SMU's successful bid to join ACC leads to playoff berth, record donations — and more interest
Now the Mustangs are looking build on that momentum in Year 2.
The Dallas-based school chose to forego nine years of media-rights distribution simply for the opportunity to move from the American Conference — where it won the conference championship in 2023 — into a Power Four conference. And the Mustangs not only proved they could compete in the conference, but could win at the next level.
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They ran the ACC table in the regular season finishing 8-0 in conference play under coach Rhett Lashlee to reach the ACC championship game, where they lost to perennial league power Clemson. But it was enough to get SMU into the expanded 12-team College Football Playoff.
'I would say it validated a lot of things for us,' Lashlee said Tuesday during the league's preseason media days. 'It validated that we belonged. It validated all of the support from donors and fans. And I think for a lot of the fans that been around for the 30 or 40 years it was vindication.'
SMU earned a $4 million payday for the CFP bid, the product of the ACC's 'success initiative' allowing teams to keep money generated by their own postseason success. But equally as important, it helped ignite a level of interest in the program not seen since before the school received the notorious 'death penalty' from the NCAA in 1987 for secret slush-fund payments to players after multiple warnings.
The Mustang Club, the fundraising support arm for SMU athletics, had record support by raising more than $65 million in cash gifts from 6,158 donors for the 2025 fiscal year, an increase of $10 million from the previous year. Football season tickets and revenue also reached record highs, with 2024 season tickets doubling from a year earlier, increasing revenue by 157%. Income from concessions, parking and licensing revenue all rose more than 100% after the move to the ACC.
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Last year, SMU arrived at its first ACC media days after announcing it had surpassed a $125 million fundraising goal since being added to the ACC along with California and Stanford.
In an email to The Associated Press, SMU spokeswoman Megan Jacob said first-year undergraduate applications for the fall semester reached more than 24,000 after hovering from 14,000-16,000 going back to 2016. Jacob said the school also had a 63% increase in applications from transfer students for the upcoming semester from a year earlier.
'We didn't just enter the ACC. We confidently announced our arrival,' said Josh Whittenburg, SMU's associate athletic director for development, in a release from the school. 'Nowhere is that more evident than in the generosity of our donors. They saw a need and answered the call. I'm inspired by their commitment, and the growth we've experienced is a direct reflection of their belief in SMU's future.'
In an interview with the AP, ACC Commissioner Jim Phillips described the deal that brought SMU into the fold alongside California and Stanford — which took seven years of reduced media payouts (about 30%) — as an 'innovative' move.
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'It shows you the will of an institution, if you're just talking about SMU, to just want to get a chance to play at the Power Four level, what they're willing to do,' Phillips said. 'I'm not overly surprised at what I witnessed, what the country witnessed. ... You could see that was a school that was thirsty for the opportunity to get to the P-4. And I think you'll see them continue to be really successful, not only in this league but nationally.'
SMU's success has also allowed Lashlee and his staff to pave major inroads into the historically strong region of high school football recruiting in Texas known as the Metroplex.
'Arguably year in and year out, the best high school talent comes out of the Metroplex,' Lashlee said. 'So for us to be positioned there as the only school within 30 miles of downtown Dallas is a huge advantage for us. Kids want to stay in Dallas, they want to stay and play in Texas, we just had to give them a reason.'
They certainly have it now with the program on the upswing.
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The Mustangs return Kevin Jennings at quarterback, who said the goal for the school's encore season in the ACC is to win a conference title and a national championship.
'The energy level on campus is crazy,' Jennings said. 'We know what we can do. The sky is the limit.'
___
AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football
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Achieved the following net sales growth in each reportable segment, compared to the prior year period: MedSurg: 15.7 percent reported, 14.7 percent operational and 7.0 percent organic Cardiovascular: 26.8 percent reported, 25.5 percent operational and 23.2 percent organic Achieved the following net sales growth in each region, compared to the prior year period: United States (U.S.): 30.7 percent reported and operational Europe, Middle East and Africa (EMEA): 6.8 percent reported and 1.8 percent operational Asia-Pacific (APAC): 18.0 percent reported and 15.4 percent operational Latin America and Canada (LACA): 4.0 percent reported and 8.9 percent operational Emerging Markets4: 11.6 percent reported and 12.1 percent operational Received U.S. Food and Drug Administration approval to expand instructions for use labeling to include the treatment of drug refractory, symptomatic persistent atrial fibrillation (AF) with the FARAPULSE™ Pulsed Field Ablation (PFA) System. Commenced enrollment in the ReMATCH IDE clinical trial to evaluate the safety and effectiveness of the FARAWAVE™ and FARAPOINT™ PFA Catheters in patients with persistent AF who previously received a cardiac ablation and experienced a recurrence of the condition.5 Received CE mark for the WATCHMAN FLX™ Pro Left Atrial Appendage Closure Device, which is optimized for healing and designed to improve visualization during device placement and treat a broader range of patient anatomies. Completed the acquisition of Intera Oncology® Inc., a medical device company that provides the Intera 3000 Hepatic Artery Infusion Pump and floxuridine, a chemotherapy drug. Completed the acquisition of SoniVie Ltd., the developer of the TIVUS™ Intravascular Ultrasound System, an investigational renal nerve denervation technology designed to treat hypertension.5 1. Operational net sales growth excludes the impact of foreign currency fluctuations. 2. Organic net sales growth excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. 3. Adjusted EPS excludes the impacts of certain charges (credits) which may include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), European Union (EU) Medical Device Regulation (MDR) implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items. 4. Our Emerging Markets countries include all countries except the United States, Western and Central Europe, Japan, Australia, New Zealand and Canada. 5. 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Not available for sale in the U.S. Net sales for the second quarter by business and region:Increase/(Decrease) Three Months Ended June 30,Reported BasisImpact of Foreign Currency FluctuationsOperational BasisImpact of Certain Acquisitions/DivestituresOrganic Basis (in millions) 2025 2024 Endoscopy $ 737 $ 6769.1 %(1.3) %7.8 %— %7.8 % Urology 676 52528.9 %(0.8) %28.0 %(21.7) %6.3 % Neuromodulation 303 2827.2 %(0.6) %6.6 %— %6.6 %MedSurg 1,716 1,48315.7 %(1.0) %14.7 %(7.7) %7.0 % Cardiology 2,647 2,04729.3 %(1.4) %27.9 %— %27.9 % Peripheral Interventions 698 59018.3 %(1.1) %17.1 %(10.2) %7.0 %Cardiovascular 3,345 2,63726.8 %(1.3) %25.5 %(2.3) %23.2 % Net Sales $ 5,061 $ 4,12022.8 %(1.2) %21.6 %(4.2) %17.4 % Increase/(Decrease)Three Months Ended June 30,Reported BasisImpact of Foreign Currency FluctuationsOperational Basis(in millions)20252024 U.S.$ 3,224$ 2,46630.7 %— %30.7 %EMEA8788226.8 %(5.0) %1.8 %APAC79067018.0 %(2.6) %15.4 %LACA1691624.0 %4.9 %8.9 %Net Sales$ 5,061$ 4,12022.8 %(1.2) %21.6 % Emerging Markets4$ 758$ 68011.6 %0.5 %12.1 %Amounts may not add due to rounding. Growth rates are based on actual, non-rounded amounts and may not recalculate precisely.Net sales growth rates that exclude the impact of foreign currency fluctuations and/or the impact of certain acquisitions/divestitures are not prepared in accordance with U.S. GAAP. Guidance for Full Year and Third Quarter 2025 The company estimates net sales growth for the full year 2025, versus the prior year period, to be approximately 18 to 19 percent on a reported basis and 14 to 15 percent on an organic basis. Full year organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $1.89 to $1.93 and estimates adjusted EPS, excluding certain charges (credits), of $2.95 to $2.99. The company estimates net sales growth for the third quarter of 2025, versus the prior year period, to be in a range of approximately 17 to 19 percent on a reported basis, and 12 to 14 percent on an organic basis. Third quarter organic net sales guidance excludes the impact of foreign currency fluctuations and net sales attributable to certain acquisitions and divestitures for which there are less than a full period of comparable net sales. The company estimates EPS on a GAAP basis in a range of $0.44 to $0.46 and estimates adjusted EPS, excluding certain charges (credits), of $0.70 to $0.72. Conference Call InformationBoston Scientific management will be discussing these results with analysts on a conference call today at 8:00 a.m. ET. The company will webcast the call to interested parties through its website: Please see the website for details on how to access the webcast. The webcast will be available for approximately one year on the Boston Scientific website. About Boston ScientificBoston Scientific transforms lives through innovative medical technologies that improve the health of patients around the world. As a global medical technology leader for more than 45 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. Our portfolio of devices and therapies helps physicians diagnose and treat complex cardiovascular, respiratory, digestive, oncological, neurological and urological diseases and conditions. Learn more at and connect on LinkedIn and X. Cautionary Statement Regarding Forward-Looking StatementsThis press release 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," "project," "believe," "plan," "estimate," "may," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding our expected net sales; reported, operational and organic revenue growth rates; reported and adjusted EPS for the third quarter and full year 2025; our financial performance; acquisitions; clinical trials; our business plans and product performance; and new and anticipated product approvals and launches. 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. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. Risks and uncertainties that may cause such differences include, among other things: economic conditions, including the impact of foreign currency fluctuations; future U.S. and global political, competitive, reimbursement and regulatory conditions, including changing trade and tariff policies; geopolitical events; manufacturing, distribution and supply chain disruptions and cost increases; disruptions caused by cybersecurity events; disruptions caused by public health emergencies or extreme weather or other climate change-related events; labor shortages and increases in labor costs; variations in outcomes of ongoing and future clinical trials and market studies; new product introductions; expected procedural volumes; the closing and integration of acquisitions; demographic trends; intellectual property; litigation; financial market conditions; the execution and effect of our business strategy, including our cost-savings and growth initiatives; and future business decisions made by us and our competitors. New risks and uncertainties may arise from time to time and are difficult to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A - Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A - Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements, except as required by law. This cautionary statement is applicable to all forward-looking statements contained in this press release. Note: Amounts reported in millions within this press release are computed based on the amounts in thousands. As a result, the sum of the components reported in millions may not equal the total amount reported in millions due to rounding. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts. Use of Non-GAAP Financial InformationA reconciliation of the company's non-GAAP financial measures to the corresponding GAAP measures, and an explanation of the company's use of these non-GAAP financial measures, is included in the exhibits attached to this press release. CONTACT: Media: Emily AndersonInvestors: Lauren Tengler617-515-2000 (office) 508-683-4479 (office)Media Relations Investor RelationsBoston Scientific Corporation Boston Scientific BSXInvestorRelations@ BOSTON SCIENTIFIC CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30,Six Months Ended June 30, (in millions, except per share data) 2025 20242025 2024 Net sales $ 5,061 $ 4,120$ 9,724 $ 7,977 Cost of products sold 1,637 1,2703,090 2,479 Gross profit 3,424 2,8506,633 5,498 Operating expenses:Selling, general and administrative expenses 1,716 1,4463,312 2,810 Research and development expenses 526 383969 749 Royalty expense 14 928 19 Amortization expense 225 213444 427 Intangible asset impairment charges 46 27646 276 Contingent consideration net expense (benefit) (5) 20 18 Restructuring net charges (credits) 83 193 52,605 2,3304,894 4,303 Operating income (loss) 819 5201,740 1,195 Other income (expense):Interest expense (90) (77)(172) (146) Other, net 213 (23)179 (21) Income (loss) before income taxes 941 4201,746 1,028 Income tax expense (benefit) 146 98279 213 Net income (loss) 795 3221,467 815 Net income (loss) attributable to noncontrolling interests (2) (2)(4) (4) Net income (loss) attributable to Boston Scientific common stockholders $ 797 $ 324$ 1,471 $ 819 Net income (loss) per common share - basic $ 0.54 $ 0.22$ 0.99 $ 0.56 Net income (loss) per common share - diluted $ 0.53 $ 0.22$ 0.98 $ 0.55 Weighted-average shares outstandingBasic 1,479.9 1,470.61,478.5 1,469.5 Diluted 1,493.5 1,484.21,493.3 1,483.0Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited) Three Months Ended June 30, 2025 (in millions, except per share data) Gross Profit Operating Expenses Operating Income (Loss) Other Income (Expense) Income(Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 3,424 $ 2,605 $ 819 $ 122 $ 941 $ 795 $ (2) $ 797 $ 0.53 Non-GAAP adjustments:Amortization expense — (225) 225 — 225 193 2 191 0.13 Goodwill and other intangible asset impairment charges — (46) 46 — 46 37 — 37 0.02 Acquisition/divestiture-related net charges (credits) 46 (92) 138 (230) (92) (92) — (92) (0.06) Restructuring and restructuring-related net charges (credits) 37 (124) 161 — 161 142 — 142 0.10 Investment portfolio net losses (gains) and impairments — — — (2) (2) (2) — (2) (0.00) EU MDR implementation costs 7 (3) 10 — 10 9 — 9 0.01 Deferred tax expenses (benefits) — — — — — 45 — 45 0.03 Discrete tax items — — — — — 0 — 0 0.00 Adjusted $ 3,514 $ 2,114 $ 1,399 $ (110) $ 1,289 $ 1,127 $ 0 $ 1,127 $ 0.75 Three Months Ended June 30, 2024 (in millions, except per share data) Gross Profit Operating Expenses Operating Income Loss) Other Income (Expense) Income (Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 2,850 $ 2,330 $ 520 $ (100) $ 420 $ 322 $ (2) $ 324 $ 0.22 Non-GAAP adjustments:Amortization expense — (213) 213 — 213 184 2 182 0.12 Goodwill and other intangible asset impairment charges — (276) 276 — 276 243 — 243 0.16 Acquisition/divestiture-related net charges (credits) 11 (37) 48 1 49 38 — 38 0.03 Restructuring and restructuring-related net charges (credits) 30 (20) 50 — 50 44 — 44 0.03 Investment portfolio net losses (gains) and impairments — — — 31 31 29 — 29 0.02 EU MDR implementation costs 8 (4) 12 — 12 10 — 10 0.01 Deferred tax expenses (benefits) — — — — — 44 — 44 0.03 Adjusted $ 2,899 $ 1,780 $ 1,119 $ (68) $ 1,051 $ 913 $ (0) $ 914 $ 0.62 An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATION NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONS (Unaudited) Six Months Ended June 30, 2025 in millions, except per share data Gross Profit Operating Expenses Operating Income (Loss) Other Income (Expense) Income (Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income (Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 6,633 $ 4,894 $ 1,740 $ 6 $ 1,746 $ 1,467 $ (4) $ 1,471 $ 0.98 Non-GAAP adjustments:Amortization expense — (444) 444 — 444 383 4 378 0.25 Goodwill and other intangible asset impairment charges — (46) 46 — 46 37 — 37 0.02 Acquisition/divestiture-related net charges (credits) 136 (150) 286 (229) 57 61 — 61 0.04 Restructuring and restructuring-related net charges (credits) 61 (149) 210 — 210 184 — 184 0.12 Investment portfolio net losses (gains) and impairments — — — 6 6 5 — 5 0.00 EU MDR implementation costs 15 (7) 23 — 23 19 — 19 0.01 Deferred tax expenses (benefits) — — — — — 91 — 91 0.06 Discrete tax items — — — — — 0 — 0 0.00 Adjusted $ 6,846 $ 4,097 $ 2,749 $ (216) $ 2,533 $ 2,249 $ 1 $ 2,248 $ 1.51 Six Months Ended June 30, 2024 in millions, except per share data Gross Profit Operating Expenses Operating Income (Loss) Other Income (Expense) Income(Loss) Before Income Taxes Net Income (Loss) Net Income (Loss) Attributable to Noncontrolling Interests Net Income(Loss) Attributable to Boston Scientific Common Stockholders Impact per Share Reported $ 5,498 $ 4,303 $ 1,195 $ (167) $ 1,028 $ 815 $ (4) $ 819 $ 0.55 Non-GAAP adjustments:Amortization expense — (427) 427 — 427 369 4 364 0.25 Goodwill and other intangible asset impairment charges — (276) 276 — 276 243 — 243 0.16 Acquisition/divestiture-related net charges (credits) 22 (90) 112 0 112 115 — 115 0.08 Restructuring and restructuring-related net charges (credits) 55 (42) 97 — 97 84 — 84 0.06 Investment portfolio net losses (gains) and impairments — — — 18 18 18 — 18 0.01 EU MDR implementation costs 17 (8) 26 — 26 22 — 22 0.01 Deferred tax expenses (benefits) — — — — — 81 — 81 0.05 Adjusted $ 5,592 $ 3,461 $ 2,131 $ (148) $ 1,983 $ 1,746 $ 1 $ 1,745 $ 1.18 An explanation of the company's use of these non-GAAP financial measures is provided at the end of this document. Amounts may not add due to rounding. BOSTON SCIENTIFIC CORPORATION Q3 and FY 2025 GUIDANCE RECONCILIATIONS (Unaudited) Net Sales Q3 2025 EstimateFull Year 2025 Estimate(Low) (High)(Low) (High) Reported growth 17.0 % 19.0 %18.0 % 19.0 % Impact of foreign currency fluctuations (0.5) % (0.5) %(0.5) % (0.5) % Operational growth 16.5 % 18.5 %17.5 % 18.5 % Impact of certain acquisitions/divestitures (4.5) % (4.5) %(3.5) % (3.5) % Organic growth 12.0 % 14.0 %14.0 % 15.0 % Earnings per Share Q3 2025 EstimateFull Year 2025 Estimate(Low) (High)(Low) (High) GAAP results $ 0.44 $ 0.46$ 1.89 $ 1.93 Amortization expense 0.14 0.140.52 0.52 Acquisition/divestiture-related net charges (credits) 0.04 0.040.11 0.11 Restructuring and restructuring-related net charges (credits) 0.05 0.050.24 0.24 Other adjustments 0.04 0.040.18 0.18 Adjusted results $ 0.70 $ 0.72$ 2.95 $ 2.99 Amounts may not add due to rounding. Use of Non-GAAP Financial Measures To supplement our unaudited consolidated financial statements presented on a GAAP basis, we disclose certain non-GAAP financial measures, including adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share (EPS) that exclude certain charges (credits); operational net sales, which exclude the impact of foreign currency fluctuations; and organic net sales, which exclude the impact of foreign currency fluctuations as well as the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States and should not be considered in isolation from or as a replacement for the most directly comparable GAAP financial measures. Further, other companies may calculate these non-GAAP financial measures differently than we do, which may limit the usefulness of those measures for comparative purposes. To calculate adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share, we exclude certain charges (credits) from GAAP net income and GAAP net income attributable to Boston Scientific common stockholders, which include amortization expense, goodwill and other intangible asset impairment charges, acquisition/divestiture-related net charges (credits), investment portfolio net losses (gains) and impairments, restructuring and restructuring-related net charges (credits), certain litigation-related net charges (credits), EU MDR implementation costs, debt extinguishment net charges, deferred tax expenses (benefits) and certain discrete tax items. Amounts are presented after-tax using the company's effective tax rate, unless the amount is a significant unusual or infrequently occurring item in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 740-270-30, "General Methodology and Use of Estimated Annual Effective Tax Rate." In addition to the explanation below, please refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission or Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations in any Quarterly Report on Form 10-Q that we have filed or will file thereafter for an explanation of each of these adjustments and the reasons for excluding each item. The following is an explanation of each incremental or revised adjustment type, since our most recent Annual Report on Form 10-K, that management excluded as part of these non-GAAP financial measures as well as the reason for excluding each item: Restructuring and restructuring-related net charges (credits) - These adjustments primarily represent severance and other compensation-related charges, fixed asset write-offs, contract cancellations, project management fees, facility shut down costs, costs to transfer manufacturing lines between geographically dispersed facilities and other direct costs associated with our restructuring plans. These restructuring plans each consist of distinct initiatives that are fundamentally different from our ongoing, core cost reduction initiatives in terms of, among other things, the frequency with which each action is performed and the required planning, resourcing, cost and timing. Examples of such initiatives include the movement of business activities, facility consolidations and closures and the transfer of product lines between manufacturing facilities, which, due to the highly regulated nature of our industry, requires a significant investment in time and cost to create duplicate manufacturing lines, run product validations and seek regulatory approvals. Restructuring plans take place over a defined timeframe and have a distinct project timeline that requires, and begins subsequent to, approval by our Board of Directors. In contrast to our ongoing cost reduction initiatives, restructuring plans typically result in duplicative cost and exit costs over the defined timeframe and are not considered part of our core, ongoing operations. In addition, during the second quarter of 2025, we incurred restructuring and restructuring-related net charges associated with management's decision to discontinue worldwide sales of the ACURATE neo2TM and ACURATE PrimeTM Aortic Valve Systems. These restructuring plans and activities are incremental to the core activities that arise in the ordinary course of our business. Restructuring and restructuring-related net charges (credits) are excluded from management's assessment of operating performance and from our operating segments' measures of profit and loss used for making operating decisions and assessing performance. The GAAP financial measures most directly comparable to adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders and adjusted net income (loss) per share are GAAP net income (loss), GAAP net income (loss) attributable to Boston Scientific common stockholders and GAAP net income (loss) per common share – diluted, respectively. To calculate operational net sales growth rates, which exclude the impact of foreign currency fluctuations, we convert actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior periods. To calculate organic net sales growth rates, we also remove the impact of certain acquisitions and divestitures with less than a full period of comparable net sales. The GAAP financial measure most directly comparable to operational net sales and organic net sales is net sales reported on a GAAP basis. Reconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules. Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in our business, to assess our performance relative to our competitors and to establish operational goals and forecasts that are used in allocating resources. In addition, management uses these non-GAAP financial measures to further its understanding of the performance of our operating segments. The adjustments excluded from our non-GAAP financial measures are consistent with those excluded from our operating segments' measures of net sales and profit or loss. These adjustments are excluded from the segment measures reported to our chief operating decision maker that are used to make operating decisions and assess performance. We believe that presenting adjusted net income (loss), adjusted net income (loss) attributable to Boston Scientific common stockholders, adjusted net income (loss) per share, operational net sales growth rates and organic net sales growth rates, in addition to the corresponding GAAP financial measures, provides investors greater transparency to the information used by management for its operational decision-making and allows investors to see our results "through the eyes" of management. We further believe that providing this information assists our investors in understanding our operating performance and the methodology used by management to evaluate and measure such performance. View original content to download multimedia: SOURCE Boston Scientific Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
