Key Developments For Somanetics Corp
Somanetics Corp (SMTS.O) (Nasdaq)
Somanetics Corporation Acquires Exclusive Sublicense to Cerebral Autoregulation Monitoring Technology Developed at The Johns Hopkins University
Somanetics Corporation announced that it has signed an Exclusive Sublicense Agreement with Raba Equity Partners II, LLC (Raba coreFoundry). Under terms of the agreement, Somanetics has obtained exclusive rights, subject to specified rights of the U.S. Government and rights retained by The Johns Hopkins University, to new cerebral autoregulation technology developed at The Johns Hopkins University. Integration of this technology into Somanetics' INVOS Cerebral/Somatic Oximeter would yield the noninvasive monitor providing cerebral autoregulation data for routine clinical use. The cerebral autoregulation technology is associated with two pending patents. Somanetics has provided Raba coreFoundry an up-front, non-refundable payment of $1.8 million and will pay a royalty on future revenue associated with the technology. The up-front payment will be accounted for as a research and development expense in the fourth quarter of fiscal 2009.
Somanetics Corporation Reiterates FY 2009 Outlook
Somanetics Corporation announced that for fiscal 2009, it continues to expect net revenues of between $50 million and $52 million and income before income taxes in the range of $11.2 million to $11.6 million. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $51 million for fiscal 2009.
Somanetics Corporation Files Patent Infringement Action Against CAS Medical Systems, Inc.
Somanetics Corporation announced that it has filed a patent infringement action against CAS Medical Systems, Inc. in the United States District Court for the Eastern District of Michigan. The complaint asserts that CAS Medical's FORE-SIGHT Cerebral Oximeter willfully infringes upon one or more of Somanetics' patents, including United States Patent Nos. 6,615,065, 5,902,235 and 5,482,034. The complaint also asserts that CAS Medical has engaged in unfair competition and false advertising, by making false or misleading statements in connection with its advertising and promotion of FORE-SIGHT, and false or misleading statements related to Somanetics' products. The complaint seeks, among other things, compensation for damages and an injunction against CAS Medical from infringing upon Somanetics' patents.
Somanetics Corporation Lowers FY 2009 Guidance
Somanetics Corporation lowered its fiscal 2009 guidance and now expects net revenues between $50-$52 million and income before income taxes in the range of $11.2-$11.6 million. According to Reuters Estimates, analysts on average are expecting the Company to report revenues of $53 million for fiscal 2009.
Somanetics Corporation Announces Extension Of Exclusive Distribution Agreement With Covidien
Somanetics Corporation announced that it has has signed a three year extension of its exclusive distribution agreement with Covidien for Europe, the Middle East and Africa. Somanetics received 510(k) clearance from the U.S. Food and Drug Administration to expand the labeling for its INVOS Cerebral/Somatic Oximeter. The new labeling includes three new marketing claims, including a claim of improved outcomes after cardiac or major general surgery when the INVOS System is used to manage therapies in patients weighing more than 2.5 kilograms.
