Strong improvements in sales of its radiopharmaceutical products helped Covidien's imaging solutions business grow its sales by 5% in the third quarter of fiscal 2007 (end-June 30), the company's first quarterly reporting period since being spun off from Tyco International.
For the period, the imaging solutions business, based in Hazelwood, MO, reported sales of $238 million, compared to sales of $227 million in sales in the third quarter of fiscal 2006. Favorable currently exchange movements contributed 2% to the company's revenue growth in the period, the firm said.
The company cited growth in its radiopharmaceutical business, where sales were well above last year's level. In 2006, Covidien (then operating as the Mallinckrodt unit of Tyco) voluntarily stopped production of technetium-99m generators due to quality-control issues at a plant in Maryland Heights, MD. The company also said it enjoyed higher sales of cardiology and oncology products.
Sales in the company's contrast agent and contrast delivery systems businesses were about even with a year ago. Growth in contrast delivery systems was countered by a small decline in sales of contrast agents, as higher contrast unit volume was offset by "significant pricing declines" in the quarter.
By AuntMinnie.com staff writers
August 14, 2007
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Tyco to spin off healthcare division, January 25, 2007
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