Despite a dip in sales in its pharmaceuticals segment, healthcare technology firm Covidien achieved a double-digit increase in overall sales in its third fiscal quarter.
Net sales in the quarter (end-June 30) increased 14% to $2.93 billion, compared with $2.56 billion in the third quarter of the last fiscal year. Net income also rose 14% to $535 million, compared with $362 million in the same quarter the year before.
Covidien's pharmaceuticals sales slipped by 1% to $500 million, compared with $507 million in the year-ago quarter. The company attributed the decrease to the sale of its U.S. nuclear pharmacies business in the third quarter of 2010, coupled with lower sales of specialty pharmaceuticals.
