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Boston Scientific Announces Results for Fourth Quarter and Year Ended December 31, 2008
Date:1/28/2009

re-tax) associated with the Company's ongoing expense and head count reduction initiatives;
  • a $185 million gain ($250 million pre-tax), associated with the sale of certain non-strategic businesses;
  • $54 million of net losses ($80 million pre-tax) in connection with the sale of the Company's non-strategic investments;
  • $238 million of litigation-related charges ($334 million pre-tax) resulting primarily from a ruling by a federal judge in a patent infringement case brought against the Company by Johnson & Johnson;
  • $27 million of discrete tax benefits related to certain tax positions associated with prior period acquisition-, divestiture-, litigation- and restructuring-related charges; and
  • $439 million of amortization expense ($543 million pre-tax).
  • Adjusted net income for 2008, excluding these charges, was $1.217 billion, or $0.81 per share.

    Reported net loss for 2007 was $495 million, or $0.33 per share. Reported results for 2007 included intangible asset impairments, acquisition-, divestiture-, litigation- and restructuring-related charges, and amortization expense (after-tax) of $1.652 billion, or $1.10 per share. Adjusted net income for 2007, excluding these charges was $1.157 billion, or $0.77 per share.

    Guidance for First Quarter 2009

    The Company estimates net sales for the first quarter of 2009 of between $1.950 billion and $2.070 billion. Adjusted earnings, excluding acquisition-, divestiture-, litigation- and restructuring-related charges and amortization expense, are estimated to range between $0.15 and $0.20 per share. The Company estimates net income on a GAAP basis of between $0.05 and $0.11 per share.

    Full year 2009 sales and earnings per share guidance will be provided during the Company's conference call with analysts tomorrow.<
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    SOURCE Boston Scientific Corporation
    Copyright©2009 PR Newswire.
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