Covidien highlights promising growth prospects for 2014

Covidien has detailed the evolution of its business strategy and growth forecasts for 2014 during a meeting with the investment community.

The company noted that it is delivering a "very solid" performance so far in 2013 as it updates its commercial model, offers value-added services and launches a constant stream of new products spanning all of its core ranges.

It aims to use its current strong cashflow to fund further business expansion, while maintaining its commitment to return at least 50 percent of this cashflow to shareholders through dividends and share repurchases.

Net sales for the 2014 fiscal year are expected to increase by between two and five percent compared to the figures for 2013.

Company chairman, president and chief executive officer Jose Almeida said: "We will make further investments to expand our capabilities, particularly in emerging markets, and to capitalise on the market opportunities across our business."

This comes after the firm reported its financial results for the third quarter of 2013 last month, highlighting a three percent year-on-year improvement.