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Survey: medical device industry strong here: nearly 40% of firms are public or late-stage.

Publication: San Diego Business Journal
Publication Date: 26-APR-04 		Format: Online - approximately 1135 words
Delivery: Immediate Online Access
Full Article Title: Survey: medical device industry strong here: nearly 40% of firms are public or late-stage.(News And Finance)

Article Excerpt
Drugs are sexy; heart stents are not.

Drugs developed by biotech firms have traditionally outshined their siblings in the medical device field.

Still, a recent survey suggests that despite their less-glamorous image, manufacturers of such life-enhancing devices as heart stents are loyal to the region. The executives confirm it.

"Gen-Probe continues to grow, and we look forward to a long future in San Diego," said Henry Nordhoff, president and chief executive officer of publicly traded Gen-Probe Inc., the leader in the nation's blood screening market.

In 2003, Gen-Probe generated $207 million in revenue from selling dozens of diagnostic tests, including tests to screen for HIV and the hepatitis C virus.

"Medical device companies are meeting a real need in the marketplace for better and more cost-effective products," said David Pendarvis, general counsel at ResMed Inc.

ResMed is a leading seller of machines to diagnose and treat sleep disordered breathing.

In fiscal 2003, Poway-based ResMed posted $273.6 million in revenue, and $45.8 million in net income.

Gen-Probe and ResMed are...

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