The ResMed Inc (ASX: RMD) share price is marching higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) healthcare stock closed yesterday trading for $24.75. In late morning trade on Tuesday, shares are swapping hands for $24.98 apiece, up 0.9%.
For some context, the ASX 200 is up 0.3% at this same time.
This comes on the heels of a legal victory for the company, which develops and sells digital health technologies and cloud-connected medical devices.
Here's what's happening.
Image source: Getty Images
Patent victory for ASX 200 healthcare stock
The ResMed share price is in the green today after the company reported it had won "a significant victory" against New York University (NYU).
ResMed said the United States Patent Trial and Appeals Board has ruled against patent infringement claims lodged by NYU in June 2021.
In its complaint, NYU alleged that the AutoSetTM and AutoRampTM features of ResMed's AirSenseTM 10 AutoSet flow generators, infringed one or more claims of seven NYU patents.
ResMed defended its tech and asserted NYU's claims were invalid. The US Patent Trial judges agreed and have now found that all the challenged claims across the seven patents were invalid.
Commenting on the legal win that looks to be giving the ResMed share price some tailwinds today, Michael Rider, ResMed's global general counsel and secretary said, "We will continue to vigorously defend our innovations."
Rider added:
The fact that our intellectual property contributed to this victory is a testament to our investment in research and development, the hard work of our inventors, and the patent protection we pursue to protect our innovation.
ResMed CEO Mick Farrell said, "Our sustained investment in research and development for over 30 years has culminated in more than 9,500 issued or pending patents and designs."
Farrell applauded the ruling and said ResMed will defend its innovations, "ensuring patients continue to receive our therapy solutions, empowering them to live healthier, higher-quality lives."
ResMed share price snapshot
The ResMed share price is down 18% in 2023.
The past month has seen a positive turn for the ASX 200 healthcare stock, with shares up 11%.
