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resmed shakes off us action

  1. Billy Gatess

    5,609 Posts.

    ResMed shakes off US action

    September 9, 2003

    SLEEP diagnostics technology maker ResMed has settled two patent infringement lawsuits with US rival Respironics but kept its forecasts unchanged.

    The settlement, the terms and conditions of which are confidential, resolved matters stemming back to a 1995 action in Pennsylvania and a 2002 action in California, both brought by ResMed.

    ResMed claimed Respironics, whose strong sales growth last year prompted concerns about ResMed's growth prospects and a slump in its share price, infringed its patents.

    "ResMed and Respironics will dismiss all lawsuits with prejudice," the companies said in a joint statement.

    "Neither company is changing its financial guidance or outlook for fiscal year 2004 based on the settlement."

    Last month, ResMed reported 2002/03 profit up 22 per cent to $US45.729 million ($70.88 million), helped in part by a one-off boost from SARS-related sales in the fourth quarter.

    Today, ResMed chairman and chief executive Peter Farrell said the resolution would allow the company to increase its research and development, and "awareness efforts" focused on the treatment of undiagnosed sleep disordered breathing.

    Respironics chief executive Jim Liken said the settlement was positive "for our company and the industry".

    ResMed settled a separate dispute with Fisher & Paykel Healthcare Corp Ltd in May this year.

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