Led by double-digit gains in its Imaging Solutions, Medical Devices, and Pharmaceutical Products divisions, Covidien of Hamilton, Bermuda, achieved gains in net sales and net income in fiscal year 2008 (end-September 26).
For fiscal 2008, sales in the Imaging Solutions business climbed 13% to $1.2 billion, compared with $1.1 billion in fiscal 2007. Favorable foreign exchange contributed five percentage points to the sales increase.
In the fourth quarter, sales at Imaging Solutions rose 3% to $300 million, compared with $291 million in the fourth quarter of fiscal 2007. Covidien credited the increase entirely to favorable foreign exchange rates.
Radiopharmaceutical sales showed a gain to $136 million, compared with $127 million in the fourth quarter of fiscal 2007. Contrast product sales were unchanged at $164 million, compared with the same quarter a year ago.
For the fiscal year, Covidien, as a whole, posted net sales of $9.9 billion, compared with $8.9 billion in fiscal 2007. Net income was $1.3 billion in fiscal 2008, compared with a net loss of $342 million in fiscal 2007.
The company achieved a 12% gain in net sales in its fiscal 2008 fourth quarter to $2.6 billion, compared with $2.3 billion in the fourth quarter of 2007. Net income increased to $409 million, compared with $34 million in the same quarter a year ago.
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