UPDATE 1-Boston Scientific 1st quarter charges cut earnings

* Boston Scientific to record $237 mln charge in Q1

* Says estimate at low end of possible final cost

* Sees potential for significant award in patent case

* To record $63 mln Q1 gain on tax issue resolution

NEW YORK, April 15 (Reuters) - Boston Scientific Corp (BSX.N) said on Wednesday it will take a series of charges in the first quarter that will reduce its net earnings, including a $237 million charge related to a court ruling in a patent infringement lawsuit against Johnson & Johnson (JNJ.N).

The medical device maker said the $237 million charge, or $197 million after taxes, represents an estimate of the low end of the range of its exposure on the court ruling.

The range is subject to substantial estimating, including attempting to determine the possible future findings of a jury, the company said.

The charge stems from an appeals court decision that found stents sold by Boston Scientific infringe patents held by J&J. Stents are tiny mesh tubes used to prop open coronary arteries that have been cleared of plaque.

While that charge will likely end up going higher, a victory over J&J in a separate patent infringement suit could help to offset the cost of the defeat.

"We believe this ruling has the potential to result in a significant award from J&J," Boston Scientific CEO Jim Tobin said in a statement.

Accounting rules prohibit the company from recording the gain until the amount is known, but the company is required to estimate the cost of the defeat.

No payments are expected to be due until 2010 or later from either Boston Scientific or J&J, the device maker said.

Boston Scientific said it will also take restructuring and restructuring-related charges of $37 million in the first quarter and record a $63 million gain related to resolution of a tax rate issue.

It previously announced it will take a $50 million charge in the quarter for settlement of a patent infringement suit with a doctor who invented some of the technology used in Boston Scientific stents.

The Natick, Massachusetts-based company will report its first-quarter financial results on Monday.

Its shares closed up 1.8 percent at $9.08 on the New York Stock Exchange. (Reporting by Bill Berkrot; Editing by Andre Grenon)