Covidien reveals financial results for first quarter of 2010

Covidien, a provider of healthcare products, has published its first-quarter financial results for 2010.

The firm revealed that its net sales rose by seven per cent, reaching $2.7 billion (1.67 billion pounds), compared to the $2.6 billion reported during the same time last year.

Its operating income was reported to be $552 million, up from the $544 million declared during the correlating period of 2009.

Additionally, its operational growth – net sales growth excluding the effect of foreign exchange – stood at six per cent, a growth the company believes was driven by new products and higher volumes.

Richard Meelia, chairman, president and chief executive officer of the organisation, said: “Building on last year’s strong operational sales gains, we delivered exceptional growth in our largest business segment, medical devices, which generated broad-based improvement across its product lines.”

Last month, Covidien revealed that the Food and Drug Administration submitted a revised date for the review of its new drug application for Exalgo.