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Boston Scientific Resolves Outstanding Litigation Matter, Finalizes Goodwill Impairment Charge

NATICK, Mass., Feb. 26 /PRNewswire-FirstCall/ -- Boston Scientific Corporation (NYSE: BSX) today announced updated financial results for the fourth quarter ended December 31, 2008. Subsequent to the release of earnings on January 28, the Company accrued for a patent litigation settlement and, as expected, finalized a previously announced goodwill impairment charge. In accordance with U.S. Generally Accepted Accounting Principles, these events are required to be recorded in the fourth quarter as they occurred after the January 28 earnings release and before the filing of the Company's Annual Report on Form 10-K.

The patent litigation settlement resulted in a pre-tax charge of $23 million ($18 million after-tax). The finalization of the goodwill impairment charge reflected a $54 million credit (on both a pre-tax and after-tax basis) and resulted in a final charge of $2.613 billion compared to the previously reported charge of $2.667 billion.

The table below reconciles the Company's updated fourth quarter financial results to those previously reported. The adjustments in the table are also reflected in the Company's Form 10-K, which will be filed tomorrow.

                                        Q4 2008 Results

    In millions, except  Previously   Impairment  Litigation     As
     per share data       Reported   Finalization Settlement  Updated

    Loss before income
     taxes                  $(2,557)          $54       $(23) $(2,526)
    Net loss                $(2,430)          $54       $(18) $(2,394)

    GAAP EPS                 $(1.62)        $0.04     $(0.01)  $(1.59)
    Adjusted EPS              $0.21                   $(0.01)   $0.20

Boston Scientific is a worldwide developer, manufacturer and marketer of medic

SOURCE Boston Scientific Corporation
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