Axonics Responds To ITC Action By Medtronic; CEO Says "We Believe Medtronic's Claims Are Designed To Stifle Competition, Limit Patient And Physician Choice, And Protect The Incumbent's Market Position"
Portfolio Pulse from Benzinga Newsdesk
Axonics, Inc. (NASDAQ:AXNX) has been notified of a complaint filed by Medtronic (NYSE:MDT) with the U.S. International Trade Commission (ITC) and a parallel action in U.S. District Court, alleging infringement of two Medtronic patents related to MRI compatibility in implantable medical devices. Axonics CEO Raymond W. Cohen asserts the claims aim to stifle competition and protect Medtronic's market position, emphasizing Axonics' commitment to innovation and market leadership in sacral neuromodulation therapy.
February 29, 2024 | 9:20 pm
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NEUTRAL IMPACT
Axonics, Inc. is defending against a patent infringement complaint filed by Medtronic, emphasizing its commitment to innovation and market leadership in sacral neuromodulation therapy.
While the legal battle may pose challenges, Axonics' strong stance and emphasis on innovation could mitigate negative impacts. The outcome is uncertain, hence a neutral score.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
Medtronic has filed a patent infringement complaint against Axonics with the U.S. International Trade Commission and U.S. District Court, aiming to protect its market position in implantable medical devices.
Medtronic's action reflects its strategy to protect its market share. However, the impact on its stock is uncertain due to the complexity of legal outcomes, leading to a neutral score.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80