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Boston Scientific Announces Results for Fourth Quarter and Full Year Ended December 31, 2010
Date:2/1/2011

0$2,413Worldwide coronary stent system net sales for the full year - on a reported basis - were as follows: (in millions)U.S.InternationalWorldwide201020092010200920102009   Drug-eluting stent systems$

805$

911$

732$

797$

1,537$

1,708   Bare-metal stent systems445789114133171Total coronary stent systems$849$968$821$911$1,670$1,879On a GAAP basis, net loss for the full year 2010 was $1.065 billion, or $0.70 per share, and was driven primarily by a goodwill impairment charge recorded in the first quarter of 2010.  Reported results included goodwill and intangible asset impairment charges; acquisition-, divestiture-, litigation- and restructuring-related net charges; discrete tax items and amortization expense (after-tax) of $2.116 billion, or $1.39 per share, which consisted primarily of:

  • $1.817 billion (on both a pre-tax and after-tax basis) of goodwill impairment charges associated with the Company's U.S. CRM business unit;
  • $55 million ($65 million pre-tax) of intangible asset impairment charges;
  • $211 million ($245 million pre-tax) of acquisition-related net credits, consisting of a gain related to the receipt of an acquisition-related milestone payment from Abbott Laboratories; as well as due diligence and other fees, an inventory step-up adjustment and contingent consideration expense related to 2010 acquisitions;
  • a $77 million ($104 million pre-tax) gain associated with the settlement of a litigation matter with Medinol, Ltd.;
  • $121 million ($169 million pre-tax) of restructuring and restructuring-related net charges associated with the Company's 2010 Restructuring plan, Plant Network Optimization program and 2007 Restructuring plan;
  • $11 million of discrete tax items related to certain tax positions taken in a prior period; and
  • $420 million ($513 million pre-tax) of amortization expense.

  • Adjusted net income for the full year 2010, ex
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    SOURCE Boston Scientific Corporation
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