Covidien states satisfaction with fiscal 2011 performance

Covidien has published its financial results for the fourth quarter of the 2011 fiscal year, during which it experienced strong year-on-year growth.

The firm generated net sales of $3.08 billion (1.95 billion pounds) for the three months, up by 15 percent compared to the same period last year, while medical device sales advanced by 18 percent.

Growth was attributed to acquisitions, new product launches and greater sales volumes, with brands such as Tri-Staple, Pennsaid and Exalgo highlighted as successful.

For the full year period, the company saw an improved earnings performance, prompting the organisation to confirm its previous sales and operating margin guidance for 2012.

Jose Almeida, president and chief executive officer of Covidien, said: "We are confident that our robust new products pipeline, skilled workforce and strategic investments in emerging markets will drive positive operational results in 2012 and beyond."

This comes after the company last month announced the launch of V-Loc PBT, the world's first non-absorbable, uni-directional barbed suture.