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Boston Scientific Announces Results For First Quarter Ended March 31, 2009
Date:4/20/2009

lion, or $0.20 per share, which consisted primarily of:

  • $240 million ($287 million pre-tax) of litigation-related charges associated with various patent litigation matters;
  • $26 million ($37 million pre-tax) of restructuring and restructuring-related charges associated with the Company's plant network optimization plan and expense and head count reduction initiatives;
  • a $63 million credit, on both a pre-tax and after-tax basis, of discrete tax items related to certain tax positions associated with prior period divestiture-related charges; and
  • $101 million ($128 million pre-tax) of amortization expense.

Adjusted net income for the first quarter of 2009, excluding these charges, was $289 million, or $0.19 per share. Included in the reported and adjusted net income was $11 million, or $0.01 per share, of favorable discrete income tax items.

Reported net income for the first quarter of 2008 was $322 million, or $0.21 per share. Reported results included acquisition-, divestiture-, litigation-, and restructuring-related charges; and amortization expense (after-tax) of $35 million, or $0.03 per share. Adjusted net income for the first quarter of 2008, excluding these charges, was $357 million, or $0.24 per share. Included in the reported and adjusted net income was $43 million, or $0.03 per share, of favorable discrete income tax items and $8 million, or $0.01 per share, associated with divested businesses.

Guidance for Second Quarter and Full Year 2009

The Company estimates net sales for the second quarter of 2009 of between $1.960 billion and $2.080 billion, which includes an estimated $100 million negative impact from foreign currency exchange as compared to the second quarter of 2008. Excluding the impact of foreign currency and sales from divested businesses, the Co
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SOURCE Boston Scientific Corporation
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