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Boston Scientific Announces Results for First Quarter Ended March 31, 2011
Date:4/20/2011

restructuring charges associated with the Company's 2010 Restructuring plan and Plant Network Optimization program;
  • $4 million of discrete tax items related to certain tax positions taken in a prior period; and
  • $114 million ($132 million pre-tax) of amortization expense.

  • Adjusted net income for the first quarter of 2011, excluding these net charges, was $336 million, or $0.22 per share.

    On a GAAP basis, net loss for the first quarter of 2010 was $1.589 billion, or $1.05 per share, and was driven primarily by a goodwill impairment charge related to the Company's U.S. CRM business unit. Reported results included goodwill and intangible asset impairment charges; acquisition-, divestiture-, and restructuring-related net charges and amortization expense (after-tax) of $1.840 billion, or $1.21 per share. Adjusted net income for the first quarter of 2010, excluding these net charges, was $251 million, or $0.16 per share.

    Guidance for Second Quarter and Full Year 2011The Company estimates net sales for the second quarter of 2011 in a range of $1.92 to $2.0 billion.  Compared to net sales for the second quarter of 2010, this range assumes a $46 million negative impact from the divestiture of the Neurovascular business.  The Company estimates earnings on a GAAP basis in a range of $0.05 to $0.08 per share. Adjusted earnings, excluding acquisition-, divestiture- and restructuring-related net charges and amortization expense, are estimated in a range of $0.12 to $0.15 per share. Recent acquisitions are expected to dilute second quarter 2011 adjusted earnings by approximately $0.01 per share as compared to the prior year, and the divestiture of the Neurovascular business is expected to dilute second quarter 2011 adjusted earnings by $0.01 per share.

    The Company now estimates net sales for the full year 2011 in a range of $7.6 to $7.9 billion.  Compared to full year 2010 net sales, this range now assumes a $212
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