Posted on 02/08/2010 in Medical Company Financials Covidien has expressed satisfaction with the improvement shown during the most recent quarter of its financial year.
According to the medical technology firm's third quarter fiscal report, net sales rose by two per cent year-on-year to $2.6 billion (1.6 billion pounds), while margins and income saw more significant growth.
The company attributed this improvement to the positive performance of its medical device division following recent restructuring, with oximetry and monitoring, vascular and energy products all benefiting.
Moreover, Covidien was also able to enhance its long-term business prospects via the purchase of new subsidiaries ev3 and Somanetics, as well as the sale of its specialty chemicals division.
Richard Meelia, chairman, president and chief executive officer of Covidien, said: "We again delivered significant improvement in our quarterly gross and operating margins, while making the incremental investments needed to accelerate our growth. We are pleased with this continued upward trend in margin improvement."
In June 2010, the company commenced the roll-out of its new Tri-Staple endoscopic stapling platform with the launch of a new product, the Endo GIA Ultra Universal stapler. Other news stories from 02/08/2010
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