But the cafeteria remains dark, and water fountains are taped over. Last updated 2020/07/29 23:35 It was reducing the wages of many of its 36,000 global employees by 20 percent for three months and halving the base salaries of five key executives for six months. CONDENSED CONSOLIDATED GAAP RESULTS OF OPERATIONS5. 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.2. “We said to ourselves, if this ever comes to the US or Europe, it’s going to be very difficult.”“We knew the business would eventually come back,” he said.The board of directors also decided that each director’s annual cash retainer would be halved for the year, according to documents filed with the Securities and Exchange Commission.Boston Scientific temporarily put five employees and their families up in hotels and provided grief counseling to workers, a spokeswoman said. The effect on the company’s core business was swift and staggering: Sales plunged 50 percent.Either of the challenges — a pandemic-related business meltdown and unrest in a city where many of its employees live ― would have tested a chief executive. Mahoney and other top-ranking employees will continue to receive their smaller paychecks until October. This cautionary statement is applicable to all forward-looking statements contained in this document.We believe that presenting adjusted net income (loss) and adjusted net income (loss) per share, operational net sales and organic net sales, 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. Because of the pandemic, just about everything that wasn’t an emergency was put on hold at hospitals and clinics across the country.“It was a very difficult decision to make,” said Mahoney, 55. Find the latest Boston Scientific Corporation (BSX) stock quote, history, news and other vital information to help you with your stock trading and investing. The company reported a GAAP loss of $147 million or $(0.11) per share (EPS), compared to GAAP earnings of $154 million or $0.11 per share a year ago, and achieved adjusted earnings per share of $0.08 for the period, compared to $0.39 a year ago.NON-GAAP NET INCOME AND NET INCOME PER SHARE RECONCILIATIONSContingent consideration expense (benefit)(1) Assumes dilution of 12.6 million shares for all or a portion of the non-GAAP adjustmentsReconciliations of each of these non-GAAP financial measures to the corresponding GAAP financial measure are included in the accompanying schedules.Restructuring and restructuring-related net charges (credits)Note: Amounts reported in millions within this press release are computed based on the amounts in thousands. “Hospitals stopping procedures was a scenario none of us could have ever fathomed.”Mahoney, in his most detailed public remarks about how he is steering Boston Scientific through its biggest crisis since he became CEO in 2011, said the pandemic hasn’t been the only extraordinary challenge.As coronavirus cases have fallen in recent weeks in much of the country and elective surgeries have resumed, Boston Scientific has begun to slowly let employees ― particularly lab scientists ― return to work sites. *Real-time prices by Nasdaq Last Sale. Boston Scientific had struggled for years, losing business to rivals and facing thousands of lawsuits that alleged it had marketed unsafe surgical mesh used in pelvic repair surgeries. Mahoney and other members of the executive committee attended an hour-long Zoom meeting with 350 employees from around the world. As a global medical technology leader for 40 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. Percentages presented are calculated from the underlying numbers in dollars.Income (loss) before income taxesSelling, general and administrative expenses Learn how Contact us and learn how Boston Scientific is dedicated to transforming lives through innovative medical solutions. Many of the workers belong to an employee resource group called Bridge that seeks to advance the careers of Black staffers. Boston Scientific has about 17,000 workers in the United States and 19,000 overseas.Mahoney, who spent 90 days working from his home in a Providence suburb, said he’s delighted that employees are returning.
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