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Court Denies Medtronic, NuVasive Motions Ahead of Hearing Thursday

By Anjali Athavaley Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- A federal court has denied motions for judgment from medical device makers Medtronic Inc. (MDT) and NuVasive Inc. (NUVA) ahead of a hearing Thursday. Last September, NuVasive said a jury awarded Medtronic $101.2 million in damages after ruling that NuVasive infringed on three spinal-implant patents. The court on Thursday is scheduled to hear arguments relating to Medtronic's request for a permanent injunction and NuVasive's request that the court reject the jury verdict. The decisions on Wednesday were issued by the United States District Court for the Southern District of California. The court denials Wednesday are tentative, ahead of the Thursday hearing. NuVasive shares rose 19%, to $16.30 on the news. The possibility of an injunction has hurt NuVasive's shares in recent months. Rick Wise, an analyst at Leerink Swann, said in a note early Wednesday that an "injunction seems like a less likely outcome," but he noted that NuVasive will likely still have to pay royalties. NuVasive reported a third-quarter loss of $67.6 million on expenses related to the patent case. NuVasive and Medtronic didn't immediately respond to requests for comment. -By Anjali Athavaley, Dow Jones Newswires; 212-416-4912; anjali.athavaley@dowjones.com

Stock News for Nuvasive (NUVA)
DateTimeHeadline
01/15/201409:06:21U.S. Hot Stocks: Hot Stocks to Watch
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06/12/201307:13:48NuVasive to Raise Litigation Expense After Medtronic Royalty...
10/04/201213:16:23NuVasive Shares Plunge as Customers, Sales Defect to Competitors
10/04/201209:21:09U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
06/28/201212:15:42Hospitals Surge, Insurers Slide as Health-Care Law is Upheld
01/27/201213:42:21Judge Affirms Rulings Denying Medtronic, NuVasive Motions
01/25/201216:34:24Court Denies Medtronic, NuVasive Motions Ahead of Hearing Thursday
05/04/201118:58:26NuVasive 1Q Earnings Jump; Sees Signs Of Stabilization In Spinal-Device...
04/27/201116:40:18J&J Gains Orthopedic Heft With Synthes But Faces Challenges
01/28/201116:41:27Insurer Clarifies Policy, Seen As Win For Spinal Device Makers
01/18/201117:50:48NuVasive Says Cigna, Humana Back Spine Procedure; Shares Rise
12/22/201017:15:14Medical Groups Take Issue With Insurers' Spine Surgery Rule
12/16/201009:24:31BEFORE THE BELL -2: US HOT STOCKS TO WATCH
12/01/201012:17:16NuVasive CEO Backs Views Of Spinal-Market Pressure, Outlook

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