SLIDE 4 Financial disclaimers
Market Estimates: Unless noted otherwise, all references to market sizes, market share positions, and market growth rates are BSX internal estimates. Non-GAAP Financial Measures: This presentation contains non-GAAP measures (denoted with *) in talking about our company’s performance. The reconciliations of those non-GAAP measures to their most comparable GAAP measures are contained within this document including appendices attached to the end of this presentation. Revenue Growth: All growth rates are operational unless otherwise noted. Operational growth rates are non-GAAP measures that exclude the impact of foreign currency fluctuations. Organic growth rates are non-GAAP measures that exclude the impact of foreign currency fluctuations and the sales from the acquisitions of the electrophysiology business of C.R. Bard Inc., the Interventional Division of Bayer AG, the American Medical Systems male urology portfolio, EndoChoice Holdings, Inc., Symetis SA, NxThera, Inc., Claret Medical, Inc., Augmenix, Inc., Vertiflex, Inc. and BTG plc (BTG) in the periods for which there are no prior period related sales. Organic revenue growth also excludes the impact of the divestiture of our global embolic microspheres portfolio, a transaction entered into in connection with obtaining the antitrust clearances required to complete the BTG transaction. Medical Devices: We have three historic reportable segments comprised of Medical Surgical (MedSurg), Rhythm and Neuro, and Cardiovascular, which represent an aggregation of our operating segments that generates revenues from the sale of medical devices (Medical Devices). As part of our BTG acquisition, which closed on August 19, 2019, we acquired an Interventional Medicine business, which is now included in our Peripheral Interventions’ operating segment's 2019 revenues from August 19, 2019 through December 31, 2019. Specialty Pharmaceuticals: As part of our BTG acquisition, which closed on August 19, 2019, we acquired a Specialty Pharmaceuticals business (Spec Pharma). Subsequent to acquisition, Spec Pharma is a stand-alone operating segment presented alongside our Medical Device reportable segments. Spec Pharma net sales are substantially U.S. based. Our chief operating decision maker (CODM) reviews financial information of our globally managed Spec Pharma operating segment at the worldwide level without further disaggregation into regional results. As such, Spec Pharma net sales are presented globally, and our Medical Devices reportable segments regional net sales results do not include Spec Pharma. Emerging Markets: We define Emerging Markets as the 20 countries that we believe have strong growth potential based on their economic conditions, healthcare sectors and our global capabilities in
- ur Medical Devices business. Periodically, we assess our list of Emerging Markets; effective January 1, 2019, we updated our list of Emerging Market countries. Our current list is
comprised of the following countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, India, Indonesia, Malaysia, Mexico, Philippines, Poland, Russia, Saudi Arabia, Slovakia, South Africa, South Korea, Thailand, Turkey and Vietnam. The revision had an immaterial impact on prior year sales.
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