Key Developments For SonoSite Inc
SonoSite Inc (SONO.O) (Nasdaq)
SonoSite, Inc. Introduces SonoAccess iPhone Application For Musculoskeletal Specialties
SonoSite, Inc. announced the expansion of the SonoAccess iPhone application to include musculoskeletal specialties. SonoAccess is an iPhone application to provide physicians with a comprehensive multimedia database of ultrasound resource materials.
SonoSite, Inc. Issues FY 2009 Revenue Guidance In Line With Analysts' Estimates; Issues FY 2009 EBIT Guidance
SonoSite, Inc. updated its guidance to include the impact of the CDIC acquisition. The Company now expects fiscal 2009 revenue to be in the range of $225-$230 million and operating income (EBIT) to be in the range of $10-$11 million inclusive of negative $8 million in charges from the CDIC acquisition. According to Reuters Estimates, analysts are expecting the Company to report revenue of $230 million for the same period.
SonoSite, Inc. Announces Global Patent Settlement With GE
SonoSite, Inc. announced that it has resolved all pending patent litigation with GE. This includes the lawsuit filed by GE in 2008 in the federal district court in Madison, Wisconsin (case no. 08-cv-298-bbc) to invalidate SonoSite's US Patent No. 5,722,412 (the '412" patent") and a pending appeals in the Federal Circuit (case nos. 2008-1567, 2008-1568) of certain rulings in a patent infringement case filed by GE in the same Wisconsin court in 2007. The settlement also resolves a revocation action filed by GE in the Federal Patent Court in Germany relating to the '412 patent. Under the terms of the settlement agreement, GE will make an up front payment to SonoSite of $21 million and pay an ongoing royalty on US sales and production of hand-carried ultrasound systems weighing less than ten pounds in exchange for a perpetual nontransferable worldwide license to the '412 patent family. SonoSite will receive these royalties until the '412 patent expires in 2016. The terms of the settlement provides for the dismissal of all pending legal actions between SonoSite and GE as well as a cross-license to the other party's patents asserted in the lawsuits. The settlement agreement also includes a dispute resolution process, designed to avoid future litigation between the parties. The companies have also agreed to form in a new foundation aimed at funding clinical research, education and training of best practices for point-of-care ultrasound.
SonoSite, Inc. Announces FDA Clearance for Its New NanoMaxx Ultrasound Tool
SonoSite, Inc. announced that it has received FDA 510(k) clearance for its new NanoMaxx ultrasound system and is commencing US customer deliveries.
SonoSite, Inc. Completes Acquisition Of CardioDynamics International Corp.
SonoSite, Inc. announced that on August 14, 2009, it completed the acquisition of CardioDynamics International Corp. Under the terms of the agreement, CardioDynamics will become a wholly owned subsidiary of SonoSite, Inc. and CardioDynamics shareholders will receive $1.35 per share in cash. The aggregate transaction is valued at approximately $10.0 million, or $12.3 million net of cash and debt. Shareholders of CardioDynamics approved the acquisition on August 11, 2009.
