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Boston Scientific (BSX) Michael F. Mahoney on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 27, 2016 8:00 am ET


Susan Vissers Lisa - Vice President-Investor Relations

Michael F. Mahoney - President, Chief Executive Officer & Director

Daniel J. Brennan - Chief Financial Officer & Executive Vice President

Keith D. Dawkins - Global Chief Medical Officer & Executive VP


Robert A. Hopkins - Bank of America Merrill Lynch

David R. Lewis - Morgan Stanley & Co. LLC

Michael Weinstein - JPMorgan Securities LLC

Rick Wise - Stifel, Nicolaus & Co., Inc.

Imron Shahzad Zafar - SunTrust Robinson Humphrey, Inc.

Vijay Kumar - Evercore Group LLC

Joshua Jennings - Cowen & Co. LLC

Matt Miksic - UBS Securities LLC


Ladies and gentlemen, thank you for standing by and welcome to the Q1 2016 Boston Scientific Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. And as a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Susie Lisa. Please go ahead.

Susan Vissers Lisa - Vice President-Investor Relations

Thank you, Roxanne. Good morning, everyone, and thanks for joining us. With me on today's call are Mike Mahoney, President 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 2016 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 section of our website under the heading Financial Information.

The duration of this morning's call will be approximately one hour. Mike will provide strategic and revenue highlights of Q1 2016, Dan will review the financials for the quarter and then Q2 2016 and full-year 2016 guidance, and then we'll take your questions. During today's Q&A session, Mike and Dan will be joined by our Chief Medical Officers, Dr. Keith Dawkins and Dr. Ken Stein.

Before we begin, I'd like to remind everyone that on the call, organic revenue growth is defined as excluding the impact of sales from divested businesses, changes in foreign currency exchange rates and sales from the acquisition of the American Medical Systems Male Urology portfolio over the prior year period.

Also of note, this call contains forward-looking statements within the meaning of Federal Securities laws, which may be identified by words like anticipate, expect, believe, estimate, and other similar words. They include, among other things, statements about our growth in market share, new product approvals and launches, clinical trials, cost savings and growth opportunities, our cash flow and expected use, our financial performance including sales, margins, earnings and other Q1 2016 results and Q2 and full-year 2016 guidance as well as our tax rates, R&D spend and other expenses.

Actual results may differ materially from those discussed in the 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.

At this point, I'll turn it over to Mike for his comments. Mike?

Michael F. Mahoney - President, Chief Executive Officer & Director

Thank you, Susie, and good morning, everyone. We continue to perform against our strategic planned goals, and we're encouraged by the consistent strong execution of our global team. The success of our new product launches across many of our businesses is helping us accelerate expansion into faster growth markets and deliver solutions that address unmet clinical needs.