2013-07-12 09:47:02 -
MINNEAPOLIS -- July 12, 2013 --Today a court in Mannheim Germany found that
Medtronic's CoreValve® System infringes a patent owned by Edwards Lifesciences
(the Spenser patent). Medtronic, Inc. (NYSE: MDT) respectfully disagrees with
the court's decision and intends to appeal. The court's decision will limit
options for physicians and their patients who need transcatheter aortic valve
procedures, which Medtronic believes is contrary to sound health policy.
In a separate European Patent Office proceeding, Medtronic and others have
challenged the validity of the Spenser patent. Ultimately, Medtronic believes
that Edwards' patent claims will be found to be invalid, which will negate
today's ruling of patent infringement.
Today's decision affects commercial sales of the CoreValve System only in
Germany. These actions have no impact in any market on the Medtronic Engager(TM)
Transcatheter Valve, the
Melody® Pulmonic Transcatheter Valve, or any other
Due to its global manufacturing capabilities, Medtronic does not anticipate any
interruption to the global supply of the Medtronic CoreValve System outside of
The Company's revenue from the affected products in Germany was less than 0.5
percent of its total revenue in fiscal year 2013. The Company does not believe
today's decision and the resulting sales impact for the remainder of its fiscal
year will be material to its fiscal 2014 financial results. The Company is
reiterating its revenue outlook and diluted earnings per share (EPS) guidance
for fiscal year 2014. In fiscal year 2014, the Company continues to expect full-
year revenue growth in the range of 3 to 4 percent on a constant currency basis
and diluted EPS in the range of $3.80 to $3.85. EPS guidance excludes any
unusual charges or gains that might occur during the fiscal year.
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global
leader in medical technology -- alleviating pain, restoring health and extending
life for millions of people around the world.
Any forward-looking statements are subject to risks and uncertainties such as
those described in Medtronic's periodic reports on file with the Securities and
Exchange Commission. Actual results may differ materially from anticipated
results. Any guidance provided only reflects information available to the
Company at this time.
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Source: Medtronic, Inc. via Thomson Reuters ONE