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1
J A N U A R Y 1 0 , 2 0 1 7
35th Annual JP Morgan
Healthcare Conference
Mike Mahoney Chairman & CEO
2
Safe Harbor for Forward-Looking Statements
This presentation 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,” “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. If our
underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results
could differ materially from the expectations and projections expressed or implied by our forward-looking
statements.
Factors that may cause such differences can be found in our most recent Form 10-K and Forms 10-Q filed or
to be filed with the Securities and Exchange Commission under the headings “Risk Factors” and “Safe Harbor
for Forward-Looking Statements.” Accordingly, you are cautioned not to place undue reliance on any of our
forward-looking statements. 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 they may be based, or that may affect the likelihood that actual results will differ from those contained in
the forward-looking statements.
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Our Mission and Values
Caring Meaningful
Innovation
High
Performance
Global
Collaboration Diversity Winning Spirit
Boston Scientific is dedicated to
transforming lives through
innovative medical solutions
that improve the health
of patients around the world.
4
What to Expect from Us
Company pride – living BSX values
• Transforming patients’ lives through meaningful innovation and a “WINNING SPIRIT”
Consistently delivering on and exceeding financial commitments1,2
• Beating Investor Day and long range plan targets
• YTD Q3:16: 9% organic growth, +170bps adj. OM, 27% adj. EPS growth ex. FX
Driving category leadership and expanding globally
• Gaining share globally while building scale & new capabilities in emerging markets
Enhancing long term growth profile, investing to lead in faster growth markets4
• Diversifying into large, high-growth markets with differentiated product portfolio
Building shareholder value: More to come in 2017-2018 and beyond1,2
• 2017: MSD rev. growth + OM expansion = double digit adj. EPS growth
• Beyond 2017: Accelerating revenue growth & significant OM improvement potential
See slide 20 for footnotes.
5
Interventional Cardiology
Neuromodulation
Endoscopy
Urology and Pelvic Health
Rhythm Management CRM, Heart Failure Management, Electrophysiology
$1.9B, +13%
$407M, +11%
$773M, +14%1
(growth ex. AMS)
$1.5B, +2% $192M, +5%
Boston Scientific At-A-Glance Q3:16 YTD
$815M, +13%
$1.1B, +10%
FY16E $200M+
Peripheral Interventions
YTD operational revenue and growth2 as of 9/30/2016 (total company: $6.7B, +13%)
Structural Heart
See slide 20 for footnotes.
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Operational
Revenue Growth1,3 Adj. Operating Margin2 Adj. EPS Growth2
Sales growth
acceleration
~650 bps adj. OM
expansion
Double-digit adjusted
EPS growth ex-FX
-3%
5%
9%
2012 2013 2014 2015 2016E*
Delivering High Performance
17.8%
18.9%
20.2%
22.3%
24.3%
2012 2013 2014 2015 2016E*
11%
15%
2012 2013 2014 2015 2016E*
18%
$7.5B
11% 4%
Excludes foreign exchange impact
(~$0.10 in 2015, ~$0.05 in 2016E)
Includes foreign exchange impact
Operational revenue growth
Organic revenue growth
-2%
8%
$7.4B
2%
$7.1B
$7.2B **Adjusted for estimated impact of Medical Device Tax (~100bps), based on actual 2013 impact
**
23%
6%
12%
$8.4B
24%
See slide 20 for footnotes. *2016E represents guidance midpoint issued on Q3:16 earnings call, 10/26/16
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2016 Q3 YTD: Top-Tier Operating Performance
Growing well above market & driving significant margin improvement1,2,3
• 9% organic & 13% op. revenue growth – strong new launches, global share gains
• +170bps adj. operating margin improvement and ~25% adj. EPS growth ex. FX
Strengthening global capabilities & emerging markets3
• Operational revenue growth +15% in AMEA, +11% EU, +13% U.S., +16% in LACA
• +21% in Emerging Markets; new capabilities, partnerships, product launches
Advancing key growth platforms for the future
• Emblem S-ICD™, Synergy™ stent, Watchman™ LAAC device, Lotus™ valve, Rhythmia™ mapping & navigation system, Innova™ stent, Eluvia™ DES, Ranger™ DCB
• Precision Novi™ and Vercise™ systems, Axios™ stent, Spyglass DS™ visualization system, LithoVue™ single-use ureteroscope
Enhancing category leadership via M&A and equity investments
• Tuck-in acquisitions & portfolio of 20+ strategic equity investments
See slide 20 for footnotes.
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Strategic Imperatives Align Our Global Execution
STRENGTHEN
Category
Leadership
Grow faster
than peers in
large global
markets
EXPAND into
High Growth
Adjacencies
Accelerate
growth &
diversify into
faster segments
DRIVE
Global
Expansion
Grow emerging
markets &
scale to 15%
total BSX sales
FUND
the Journey
to Fuel Growth
Increase adj.
operating
margin2 to
~28% in 2020
DEVELOP
Key
Capabilities
Lead in a
dynamic
market & build
new global
capabilities
See slide 20 for footnotes.
9
Market Growth Estimates:
Investing into New & Adjacent Faster Growth Segments
Business '16E
Market
Size4
’16E
Market
Growth4
2020E
Market
Size4
‘16 - ’20E
Market
CAGR4
Key Investment Areas, New Markets
Interventional
Cardio (ex-SH) $8.3B 1% $8.6B 0-2% Complex PCI, PCI Guidance, Heart Failure
Structural Heart $3.1B 30% $6.3B 20% TAVR, LAAC, Mitral Replace & Repair
Peripheral
Interventions $5.2B 6% $6.7B 6-8% Drug-eluting, Oncology, Venous, EM
Cardiac Rhythm
Management $12.1B Flat $12.9B 0-2% S-ICD/Leadless, Diagnostics, Heart Failure
Electrophysiology $4.1B 15% $6.3B 10-15% Mapping, Navigation, Therapeutic Solutions
Endoscopy $4.3B 5% $5.4B 5-6% Visualization, Pulmonary, Oncology, Infection, EM
Urology &
Pelvic Health $3.5B 4% $4.4B 5-7% Stone, Prostate Health, ER, Globalization
Neuromodulation $2.5B 10% $3.6B 8-12% Pain, DBS Movement Disorders
WW Total $43B 4-5% $54B 5-6% Continuing to invest in higher growth segments
Markets +100 - 200bps vs 2015 Investor Day est.
See slide 20 for footnotes.
10
Peripheral
Interventions
Interventional
Cardiology Structural Heart
Cardiovascular:
Category Leadership & Growth Drivers
Eluvia™ DES &
Ranger™ DCB Differentiated drug- eluting technologies
Zelante™ DVT Products for
Venous/DVT market; ATTRACT study read
out Q1:17E
Interventional
Oncology Embolization & tumor
management
Synergy™ &
Promus Premier™
Market-leading DES platforms
Polaris™: IVUS &
Comet™ FFR Integrated imaging
platform
Complex PCI Broadest portfolio
to treat most complex patients
Lotus Edge™
Differentiated, TAVR platform launching in
the U.S. by YE 2017
Watchman™ Left atrial
appendage closure device
Mitral Valve
Replace & Repair Building a portfolio of replace & repair tools
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Rhythm Management:
Category Leadership & Growth Drivers
EnduraLife™
Battery
Technology Industry-leading
longevity
Emblem™ MRI
S-ICD MRI compatibility,
remote-monitoring
enabled
Resonate Next gen platform
compatible with
HeartLogic™ + MRI
late 2017 US
launch
Electrophysiology Diagnostics ICD/CRT-D Pacemaker
Leadless
Pacemaker Developing
modular system:
single-chamber
pacemaker
with S-ICD
compatibility for ATP
Valitude™
X4 Quad CRT-P More pacing
vectors; industry-
leading longevity
Accolade™ MRI Ingevity™ pacing
lead; full-body MRI
& remote
monitoring
Strategic
Partnerships Portfolio of wireless,
cardiac monitoring
products and
services
Implantable
Cardiac Monitor Developing
arrhythmia
monitoring device
HeartLogic™ Developing HF
Dx solution:
a composite alert
to reduce
heart failure
hospitalizations
Other EP Solutions Recording systems,
diagnostic
catheters, and
accessories
Atrial Fibrillation
Solutions Navigation-
enabled, open-
irrigated, MiFi,
contact sensing
catheters
2nd gen
Rhythmia™ HDx Mapping &
navigation
platform
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Urology and
Pelvic Health Neuromodulation Endoscopy
MedSurg:
Category Leadership & Growth Drivers
Precision Spectra™
Precision Novi™
Leading SCS platforms, Illumina 3D™software & non-
rechargeable system
Vercise™ PC DBS
System & Cartesia ™
Directional Lead 1st Directional System
for Parkinson’s, dystonia, & tremor
globally; US DBS launch YE2017E
RF Ablation Comprehensive
range solutions for pain management
SpyGlass DS™ Visualization
Optimizes pancreatico-biliary
procedural efficiency
& productivity
Endoluminal Surgery - Oncology Endoscopic resection
of lesions in colon, esophagus or
stomach
Infection Control &
Pathology Services Solutions for
Ambulatory Surgery Center market
Stone Disease &
LithoVue™ Single-
Use Ureteroscope Leading platform,
next gen technology, and expanding
globally
Men’s Health Category leadership, market & geographic
expansion
Women’s Health Expanding portfolio
technologies & global footprint
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Enhancing Long Term Growth Profile:
Investing to Lead into Faster Growth Markets
Low Growth
37%
Moderate Growth
50%
2016E Revenue mix:
$8.4B
2020E Revenue mix 2012 Revenue mix:
$7.2B
Low
Growth 46%
Moderate Growth
47%
High Growth Mkt (>7% CAGR): SCS, TAVR, LAAC, EP, DBS, PI Drug Eluting, Venous, HF Diagnostics
High
Growth 7%
High
Growth 13%
Low
Growth
25%
Moderate
Growth
50%
High
Growth
25%
Low Growth Mkt (0 - 3% CAGR): Pacer, Defib., DES
Moderate Growth Mkt (4 - 6% CAGR): Endo, Complex PCI, Oncology, UroPH, WH, IC (ex. SH, DES)
Estimated Market Growth Rates4
See slide 20 for footnotes.
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• Emerging Markets
Q3:16 YTD +21%
operational revenue3
• Emerging Markets
expected to reach
$1B in revenue in 2016
• China Q3 YTD +22%
operational revenue3
• Emerging markets 12%
of mix as of 9/30/2016
(vs. 7% in 2012)
• Global orientation
• Portfolio registration,
new launches
• Talent importer
• MedSurg, PI focus
• New R&D and
physician training
capabilities
• New Malaysian
manufacturing/
distribution facility
Driving Global Expansion:
Emerging Markets Focus
Operational Revenue3
LACA +16%
U.S.
+13%
Europe
+11%
AMEA
+15%
See slide 20 for footnotes.
Global revenue mix & Y/Y
growth Q3:2016 YTD
---------------- Emerging Markets ----------------
Growth highlights Growth drivers
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Partners
• Turnkey setup &
equipment
financing
• Maintenance &
servicing
financing
• Care process
improvement
• Supply chain
optimization
• Care variation
and
standardization
opportunities
• Heart Failure
patient support
Upgrade
facilities
Improve
operational
effectiveness
Standardize HF
care to improve
outcomes and
reduce costs
ADVANTICS Solutions:
Enhancing Category Leadership
Capital Financing Performance Optimization
• Managed
cathlabs & ORs
• Materials
management
Share risks and
accountability
Managed Services
• Patient referral
management
• Growth advisory
Increase patient
access to
therapies
Service Development
Disease Management
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• Accretive new
products
• Reduce SG&A
• Less adjacency dilution
• 5-10% annual standard
cost improvements
• Optimize plant network
• R&D productivity
• AMS benefit
• Shared services
2012A
2013A 2014A 2015A 2016E** 2017E
Adjusted OM2
Improvements 2020E
25%+
A Track-Record of Driving Operating Margin Expansion…
AND a Significant Future Opportunity
24.3%
~28% ~+300bps
22.3%
20.2%
18.9%
17.8%*
* **
Adjusted for estimated impact of Medical Device Tax (~100bps), based on actual 2013 impact
2016E represents guidance midpoint issued on Q3:16 earnings call, 10/26/16
See slide 20 for footnotes.
17
M&A
Share repurchases
Resolve contingencies/liabilities
Cash Flow Outlook, Capital Allocation Priorities
2014A 2015A 2016E* 2017E 2018E 2019E
$1.3B $1.4B
~$1.6B
Strong Cash Flow
Adjusted FCF5: 2014 – 2019E
~$1.8B ~$2.0B
~$2.2B
Reserved contingencies
~$2B
~$4B M&A and
Share Repurchases
See slide 20 for footnotes. *2016E represents guidance issued on Q3:16 earnings call, 10/26/16
2017 – 2019 Capital
Allocation Priorities
Strong Cash Flow
Adjusted FCF5: 2014 – 2019E
18
VC (Selected)
Tuck-in M&A
Future Pipeline
Disciplined & Balanced Approach to M&A
2011 - 2012 - 2013 - 2014 - 2015 - 2016
Peripheral
Vasc.
LumenR
19
What to Expect from Us
Company pride – living BSX values
• Transforming patients’ lives through meaningful innovation and a “WINNING SPIRIT”
Consistently delivering on and exceeding financial commitments1,2
• Beating Investor Day and long range plan targets
• YTD Q3:16: 9% organic growth, +170bps adj. OM, 27% adj. EPS growth ex. FX
Driving category leadership and expanding globally
• Gaining share globally while building scale & new capabilities in emerging markets
Enhancing long term growth profile, investing to lead in faster growth markets4
• Diversifying into large, high-growth markets with differentiated product portfolio
Building shareholder value: More to come in 2017-2018 and beyond1,2
• 2017: MSD rev. growth + OM expansion = double digit adj. EPS growth
• Beyond 2017: Accelerating revenue growth & significant OM improvement potential
See slide 20 for footnotes.
20
Footnotes
1. Organic revenue growth excludes the impact of sales from divested businesses, changes in foreign
currency exchange rates and sales from the acquisitions of the interventional business of Bayer AG and
the American Medical Systems male urology portfolio over the prior year period.
2. Adjusted operating margin, adjusted earnings per share , and adjusted earnings per share excluding
changes in foreign currency exchange rates are non-GAAP and exclude goodwill and other intangible
asset impairment charges, acquisition and divestiture-related net charges, litigation-related charges,
restructuring and restructuring-related charges, debt extinguishment charges, pension termination
charges, discrete tax items, amortization expense and/or changes in foreign currency exchange rates.
3. Operational revenue growth is at constant currency, and excludes divested businesses.
4. Unless otherwise noted, all references to market sizes, market share positions, and market growth rates
are BSX internal estimates
5. Adjusted Free Cash Flow excludes any potential amounts related to acquisition-, divestiture- and
litigation-related items, significant tax audit settlements and restructuring and restructuring-related items.
For reconciliations of non-GAAP financial measures to the most directly comparable GAAP figures,
please refer to the addendum to this presentation and the Investor Relations section of our website at
www.bostonscientific.com.
21
Regulatory Disclaimers
Product Regulatory Disclaimer
Eluvia™ Drug-Eluting
Vascular Stent System
CE Marked. US: “Caution: Investigational Device. Limited by Federal (or
US) law to investigational use only. Not available for sale.”
RangerTM Drug-Coated
Balloon
CE Marked. US: “Caution: Investigational Device. Limited by Federal (or
US) law to investigational use only. Not available for sale.”
Lotus™ Valve System CE Marked. US: “Caution: Investigational Device. Limited by Federal (or
US) law to investigational use only. Not available for sale.”
Tachy MRI CE Marked. Not available for use or sale in the U.S.
Rechargeable Vercise™
Deep Brain Stimulation
System
CE Marked. US: “Caution: Investigational Device. Limited by Federal (or
US) law to investigational use only. Not available for sale.”
Insertable Cardiac Monitor
Devices under development. Not available for use or sale worldwide.
HeartLogicTM/Cardiac
Diagnostics & Monitoring
Leadless Pacemaker
RESONATETM
Mitral Valve Technologies
Next Gen LAAC
Next Gen Ablation
22
Acronyms Used
Acronym Definition
TAVR Transcatheter Aortic Valve Replacement
LAAC Left Atrial Appendage Closure
DES Drug-Eluting Stents
DCB Drug-coated Balloon
WH Women’s Health
ER Erectile Restoration
DBS Deep Brain Stimulation
EU Europe
LACA Latin America, Canada
EM Emerging Markets
23
Appendix A: Non-GAAP Reconciliations
Nine Months Ended
Revenue Growth Rate 09/30/16
Revenue growth rate, as reported 13%
Less: Impact of foreign currency fluctuations 0%
Operational revenue growth rate 13%
Less: Impact of AMS acquisition 4%
Organic revenue growth rate 9%
Adjusted Operating Margin 09/30/16 09/30/15
Operating margin, as reported 5.0% -1.0%
Less: Non GAAP adjustments -19.3% -23.6%
Adjusted operating margin 24.3% 22.6% 170
Nine Months Ended
Basis Points Change
Adjusted EPS, excluding FX 09/30/16 09/30/15
EPS, as reported 0.16 (0.07)
Less: Non GAAP adjustments (0.65) (0.74)
Adjusted EPS 0.81 0.67
Less: Impact of foreign currency fluctuations (0.04) 0.00
Adjusted EPS, excluding FX 0.85 0.67 27%
Nine Months Ended
% Change
24
Appendix A: Non-GAAP Reconciliations
Interventional Cardiology 12% -1% 13% 0% 13%
Peripheral Interventions 12% -1% 13% 0% 13%
Cardiac Rhythm Management 1% -1% 2% 0% 2%
Electrophysiology 4% -1% 5% 0% 5%
Endoscopy 10% 0% 10% 0% 10%
Urology & Pelv ic Health 60% -1% 61% 47% 14%
Neuromodulation 9% -2% 11% 0% 11%
Interventional Cardiology 1,695 (175) 1,870 0 1,870
Peripheral Interventions 757 (58) 815 0 815
Cardiac Rhythm Management 1,378 (103) 1,481 0 1,481
Electrophysiology 179 (13) 192 0 192
Endoscopy 1,060 (88) 1,148 0 1,148
Urology & Pelv ic Health 731 (42) 773 226 547
Neuromodulation 395 (12) 407 0 407
Less: AMS
Acquisiton
Less: FX Impact Constant Currency
Less: AMS
AcquisitonRevenue Growth (%)
Nine Months Ended September 30, 2016
Revenue (in millions) As Reported Less: FX Impact Constant Currency
Nine Months Ended September 30, 2016
As Reported Organic
Organic
25
Appendix A: Non-GAAP Reconciliations
(Low) (High) (Low) (High)
Estimated GAAP EPS $0.32 $0.34
Estimated acquisition and divestiture-related net charges 0.07 0.07
Estimated restructuring and restructuring-related charges 0.07 0.07
Estimated amortization expense 0.34 0.34
Litigation-related charges 0.29 0.29
Estimated Adjusted EPS $1.09 $1.11 17% 19%
Less: Estimated Impact of Foreign Currency Fluctuations -6% -6%
Estimated Adjusted EPS, excluding FX 23% 25%
Full Year 2016 Estimate Estimated Growth
FY 2016 EPS Guidance
Revene growth, as reported 1%
Less: Impact of foreign currency fluctuations -7%
Operational Revenue Growth 8%
Less: Impact of Bayer & AMS Acquisitions 3%
Organic Revenue 5%
Revene growth, as reported 4%
Less: Impact of foreign currency fluctuations -2%
Operational Revenue Growth 6%
Less: Impact of Bard & Bayer Acquisitions 2%
Organic Revenue 4%
Revenue Growth - FY 2014
Revenue Growth - FY 2015
Revene growth, as reported -1%
Less: Impact of foreign currency fluctuations -3%
Operational Revenue Growth 2%
Revene growth, as reported -5%
Less: Impact of foreign currency fluctuations -2%
Operational Revenue Growth -3%
Revenue Growth - FY 2013
Revenue Growth - FY 2012
26
Appendix A: Non-GAAP Reconciliations
Operating margin, as reported -4.4%
Less: Non GAAP adjustments -26.7%
Adjusted operating margin 22.3%
Operating margin, as reported -4.1%
Less: Non GAAP adjustments -24.3%
Adjusted operating margin 20.2%
Operating margin, as reported 1.7%
Less: Non GAAP adjustments -17.2%
Adjusted operating margin 18.9%
Operating margin, as reported -53.4%
Less: Non GAAP adjustments -72.2%
Adjusted operating margin 18.8%
Less: Estimated impact of Medical Device Tax 1.0%
17.8%
Adjusted Operating Margin - FY 2015
Adjusted Operating Margin - FY 2014
Adjusted Operating Margin - FY 2013
Adjusted Operating Margin - FY 2013
27
Appendix A: Non-GAAP Reconciliations
Regional Revenue Growth Rates Reported Constant Currency
AMEA 17% 2% 15%
EU 10% -1% 11%
U.S. 13% 0% 13%
LACA 2% -14% 16%
Emerging Markets 8% -13% 21%
China 16% -6% 22%
Nine Months Ended September 30, 2016
Less: Impact of
Foreign Currency
Fluctuations
Adjusted Free Cash Flow (in millions ) FY 2015 FY 2014
Operating Cash Flow, as reported 600$ 1,269$
Less: Capex (248) (259)
Free Cash Flow 352 1,010
Plus: Restructuring Payments 95 115
Plus: Contingent Payments 57 103
Plus: Special Tax Refunds/Credits (74) (72)
Plus: Legal Settlements 799 57
Plus: Other 136 49
Adjusted Free Cash Flow 1,366$ 1,261$