Covidien voices satisfaction with Q2 2012 performance

Covidien has reported continued growth in the second quarter of its 2012 business year, which spanned the January-to-March period.

The healthcare firm posted a second-quarter net sales figure of $2.95 billion (1.82 billion pounds), up by five percent year on year, while medical device revenues rose by seven percent.

Within the devices division – Covidien's largest business unit – energy and vascular products saw double-digit advances in sales, while European revenue growth accelerated for the second straight quarter, despite challenging conditions.

In addition, the company was able to further increase its research and development spending, while also investing in emerging market expansion.

Jose Almeida, chairman, president and chief executive officer of Covidien, said: "Our second-quarter performance was paced by good top-line growth, improvements in gross and operating margin and a double-digit increase in earnings per share."

This comes after the company announced the acquisition of Oridion Systems, a ventilation monitoring technology specialist based in Israel.