Covidien 3Q sales rise, profit falls

Medical technology maker Covidien PLC reported increased revenue but lower profit in the third quarter of fiscal 2013, the company announced Thursday. More

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Biotechnology

Covidien 3Q sales rise, profit falls

COURTESY COVIDIEN PLC
COVIDIEN REPORTED higher sales but lower profit in the third quarter of its fiscal 2013.
Posted 8/1/13

MANSFIELD – Medical technology maker Covidien PLC reported increased revenue but lower profit in the third quarter of its fiscal 2013, the company announced Thursday.

Covidien posted sales of $2.58 billion, a 2.9 percent increase from $2.51 billion in the fiscal 2012 third quarter.

At the same time, the company’s profit fell 12.6 percent to $396 million, or 84 cents per diluted share, from $453 million, or 93 cents per diluted share.

The drop in net income came in large part from the June spin-off of Covidien’s pharmaceuticals business, which is now held by Mallinckrodt PLC.

“In emerging markets, we again generated significant sales gains, reflecting the investments we’ve made to expand our sales force and build capabilities in these fast-growing regions,” Covidien Chairman, President and CEO José E. Almeida said in a statement. “With the pharmaceuticals spin-off now behind us, we are focused on strengthening our medical devices and supplies businesses through organic growth, new products and geographic expansion.”

Covidien’s medical device sales in the United States fell 4 percent in the third quarter to $910 million, from $952 million in the third quarter of 2012. Device sales grew 11 percent outside the U.S. to $1.2 billion in the quarter ended June 28.

Medical supplies sales fell in the U.S. as well, from $393 million to $389 million. Supplies sales held steady internationally, at $50 million.

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