Double-digit sales growth in its medical devices and imaging divisions helped contribute to increased first-quarter revenue for Covidien of Hamilton, Bermuda.
For the quarter (end-December 28), the company posted sales of $2.32 billion, up 9% compared with $2.13 billion in the same period of fiscal 2006. Covidien posted net income of $420 million, compared with net income of $338 million in the same period of the previous fiscal year.
The company's Imaging Solutions division posted sales of $291 million, up 14% compared with $256 million in the corresponding quarter of 2006. The firm saw growth in both its radiopharmaceuticals and contrast media operations, with radiopharma revenues benefiting from higher sales of technetium generators, while the contrast business enjoyed higher sales in Asia-Pacific and Latin America.
Related Reading
NSF lawsuit filed against Tyco, Mallinckrodt, January 16, 2008
Covidien inks deal with MedAssets, November 20, 2007
Covidien partners with UNSW on imaging agent, October 8, 2007
Covidien emerges from Tyco's shadow with R&D emphasis, August 20, 2007
Covidien makes debut as Tyco spinoff, July 5, 2007
Copyright © 2008 AuntMinnie.com
