NuVasive Says Judge Overturns $102 Mln Patent Infringement Damage Award to Medtronic
NuVasive, a medical device company focused on developing minimally disruptive surgical products and procedures for the spine, said the Court of Appeals for the Federal Circuit overturned $102 million in damages awarded in a patent lawsuit to Medtronic (MDT) units Medtronic Sofamor Danek USA and Warsaw Orthopedic.
The appeals case challenged a jury verdict brought in Sept. 2011, which found that three patents at issue were infringed. The jury awarded monetary damages of $660,000 to NuVasive and $102 million to Medtronic.
On March 2, 2015, the three Judge panel of the Court of Appeals upheld jury’s finding of liability as to all patents, but overturned the damage award against NuVasive as improper.
Absent further proceedings on appeal, the case will be returned to the District Court to determine a proper damage award based solely on a reasonable royalty. The company said the retrial may occur later this year.
NuVasive stock is down 0.8% in early trading to $44.32 with a 52-week range of $31.35 – $51.23. Medtronic is down 1%.