Healthcare technology firm Covidien posted increased sales in its second quarter of fiscal 2011 (end-March 25).
Second-quarter net sales increased 10% to $2.8 billion, compared with $2.55 billion in the second quarter of fiscal 2010. Foreign exchange rates added approximately two percentage points to the quarterly sales growth rate, Covidien noted. Net income rose 9% to $455 million, compared with $413 million in the same quarter of fiscal 2010.
Sales in the company's Pharmaceuticals segment, which includes its contrast agent products, were $490 million in the second quarter, down 4% from last year's second-quarter sales of $508 million. The decline reflected Covidien's sale of its U.S. nuclear pharmacies business in the third quarter of 2010.
Medical device sales of $1.88 billion in the second quarter were 16% above the $1.62 billion in the comparable quarter of 2010, with growth boosted by acquisitions, new products, and increased volume, according to Covidien. Favorable foreign exchange added approximately two percentage points to the quarterly sales growth rate.
