Edwards Lifesciences wins appeal in Medtronic patent fight

WASHINGTON Wed Nov 14, 2012 2:58am IST

Related Topics

Stocks

   
Border Security Force (BSF) soldiers ride their camels as they rehearse for the "Beating the Retreat" ceremony in New Delhi January 27, 2015. REUTERS/Ahmad Masood

"Beating The Retreat" Rehearsals

Rehearsals are on for "Beating the Retreat" ceremony which symbolises retreat after a day on the battlefield, and marks the official end of the Republic Day celebrations.  Slideshow 

WASHINGTON (Reuters) - Edwards Lifesciences LLC Corp won a round in a patent fight with Medtronic Inc's CoreValve unit on Tuesday as a federal appeals court upheld a $74 million lower court judgment involving infringement of patented heart valve technology.

The U.S. Court of Appeals for the Federal Circuit said on Tuesday it was upholding a decision by a federal court in Delaware that Medtronic's device infringed a patent owned by Edwards. The court awarded $74 million in lost profits and royalties.

The device in question is an artificial heart valve that can be implanted without resorting to open heart surgery.

But the district court declined to issue an order banning sales of Medtronic's infringing product, and the appeals court sent the case back to the lower court to reconsider the denial of the injunction.

Medtronic said in a brief statement that it disagreed with the appeals court decision and was evaluating its next steps. Its product is not on the market in this country but is sold elsewhere.

Edwards said in a statement that it intended to demand additional damages in the Delaware court because of the finding that the infringement was willful. If infringement is found to be willful, a court may triple the damage award.

"We believe this is a decisive milestone toward final resolution of this matter, given that we have a clear jury verdict that has been affirmed by both the district court and now the U.S. court of appeals," said Aimee S. Weisner, Edwards' general counsel in a statement.

In early October, Edwards cut its revenue forecast for the third quarter, as sales of its unique heart valve that was expected to drive results fell short of estimates.

Edwards estimated total revenue of about $448 million for the quarter that ended September 30, down from its previous outlook of between $465 million to $485 million.

The case is at the U.S. Court of Appeals for the Federal Circuit. It is Edwards Lifesciences AG v. Medtronic Corevalve, LLC, No. 2011-1215,-1257.

(Reporting by Diane Bartz; Editing by Jeffrey Benkoe and Sofina Mirza-Reid)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Ebola Outbreak

Reuters Showcase

The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. REUTERS/Yuya Shino/Files

Record Earnings

Apple iPhone sales trample expectations as profit sets global record  Full Article 

'Umrika' At Sundance

'Umrika' At Sundance

From Oscars to Sundance, Sharma and Revolori discuss India's 'Umrika'  Full Article 

Australian Open

Australian Open

Keys overcomes injury, Venus to make Melbourne semis  Full Article | Related Story 

Japan Hostages

Japan Hostages

Japan's Abe: new video of Islamic State captive Goto "despicable".  Full Article 

Tripoli Attack

Tripoli Attack

Frenchman, American among those killed in Tripoli hotel attack - Libyan official.  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

U.S. Blizzard

U.S. Blizzard

Blizzard hits Boston and New England, spares New York despite forecasts.  Full Article 

Spying Row

Spying Row

Spying program leaked by Snowden is tied to campaign in many countries.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage