ATS Medical Inc. (NSDQ:ATSI) reported sales of $18.7 million during the fourth quarter, an increase of 4 percent when compared to the $18 million the company reported during the same period in 2008.
The Minneapolis, Minn.-based heart valve repair products company managed to trim its net loss to $3.4 million for the three months ended Dec. 31, 2009, a 62 percent decrease from the $8.5 million the company lost during the same period last year.
For the year, ATS managed to narrow its net losses by 68 percent, reporting a loss of just over $6 million on $75 million in sales, compared to a $19 million loss on $66 million in sales during 2008.
Boston Scientific Corp. (NYSE:BSX) said two of its current board members have decided not to seek re-election for their seats at the company’s next annual meeting and will be retiring from their service to the company.
Former Sen. Warren Rudman, a board member at Boston Scientific for the past 11 years, and John Pepper, who has served on and off since 1999, will both retire following the expiration of their terms, the company announced.
Rudman, who came on board at the Natick, Mass.-based medical device giant in 1999, served two terms as senator for New Hampshire from 1980-1992. He is 79 years old and sits on the board of several funds managed by the Dreyfus Corp.
Johnson & Johnson (NYSE:JNJ) appealed a federal judge’s ruling that four of its Cordis Corp. subsidiary’s drug-eluting stent patents are invalid, the latest salvo in its long-running infringement battle with Boston Scientific Corp. (NYSE:BSX).
The patents in question are at the heart of complicated legal wrangling involving the Natick, Mass.-based medical device giant, its New Brunswick, N.J.-based rival and its competitor/partner Abbott (NYSE:ABT). The dispute centers around Boston Scientific’s Promus stent, a private-label version of Abbott’s Xience V stent, and the Cordis Cypher.
Medtronic Inc. (NYSE:MDT) won a round in its patent fight against Edwards Lifesciences Inc. (NYSE:EW), as the medical device giants prepare for a showdown in the U.S. District Court for Delaware in late March over a patent involving an aortic valve replacement.
The Appellate Court of Düsseldorf, Germany, upheld a German lower court’s ruling that Medtronic’s CoreValve transcatheter aortic valve does not infringe on Edwards Lifesciences’s German patent.
The CoreValve system is designed to enable the replacement of a diseased aortic valve without open heart surgery. Edwards claimed the technology infringed on a patent it held in Germany and has filed similar suits in the U.K. and the U.S.
A doctor at St. Joseph Medical Center in Towson, Md., and the hospital are defendants in a class action lawsuit accusing them of implanting unnecessary coronary stents in 369 patients.
The hospital’s cardiology business is already under federal investigation over the procedures, which came to light after St. Joseph’s sent letters to the patients informing them that their stent implantations might not have been needed.
Boston Scientific Corp. (NYSE:BSX) will pay Johnson & Johnson (NYSE:JNJ) $1.725 billion to settle a quartet of patent infringement lawsuits concerning the companies’ lines of cardiovascular stents.
The Natick, Mass.-based medical devices monolith agreed to the settlement, which calls for it to pay J&J $1 billion today and the rest in about a year, said it plans to post a $745 million letter of credit to cover the $725 million balance and interest. The deal won’t have "an appreciable impact" on Boston Scientific’s debt covenants, according to a press release, and will leave BSX with "significant liquidity" under its credit facilities.
Abbott (NYSE:ABT) reported strong sales for its vascular medical devices business, which posted double-digit growth during 2009 and rose 9.1 percent to $723 million during the fourth quarter, including the effects of foreign exchange rates.
The Chicago-area medical device monolith’s overall sales rose 10.6 percent to $8.79 billion during the three months ended Dec. 31. For the full year, total sales reached $30.77 billion, a 4.2 percent increase when exchange rates were taken into account.
Boston Scientific Corp. (NYSE:BSX) won the latest round in its long-running patent war with Johnson & Johnson (NYSE:JNJ) when a federal judge declared invalid a quartet of J&J subsidiary Cordis Corp’s. patents for drug-eluting stents.
The patents in question are at the heart of complicated legal wrangling involving the Natick, Mass.-based medical device giant, its new Brunswick, N.J.-based rival, Abbott (NYSE:ABT) and Wyeth. The dispute centers around Boston Scientific’s Promus stent, a private-label version of Abbott’s Xience V stent, and the Cordis Cypher.