Covidien reports improved quarterly medical device sales

Covidien has published its financial report for the fiscal quarter ending in March 2010, during which sales of its medical devices increased by 11 per cent year-on-year.

The company’s sales takings for the three-month period came to a total of $1.62 billion (one billion pounds), up from $1.46 billion in the corresponding quarter of last year.

This was driven by strong sales across key product categories such as endomechanical, oximetry and monitoring and soft tissue repair, though sleep product sales decreased following the divestiture of the company’s diagnostics range.

Although net sales across the group as a whole declined by five per cent compared to the same quarter of 2009, the firm nevertheless expressed satisfaction with its improved gross and operating margins.

Richard Meelia, chairman, president and chief executive officer of Covidien, added: “We remain confident in our prospects and expect to make additional strategic investments funded by our strong cash flow.”

Among the products which Covidien plans to launch in the coming months are the Sils stitch articulating suturing device and new hand instrument range, as well as the Endo GIA Reload endoscopic stapling system.