Boston Scientific Corporation (BSX) Q1 2023 Earnings Call Transcript

Boston Scientific Corporation (NYSE:BSX) Q1 2023 Earnings Conference Call April 26, 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

Robbie Marcus - JPMorgan

Joanne Wuensch - Citi

Frederick Wise - Stifel

Larry Biegelsen - Wells Fargo

Travis Steed - Bank of America

Vijay Kumar - Evercore ISI

Danielle Antalffy - UBS

Cecilia Furlong - Morgan Stanley

Matthew Taylor - Jefferies

Matthew Miksic - Barclays

Christopher Pasquale - Nephron

Operator

Good morning, everyone, and welcome to the Boston Scientific First Quarter 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to A - Lauren Tengler, Vice President, Investor Relations. Please go ahead.

A - Lauren Tengler

Thank you, Jamie. 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 Q1 2023 results, which included reconciliations of the non-GAAP measures used in the release. We have posted a copy of that release, as well as reconciliations of the non-GAAP measures used in today's call to the Investor Relations of our website under the heading Financials & Filings.

The duration of this morning's call will be approximately 1 hour. Mike and Dan will provide comments on Q1 performance as well as the outlook for our business including Q2 and full year 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. A - 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 for which there are less than a full period of comparable net sales. Relevant acquisitions excluded for organic growth or Baylis Medical, which closed on February 14, 2022. The majority stake investment in Acotec Scientific Holdings Limited and Apollo Endosurgery, which closed in February and April of this year, respectively. Please note that, we have elected to consolidate Acotec results of operations on a one quarter lag, thus having no impact to our Q1 reported or adjusted results. Guidance excludes the previously announced agreement to purchase a majority stake in M.I. Tech, which has not closed. For more information, please refer to our financial and operating highlights deck, which may be found on our Investor Relations website.