LONDON, June 17, 2015 /PRNewswire/ -- Smith & Nephew
(NYSE: SNN; LSE: SN), the global medical technology business,
announced that it has received payment in connection with the
recent affirmation by the U.S. Court of Appeals for the Federal
Circuit of a $95 million patent
infringement judgment against Arthrex, Inc., (Naples, Fla).
Although Arthrex continues to challenge some rulings in the case
through appellate courts, Arthrex paid $99
million in satisfaction of the judgment, which includes
$4 million in costs and interest
payments. Net of various expenses, Smith & Nephew expects to
recognize more than half of this amount in its Q2 Trading
Report.
The patent in question (which is now expired) pertains to
fundamental technology used to implant suture anchors to surgically
reattach soft tissue to bone. It is owned by Dr. John O. Hayhurst of Portland, Ore. and exclusively licensed to
Smith & Nephew.
The case was first filed in 2004. This latest appeal by Arthrex
was from a 2013 U.S. District Court ruling.
About Smith & Nephew
Smith & Nephew is a global medical technology business
dedicated to helping healthcare professionals improve people's
lives. With leadership positions in Orthopaedic Reconstruction,
Advanced Wound Management, Sports Medicine and Trauma &
Extremities, Smith & Nephew has around 14,000 employees and a
presence in more than 100 countries. Annual sales in 2014 were more
than $4.6 billion. Smith & Nephew
is a member of the FTSE100 (LSE: SN, NYSE: SNN).
For more information about Smith & Nephew, please visit our
corporate website www.smith-nephew.com, follow @SmithNephewplc on
Twitter or visit SmithNephewplc on Facebook.com.
Forward-looking Statements
This document may contain forward-looking statements that may
or may not prove accurate. For example, statements regarding
expected revenue growth and trading margins, market trends and our
product pipeline are forward-looking statements. Phrases such as
"aim", "plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. For Smith & Nephew, these factors include:
economic and financial conditions in the markets we serve,
especially those affecting health care providers, payers and
customers; price levels for established and innovative medical
devices; developments in medical technology; regulatory approvals,
reimbursement decisions or other government actions; product
defects or recalls; litigation relating to patent or other claims;
legal compliance risks and related investigative, remedial or
enforcement actions; strategic actions, including acquisitions and
dispositions, our success in performing due diligence, valuing and
integrating acquired businesses; disruption that may result from
transactions or other changes we make in our business plans or
organisation to adapt to market developments; and numerous other
matters that affect us or our markets, including those of a
political, economic, business, competitive or reputational nature.
Please refer to the documents that Smith & Nephew has filed
with the U.S. Securities and Exchange Commission under the U.S.
Securities Exchange Act of 1934, as amended, including Smith &
Nephew's most recent annual report on Form 20-F, for a discussion
of certain of these factors. Any forward-looking statement is based
on information available to Smith & Nephew as of the date of
the statement. All written or oral forward-looking statements
attributable to Smith & Nephew are qualified by this caution.
Smith & Nephew does not undertake any obligation to update or
revise any forward-looking statement to reflect any change in
circumstances or in Smith & Nephew's
expectations.
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SOURCE Smith & Nephew