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Boston Scientific Second Quarter Results Exceed Consensus Sales and EPS; Full-Year Guidance Raised
Date:7/28/2011

232%(3)%Electrophysiology38372%(1)%Endoscopy29826512%6%Urology/ Women's Health1271206%3%Neuromodulation847217%16%Subtotal1,9321,8445%0%Divested Businesses

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84 N/A N/A Worldwide$
,975$
,9282%(2)%On a GAAP basis, net income for the second quarter of 2011 was $146 million, or $0.10 per share.  These results included intangible asset impairment charges; acquisition-, divestiture-, and restructuring-related charges; and amortization expense, totaling $116 million, or $0.07 per share, which consisted primarily of:

  • $9 million ($12 million pre-tax) of intangible asset impairment charges associated with changes in the timing and amount of expected cash flows associated with certain acquired in-process research and development projects;

  • $6 million ($7 million pre-tax) of contingent consideration expense;

  • $21 million ($30 million pre-tax) of restructuring charges associated with the Company’s 2010 Restructuring plan and Plant Network Optimization program, and

  • $79 million ($96 million pre-tax) of amortization expense.

  • Adjusted net income for the second quarter of 2011, excluding these net charges, was $262 million, or $0.17 per share.

    On a GAAP basis, net income for the second quarter of 2010 was $98 million, or $0.06 per share.  Reported results included goodwill impairment-related credits; restructuring-related charges; and amortization expense (after-tax) totaling $92 million, or $0.06 per share.  Adjusted net income for the second quarter of 2010, excluding these net charges, was $190 million, or $0.12 per share.

    Restructuring Program Demonstrating further progress on its POWER strategy, Boston Scientific also announces a restructuring program designed to strengthen operational effectiveness and efficiencies, increase competitiveness and support new investments, thereby increasing shareholder value.  Key activities under the program, of which the C
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