Covidien medtech sales grow during fiscal Q3
This article was originally published in Clinica
Executive Summary
Covidien (Dublin, Ireland) witnessed steady growth from its largest business division, medical devices, during the third fiscal quarter, with its oximetry and energy devices units putting in strong performances. Total medical device revenue for the period, was $1.63bn, a 6% improvement on Q3 2009. Covidien’s endomechanical (+4% to $533m), energy devices (+14% to $252m), oximetry and monitoring products (+22% to $189m) and vascular (+22% to $175m) businesses all showed solid growth, though sales of the company’s soft tissue repair products were flat at $209m. Second-quarter revenue from the firm’s airway and ventilation products fell by 6% to $178m because of lower sales of sleep products following the divestiture of Covidien’s sleep diagnostics product line to Embla in 2009 (www.clinica.co.uk, 4 September 2009). The firm’s medical device business excelled compared to its pharmaceutical revenues, which fell by 6%. Covidien's third division, medical supplies, also saw sales dip 3% to $439m. Overall, group sales went up 2% to $2.56bn.