NuVasive says patent appeal case to be delayed

Medical device maker NuVasive (NUVA) last night disclosed in a regulatory filing that its appeal of a federal court decision on its patent case against Medtronic (MDT) has been delayed. Specifically, a federal appeals court ruled that royalty rates must be determined by a lower court before NuVasive's appeal can proceed, NuVasive reported. The company expects the lower court to reach a decision in the near-term, and it anticipates that the appeal will subsequently move forward. In a note to investors earlier today, Piper Jaffray analyst Matt Miksic wrote that the lower court's final ruling could be a catalyst for NuVasive, as it will remove an overhang on the stock. In early trading, NuVasive added 0.97% to $19.82.