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Boston Scientific Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Boston Scientific has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Boston Scientific's Piotroski F-Score or its related term are showing as below:

BSX' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 9
Current: 7

During the past 13 years, the highest Piotroski F-Score of Boston Scientific was 9. The lowest was 3. And the median was 5.


Boston Scientific Piotroski F-Score Historical Data

The historical data trend for Boston Scientific's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Boston Scientific Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 4.00 4.00 7.00

Boston Scientific Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 7.00 7.00 -

Competitive Comparison

For the Medical Devices subindustry, Boston Scientific's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Boston Scientific Piotroski F-Score Distribution

For the Medical Devices & Instruments industry and Healthcare sector, Boston Scientific's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Boston Scientific's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 419 + 95 + 110 + 260 = $884 Mil.
Cash Flow from Operations was 465 + 478 + -58 + 307 = $1,192 Mil.
Revenue was 2932 + 3127 + 3026 + 3244 = $12,329 Mil.
Gross Profit was 2018 + 2144 + 2059 + 2222 = $8,443 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(31168 + 31877 + 32229 + 32337 + 32189) / 5 = $31960 Mil.
Total Assets at the begining of this year (Jun21) was $31,168 Mil.
Long-Term Debt & Capital Lease Obligation was $9,157 Mil.
Total Current Assets was $5,083 Mil.
Total Current Liabilities was $3,883 Mil.
Net Income was -155 + 210 + 341 + 186 = $582 Mil.

Revenue was 2659 + 2709 + 2752 + 3077 = $11,197 Mil.
Gross Profit was 1778 + 1696 + 1846 + 2120 = $7,440 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(30823 + 30845 + 30777 + 30900 + 31168) / 5 = $30902.6 Mil.
Total Assets at the begining of last year (Jun20) was $30,823 Mil.
Long-Term Debt & Capital Lease Obligation was $9,202 Mil.
Total Current Assets was $6,758 Mil.
Total Current Liabilities was $4,073 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Boston Scientific's current Net Income (TTM) was 884. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Boston Scientific's current Cash Flow from Operations (TTM) was 1,192. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=884/31168
=0.02836242

ROA (Last Year)=Net Income/Total Assets (Jun20)
=582/30823
=0.018882

Boston Scientific's return on assets of this year was 0.02836242. Boston Scientific's return on assets of last year was 0.018882. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Boston Scientific's current Net Income (TTM) was 884. Boston Scientific's current Cash Flow from Operations (TTM) was 1,192. ==> 1,192 > 884 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=9157/31960
=0.28651439

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=9202/30902.6
=0.2977743

Boston Scientific's gearing of this year was 0.28651439. Boston Scientific's gearing of last year was 0.2977743. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=5083/3883
=1.3090394

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=6758/4073
=1.65921925

Boston Scientific's current ratio of this year was 1.3090394. Boston Scientific's current ratio of last year was 1.65921925. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Boston Scientific's number of shares in issue this year was 1437.8. Boston Scientific's number of shares in issue last year was 1432.5. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=8443/12329
=0.68480818

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7440/11197
=0.6644637

Boston Scientific's gross margin of this year was 0.68480818. Boston Scientific's gross margin of last year was 0.6644637. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=12329/31168
=0.39556597

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=11197/30823
=0.36326769

Boston Scientific's asset turnover of this year was 0.39556597. Boston Scientific's asset turnover of last year was 0.36326769. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+0+1+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Boston Scientific has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Boston Scientific  (NYSE:BSX) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Boston Scientific Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Boston Scientific's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Boston Scientific Business Description

Boston Scientific logo
Address
300 Boston Scientific Way, Marlborough, MA, USA, 01752-1234
Boston Scientific produces less invasive medical devices that are inserted into the human body through small openings or cuts. It manufactures products for use in angioplasty, blood clot filtration, cardiac rhythm management, catheter-directed ultrasound imaging, structural heart disease, upper gastrointestinal tract diagnostics, interventional oncology, and treatment of incontinence. The firm markets its devices to healthcare professionals and institutions globally. Foreign sales account for nearly half of the firm's total sales.
Executives
Wichmann David S director UNITEDHEALTH GROUP INC 9900 BREN RD E MINNETONKA MN 55343
Brown Vance R officer: SVP, GC and Corp. Secretary C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752
Olson Scott officer: SVP & Pres, Rhythm Management C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752
Scanlon Meghan officer: SVP,Pres,Urology Pelvic Health C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752
Monson Jonathan officer: VP, Corp Controller and CAO C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752
Fujimori Yoshiaki director 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752
James Donna director ONE MIRANOVA PLACE SUITE 1040 COLUMBUS OH 43215
Zane Ellen M director C/O TUFTS-NEW ENGLAND MEDICAL CENTER 750 WASHINGTON STREET, TUFTS-NEMC #451 BOSTON MA 02111
Sununu John E director C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752
Connors Nelda J director BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752-1234
Ludwig Edward J director C/O BECTON DICKERSON & CO 1 BECTON DR FRANKLIN LAKES NJ 07417
Roux David J director C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752
Dockendorff Charles J director COVIDIEN LTD. 15 HAMPSHIRE STREET MANSFIELD MA 02048
Macmillan Stephen P director 250 CAMPUS DRIVE MARLBOROUGH MA 01752
Wang Xin Warren officer: SVP and Pres, Asia Pacific C/O BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752

Boston Scientific Headlines

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