Interventional firm Guidant reported record second-quarter revenues of $944.9 million, up 20% compared with the $787.8 million posted in the same period in 2002. For the quarter (end-June30), the Indianapolis-based firm had a net loss of $97.1 million, in contrast with net income of $204.8 million in the second quarter of 2002.
The company attributed the net loss to a combination of its discontinued Ancure Endograft System product line, which resulted in a net loss of $17 million, and a $425 million expense in connection with a preliminary decision in arbitration with Johnson & Johnson subsidiary Cordis of New Brunswick, NJ.
July 17, 2003
Related Reading
Guidant and OIG reach agreement, July 1, 2003
Guidant to stop selling aortic aneurysm device, close unit, June 17, 2003
Guidant admits to hiding defects in endovascular aneurysm-repair system, June 13, 2003
Guidant found to infringe on Cordis patent, June 5, 2003
Guidant debuts RX AccuNet in Europe, May 8, 2003
Copyright © 2003 AuntMinnie.com
