Boston Scientific (BSX) Q1 2020 Earnings Call Transcript

Boston Scientific (BSX) Q1 2020 Earnings Call Transcript

[Operator instructions] As a reminder, today's call is being recorded.. With me on today's call are Mike Mahoney, chairman and chief executive officer; and Dan Brennan, executive vice president and chief financial officer.. Dan will review the financials for the quarter and our liquidity outlook, and then we'll take your questions.. April trends refer to month-to-date results, and actual results may differ materially from those discussed in these in any forward-looking statements.. Within PI, BTG interventional medicines contributed 390 basis points to total company growth, led by TheraSpheres, which grew mid-teens in the quarter.. And specialty pharma sales of $41 million in the quarter was ahead of forecast and contributed 160 basis points to total company growth.. Despite taking immediate actions to reduce costs, the lower overall sales levels led to a challenging P&L for the quarter as adjusted operating margin fell to 21.6%, down 400 basis points year over year, and adjusted EPS of $0.28, which is a 21% decline versus Q1 '19.. As I mentioned, Q1 sales were tracking to expectations until mid-March when we started to see significant declines in U.S.. The negative trends in the second half of March have continued in the first three weeks