SEC Comment Letter for BOSTON SCIENTIFIC CORP (BSX) (CIK 0000885725) (BSX) — Sep 23, 2016
BOSTON SCIENTIFIC CORP (BSX) (CIK 0000885725)
Date: Sept. 23, 2016 · CIK: 0000885725 · Accession: 0000000000-16-094201
AI Filing Summary & Sentiment
Reasoning
Letter
Mail Stop 3030 September 22 , 2016 Via E -mail Daniel J. Brennan Executive Vice President and Chief Financial Officer Boston Scientific Corporation 300 Boston Scientific Way Marlborough, Massachusetts 01752 -1234
Re: Boston Scientific Corporation Form 8 -K dated July 28, 2016 Filed July 28, 2016 File No. 001 -11083
Dear Mr. Brennan :
We have limited our review of your filing to those issues w e have addressed in our comment . In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.
Please respond to this comment within ten busine ss days by providing the requested information or advis e us as soon as possible w hen you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.
After reviewing your response to this comment , we may have additional comments.
Form 8 -K dated July 28, 2016
1. We no te that you exclude restructuring and litigation -related charges from your non - GAAP measures. Please explain to us why th ese are not normal, recurring, cash operating expense s necessary to operate your business. See Question 100.01 of the updated Non- GAAP Compliance and Disclosure Interpretations issued on May 17, 2016.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Exchange Act of 1934 and all applicable Exchange Act rules require. Since the compa ny and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.
Daniel J. Brennan Boston Scientific Corporation September 22 , 2016 Page 2
In responding to our comments, please provide a written statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
You may contact Julie Sherman at (202) 551 -3640, or Christine Dietz, Assistant Chief Accountant at (202) 551 -3408 with any questions.
Sincerely,
/s/ Martin James
Show Raw Text
Mail Stop 3030 September 22 , 2016 Via E -mail Daniel J. Brennan Executive Vice President and Chief Financial Officer Boston Scientific Corporation 300 Boston Scientific Way Marlborough, Massachusetts 01752 -1234 Re: Boston Scientific Corporation Form 8 -K dated July 28, 2016 Filed July 28, 2016 File No. 001 -11083 Dear Mr. Brennan : We have limited our review of your filing to those issues w e have addressed in our comment . In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten busine ss days by providing the requested information or advis e us as soon as possible w hen you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment , we may have additional comments. Form 8 -K dated July 28, 2016 1. We no te that you exclude restructuring and litigation -related charges from your non - GAAP measures. Please explain to us why th ese are not normal, recurring, cash operating expense s necessary to operate your business. See Question 100.01 of the updated Non- GAAP Compliance and Disclosure Interpretations issued on May 17, 2016. We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Exchange Act of 1934 and all applicable Exchange Act rules require. Since the compa ny and its management are in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made. Daniel J. Brennan Boston Scientific Corporation September 22 , 2016 Page 2 In responding to our comments, please provide a written statement from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclosure in the filing; staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. You may contact Julie Sherman at (202) 551 -3640, or Christine Dietz, Assistant Chief Accountant at (202) 551 -3408 with any questions. Sincerely, /s/ Martin James Martin James Senior Assistant Chief Accountant Office of Electronics and Machinery