slide 28: Portfolio leadership in Stone
Portfolio leadership in Stone Leader in $1.4B market Rapid global adoption of LithoVue™ Providing a comprehensive device portfolio for the clinical management Compelling alternative of stone disease to re-usable scopes ~100K procedures 2,500+ global Advancing education and science centers 90+ clinic
Slide 29: Accelerating Stone leadership
Accelerating Stone leadership Meaningful StoneSmart™: Reinventing ureteroscopy innovation targets Stone prevalence Advance Integrate increasing 2x the rate of Visualization Devices procedures1,2 Increase Efficiency Reduce effort & procedure time Increase efficiency & predictability Enhance Fluid Sim
Slide 30: Significant opportunity in prostate cancer spacing market
Significant opportunity in prostate cancer spacing market Well positioned for sustained growth and future leadership expansion SpaceOAR™ Today: Addressing $750M prostate Tomorrow: Expanding to serve Hydrogel Spacer cancer radiotherapy opportunity new markets and geographies ~$100M Pancreas ~$50M Bre
Slide 31: Expanding prostate health leadership: Rezūm
Expanding prostate health leadership into the minimally invasive BPH market: Rezūm $250M MIT benign prostatic hyperplasia (BPH) market Rezūm ™ demonstrates leadership with four- is rapidly expanding year surgical retreatment rate of 4.4% Natural, water-based Rezūm II Clinical Trial UroLift L.I.F.T C
Slide 32: Rezūm: Physician perspective
Rezūm: Physician perspective
Slide 33: Strengthening prosthetic urology leadership
Strengthening prosthetic urology leadership Global leadership in profitable, Patient engagement high growth market drives demand Comprehensive portfolio for prosthetic urology $470M global market Global patient activation FixIncontinence.com & EdCure.org Erectile Dysfunction Male Incontinence ~25% 1
Slide 34: Compelling plays in adjacencies
Compelling plays in adjacencies Meaningful expansion opportunities in adjacent markets 2018 Strategy Ovarian Cancer 2M+ high risk & symptomatic Market (Cytuity™) patients 4,5 development Overactive $900M market Venture Bladder Access to 3.5M patients1 investments Urologic Cancer Venture 1M+ procedur
Slide 35: Urology and Pelvic Health: Strong core and meaningful new markets
Urology and Pelvic Health: Strong core and meaningful new markets • Track record of consistent high performance, outpacing our markets • Clear category leadership, deep portfolio, multiple platforms • Exciting growth sector with compelling outlook/shift to minimally invasive techniques • Several sig
Slide 36: Citations
Citations Slide 4 (Large and growing markets) 1. Scales CD Jr, Smith AC, Hanley JM, et al. Prevalence of kidney stones in the United States. Eur Urol. 2012 Jul;62(1):160-15. 2. Benign Prostatic Hypertrophy. American Urological Association. 2016. www.auanet.org/education/benign-prostatic-hypertrophy.
Slide 37: Art Butcher, Brian Dunkin, M.D.
Art Butcher Senior Vice President and President, Endoscopy Brian Dunkin, M.D. Chief Medical Officer, Endoscopy
Slide 38: Endoscopy: A consistent growth engine
Endoscopy: A consistent growth engine • Track record of consistent high performance, outpacing our markets • Exciting growth business with several market expansion opportunities in play • Clear category leadership, deep portfolio, multiple platforms • Margins and growth rates accretive to BSX • Targ
Slide 39: World leader in flexible endoscopic devices
World leader in flexible endoscopic devices Consistent growth engine for Boston Scientific, #1 share position 2018 Market Size 2018 Revenue $1.8B $5.0B Large, diverse markets with significant disease burden 2019-2022 Market CAGRt 5% Shift from surgery to minimally invasive endoscopic procedures,
Slide 40: How do we define endoscopy?
Boston Screntrfic Advancing science for life™ How do we define endoscopy?
Slide 41: Large and growing markets
Large and growing markets Pancreaticobiliary Gastrointestinal Gastrointestinal Infection Pulmonary Disease Cancer Bleeding Prevention & Othert Disease $1.4B $1.2B $600M $1.7B $100M 7% Growth 13% Growth 6% Growth 5% Growth 70%+ Growth 4th leading cause of 55% of all 10% mortality rate with 50% failur
Slide 42: Expanding our served markets
Expanding our served markets Legacy Leadership $7.7B High Growth Adjacencies High Growth $3.7B Adjacencies Legacy Therapeutic $5.0B Leadership Imaging Infection $1.7B Prevention Biliary Surgeon Call Point $4.0B $3.3B Endoluminal Surgery GI Therapies Pathology & Services 2018 2022E
Slide 43: Key accelerators
Key accelerators Market Market Key BSX Accelerators 2018 2022E • EUS Therapeutics Pancreaticobiliary $1.4B $1.9B • SpyGlass™ Discover Disease • Advanced Biliary Devices • Endoluminal Surgery Gastrointestinal $1.2B $2.0B • GI Stenting Cancer • Pathology • Hemostasis Devices Gastrointestinal $600M $70
Slide 44: Building on a legacy of leadership in the pancreaticobiliary market
Building on a legacy of leadership in the pancreaticobiliary market Largest franchise and a key growth driver in Endoscopy WallFlex™ Jagwire™ WALLSTENT™ CRE™ RX Biliary™ SpyGlass™ WallFlex™ Expect™ SpyGlass™ DS Axios™ Biliary RX RMV Habib™ SpyGlass™ DS II Epic™ Revolution 1989 1997 2001 2007 2008 20
Slide 45: ERCP with Jagwire Revolution
ERCP with Jagwire™ Revolution
Slide 46: SpyGlass: Improving the gold standard
SpyGlass™ Improving the gold standard First and only minimally invasive, single-use, single operator, digital cholangioscope Compelling outcomes & data Utilization accelerating • 80,000+ patients, 65+ countries 3rd generation Expanding suite SpyGlass™ • 2500+ consoles placed system of accessories co
Slide 47: AXIOS: Pursuing exciting long-term growth opportunities
AXIOS™ Pursuing exciting long-term growth opportunities Well positioned for long-term growth and strong sustained leadership AXIOS™ Today: Developing existing ~$500M market Tomorrow: Expanding into ~$1.3B untapped market Revolutionary stent for transluminal therapy Metabolic Disease Pancreatic Fluid
Slide 48: New adjacencies: Activating the surgeon call point
New adjacencies: Activating the surgeon call point Expand the THE EXPAND use USE of flexible endoscopy, of Flexible accelerate Endoscopy, adoption ACCELERATE of minimally ADOPTION OF MINIMALLYinvasive procedures INVASIVE and lower PROCEDURES cost COST and LOWER 13K SURGEONS1 1,200 NEW 1.9M FLEXIBLE
Slide 49: New adjacencies: Endoluminal Surgery
New adjacencies: Endoluminal Surgery A less invasive endoscopic alternative to surgical resection of cancer or pre-cancer designed to reduce length of stay, adverse events and cost of care + enhance patient recovery Comprehensive GI cancer worldwide The evolution of surgery device portfolio Traction
Slide 50: Endoluminal Surgery
Boston, Scientific ience for life™
Slide 51: New adjacencies: Infection Prevention
New adjacencies: Infection Prevention $500M global opportunity More than 50M GI endoscopy procedures performed per year in the U.S.1 Comprehensive product portfolio designed to meet or exceed industry guidelines for infection prevention • Enhances safety for patients and healthcare providers • Helps
Slide 52: EXALT Model D single-use duodenoscope
EXALT™ Model D single-use duodenoscope $1B+ market opportunity Hospitals and regulators EXALT™ Model D single-use duodenoscope increasing focus on ERCP safety • Duodenoscopes are difficult to clean and current methods are not always effective • A recent study found high-risk organisms in up to 5.4%
Slide 53: Comprehensive single-use therapeutic imaging portfolio
New adjacencies: Comprehensive single-use therapeutic imaging portfolio Targeting opportunities to REDUCE INFECTION, ENHANCE EFFICIENCY, and IMPROVE SCOPE AVAILABILITY SpyGlass™ DS II (Cholangioscope) 150K procedures LAUNCHED IN 2018 $2B+ Markett EXALT™ Model D (Duodenoscope) By 2024 1.5M ERCPs SpyG
Slide 54: Accelerators of single-use endoscopy
Accelerators of single-use endoscopy Efficiency Increased awareness/ oversight Ease of use Minimal capital investment Customization/ Comprehensive rapid innovation commercial channels Portability and access to care O.R. Community Hospital Physician’s Office Bedside Rural/Remote Areas
Slide 55: Endoscopy revenue goal of $3B+ by 2024
Endoscopy revenue goal of $3B+ by 2024 International $3B+ Domestic $2B $1B 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 56: Citations
Citations Slide 5 (Large and growing markets): 1. American Cancer Society. Cancer Facts & Figures 2014. Atlanta: American Cancer Society; 2014 2. David J. Bjorkman, MD, MSPH (HSA), SM (Epid.) reviewing Button LA et al. Aliment Pharmacol Ther 2011 Jan, Upper Gastrointestinal Bleeding Incidence and Mo
Slide 57: MedSurg Q&A
MedsSurg Q&A
Slide 58: Joe Fitzgerald, Ken Stein, M.D.
Joe Fitzgerald Executive Vice President and President, Rhythm Management Ken Stein, M.D. Chief Medical Officer, Rhythm Management
Slide 59: Rhythm Management: CRM + EP
Rhythm Management: CRM + EP • Cardiac Rhythm Management (CRM): track record of consistent high performance – Outpacing our markets while also driving significant operating margin expansion • Expanding #2 High Voltage (HV) position – HV portfolio brings highly differentiated offerings to physicians,
Slide 60: Leadership in Rhythm Management
Leadership in Rhythm Management #2 in High Voltage and #4 in Electrophysiology 2018 Market Size $14.5B CRM & ICM ~$9.6B 2018 Revenue $2.3B EP ~$4.9B 2019-2022 Market CAGR Core CRM expected to be flat to down low single digits ~4% Low teens growth expected across EP Mid-single digit growth
Slide 61: Large and attractive rhythm markets
Large and attractive rhythm markets Electrophysiology Core CRM Cardiac Monitoring High Voltage Low Voltage ~$4.9B Market ~$5.5B Market ~$3.4B Market ~$0.7B Market +LDD Growth --- Flat to LSD Negative --- +MSD Growth Core (Legacy) EP Transvenous ICD’s Core Pacemakers Implantable Cardiac $1.6B Market
Slide 62: Broad portfolio of innovative products and solutions
Broad portfolio of innovative products and solutions to address large markets Left Atrial Appendage Closure Mapping & RF Ablation Modular CRM Systems Single Shot Ablation Clinical Evidence POLARx™ LUMINIZE™ Diagnostics & Monitoring Cardiac Rhythm Management LUX-Dx™
Slide 63: Differentiate with HeartLogic and core CRM portfolio
Differentiate with HeartLogic and core CRM portfolio Core CRM portfolio cadence HeartLogic™ highlights Future core CRM launches RESONATE™ family of ICDs and CRT-Ds Site selective pacing with BSX-exclusive HeartLogic™ heart failure diagnostic Ingevity+ Brady Lead Heart Sounds S1 & S3 Impedance Thorac
Slide 64: Core CRM: HeartLogic value based care and clinical outcomes
Core CRM: HeartLogic value based care and clinical outcomes Value based care Clinical outcomes HeartLogic™ risk share program Clinical evidence development MANAGE-HF: evaluate clinical integration of HL; enrolling MANAGE-HF II: HL on/off RCT; FPI 2020E PREEMPT-HF: association of HL sensors with 30-d
Slide 65: Core CRM: EMBLEM MRI S-ICD and EMPOWER
Core CRM: Differentiate with modular CRM – EMBLEM™ MRI S-ICD and EMPOWER™ MPS S-ICD system enhancements Modular CRM (mCRM™) systems Launched Future Preloaded delivery catheter with EMBLEM MRI S-ICD extendable inner catheter > 58,000 WW Implants SmartPass • 8.75 Years mean enhancements projected long
Slide 66: CRM adjacency: Insertable Cardiac Monitor (ICM)
CRM adjacency: Insertable Cardiac Monitor (ICM) LUX-Dx™ Insertable Cardiac Monitor LUX-Dx™ Gen 2 & beyond U.S. launch mid-2020E Providing advanced detection, predictive alerts Chronic Monitoring platform extending LUX-Dx and streamlined workflow for long-term differentiation with new sensors capable
Slide 67: Electrophysiology: Portfolio mix expanding into higher growth segments
Electrophysiology: Portfolio mix is expanding into higher growth rate segments of the market Global 2018 EP market estimate Market vs. BSX mix – estimate As our portfolio mix expands into higher growth segments of the market and new adjacencies launch (Single Shot), overall BSX EP growth is position
Slide 68: Electrophysiology: RHYTHMIA mapping system
Electrophysiology: RHYTHMIA™ mapping system winning placements and share gains Setting the standard in Active in 39 countries, with more slated to high definition mapping launch over the next two years 5x faster MAPPING1 Exponentially more data 25x the DATA POINTS2 See detail never seen before 0.01m
Slide 69: Electrophysiology: Diversified mapping & navigation catheter portfolio
Electrophysiology: Diversified mapping & navigation catheter portfolio DIRECTSENSE™ - INTELLANAV LUMIPOINT™ Software Module INTELLANAV STABLEPOINT™ MiFi OI • First ever suite of automated • Provides novel means of • First EP ablation catheter to tools to streamline interpretation assessing tissue pr
Slide 70: POLARx single shot cryoablation balloon
Electrophysiology adjacency: POLARx™ single shot cryoablation balloon Cryterion (POLARx™) • Retains well-established cryoablation approach while implementing physician driven changes • Maintains uniform size and balloon pressure during all phases of therapy resulting in greater balloon stability • C
Slide 71: LUMINIZE single shot RF balloon
Electrophysiology adjacency: LUMINIZE™ single shot RF balloon Apama (LUMINIZE™) • A multi-electrode irrigated RF balloon catheter system with transformative visual guidance. • Validation of electrode contact from built-in cameras designed for real-time visualization of contact • Configure and contro
Slide 72: Rhythm Management: CRM + EP
Rhythm Management: CRM + EP • Cardiac Rhythm Management (CRM): track record of consistent high performance – Outpacing our markets while also driving significant operating margin expansion • Expanding #2 High Voltage (HV) position – HV portfolio brings highly differentiated offerings to physicians,
Slide 73: Citations
Citations Slide 7 (Core CRM: HeartLogic value based care and clinical outcomes): 1. A. Capucci, et al. Preliminary experience with the multisensor HeartLogic algorithm for HF monitoring: a retrospective case series report. ESC Heart Failure. DOI 10.1002/ehf2.12394 Slide 11 (Electrophysiology: RHYTHM
Slide 74: Maulik Nanavaty, Milad Girgis
Maulik Nanavaty President and Senior Vice President, Neuromodulation Milad Girgis Vice President, Global Brain Modulation
Slide 75: Neuromodulation: Inflection points for pain therapies and brain modulation
Neuromodulation: Inflection points for pain therapies and brain modulation • Exciting, large, underpenetrated and high-growth markets • Pain Therapies: Expansion along the therapeutic continuum, now with multiple innovative product lines focused on personalized therapy • Brain Modulation: Transformi
Slide 76: Neuromodulation: Category leadership in compelling growth markets
Neuromodulation: Category leadership in compelling growth markets SCS #1 U.S. share position, DBS #2 WW share position 2018 Market Sizet $3.5B Highly underpenetrated markets 2018 Revenue $0.8B for Pain and Brain 2019-2022 Market CAGRt ~10% Broader patient and therapy awareness Less invasive an
Slide 77: Exciting and underpenetrated markets
Exciting and underpenetrated markets Pain Therapies Brain Modulation Spinal Cord RF DBS for Movement Vertiflex Stim Ablation Disorders 7-10% Mkt Growth 10%+ Mkt Growth N/A 10%+ Mkt Growth 3M+ with chronic 10M+ with severe 6M with moderate 1.2M with Parkinson’s neuropathic pain U.S.2 joint pain U.S.1
Slide 78: Pain Therapies: Building a portfolio across the pain continuum
Pain Therapies Building a portfolio to address the pain continuum Pain Etiologies 2019 2020 2021 2022+ New Indications Neuropathic COMBO RCT (e.g., Virgin Back, DPN) SCS Pain Next Gen System System Enhancements Joint Pain RF Clinical Data International Expansion Moderate International Vertiflex Expa
Slide 79: Vertiflex for spinal stenosis drives category leadership
Pain Therapies Vertiflex for spinal stenosis drives category leadership Minimally invasive treatment option for 1.8M non-surgical, Superion™ Indirect symptomatic, moderate lumbar spinal stenosis patients in U.S.1 Decompression System • Advances category leadership beyond SCS and RF by offering uniqu
Slide 80: WaveWriter SCS real world outcomes
Pain Therapies WaveWriter SCS real world outcomes Real World Outcomes1: Prospective RCT WaveWriter™ SCS 66% patients in minimal pain and 23% pain-free (2019+) 7.2 COMBO STUDY RCT Pain Score (0-10) 2.0 2.5 • Prospective, multi-center RCT Baseline End of trial 1-year with adaptive design post implant
Slide 81: Large, underpenetrated Parkinson's population
Brain Modulation Large, underpenetrated Parkinson’s population1,2,3 U.S. PARKINSON’S PATIENT FUNNEL COMMUNITY 1.2M Patients with General Practitioner Parkinson’s Disease Community Neurologist Patients diagnosed and treated 1M (+60K newly diagnosed / year) Movement Disorder 240k Neurologist ~ 24% eli
Slide 82: Vercise DBS: Sustained motor function improvement at 2 years
Brain Modulation Vercise DBS: Sustained motor function improvement at 2 years INTREPID RCT1 : Improvement in motor function sustained at 2 years % Improvement in UPDRS III scores available Not Utilizing multiple independent current sources for optimal therapy INTREPID RCT: greater improvement in Add
Slide 83: Vercise Deep Brain Stimulation Systems
Brain Modulation Vercise Deep Brain Stimulation Systems
Slide 84: Advancing DBS therapy impact and patient experience
Brain Modulation Advancing DBS therapy impact and patient experience 2019 2015-2018 2020 2021/2022+ Directional Systems: Gevia + Cartesia™ D-Lead Next Gen Programming with Next Gen Vercise PC + Cartesia™ D-Lead Visualization & StimView™ Platform & Programmer Outcomes: Personalized Therapy: Integrate
Slide 85: Inflection point as Neuromodulation transitions to multi-franchise leadership
Inflection point as Neuromodulation transitions to multi-franchise category leadership • Exciting, large, underpenetrated and underserved markets in multiple therapy areas – Mechanism of action and waveform advancement – Therapy evolution and longevity – Driving awareness and patient access • Pain T
Slide 86: Citations
Citations Slide 4 (Exciting and underpenetrated markets): 1. CDC Journal Morbidity and Mortality Weekly Report 2014 2. Bennett GJ. Neuropathic pain: an overview. In: Borsook D, ed. Progress in Pain Research and Management. Vol. 9. Seattle, Wa: IASP Press; 1997:109–113. 3. https://www.apdaparkinson.o
Slide 87: Rhythm & Neuro Q&A
Rhythm & Neuro Q&A
Slide 88: Jeff Mirviss, Catherine Jennings
Jeff Mirviss Senior Vice President and President, Peripheral Interventions Catherine Jennings Vice President, Marketing & New Business Development, Peripheral Interventions
Slide 89: PI: Exciting growth sector with compelling outlook
PI: Exciting growth sector with compelling outlook • Serving large, underpenetrated disease states with significant unmet needs • Highly differentiated drug elution portfolio, including uniquely designed Eluvia™ DES, low dose Ranger™ DCB, and investment in controlled drug delivery below- the-knee in
Slide 90: Market leader in Peripheral Interventions
Market leader in Peripheral Interventions Positioned for long-term growth and strong, sustained leadership 2018 Market Size 2018 Revenue $1.2B $6B+ Served market is large with significant unmet needs 2019-2022 Market CAGR ~6% Balanced growth across arterial, venous, and interventional oncology
Slide 91: Serving large, underpenetrated disease states
Serving large, underpenetrated disease states with significant unmet clinical needs Arterial Disease Venous Disease Interventional Oncology $3.2B Market, ~5% Growth $1.4B Market, ~7-8% Growth $1.6B Market, ~7-8% Growth Peripheral Arterial Disease Deep Venous Disease Liver Cancer • 2.5M+ cases of DVT
Slide 92: BTG: Strong strategic fit with exposure to high growth adjacencies
BTG: Strong strategic fit with exposure to high growth adjacencies Focus on minimally invasive therapies to address critical needs Strategic & financial rationale • High-growth expansion in therapeutic oncology and venous disease Peripheral Highly • Strong synergies and Focus on minimally Interventi
Slide 93: BTG strengthens our category leadership strategy
BTG strengthens our category leadership strategy across multiple disease states Arterial Disease Venous Disease Interventional Oncology Peripheral Arterial Disease Deep Venous Disease Liver Cancer BSX BSX BTG BSX Category-leading Category- delivery & embolic leading portfolio balloon, stent, and wir
Slide 94: 20+ years of experience with polymer + paclitaxel stents
Boston Scientific has more than 20 years of experience working with polymer + paclitaxel stents Data from level-1 randomized trials with 2,797 patients showed no difference in mortality at 5 years with Boston Scientific’s paclitaxel-eluting coronary stent compared to bare metal stents1
Slide 95: BSX drug elution portfolio is highly differentiated
Peripheral Arterial Disease BSX drug elution portfolio is highly differentiated Eluvia’s controlled release & polymer-based design make it unique Key growth drivers Eluvia & Ranger Global Expansion Low No safety Only company to offer both DES & DCB particulates signal No/limited drug Strong safety p
Slide 96: Venous Disease: Combined org well positioned for sustained leadership
Venous Disease Combined org well positioned for sustained leadership Key growth drivers & expansion opportunities Complete deep venous EKOS & Sentry Entry into venous portfolio in 2020 global expansion insufficiency BSX BTG BSX + BTG Superficial Venous Insufficiency Venous Only foam FDA-approved for
Slide 97: Interventional Oncology: Complementary portfolio
Interventional Oncology Complementary portfolio: Accessories and therapeutics Key growth drivers & expansion opportunities Delivery & embolic TheraSphere indication & Tumor ablation modality & portfolio expansion global expansion global expansion BSX BTG BTG 100% Retractable Coil Clinical Trials Tar
Slide 98: Interventional Oncology: Opportunities to expand into other cancers
Interventional Oncology Opportunities to expand into other cancers WW Annual Cancer BTG provides multiple opportunities to expand into other cancers Incidence1 Lung 2.1M Expanding beyond liver Expanding beyond kidney Additional studies in lung Lung cancer studies – ECLIPSE & SOLSTICE Prostate Develo
Slide 99: Global expansion is a critical contributor to long-term growth
Global expansion is a critical contributor to long-term growth Significant opportunity for BTG expansion Asia Pacific opportunity Global Revenue Distribution1,2 • Fastest growing region in PI BSX – PI • Will become 2nd largest region BTG behind U.S. by 2022 US 90%+ OUS US 50% 50% OUS • Fastest growi
Slide 100: Citations
Citations Slide 4 (Serving large, underpenetrated disease states with significant unmet clinical needs) 1. Fowkes, F, et. al., The Lancet, Volume 382, Issue 9901, 1329-1340 2. DRG Medtech 360 Reports. United States, Europe, Asia Pacific, Japan, Latin America. 3. Yost, ML, as presented at NCVH 2018.
Slide 101: Kevin Ballinger, Ian Meredith, Shawn McCarthy
Kevin Ballinger Executive Vice President and Global President, Interventional Cardiology Ian Meredith, AM Executive Vice President and Global Chief Medical Officer Shawn McCarthy Vice President and General Manager, Structural Heart Valves
Slide 102: Interventional Cardiology Group: Delivering, diversifying, growing
Interventional Cardiology Group Delivering, diversifying, growing • Track record of delivering growth and positioned to accelerate • Diversifying business to strengthen category leadership • Highly-profitable and stable coronary business that is foundational to BSX • Leveraging strong IC commercial
Slide 103: Interventional Cardiology Group: Large and compelling markets
Interventional Cardiology Group Large and compelling markets A market leader in Interventional Cardiology 2018 Market Size $13B Large and stable $8B Coronary Therapies market 2018 Revenue $2.6B Fast-growing $5B Structural Heart market 2019-2022 Market CAGR 6% Overall markets growing at healthy
Slide 104: BSX well-positioned to capitalize on market opportunities
Interventional Cardiology Group BSX well-positioned to capitalize on market opportunities Core Markets (Coronary Therapies) ~$16B Market Expansion (Structural Heart) Adjacencies ~$13B Core $8B LAAC $5B Stents TAVR Complex PCI Mitral $8B PCI Imaging $8B Cerebral Embolic Protection 2018 2022E
Slide 105: IC revenue growth expected to accelerate
Interventional Cardiology Group IC revenue growth expected to accelerate BSX Interventional Cardiology Group Revenue Structural Heart Complex PCI Stents 2016 2018 2019E 2022E
Slide 106: Leadership through diversification
Interventional Cardiology Group Leadership through diversification Stents Complex PCI Structural Heart Protect Leadership Extend Leadership Disrupt and Accelerate 10% ~25% ~26% ~40% BSX IC ~36% Revenue 53% 37% Mix ~38% ~35% Structural Heart Complex PCI 2016 2019E 2022E Stents Market Position Goal: #
Slide 107: Coronary Therapies
Coronary Therapies
Slide 108: Coronary Therapies
Coronary Therapies Coronary markets are large ~5M PCIs worldwide Complex PCI $8B global market Consistent upper single-digit revenue growth Foundational to BSX Track record of pioneering new, impactful therapies Leaders for more than 15 years Stents Market-leading portfolio Highly-diversifie
Slide 109: Strengthening leadership through micro-diversification
Coronary Therapies Strengthening leadership through micro-diversification COMPLEX PCI STENTS WATCHDOG™ CONVEY™ ROTAPRO™ POLARIS™ JUDO™ 2019E 1, 3 & 6 OPTICROSS™ HD SENTAI™ TRAPPER™ Coronary SYNERGY™ Therapies WOLVERINE™ Revenue Mix FILTERWIRE™ Promus™ 20+ CROSSBOSS™ 2 STINGRAY EMERGE™ COMET™ product
Slide 110: Continuing to invest in new solutions for patients
Coronary Therapies Continuing to invest in new solutions for patients Complex PCI JUDO™ 3 & 6 ROTAPRO™+ MAMBA™ Physiology COMET™ II ROTA Wire Portfolio Atherectomy Microcatheter Tablet FFR TESLA Stents SYNERGY™ Stent SYNERGY™ Stent SYNERGY Stent SYNERGY™ High Bleeding Drug-Coated 4.5/5.0mm 48mm MEGA
Slide 111: WATCHMAN
WATCHMAN
Slide 112: Pioneering innovative alternatives for Afib patients
WATCHMAN Pioneering innovative alternatives for Afib patients “It was the best feeling to know that the WATCHMAN was in there and that it was going to watch over me.” – Marjorie, Washington
Slide 113: Exceeding expectations and growth goals
WATCHMAN Exceeding expectations and growth goals 550+ U.S. Centers Investor Day 2017: U.S. Reimbursement ~30,000 Patientst Increases EU Leadership WATCHMAN FLX Fastest-Growing 2015 2016 2017 2018 2019E WATCHMAN Market Estimated Global WATCHMAN Procedures 100,000+ patientst by end of 2019 Japan Appro
Slide 114: Direct-to-patient connecting with the right demographic
WATCHMAN Direct-to-patient connecting with the right demographic Targeted, multi-channel Television pilots in select markets digital campaigns Pilot May 2017 in 4 markets Pilot Expansion August 2018 to 8 additional markets Initiated national campaign designed to reach majority of U.S. AFib patie
Slide 115: Growing global leadership with WATCHMAN FLX
WATCHMAN Growing global leadership with WATCHMAN FLX European Roll-out MORE PATIENTS Early Milestones & Results Fits more patient anatomies – from simple to complex CE Mark – March 2019 FLEXIBILTY & CONTROL Limited Release – through June 2019 Fully enclosed and rounded frame for • 20+ centers ad
Slide 116: WATCHMAN FLX: Physician perspective
WATCHMAN WATCHMAN FLX™: Physician perspective
Slide 117: Robust clinical pipeline to enable future market expansion
WATCHMAN Robust clinical pipeline to enable future market expansion Estimated Global LAAC Market Size 2025E+ 2023E $2B+ 2018 ~$1B ~$400M+ Key Penetration into Penetration into Drivers high-bleed risk population low-to-moderate-bleed risk population • Protect AF (2012) Approval study • OPTION (2024)
Slide 118: Structural Heart Valves
Structural Heart Valves
Slide 119: BSX is positioned to disrupt establishment
Structural Heart Valves BSX is positioned to disrupt establishment 2024E Heart valve markets Heart valve Our portfolio large & growing physicians have is clinically long partnered differentiated with BSX & patient focused
Slide 120: Portfolio of innovation is patient-centered
Structural Heart Valves Portfolio of innovation is patient-centered Prevent SENTINEL™ Stroke Cerebral Protection Match Aortic LOTUS Edge™ ACURATE neo™ Valve to Need TAVR TAVR Cornerstone Repair of MILLIPEDE Mitral Annulus TMVr Prevent Vascular iSLEEVE™ SAFARI2™ Expandable Sheath Pre-shaped Guidewire
Slide 121: Dual-valve portfolio uniquely positioned to address broad patient need
Structural Heart Valves Dual-valve portfolio uniquely positioned to address broad patient need Majority of procedures Heavily Calcified Small Annulus/Tortuous Anatomy Bicuspid Valvest t under investigation
Slide 122: LOTUS Edge: Complete control & predictability
Structural Heart Valves LOTUS Edge: Complete control & predictability Designed for complete control & predictability Fully retrievable and repositionable Depth Guard, reduced interaction with LVOT, flexible catheter Superior acute performance Low PVL and outstanding outcomes Adaptive seal
Slide 123: LOTUS Mantra: Addressing unmet needs in low-risk patients
Structural Heart Valves LOTUS Mantra: Addressing unmet needs in low-risk patients LOTUS Edge™ LOTUS Mantra™ LOTUS Mantra™ System (CE Mark and FDA Approved) 29mm 23 – 27mm 29mm 23 – 29mm Intermediate risk study Initiate clinical trial Initiate clinical trial enrolling mid-2020E 2021E (Approval 2021E)
Slide 124: ACURATE neo enables efficiency and stability
Structural Heart Valves ACURATE neo™ enables efficiency and stability Optimizing TAVR Straightforward valve delivery and positioning to improve procedural efficiency Top-down deployment provides hemodynamic stability and precise placement Strong clinical outcomes Unique self-expanding, supra-a
Slide 125: Advancing ACURATE growth and portfolio globally
Structural Heart Valves Advancing ACURATE growth and portfolio globally ACURATE neo™ ACURATE neo2™ ACURATE Prime NG ACURATE Improved PVL Expand size matrix • CE Mark Q3:19E • Intro in U.S. IDE Q4:19E Initiate clinical trial NG ACURATE • U.S. IDE enrolling • FDA approval 2021E 2021E
Slide 126: Sentinel: Enabling PROTECTED TAVR
Structural Heart Valves Sentinel: Enabling PROTECTED TAVR Sentinel Cerebral Embolic Protection Used in 65% of all procedures in adopted accounts Sentinel usage a potential driver of valve selection Currently used in 15% of all U.S. TAVR, significant opportunity ahead Marketing opportunity fo
Slide 127: Sentinel helps address significant and unpredictable impact of stroke
Structural Heart Valves Sentinel helps address significant and unpredictable impact of stroke Rate of stroke is Cost of stroke Sentinel proven underestimated is significant clinically compelling Stroke risk unpredictable, Hospital length of stay 6 Sentinel reduced strokes independent of: days
Slide 128: Mitral Repair: Annuloplasty repair foundation
Structural Heart Valves Mitral Repair: Annuloplasty repair foundation for toolkit of innovation Mitral Valve Repair Millipede Acquisition Transcatheter Annuloplasty Transcatheter repair + Complete, semi-rigid annuloplasty Physiologically sound mechanism replacement therapies ring of action rep
Slide 129: Millipede Transcatheter Mitral Repair System
Structural Heart Valves Millipede Transcatheter Mitral Repair System
Slide 130: Bringing innovation to life
Structural Heart Valves Bringing innovation to life Supporting Cardiovascular Service Lines deeply and comprehensively across the full portfolio Bringing value to hospital systems broadly Leveraging the strength of the Interventional Cardiology commercial selling organization
Slide 131: Compelling future growth opportunities
Compelling future growth opportunities ❖ Dual valve portfolio is well positioned in large and growing TAVR market ❖ WATCHMAN clinical pipeline is robust and focused on significant market expansion Additional meaningful expansion opportunities in adjacent markets Market Opportunity Investment Strateg
Slide 132: Citations
Citations Slide 26 (Structural Heart Valves: Sentinel helps address significant and unpredictable impact of stroke) 1. Feldman, et al., EuroPCR 2017; Manoharan, et al., J Am Coll Cardiol Intv 2015; 8:1359-67; Moellman, et al., PCR London Valves 2015;Grube, et al., EuroPCR 2017;Kodali, et al., Eur He
Slide 133: Cardiovascular Q&A
Cardiovascular Q&A
Slide 134: June Chang
June Chang Vice President and Managing Director, Greater China
Slide 135: Emerging Markets at-a-glance
Emerging Markets at-a-glance Significant growth opportunity 2018 Revenue $1B+ 11% of BSX sales 2018 Revenue Growth* >20% Accretive to total company, driven by China, Brazil and Russia Est. CAGR through 2022E ~15% Continued expansion of product portfolio, commercial footprint and patient access
Slide 136: Emerging Markets: Multiple growth drivers
Emerging Markets: Multiple growth drivers Expanding portfolio and key capabilities Increasing portfolio diversification driven Expanding commercial capabilities with by Endo, UroPH, PI and Complex PCI flexible, innovative go-to-market models Building physician training capabilities and Expanding R&D
Slide 137: China MedTech market overview
China MedTech market overview Strong market growth set to continue Dynamic, complex market Addressable market size in China USD (in billions) US-Sino Trade War +15% $5.4 Aging demographics Tenders and pricing Interventional pressure $2.1 Cardiology $3.5 Unmet patient $0.3 Structural Heart needs $1.5
Slide 138: BSX China outperforming the market
BSX China outperforming the market Sustained growth rate* contributes Well-diversified portfolio ~100 bps to BSX 2019E and beyond Sales contribution by business 2019E IC DES MedSurg 17% 20%+ 19% Rhythm Complex $500M+ & Neuro 7% PCI 13% Interventional 7% Oncology Key growth drivers 12% through 2022E
Slide 139: Driving innovation and market access in China
Driving innovation and market access in China Portfolio Channel Local Talent strength expansion partnership powerhouse
Slide 140: Physician education and clinical selling
Portfolio strength leveraged by focus on physician education and clinical selling Strong head start and Physician education and innovative clinical selling technology adoption Watchman • First in market • 8,000+ cases since launched Beijing IAS • Trained 400+ physicians: T3 Engine 100+ independent p
Slide 141: Channel expansion via multiple networks
Channel expansion via multiple networks Significantly expand footprint Activate and empower channel network and hospital coverage Numbers of hospitals covered >200 Identify & Dealer 2013 2018 attract right 100- recruiting 200 partners 50- 100 Empower, One Belt One train and <50 Road certify Segment,
Slide 142: Local partnerships driving innovation
Local partnerships driving innovation • An open platform to accelerate T3 innovation R&D Technology, Think-tank, Transformation Health professionals Academics • Partner with governments to PPP improve access to healthcare Public-Private Partnerships • Accelerate translational research Global resourc
Slide 143: Talent powerhouse: Recruitment and retention
Talent powerhouse: Recruitment and retention Workforce cultivation Talent development Innovation culture Young and energetic New hire boot camp 33 Average age of our workforce Speed, excellence, HI-Potential grit, collaboration Accelerator Diverse and creative 49% Cross platform of our managers rota
Slide 144: Dan Brennan
Dan Brennan Executive Vice President and Chief Financial Officer
Slide 145: What we said: June 2017 goals
What we said: June 2017 goals June 2017 June 2017 Investor Day Investor Day Guidance Guidance 2017 2017 Actual 2018 2018 Actual Organic revenue* +5% to 6% +6.6% +5% to 7% +7.2% Operational revenue* +6% to 7% +7.8% +100 bps +8.0% Adjusted operating 25% to 26% 25.0% ~50+ bps 25.5% margin* $1.26 Double
Slide 146: Strong financial performance & outlook
Strong financial performance & outlook 2019E 2017-2019E1 2020E-2022E Guidance CAGR Goals Organic Revenue* +7-8% +7% +6-9% CAGR +110 bps Operational Revenue* +8% TBD Contribution from acquisitions ~125 bps +50-100 bps Adj. Operating Margin* 26%-26.5% Total improvement Improvement annually Est. FX Imp
Slide 147: Gross margin: Continuous improvement
Gross margin: Continuous improvement Adjusted GM* Key contributors • Reduce product cost ~73% – Drive 5-10% annual standard cost reductions 72.5% • Optimize plant network 72.1% – Leverage low cost manufacturing capacity 72.0% – Technology centers of excellence • Improve portfolio mix – Innovative pr
Slide 148: SG&A: Driving efficiency
SG&A: Driving efficiency Adjusted SG&A* Key contributors • Optimization of global facilities footprint 37.4% • Efficiencies in distribution and customer service 35.6% • Leveraging commercial sales and marketing 34.8% • Business process streamlining ~33.5% – Robotic Process Automation (RPA) – Expand
Slide 149: R&D: Enhancing global productivity
R&D: Enhancing global productivity Adjusted R&D* Key Contributors • Cross-divisional portfolio investment based on 11.4% growth opportunities 10.8% • Leverage and expand R&D centers of 10.8% ~10.5% excellence capabilities across sites (e.g., imaging, battery chemistry) • Further globalization of res
Slide 150: Operating margin: Continued expansion
Operating margin: Continued expansion Expanding adj. OM* through GM excellence, SG&A efficiency and R&D productivity 30%+ 25.5% 25.0% 24.1% 22.3% 2015 2016 2017 2018 2019E 2020E 2021E Long Term
Slide 151: Strong cash flow generation outlook
Strong cash flow generation outlook Strong cash conversion and targets Compelling adj. free cash flow* • 5-year average conversion of adjusted free ~$2.6B cash flow* to adjusted net income* of 104% • Successful working capital initiatives offset ~2.2B growth in business operations – AR collection &
Slide 152: Conservative capital structure
Conservative capital structure Resolved contingencies while funding M&A Continued commitment to financial strategy • Building on strong fundamentals 2015-2018 2019E-2020E • Commitment to investment grade ratings 5% • Financial discipline around acquisitions and investments 35% • Close $4B BTG acquis
Slide 153: Disciplined & balanced approach to M&A
Disciplined & balanced approach to M&A 2018 2019 2020 2021 2022 2023 +2-3 tuck-ins per year t Timing based on anticipated revenue contribution Active Venture Capital Portfolio Investments in Invested Most recent ~40 mixed stages of $500M+ across multiple 5 of 11 closed deals opportunity businesses f
Slide 154: Top tier execution goals
Top tier execution goals Consistent adjusted operating Double digit Durable revenue growth margin* expansion adjusted earnings* growth • 7% organic*, 8% operational • Adj. OM* 25.5% in 2018, • 11% CAGR 2017-2019E1 revenue* CAGR 2017-2019E1 +320 bps since 2015 • Consistent target: double-digit • 6-9%
Slide 155: References
References 1Based on midpoint of 2019 guidance issued April 24, 2019 2Full year 2018 adjusted earnings per share of $1.47 and 17% growth includes a $0.07 net tax benefit. This net benefit includes the second quarter $0.06 benefit from settling the IRS Stipulation of Settled Issues for the 2001 throu
Slide 156: Q&A
Q&A
Slide 157: Thank you
Thank you
Slide 158: Appendix A
Boston Scientific Advancing science for life™ Appendix A
Slide 159: Business Development Activity
Business Development Activity Closing Target Upfront Milestone Potential Organic Target Business Description ($M) Max ($M) Total ($M) Comments Date Date Launch Acquisitions 2018/2019 "Drop in the bag" for biliary franchise; Upon 1 Endoscopy RF ablation for GI cancer Mar-18 2018 10 — 10 minor revenue
Slide 160: Acronym Reference Guide
Acronym Reference Guide Afib Atrial Fibrillation IC Interventional Cardiology BPH Benign Prostatic Hyperplasia ICM Insertable Cardiac Monitor BTK Below-the-Knee IO Interventional Oncology CLI Critical Limb Ischemia LAAC Left Atrial Appendage Closure CRM Cardiac Rhythm Management LVOT Left ventricula
Slide 161: Supplemental Non-GAAP Disclosures
Supplemental Non-GAAP Disclosures
Slide 162: Supplemental Non-GAAP Disclosures
Supplemental Non-GAAP Disclosures
Slide 163: Supplemental Non-GAAP Disclosures
Supplemental Non-GAAP Disclosures
Slide 164: Supplemental Non-GAAP Disclosures
Supplemental Non-GAAP Disclosures
Slide 165: Supplemental Non-GAAP Disclosures
Supplemental Non-GAAP Disclosures U.S. Endoscopy Revenue Growth Q1 2019 Revenue growth, as reported 9% Less: Impact of foreign currency fluctuations 0% Operational Revenue Growth 9%
Slide 166: Supplemental Non-GAAP Disclosures: Previously Issued on June 27, 2017
Supplemental Non-GAAP Disclosures Previously Issued on June 27, 2017
Slide 167: Supplemental Non-GAAP Disclosures
Supplemental Non-GAAP Disclosures The following is an explanation of the adjustments that management excluded from GAAP measures to calculate the following forward-looking non-GAAP financial measures: Adjusted Gross Margin: Excludes from GAAP gross margin the impacts of forecasted acquisition- and d