2024-07-24 10:57:09 ET
Boston Scientific Corporation (BSX)
Q2 2024 Earnings Conference Call
July 24, 2024 08:00 A.M. ET
Company Participants
Jon Monson - SVP, IR
Michael F. Mahoney - Chairman and CEO
Daniel J. Brennan - EVP and CFO
Kenneth Stein - SVP, Global Chief Medical Officer
Conference Call Participants
Robert Marcus - J.P. Morgan
Joanne Wuensch - Citigroup Inc.
Lawrence Biegelsen - Wells Fargo Securities
Frederick Wise - Stifel, Nicolaus & Company
Vijay Kumar - Evercore ISI
David Roman - Goldman Sachs
Patrick Wood - Morgan Stanley
Travis Steed - Barclays Bank
Joshua Jennings - TD Cowen
Danielle Antalffy - Leerink Partners
Matthew O'Brien - Piper Sandler
Matthew Taylor - Jefferies
Presentation
Operator
Good morning, and welcome to the Boston Scientific Second Quarter 2024 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 Jon Monson, Senior Vice President, Investor Relations. Please go ahead.
Jon Monson
Thank you, Drew, and 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 Q2 results, which included reconciliations of the non-GAAP measures used in this release. We have posted a link to 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 Q2 performance as well as the outlook for our business, including Q3 and full year 2024 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. Ken Stein.
Before we begin, I'd like to remind everyone that on the call, operational revenue excludes the impact of foreign currency fluctuations, and organic revenue further excludes acquisitions and divestitures for which there are less than a full period of comparable net sales. Relevant acquisitions and divestitures excluded for organic growth are the majority stake investment in Acotec Scientific Holdings Limited and the acquisitions of Apollo Endosurgery and Relievant Medsystems, which closed in February, April and November 2023 respectively, as well as our acquisition of the Endoluminal Vacuum Therapy portfolio from B. Braun, which closed in March 2024. Divestitures include the Endoscopy, Pathology business, which closed in April 2023. Guidance excludes the previously-announced agreement to acquire Axonics and Silk Road Medical both of which are expected to close in the second half of 2024, subject to customary closing conditions. For more information, please refer to the Q2 Financial and Operational Highlights deck, which may be found on the Investor Relations section of our website.
On this call, all references to sales and revenue, unless otherwise specified, are organic. This call contains forward-looking statements within the meaning of Federal Securities Law, which may be identified by words like anticipate, expect, may, believe, estimate, and other similar words. They include, among other things, statements about our growth and market share, new and anticipated product approvals and launches, acquisitions, clinical trials, cost savings and growth opportunities, our cash flow and expected use of cash, our financial performance, including sales, margins and earnings, as well as our tax rates, R&D spend and other expenses. 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. Factors that may cause such differences include those described in the Risk Factors section of our most recent 10-K and subsequent 10-Qs filed with the SEC. These statements speak only as of today's date and we disclaim any intention or obligation to update them except as required by law. At this point, I'll turn over to Mike. Mike?...
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Boston Scientific Corporation (BSX) Q2 2024 Earnings Call Transcript