VISX Reaffirms Business Fundamentals
SANTA CLARA, Calif.--(BW HealthWire)--Oct. 29, 1998--VISX, INCORPORATED (Nasdaq/NMS:VISX) today announced that there has been no business development that would account for the volatility in its share price.
VISX issued a press release on Oct. 19, 1998 summarizing a recent court ruling in a VISX patent lawsuit filed against Nidek in the United Kingdom. The company believes that, contrary to information released by Nidek Co. Ltd. on Oct. 26, 1998, the ruling in the U.K. leaves VISX in a strong position to enforce its patents, when necessary, in other actions throughout the world.
U.S. law differs significantly from the U.K. law in determining patent infringement and validity, and is more favorable to the patent holder. Nidek's statement that the ruling may have "profound implications for the U.S. and other excimer laser markets" is inaccurate and highly misleading.
VISX believes Nidek was deliberately attempting to mislead VISX's customers and the investment community by making such a statement.
The fact that a major portion of the U.K. trial was devoted to Nidek's unsuccessful attempts to invalidate VISX's scanning patent, in combination with the court's determination that Nidek infringes VISX's broad beam patent, supports VISX's continued confidence in the strength and breadth of its patent portfolio.
Mark Logan, chairman, president and chief executive officer of VISX, stated, "VISX has seen no change in the fundamentals of our business. Earnings momentum as we begin the fourth quarter continues to be strong. We do not expect the outcome of the U.K. lawsuit to have any material effect on our earnings or on our industry leadership position."
With more than 140 patents issued worldwide, VISX has the most extensive patent portfolio in the laser vision correction field and has licensed six of its seven major competitors to sell their products in all markets outside the United States. In the United States, VISX owns patents covering scanning and broad beam lasers, tracking, LASIK, and numerous other technologies in the field of laser vision correction.
The foregoing information regarding future developments in connection with VISX's patent portfolio and future business performance is forward looking. These statements are based on management's current expectations. Because of various risks and uncertainties, in particular those related to litigation, actual strategies and results in future periods may differ materially from those currently expected. Among the factors that could adversely effect VISX's business are an adverse decision in one or more of its pending patent infringement cases, an adverse decision in the case pending before the Federal Trade Commission, any slowdown in system sales or licensing revenue, or other competitive developments. Additional discussion of factors affecting VISX's business and litigation is contained in the company's most recent filings with the Securities and Exchange Commission, including VISX's Form 10-Q for the period ended June 30, 1998 and Annual Report and From 10-K for the year ended Dec. 31, 1997.
Note to Editors: VISX is the worldwide leader in the development of refractive laser technology. VISX systems are commercially available in the United States and markets worldwide. |
