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ANS Goes Along For The Ride

Executive Summary

Most small medical device companies develop innovative proprietary technology in hopes of unseating much larger rivals--on the theory that physicians care more about the effectiveness of the technology than who makes it. But Advanced Neuromodulation Systems sees things differently. Its main competition is device giant Medtronic, which not only leads in terms of market share, but has been a technology innovator. ANS's play: not to defeat Medtronic at its own game, but to carve out a lucrative part of the chronic pain management market under Medtronic's radar.

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