Surgical Laser Reports Financial Results, Suit Settlement
MONTGOMERYVILLE, Pa., May 7 -- Surgical Laser Technologies Inc. announced that sales for the first quarter of 1999 were $2,262,000, compared to results of $2,367,000 for the first quarter of 1998. The net loss for the first quarter of 1999 was $277,000, or $.14 per share, compared to a net loss of $461,000, or $.23 per share in the same period last year.
The company also reported that it has settled the patent infringement suit brought by Trimedyne, Inc. in US District Court in California. A lower court ruling, later affirmed in appellate court, found that SLT's contact probes did not infringe Trimedyne's patents. The one remaining issue in the suit was Trimedyne's claim that SLT's side-firing free-beam SFB 1.0 Probe infringed its patent. While the lower court had rendered summary judgment that the SFB Probe did not infringe, the appellate court did reverse and remand, finding that there were two issues of fact that should be decided by a jury. In settling the suit, SLT did not admit infringement of Trimedyne's patent, but did acknowledge its validity. One of the terms provided by the settlement is a one-time payment by SLT to Trimedyne and an ongoing royalty on sales of SLT's SFB Probe.
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