Covidien reports satisfaction with “solid” third quarter results for 2014

Covidien has announced its financial results for the third quarter of its 2014 business year, during which its net sales rose by four percent year on year to $2.69 billion (1.59 billion pounds).

Over the course of the three months, the company was able to further its strategy of innovation, customer-focused portfolio management, emerging markets growth and driving operational leverage, with improvement achieved across several of its key divisions.

Its advanced surgical unit saw a significant increase, with global market share gains in vessel sealing and stapling. Meanwhile, substantial growth was noted by the firm's gastrointestinal and interventional lung offerings, in addition to productivity improvements.

Other highlights include the launch of products such as the Trellis Peripheral Infusion System, Pipeline Flex Embolisation Device and Nellcor Respiration Rate System in Europe, plus the opening of a new innovation centre in Turkey.

Jose Almeida, chairman, president and chief executive officer of Covidien, said: "We delivered solid performance in the third quarter, returning to double-digit earnings per share growth."

Soon, Covidien will become a part of Medtronic, which agreed a $42.9 billion deal to acquire the firm earlier this year.