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Boston Scientific Provides Comments Reinforcing Strength of Its Balance Sheet
Date:10/14/2008

Company moves up Q3 earnings release date

NATICK, Mass., Oct. 14 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today provided the following comments reinforcing the strength of its balance sheet:

The volatility of the financial markets and the Company's stock price volatility have had no noticeable effect on the financial strength or ongoing financial performance of the Company. Strong cash flow generation during the third quarter allowed the Company to prepay $500 million of debt obligations, reducing its debt position to approximately $6.8 billion. The next debt maturity of $825 million is not due until April 21, 2010, and continuing and improving strong operating cash flows are expected to more than adequately meet that obligation.

In the midst of very turbulent financial markets, the Company continues to manage its debt portfolio, cash investments, cash flow and working capital conservatively. The Company currently has access to approximately $3 billion of cash, with approximately $1.7 billion of cash on hand and access to approximately $1.3 billion of additional cash through its revolving bank credit facility. At the end of the second quarter, the Debt to EBITDA ratio under its credit facility was 2.8 to 1, and is expected to be largely unchanged at the end of the third quarter, well below its bank covenant requirement of 4.5 to 1. The Company continues to focus on lowering this ratio by improving operating cash flow and EBITDA, while paying down debt with available cash.

Rescheduled earnings call

The Company's third quarter earnings call was scheduled to take place at 8:00 a.m. ET on October 23rd. Since establishing this date and time, the Company became aware that
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SOURCE Boston Scientific Corporation
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