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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: June 28, 1999 Date of earliest event reported:
June 24, 1999
Boston Scientific Corporation
(Exact name of Registrant as specified in its charter)
Delaware 1-11083 04-2695240
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Boston Scientific Place, Natick, Massachusetts 01760-1537
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 650-8000
Exhibit Index on Page 2
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Item 5. Other Events
On June 28, 1999, the Company issued a press release announcing that
the United States District Court for the Northern District of California issued
on June 22, 1999 and docketed on June 24, 1999 an order relating to a patent
infringement suit filed by Advanced Cardiovascular Systems ("ACS") against
Boston Scientific's Scimed subsidiary with respect to Scimed's BANDIT(TM) PTCA
catheter. The court granted ACS's motions for summary judgment asserting the
validity and infringement of ACS's patent. The court denied ACS's motion for
summary judgment on the enforceability of its patent and Scimed's motions for
summary judgment asserting the invalidity of, and Scimed's failure to willfully
infringe, ACS's patent. Trial on the remaining issues is scheduled to commence
in February 2000. ACS has not yet advanced damage contentions in the case and an
estimate of damages cannot be made; however, if the Company is unsuccessful at
trial and/or on appeal, monetary damages could reach a material level.
The Company believes that it has several grounds on which to appeal the
court's order and intends to do so. The Company continues to believe that it has
meritorious defenses against the claims alleged in this litigation, and that
ultimately an adverse outcome is not probable. Management believes that an
accounting provision for this contingency is therefore unnecessary.
Sales of the BANDIT(TM) PTCA catheter at issue in this case were
approximately $190 million in 1996. Primarily due to the introduction of the
Company's Ranger(TM) PTCA catheter products in September 1996, sales of the
BANDIT(TM) PTCA catheter declined to approximately $155 million in 1997, $45
million in 1998 and have been insignificant in 1999. The Company's other
products, including the Ranger(TM) catheter, are unaffected by this litigation.
This Current Report on Form 8-K contains forward looking statements.
The Company wishes to caution the reader of this information that actual results
may differ from those discussed in the forward looking statements and may be
adversely affected by, among other things, risks and uncertainties related to
competitive offerings and new product launches, timing and scope of regulatory
approvals, research and development programs, continued international expansion
and foreign exchange fluctuations, intellectual property rights, the ability of
the Company to implement its overall business strategy and other factors
described in the Company's filings with the Securities and Exchange Commission.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit No. Exhibit Description
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99.1 Press release issued June 28, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOSTON SCIENTIFIC CORPORATION
Date: June 28, 1999 By: /s/ Lawrence C. Best
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Name: Lawrence C. Best
Title: Senior Vice President -
Finance and Administration
And Chief Financial Officer
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INDEX TO EXHIBITS
EXHIBIT NO. EXHIBIT DESCRIPTION
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99.1 Press release issued June 28, 1999
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Exhibit 99.1
BOSTON SCIENTIFIC ADDRESSES PATENT LITIGATION
NATICK, Mass., June 28 -- Boston Scientific Corporation (NYSE: BSX)
announced today that the United States District Court for the Northern District
of California issued on June 22, 1999 and docketed on June 24, 1999 an order
relating to a patent infringement suit filed by Advanced Cardiovascular Systems
("ACS") against Boston Scientific's Scimed subsidiary with respect to Scimed's
BANDIT(TM) PTCA catheter. The court granted ACS's motions for summary judgment
asserting the validity and infringement of ACS's patent. The court denied ACS's
motion for summary judgment on the enforceability of its patent and Scimed's
motions for summary judgment asserting the invalidity of, and Scimed's failure
to willfully infringe, ACS's patent. Trial on the remaining issues is scheduled
to commence in February 2000. ACS has not yet advanced damage contentions in the
case and an estimate of damages cannot be made; however, if the Company is
unsuccessful at trial and/or on appeal, monetary damages could reach a material
level.
The Company believes that it has several grounds on which to appeal the
court's order and intends to do so. The Company continues to believe that it has
meritorious defenses against the claims alleged in this litigation, and that
ultimately an adverse outcome is not probable. Management believes that an
accounting provision for this contingency is therefore unnecessary.
Sales of the BANDIT(TM) PTCA catheter at issue in this case were
approximately $190 million in 1996. Primarily due to the introduction of the
Company's Ranger(TM) PTCA catheter products in September 1996, sales of the
BANDIT(TM) PTCA catheter declined to approximately $155 million in 1997, $45
million in 1998 and have been insignificant in 1999. The Company's other
products, including the Ranger(TM) catheter, are unaffected by this litigation.
This press release contains forward looking statements. The Company
wishes to caution the reader of this press release that actual results may
differ from those discussed in the forward looking statements and may be
adversely affected by, among other things, risks and uncertainties related to
competitive offerings and new product launches, timing and scope of regulatory
approvals, research and development programs, continued international expansion
and foreign exchange fluctuations, intellectual property rights, the ability of
the Company to implement its overall business strategy and other factors
described in the Company's filings with the Securities and Exchange Commission.
Boston Scientific is a worldwide developer, manufacturer, and marketer
of medical devices. The Company's products are used in a broad range of
interventional medical specialties.
Contact: Larry Best (508-650-8450)
Sabrina Nicholson (508-647-2551)
Boston Scientific Corporation
