July 12 A German court ruled against Medtronic Inc in the latest round of its patent fight with Edwards Lifesciences on Friday, judging the U.S. medical device maker's heart valve technology infringes a patent owned by Edwards.
Medtronic said in a statement early on Friday that it "respectfully disagrees" with the Mannheim court's decision and intends to appeal the verdict.
Medtronic's CoreValve system is an artificial heart valve that can be implanted without resorting to open heart surgery.
In November, the U.S. Court of Appeals for the Federal Circuit said 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 German court decision affects commercial sales of the CoreValve System only in that country.
Medtronic said its revenue from the affected products in Germany was less than 0.5 percent of its total revenue in fiscal year 2013, while reiterating its revenue and earnings outlook for fiscal year 2014.
The company said it continues to expect full-year revenue growth in the range of 3 to 4 percent on a constant currency basis and earnings in the range of $3.80 to $3.85 per share.
Analysts, on an average, were expecting full-year earnings of $3.84 per share, on revenue of $16.96 billion, according to Thomson Reuters I/B/E/S.
"Ultimately, Medtronic believes that Edwards' patent claims will be found to be invalid, which will negate today's ruling of patent infringement," the company said.