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Home Industry News Covidien reveals financial results for fourth quarter of 2009

Covidien reveals financial results for fourth quarter of 2009

23rd November 2009

Covidien has posted its financial results for the fourth quarter of 2009, revealing that its net savings reached $2.7 billion (1.6 billion pounds) during the period.

This, the firm highlights, is largely unchanged from the same time in 2008, something it attributes to an “unfavourable” foreign exchange of $54 million, which decreased sales growth by around two per cent during the quarter.

The gross margin of 52.8 per cent was down by 0.5 percentage points from the prior-year period, it also revealed.

Richard Meelia, chairman, president and chief executive officer of the company, stated: “We are confident that our strong pipeline of new products, aggressive cost control initiatives and recent key strategic investments will drive our continued growth in the coming year and beyond.”

Meanwhile, earlier this month Covidien announced that it had finalised its acquisition of Aspect Medical Systems, an organisation that it purchased for the sum of $210 million.

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