Globus Medical Announces Jury Verdict in Patent Infringement Lawsuit
AUDUBON, Pa. -- June 17, 2013
Globus Medical, Inc. (NYSE: GMED), a leading spinal implant manufacturer,
today announced that the jury in a patent infringement case in the U.S.
District Court in Delaware brought by DePuy Synthes Products, LLC (“Synthes”)
has returned a verdict. Although a formal judgment has not yet been entered in
the case and there are a number of motions and hearings to be resolved, the
jury found that prior versions of three products previously sold by Globus
Medical did infringe on Synthes’ patents and awarded monetary damages in the
amount of $16 million. Globus Medical had challenged the validity of the three
Synthes patents at issue, and the jury upheld the patents’ validity. There was
no finding of willful infringement in this lawsuit.
Globus Medical does not expect the verdict to impact its ability to conduct
its business or to have any impact on its future revenues. As this lawsuit
involved only three products that are no longer part of Globus Medical’s
product portfolio, this verdict will not impair the company’s ability to sell
any of its current products and will not require any royalty payments to
Synthes based on current or future sales.
The company believes the facts and the law do not support the jury’s findings
of infringement and patent validity and will seek to overturn the verdict in
post-trial motions with the District Court and, if necessary, through the
About Globus Medical, Inc.
Globus Medical, Inc. is a leading spinal implant manufacturer based in
Audubon, PA. The company was founded in 2003 by an experienced team of
professionals with a shared vision to create products that enable surgeons to
promote healing in patients with musculoskeletal disorders. Additional
information can be accessed at www.globusmedical.com.
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These risks and uncertainties include, but are not limited to, factors
affecting our quarterly results, our ability to manage our growth, our ability
to sustain our profitability, demand for our products, our ability to compete
successfully (including without limitation our ability to convince surgeons to
use our products and our ability to attract and retain sales and other
personnel), our ability to rapidly develop and introduce new products, our
ability to develop and execute on successful business strategies, our ability
to comply with changing laws and regulations that are applicable to our
businesses, our ability to safeguard our intellectual property, our success in
defending legal proceedings brought against us, trends in the medical device
industry, general economic conditions, and other risks. For a discussion of
these and other risks, uncertainties and other factors that could affect our
results, you should refer to the disclosure contained in our most recent
annual report on Form 10-K filed with the Securities and Exchange Commission,
including the sections labeled “Risk Factors” and “Cautionary Note Concerning
Forward-Looking Statements,” and in our Form 10-Q, Form 8-K and other filings
with the Securities and Exchange Commission. These documents are available at
www.sec.gov. Moreover, we operate in an evolving environment. New risk factors
and uncertainties emerge from time to time and it is not possible for us to
predict all risk factors and uncertainties, nor can we assess the impact of
all factors on its business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from those contained
in any forward-looking statements. Given these risks and uncertainties,
readers are cautioned not to place undue reliance on any forward-looking
statements. Forward-looking statements contained in this press release speak
only as of the date of this press release. We undertake no obligation to
update any forward-looking statements as a result of new information, events
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Globus Medical, Inc.
Ed Joyce, 610-930-1800
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