Boston Scientific Corporation (BSX) Q4 2022 Earnings Call Transcript

Boston Scientific Corporation (NYSE:BSX) Q4 2022 Results Conference Call February 1, 2023 8:00 AM ET

Company Participants

Lauren Tengler - Vice President, Investor Relations

Mike Mahoney - Chairman & Chief Executive Officer

Dan Brennan - Executive Vice President & Chief Financial Officer

Ken Stein - Chief Medical Officer

Conference Call Participants

Rick Wise - Stifel

Robbie Marcus - JPMorgan

Larry Biegelsen - Wells Fargo

Joanne Wuensch - Citi

Vijay Kumar - Evercore ISI

Travis Steed - Bank of America

Cecilia Furlong - Morgan Stanley

Josh Jennings - Cowen

Operator

Good morning, and welcome to the Boston Scientific Fourth Quarter 2022 Earnings Call. All participants will be in listen only mode [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Lauren Tengler, Vice President, Investor Relations. Please go ahead.

Lauren Tengler

Thank you, Drew. Welcome, everyone, and thanks for joining us today. With me on today's call are Mike Mahoney, Chairman and Chief Executive Officer; and Dan Brennan, Executive Vice President and Chief Financial Officer.

We issued a press release earlier this morning announcing our Q4 and full year '22 results, which includes reconciliations of the non-GAAP measures used in the release. We have posted a copy of that release as well as reconciliations of the non-GAAP measures used in today's call to the Investor Relations section of our website under the heading Financials and Filings. The duration of this morning's call will be approximately one hour.

Mike and Dan will provide comments on Q4 and full year performance as well as the outlook for our business, including 2023 guidance, and then we'll take your questions. During today's Q&A session, Mike and Dan will be joined by our Chief Medical Officer, Dr. Ian Meredith and Dr. Ken Stein.

Before we begin, I'd like to remind everyone that on the call, operational revenue growth excludes the impact of foreign currency fluctuations, and organic revenue growth further excludes acquisitions and divestitures and for which there are less than a full period of comparable net sales.

Relevant acquisitions excluded for organic growth or Preventice, FARAPULSE and Lumenis Surgical, which closed in March, August and September of 2021, respectively, as well as Baylis Medical, which closed on February 14, 2022.

Divestitures include the BTG Specialty Pharmaceuticals business, which closed on March 1, 2021. Guidance excludes the previously announced agreements to purchase a majority stake in M.I. Tech and Aquatech as well as the acquisition of Apollo Endosurgery, which are all expected to close in the first half of 2023. For more information, please refer to our financial and operating highlights deck, which may be found on our Investor Relations website.