BIOTECHNOLOGY

Covidien’s profits drop slightly in 1Q as sales rise 5%

COURTESY COVIDIEN PLC
MED-TECH MAKER COVIDIEN PLC saw its profits dip 0.2 percent during the first quarter of 2013 as its sales rose 5.45 percent to $3.06 billion.
Posted 1/25/13

MANSFIELD – Medical technology maker Covidien Plc reported first-quarter earnings of $493 million, or $1.03 per diluted share, a slight decrease from the $494 million, or $1.02 per diluted share, reported for the first-quarter of its fiscal 2012.

At the same time, the company’s sales rose 5.45 percent year over year to $3.06 billion during the three months ended Dec. 28, 2012.

“We’re off to a very good start in fiscal 2013, with first-quarter results exceeding our expectations,” José E. Almeida, president and CEO, said in a prepared statement.

“In our large medical devices segment, we continued to generate above-market growth in a number of key categories, including stapling, energy, airway and ventilation,” said Almeida. “We delivered very strong growth in emerging markets, as we realized the benefits of our recent substantial investments in these fast-growing regions.”

“We made significant progress reshaping our portfolio in 2012,” said Almeida. “We announced the spinoff of the pharmaceuticals business, while adding more than $4 billion in new market opportunities through acquisitions that offer excellent growth prospects.”

Year over year in the first quarter, the company’s medical device sales grew 4 percent in the U.S. and 11 percent in non-U.S. markets. Pharmaceutical division sales increased 3 percent during the first quarter of fiscal 2013 in the U.S., but dropped 7 percent in non-U.S. markets, and Covidien’s medical supplies segment revenue rose 3 percent in the U.S. and stayed stagnant outside the U.S. during the quarter.

“For the remainder of the year, we plan to make incremental growth-driving investments in R&D and SG&A that should enhance our future growth,” said Almeida. “We remain confident that our robust pipeline of new products, sizable expansion opportunities in emerging markets and promising portfolio additions will enable us to meet the significant challenges of the global marketplace and to continue to deliver good operational growth.”

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