DUBLIN - Medtronic (NYSE:MDT), a prominent healthcare technology company, has initiated legal action against Axonics, alleging the unauthorized use of its patented technology. The complaint, filed with the U.S. International Trade Commission (ITC) and paralleled by an action in the U.S. District Court for the District of Delaware, seeks to halt the import and sale of Axonics products that purportedly infringe on Medtronic's patents concerning MRI-compatible implantable medical devices.
According to Medtronic’s statement, the company is focused on stopping what it describes as Axonics' profit from the use of its innovations without authorization. Mira Sahney, president of Medtronic’s pelvic health business, emphasized the company's intention to hold Axonics accountable for these alleged infringements.
Medtronic's request to the ITC is to investigate and potentially exclude the importation of the infringing products into the United States. In addition to the new complaint, Medtronic is involved in a separate ongoing infringement suit against Axonics in the U.S. District Court for the Central District of California, where it claims Axonics has infringed upon additional Medtronic technologies.
Medtronic's diverse portfolio includes cardiac devices, surgical robotics, insulin pumps, surgical tools, and patient monitoring systems. The company operates in over 150 countries and impacts the lives of individuals worldwide with its technologies and therapies.
This news article is based on a press release statement from Medtronic plc.
InvestingPro Insights
As Medtronic (NYSE:MDT) takes a stand to protect its intellectual property amidst legal disputes, it's worth noting the company's financial strength and market position. Medtronic boasts a substantial market capitalization of $110.69 billion, reflecting its status as a heavyweight in the healthcare equipment and supplies industry. This is reinforced by a solid gross profit of $21.21 billion over the last twelve months as of Q3 2024, with a high gross profit margin of 65.62%, showcasing the company's efficiency in converting sales into profit.
Investors may also be interested in Medtronic's commitment to shareholder returns, highlighted by its impressive history of maintaining dividend payments for 47 consecutive years. The company has a dividend yield of 3.31%, which is particularly appealing to income-focused investors. This dedication to consistent shareholder value is further evidenced by Medtronic's track record of raising its dividend for 10 consecutive years. These financial metrics and shareholder-friendly policies are indicative of Medtronic's established market presence and operational success.
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