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Boston Scientific Announces Third Quarter Adjustments
Date:10/8/2008

NATICK, Mass., Oct. 8 /PRNewswire-FirstCall/ -- Boston Scientific (NYSE: BSX) announced today it expects to record the following adjustments to its third quarter results, which it plans to report on October 23rd.

As previously disclosed, the Company received a $250 million milestone payment from Abbott Laboratories (NYSE: ABT) in July, related to Abbott's 2006 acquisition of Guidant's vascular intervention and endovascular solutions businesses. As a result, the Company expects to record a pre-tax operating gain of $250 million ($184 million after tax or approximately $0.12 per share) in the third quarter. The Company has used the proceeds of the milestone payment and cash flow to retire $500 million of debt in the third quarter.

The Company expects to record an additional pre-tax charge of $334 million ($266 million after tax or approximately $0.18 per share) in the third quarter as a result of a ruling last week by a federal judge in a patent infringement case brought against the Company by Johnson & Johnson (NYSE: JNJ). As the Company announced on October 1, the judge awarded Johnson & Johnson approximately $703 million in damages and pre-judgment interest. Earlier this week the U.S. Supreme Court declined to hear the Company's appeal on the infringement verdict in the Johnson & Johns
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SOURCE Boston Scientific
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