Healthcare technology firm Covidien is crediting new product launches and market share gains in several categories for double-digit growth in net sales in fiscal year 2011 (end-September 30).
For the 12-month period, net sales advanced 11% to $11.57 billion, compared with $10.43 billion in fiscal year 2010. Net income climbed to $1.87 billion, compared with $1.63 billion in fiscal year 2010.
The company's Medical Devices business continues to contribute the majority of sales, with an increase of 17% to $7.83 billion in fiscal year 2011, compared with $6.72 billion in the prior fiscal year.
Sales from Covidien's Pharmaceuticals business segment declined 1% to $1.97 billion, compared with $1.99 billion a year ago. The company blamed the decrease on the sale of its U.S. nuclear pharmacies business in fiscal 2010.
Covidien's fiscal fourth-quarter sales increased 15% to $3.08 billion, compared with $2.67 billion in the fourth quarter of fiscal 2010. Net income rose to $451 million in the quarter, compared with $443 million in last fiscal year's fourth quarter.
