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
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
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.