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

on case. The Supreme Court decision is unrelated to the damages ruling, and the Company today reiterated its commitment to appeal the damages ruling to the U.S. Court of Appeals for the Federal Circuit. This case is separate from the two cases currently on appeal, in which Johnson & Johnson's CYPHER(R) drug-eluting stent was found to have infringed two of Boston Scientific's patents.

The Company intends to post a surety bond at a cost of approximately $7 million in fees -- backed by a letter of credit -- to secure the damages award. There should be no additional cash outflow related to this award during the appeal process, which should take approximately 12 to 15 months.

The Company also announced it expects to record a pre-tax, non-cash operating charge of $140 million to $180 million ($115 million to $145 million after tax or approximately $0.08 to $0.10 per share) in the third quarter in relation to impairment charges on intangible assets. As previously announced, the Company expects to record a net pre-tax gain of $15 million ($9 million after tax or approximately $0.01 per share) in the third quarter on the liquidation of its public and private investment portfolio.

Consistent with previous practice, the Company expects to exclude the net gains and losses associated with the items above from its adjusted earnings per share for the third quarter. There should be no material effect on the Company's compliance with bank debt covenants as a result of the third quarter adjustments. The surety bond will not be treated as debt for purposes of calculating bank covenants, but it will reduce the Company's $2 billion undrawn revolving bank credit facility to approximately $1.3 billion. At the end of the second quarter, the Company had cash on hand of $1.6 billion, which has remained largely unchanged. The Company continues to have substantial liquidity and has been essentially unaffected by the broader credit market issues of recent weeks.

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SOURCE Boston Scientific
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