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UPDATE 1-Boston Scientific cuts profit forecast again as legal costs mount
Jul 23, 2015 | Reuters
By Samantha Kareen Nair and Vidya L Nathan
...The company is fighting thousands of lawsuits related to injuries caused by the transvaginal mesh device... -
*New* Cook Medical Pelvic Mesh Readies for Trial
Jul 23, 2015 | Mesh Medical Device News Desk
By Jane Akre
...Implanted transvaginally like polypropylene (PP) mesh, the biologic mesh from Cook Medical is made from pig intestines...
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Online Sources
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UPDATE 1-Boston Scientific cuts profit forecast again as legal costs mount
Jul 23, 2015 | Reuters
By Samantha Kareen Nair and Vidya L Nathan
Boston Scientific Corp cut its full-year profit forecast for the second time in the face of rising litigation costs linked to problems with its implantable device used to treat feminine stress urinary incontinence.
The company is fighting thousands of lawsuits related to injuries caused by the transvaginal mesh device.
A Delaware jury last month ordered Boston Scientific to pay $100 million to a woman injured by the mesh, the largest-ever verdict against the company.
The medical device maker, which reached its first settlement in April, said then that it expected to pay about $119 million to resolve 2,970 cases.
Boston Scientific cut its profit forecast by 4 cents to 28-34 cents per share on Thursday, but maintained its adjusted profit forecast. In April, it cut its profit forecast by 10 cents per share.
The company slightly raised the low end of its revenue forecast on Thursday to $7.275 billion from $7.225 billion.
Net income attributable to the company rose to $102 million, or 8 cents per share, in the second quarter ended June 30, from $4 million, or break-even on a per-share basis, a year earlier.
The results included after-tax charges of $192 million or 14 cents per share.
Excluding items, Boston Scientific earned 22 cents per share, a cent above the average analysts estimate, according to Thomson Reuters I/B/E/S.
Revenue fell 1.6 percent to $1.84 billion, marginally exceeding the average estimate of $1.83 billion.
The company's shares were unchanged at $18.02 in premarket trading. Up to Wednesday's close the shares had gained 36 percent this year, outperforming the 10 percent rise in Dow Jones U.S. Medical Equipment Index.
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*New* Cook Medical Pelvic Mesh Readies for Trial
Jul 23, 2015 | Mesh Medical Device News Desk
By Jane Akre
In this Op-Ed story by Joe Saunders, Saunders and Walker, he reports Cook Medical is preparing for trial of hundreds of women implanted with its form of pelvic mesh.
Implanted transvaginally like polypropylene (PP) mesh, the biologic mesh from Cook Medical is made from pig intestines. It is supposed to provide better integration with the body than PP mesh. However, women are reporting the same complications as women who have had a PP implant to treat pelvic organ prolapse (POP) or stress urinary incontinence (SUI).
Just this week, Judge Joseph Goodwin who is overseeing more than 80,000 pelvic mesh lawsuits, got both sides prepared to take 235 cases in a Wave to trial next spring.
Cook, a privately held company based in Bloomington, Indiana, currently has 417 cases before Judge Goodwin and it’s is the second smallest manufacturer consolidated in this multidistrict litigation (next to Neomedic). Because the Johnson & Johnson and Boston Scientific cases have amassed tens of thousands of product liability cases, Cook has fallen by the wayside, until now.
Here is his story:
http://sarasota.legalexaminer.com/medical-devices-implants/cook-medical-prepares-for-trial-over-its-pelvic-mesh-products/
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
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