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Home Industry News Covidien reports better-than-expected results for Q1 2014

Covidien reports better-than-expected results for Q1 2014

27th January 2014

Covidien has announced its financial results for the first quarter of the 2014 business year, during which it generated net sales of $2.64 billion (1.59 billion pounds).

This represented a year-on-year increase of three percent, while operational sales growth was measured at five percent when excluding the impact of foreign exchange rate movement. These results exceeded the company's internal expectations.

Above-market growth was observed in many product categories including vessel sealing, stapling, sutures and sensors, while the firm was able to expand its capabilities with the acquisition of Given Imaging.

The launch of products such as LigaSure Impact, LigaSure Blunt Tip and the Capnostream 20p bedside monitor will also help to bolster future success, as will the sale of the Confluent biosurgery product line.

Jose Almeida, chairman, president and chief executive officer of Covidien, said: "We continued the strong execution of our global strategy during the quarter, further positioning the company for long-term growth and increased shareholder value."

Earlier this month, the firm announced that it will be allying with Lightstone Ventures and New Enterprise Associates to invest in FIRE1, a new Irish medical technology company.ADNFCR-8000103-ID-801686705-ADNFCR

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