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Home Industry News Covidien outlines 2011 growth forecasts

Covidien outlines 2011 growth forecasts

20th September 2010

Covidien has delivered projections of its predicted business growth in the 2011 fiscal year, following a positive performance during 2010.

During the medical firm's recent investor meeting, chief financial officer Charles Dockendorff stated that net sales are expected to increase by between six and nine per cent compared to those seen in fiscal 2010.

This will be driven primarily by strong growth in its medical devices segment, which is expected to expand its sales performance by around ten to 13 per cent year-on-year.

Covidien chairman, president and chief executive officer Richard Meelia said this growth will be based on its accomplishments in 2010, including the acquisitions of Aspect, ev3 and Somanetics, as well as the sale of several product lines.

These included deals to divest its sleep therapy continuous positive airway pressure and bi-level products and specialty chemicals unit, which were completed last month.

Mr Meelia explained: "We made the investments necessary to grow our business, delivered improved gross and operating margins, launched several meaningful new products and significantly increased our investment in research and development."ADNFCR-8000103-ID-800072126-ADNFCR

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