CONSOLIDATED FINANCIAL STATEMENTS - Boston Scientific

FIVE-YEAR SELECTED FINANCIAL DATA (unaudited)
Year Ended December 31, (in millions, except per share data)
Operating Data
2004 2003 2002 2001 2000
Net sales $ 5,624 $ 3,476 $ 2,919 $ 2,673 $ 2,664
Gross profit 4,332 2,515 2,049 1,754 1,832
Selling, general and administrative expenses 1,742 1,171 1,002 926 867
Research and development expenses 569 452 343 275 199
Royalty expense 195 54 36 35 37
Amortization expense 112 89 72 136 91
Litigation-related charges (credits), net 75 15 (99)
Purchased research and development 65 37 85 282
Restructuring and merger-related charges 58
Total operating expenses 2,758 1,818 1,439 1,654 1,252
Operating income 1,574 697 610 100 580
Net income (loss) 1,062 472 373 (54) 373
Net income (loss) per common share – basic $ 1.27 $ 0.57 $ 0.46 $ (0.07) $ 0.46
Net income (loss) per common share – assuming dilution $ 1.24 $ 0.56 $ 0.45 $ (0.07) $ 0.46
Weighted average shares outstanding – assuming dilution 857.7 845.4 830.0 802.8 816.6
December 31, (in millions, except per share data)
Balance Sheet Data
2004 2003 2002 2001 2000
Working capital $ 684 $ 487 $ 285 $ 275 $ 173
Total assets 8,170 5,699 4,450 3,974 3,427
Commercial paper – short-term 280 547 88 99 56
Current maturities of long-term debt 502 1
Bank obligations – short-term 446 5 132 204
Long-term debt, net of current portion 1,139 1,172 847 973 574
Stockholders’ equity 4,025 2,862 2,467 2,015 1,935
Book value per common share $ 4.82 $ 3.46 $ 3.00 $ 2.49 $ 2.42
The Company paid a two-for-one stock split that was effected in the form of a 100 percent stock dividend on November 5, 2003. All historical amounts above have been restated to reflect the stock split.
(See notes to the consolidated financial statements)
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BOSTON SCIENTIFIC AND SUBSIDIARIES