C.R. Bard’s 1st Quarter Earnings Report Reflects $26 Million Charge Related to Vaginal Mesh Lawsuits
With news of plunging profits in its first quarter, C.R. Bard Inc. may be the latest medical device manufacturer to feel the heat of mounting vaginal mesh lawsuits, MassDevice.com reports.
According to the article published April 24th, 2013, the company’s first quarter earnings reflected a near-$26 million charge stemming from claims filed over its transvaginal mesh products, weighing in at $90.7 million. This figure is based on sales of $740.3 million for a three-month period ending March 31.
C.R. Bard is now worth $1.08 per share.
Despite being partially based on a $25.8 million charge in litigation expenses associated with vaginal mesh lawsuits, company earnings reflected in this stock price exceeded expectations projected by Wall Street analysts by 2¢. Earnings per share logged in at $1.44.
The thousands of claims filed over C.R. Bard’s transvaginal mesh products are now pending in a multidistrict litigation (MDL) underway in the U.S. District Court for the Southern District of West Virginia, where lawsuits involving products manufactured by Johnson & Johnson subsidiary, Ethicon, Boston Scientific, and American Medical Systems have also been filed in separate MDLs.
Transvaginal Mesh Lawsuits Begin to Take Financial Toll on Manufacturers
C.R. Bard is not the only company feeling the brunt of vaginal mesh lawsuits. It was reported in March that Endo Health Solutions Inc., the parent company of American Medical Systems, revealed a $232 million charge partially related to a $92 million reserve for claims “essentially” involving the mesh products in its fourth quarter. Based on this information, Endo Health Solution’s earnings statement for that period included a $640 million write-down at American Medical Systems, and contributed to a net loss of $716.3 million.
As of February 2013, court records indicated there were 8,000 vaginal mesh lawsuits pending in the U.S.
Fortunately for plaintiffs, these cases are moving forward. A Joint Case Management Conference for litigations involving transvaginal mesh, which name mesh erosion, pain, urinary problems, infection and other complications stemming from the devices, was held on April 18th, 2013, according to court documents.
Thousands of claims over products manufactured by C.R. Bard and Ethicon are also pending in two consolidated proceedings underway in Atlantic County Superior Court, New Jersey. (In re: Pelvic Mesh Litigation/Bard, No. L-6339-10, and In re: Pelvic Mesh/Gynecare Litigation, No. 6341-10). For both these litigations, Bernstein Liebhard LLP partner, Jeffrey Grand is also serving as Co-Liaison Counsel.
Considering a Vaginal Mesh Lawsuit? Contact Us.
If you experienced pain, infection, mesh erosion or another complication associated with transvaginal mesh, you may be eligible to file a claim against the manufacturer. Contact an attorney at Bernstein Liebhard LLP to learn more about transvaginal mesh lawsuits at (877) 779-1414.