Boston Scientific Corp. (NYSE:BSX) added $104 million to its 2010 top line in the last week of the year.
The Natick, Mass.-based medical device giant reached a new agreement with Medinol Ltd. on a dispute over 2001 litigation regarding intellectual property theft and contractual obligations involving the companies’ coronary stents.
Boston Scientific was forced to pay Israel-based Medinol $750 million as part of a Sept. 2005 settlement stemming from that litigation, but a deal reached before the American Arbitration Assn. in New York City Dec. 27 canceled certain aspects of the deal, according to a Securities & Exchange Commission filing.
Under the terms of the new settlement, Medinol paid Boston Scientific approximately $104 million Dec. 30. The two companies also canceled some provisions of the Sept. 2005 settlement and "mutually released each other of all claims in the arbitration," according to the documents.
Boston Scientific said it expects the amount to add approximately $77 million after-tax, or $0.05 per share, to the company’s bottom line.