Well, at least there's no need to wonder why Guidant (NYSE:GDT) is being so aggressive in its efforts to force would-be suitor Johnson & Johnson (NYSE:JNJ) to close its deal. Results for the third quarter were quite weak, and the company is now facing a wide range of investigations and legal proceedings.

Sales dropped 14% in the quarter, led by a 26% drop in defibrillator sales to $331 million. By way of comparison, St. Jude (NYSE:STJ) recently posted sales of $277 million, with growth of 68%. Medtronic (NYSE:MDT) is a more difficult comparison because it reports an out-of-sync quarter, but sales of ICD products for the last reported quarter were up 30% to about $718 million. Elsewhere, Guidant's pacemaker sales posted a double-digit drop and stents reported a single-digit drop. But Guidant's angioplasty sales were up 3% and cardiac surgery and peripheral-product sales were up 27% (but just 11% of the total).

As is the case with these companies where there is considerable operating leverage, sales shortfalls translate into steep earnings drops. While gross margins were actually quite solid, income from continuing operations was down 61% on a reported basis and down 47% on an adjusted basis. What's more, the company missed the bottom-line estimate in a big way.

Recent news of an SEC investigation and shareholder lawsuits really aren't that surprising in this day and age. Likewise, I'm not surprised to see that Guidant sued J&J in an attempt to force the completion of the merger or the payment of the $700 million breakup fee. Not only do I not cast Guidant as a villain for doing so, I think it's exactly what the company should do on behalf of its shareholders. I don't think the merger is a good idea for J&J anymore, but Guidant management has an obligation to do what it can to maximize shareholder value. I don't see how letting J&J walk away scot-free achieves that purpose.

Guidant is in rough shape now, but not doomed. The company still has valuable technology and it's not so badly damaged that a recovery is out of the question. Still, I would tend to think that the company's destiny is probably not to stay independent. If the J&J deal falls through, it is possible that Abbott Labs (NYSE:ABT), or maybe even Boston Scientific (NYSE:BSX), could be interested.

In the meantime, all bets are off with respect to the J&J deal. Guidant could win outright, the two companies could reach a settlement on a deal with a lower price or renegotiate the breakup fee, or J&J might win the right to walk away entirely. That's a lot of uncertainty for Guidant owners to handle, which is why I'd still rather be an owner of J&J shares today.

More Foolish thoughts on medical technology:

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Fool contributor Stephen Simpson owns shares of Johnson & Johnson. The Fool has a strict disclosure policy .