Covidien reports sales increase in latest fiscal quarter

Covidien has seen double-digit growth in the most recent quarter, according to the firm's new financial report.

During the third quarter of its 2010-11 fiscal year, Covidien's net sales increased by 14 percent year over year to $2.93 billion (1.8 billion pounds), while its gross margin rose to 57.1 percent.

Its medical device unit contributed the majority of these sales, experiencing growth of 22 percent thanks to improved volumes, new product introductions and the impact of recent acquisitions.

Jose Almeida, the company's president and chief executive officer, noted that Covidien's market share has increased, despite the competitive nature of the market.

He added: "We delivered another strong quarter and, for the fourth quarter in a row, results significantly exceeded our own expectations."

Last month, the company moved to support its future growth initiatives by announcing a number of changes to its management team, with three new group leaders having assumed roles at the beginning of July.