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Datum nieuwsfeit: 05-08-2008
( BW)(COVIDIEN)(COV)(COV.BU) Covidien Reports Third-Quarter 2008
Results
-- Third-quarter net sales up 14%, led by double-digit increases
in Medical Devices, Imaging Solutions and Pharmaceutical
Products
-- Third-quarter diluted GAAP earnings per share from continuing
operations were $0.65; excluding specified items, adjusted
diluted earnings per share from continuing operations were
$0.72
Business Editors/Health/Medical Writers
HAMILTON, Bermuda--(BUSINESS WIRE)--Aug. 5, 2008--Covidien Ltd.
(NYSE: COV; BSX: COV) today reported results for the third quarter of
fiscal 2008 (April - June 2008). Third-quarter net sales rose 14% to
$2.6 billion from $2.3 billion a year ago, fueled by strong growth in
the Medical Devices, Imaging Solutions and Pharmaceutical Products
business segments. Sales growth was driven by higher volume and new
products. Favorable foreign exchange contributed 5 percentage points
to the sales increase. All International regions -- Europe, Japan,
Other Americas and Asia-Pacific -- reported strong double-digit sales
gains.
Third-quarter gross margin of 53.7% was up 1.5 percentage points
from that of the prior year. This substantial improvement reflected
positive mix, aided by the incremental investments made to grow our
higher-margin businesses, and favorable foreign exchange.
Selling, general and administrative expenses were significantly
higher than in the third quarter of last year. The increase was
attributable to planned growth in selling and marketing investments,
foreign exchange and higher administrative costs. Research and
Development (R&D) expense in the quarter was up 33% over the prior
year and represented 3.3% of sales.
For the third quarter, the Company reported operating income of
$545 million, versus an operating loss of $761 million a year ago.
Third-quarter adjusted operating income, excluding specified items
shown in the attached table, was $563 million, versus $481 million in
the third quarter of the prior year. Third-quarter adjusted operating
income represented 21.7% of sales, versus 21.2% a year ago.
The third-quarter effective tax rate was 36.3%. Excluding the
specified items shown in the attached table, the third-quarter tax
rate was 30.8%. The rate was unfavorably impacted by several
adjustments related to legacy income tax liabilities.
Third-quarter diluted GAAP earnings per share from continuing
operations were $0.65, versus a loss of $2.29 per share in the third
quarter of last year. The third quarter non-GAAP diluted earnings per
share, excluding specified items shown in the attached table, were
$0.72, versus $0.64 a year ago.
For the first nine months of fiscal 2008, net sales of $7.3
billion were 11% above the $6.6 billion in the prior year, with
favorable foreign exchange contributing 5 percentage points to the
sales increase.
The Company reported operating income of $1.4 billion in the first
nine months of fiscal 2008 versus $199 million a year ago. Nine-month
adjusted operating income, excluding specified items shown in the
attached table, was $1.54 billion, representing 20.9% of sales, versus
$1.47 billion and 22.3% of sales a year ago.
The effective tax rate was 30.1% for the first nine months of
fiscal 2008. Excluding the specified items shown in the attached
table, the tax rate for the nine months was 29.9%.
For the first nine months, diluted GAAP earnings per share from
continuing operations were $2.03, versus a loss of $0.86 per share in
the prior year. The nine-month 2008 non-GAAP diluted earnings per
share, excluding specified items shown in the attached table, were
$1.97, versus $2.01 a year ago.
"We were very pleased with our third-quarter performance, as sales
and operating results came in somewhat above our expectations," said
President and Chief Executive Officer Richard J. Meelia. "We again
achieved strong results in our International markets, where we
continue to benefit from the incremental investments we've made over
the last few years to augment our sales force and expand
geographically.
"We are on pace to meet our 2008 financial goals, with market
share gains and new product launches driving our strong performance,"
Mr. Meelia said, adding that, "Our strategic investments in R&D,
selling and marketing put the Company in an excellent position to
achieve our growth objectives for the remainder of 2008 and beyond."
Results by business segment follow.
Medical Devices sales climbed 15% in the third quarter to $1.8
billion from $1.5 billion in the third quarter of the previous year.
The sales gain was driven by favorable foreign exchange, which
contributed 7 percentage points to the increase, as well as by new
products and higher volume. Sales in Endomechanical were well above
those of a year ago, paced by sharply higher sales of laparoscopic
instruments. Energy registered strong double-digit growth in the
quarter, due to higher sales of vessel sealing, electrosurgery and
hardware products, including Force Triad, LigaSure Impact and Hand
Switching Atlas. Sales in Soft Tissue Repair were up significantly,
aided by higher suture sales and strong U.S. performance for mesh
products.
For the first nine months of fiscal 2008, Medical Devices sales
grew 13% to $5.0 billion from $4.5 billion a year ago. Favorable
foreign exchange contributed 7 percentage points to the sales advance.
Imaging Solutions sales rose 18% to $319 million, compared with
$271 million in the prior year's third quarter. Favorable foreign
exchange contributed 5 percentage points to the sales increase. Sales
growth in the quarter was broad-based, as both Radiopharmaceuticals
and Contrast Products delivered gains at a strong double-digit pace.
The Radiopharmaceuticals increase was paced by good performance in the
United States, while Contrast Products benefited from higher volume in
Europe, Asia and Latin America, which more than offset pricing
pressures in the U.S.
For the nine months, Imaging Solutions sales climbed 16% to $914
million, versus $786 million the year before. Favorable foreign
exchange contributed 4 percentage points to the sales increase.
Pharmaceutical Products sales in the third quarter of $257 million
were 13% above the prior year's $228 million. Growth was attributable
to a double-digit increase in sales of Dosage products, reflecting
gains by both generic and branded pharmaceuticals, coupled with higher
sales of Active Pharmaceutical Ingredients, led by peptide products.
For the nine months, Pharmaceutical Products sales were up 4% to
$717 million from $692 million last year.
Medical Supplies sales grew 8% to $238 million from $221 million
in the third quarter of the previous year. The increase was primarily
due to higher sales of OEM and Nursing Care products.
For the nine months, Medical Supplies sales, at $675 million, were
2% above last year's $664 million.
ABOUT COVIDIEN LTD.
Covidien is a leading global healthcare products company that
creates innovative medical solutions for better patient outcomes and
delivers value through clinical leadership and excellence. Covidien
manufactures, distributes and services a diverse range of
industry-leading product lines in four segments: Medical Devices,
Imaging Solutions, Pharmaceutical Products and Medical Supplies. With
2007 revenue of nearly $9 billion, Covidien has more than 42,000
employees worldwide in 57 countries, and its products are sold in over
130 countries. Please visit www.covidien.com to learn more about our
business.
CONFERENCE CALL AND WEBCAST
The Company will hold a conference call for investors today,
beginning at 8:30 a.m. ET. This call can be accessed three ways:
-- Web - Go to Covidien's website at www.covidien.com. A replay
of the call will be available through August 12 at the same
website.
-- Telephone - The dial-in number for participants in the United
States is (866)-578-5771. For participants outside the United
States, the dial-in number is (617)-213-8055. The access code
for both numbers is 29184514.
-- Audio replay - The conference call will be available for
replay, beginning at 10:30 a.m. ET on August 5, 2008, and
ending at 11:59 p.m. on August 12, 2008. The dial-in number
for participants in the United States is (888)-286-8010. For
participants outside the United States, the replay dial-in
number is (617)-801-6888. The replay access code for all
callers is 23070456.
NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted
operating income, adjusted earnings per share and adjusted operating
margin, that are considered "non-GAAP" financial measures under
applicable Securities & Exchange Commission rules and regulations.
These non-GAAP financial measures should be considered supplemental to
and not a substitute for financial information prepared in accordance
with generally accepted accounting principles. The Company's
definition of these non-GAAP measures may differ from similarly titled
measures used by others.
The non-GAAP financial measures used in this press release adjust
for specified items that can be highly variable or difficult to
predict. The Company generally uses these non-GAAP financial measures
to facilitate management's financial and operational decision-making,
including evaluation of Covidien's historical operating results,
comparison to competitors' operating results and determination of
management incentive compensation. These non-GAAP financial measures
reflect an additional way of viewing aspects of the Company's
operations that, when viewed with GAAP results and the reconciliations
to corresponding GAAP financial measures, may provide a more complete
understanding of factors and trends affecting Covidien's business.
Because non-GAAP financial measures exclude the effect of items
that will increase or decrease the Company's reported results of
operations, management strongly encourages investors to review the
Company's consolidated financial statements and publicly filed reports
in their entirety. A reconciliation of the non-GAAP financial measures
to the most directly comparable GAAP financial measures is included in
the tables accompanying this release.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements as
that term is defined in the Private Securities Litigation Reform Act
of 1995. Any forward-looking statements contained herein are based on
our management's current beliefs and expectations, but are subject to
a number of risks, uncertainties and changes in circumstances, which
may cause actual results or Company actions to differ materially from
what is expressed or implied by these statements. The factors that
could cause actual future results to differ materially from current
expectations include, but are not limited to, our ability to
effectively introduce and market new products or keep pace with
advances in technology, the reimbursement practices of a small number
of large public and private insurers, cost-containment efforts of
customers, purchasing groups, third-party payers and governmental
organizations, intellectual property rights disputes, complex and
costly regulation, including healthcare fraud and abuse regulations,
manufacturing or supply chain problems or disruptions, recalls or
safety alerts and negative publicity relating to Covidien or its
products, product liability losses and other litigation liability,
divestitures of some of our businesses or product lines, our ability
to execute strategic acquisitions of, investments in or alliances with
other companies and businesses, competition, risks associated with
doing business outside of the United States, foreign currency exchange
rates, potential environmental liabilities or increased costs after
the separation from Tyco International or as a result of the
separation. These and other factors are identified and described in
more detail in our filings with the SEC. We disclaim any obligation to
update these forward-looking statements other than as required by law.
Covidien Ltd.
Consolidated and Combined Statements of Operations
Quarters Ended June 27, 2008 and June 29, 2007
(in millions, except per share data)
Quarter Ended Percent of Quarter Ended Percent of
June 27, 2008 Net Sales June 29, 2007 Net Sales
------------- ----------- ------------- -----------
Net sales $ 2,595 100.0% $ 2,269 100.0%
Cost of products
sold 1,202 46.3 1,085 47.8
------------- -------------
Gross profit 1,393 53.7 1,184 52.2
Selling, general
and
administrative
expenses 745 28.7 639 28.2
Research and
development
expenses 85 3.3 64 2.8
In-process
research and
development
charges 10 0.4 30 1.3
Restructuring and
related
impairment
charges 4 0.2 5 0.2
Class action and
shareholder
settlement, net
of insurance
recoveries 4 0.2 1,207 53.2
------------- -------------
Operating income
(loss) 545 21.0 (761) (33.5)
Interest expense 48 1.8 46 2.0
Interest income (10) (0.4) (8) (0.4)
Other (income)
expense, net (13) (0.5) 156 6.9
------------- -------------
Income (loss)
from continuing
operations
before income
taxes 520 20.0 (955) (42.1)
Income taxes 189 7.3 180 7.9
------------- -------------
Income (loss)
from continuing
operations 331 12.8 (1,135) (50.0)
Loss (income) from
discontinued
operations, net
of income taxes 62 2.4 (27) (1.2)
------------- -------------
Net income
(loss) $ 269 10.4 $ (1,108) (48.8)
============= =============
Basic earnings per
share:
Income (loss)
from continuing
operations $ 0.66 $ (2.29)
Loss (income)
from
discontinued
operations 0.12 (0.06)
Net income
(loss) 0.54 (2.23)
Diluted earnings
per share:
Income (loss)
from continuing
operations $ 0.65 $ (2.29)
Loss (income)
from
discontinued
operations 0.12 (0.06)
Net income
(loss) 0.53 (2.23)
Weighted-average
number of shares
outstanding: (1)
Basic 500 497
Diluted 505 497
(1) For the quarter ended June 29, 2007, the common shares outstanding
immediately following the Separation were used to calculate basic and
diluted earnings per share because no common shares, share options or
restricted shares of Covidien were outstanding on or before June 29,
2007.
Covidien Ltd.
Non-GAAP Reconciliations
Quarters Ended June 27, 2008 and June 29, 2007
(dollars in millions, except per share data)
Quarter Ended June 27, 2008
---------------------------------------------
Income from Diluted
continuing earnings
operations per share
before Income from from
Operating income continuing continuing
income taxes operations operations
--------- ----------- ----------- -----------
GAAP $ 545 $ 520 $ 331 $ 0.65
Adjustments:
In-process research
and development
charges (1) 10 10 10 0.02
Restructuring and
related impairment
charges (2) 4 4 3 0.01
Shareholder
settlement, net of
insurance recoveries
(3) 4 4 4 0.01
Impact of tax sharing
agreement (4) - (9) (9) (0.02)
Tax matters (5) - - 27 0.05
--------- ----------- -----------
As adjusted $ 563 $ 529 $ 366 0.72
========= =========== ===========
------------------------
(1) Write-off of in-process research and development relates to small
acquisitions by our Medical Devices and Imaging Solutions segments.
(2) Primarily relates to restructuring charges within our Medical
Devices segment.
(3) Represents our portion of Tyco International's legal settlement
with certain shareholders, net of our portion of insurance
recoveries.
(4) Represents the non-interest portion of the impact of our tax
sharing agreement with Tyco International and Tyco Electronics.
(5) Primarily consists of adjustments to legacy income tax
liabilities.
Quarter Ended June 29, 2007
---------------------------------------------
(Loss) Diluted
income (loss)
from earnings
continuing (Loss) per share
operations income from
Operating before from continuing
(loss) income continuing operations
income taxes operations
---------------------------------------------
GAAP $ (761) $ (955) $ (1,135) $ (2.29)
Adjustments:
In-process research
and development
charges(1) 30 30 22 0.04
Class action
settlement, net of
insurance recovery
(2) 1,207 1,207 1,207 2.43
Restructuring charges
(3) 5 5 3 0.01
Loss on early
extinguishment of
debt (4) - 155 152 0.31
Tax matters (5) - - 68 0.14
--------- ----------- -----------
As adjusted $ 481 $ 442 $ 317 0.64
========= =========== ===========
------------------------
(1) Write-off of in-process research and development in connection
with the acquisition of Sorbx, LLC. by our Medical Devices segment.
(2) Represents our portion of Tyco International's class action
settlement, net of our portion of the related insurance recovery.
(3) Primarily related to our Medical Devices segment.
(4) Primarily consists of our portion of Tyco International's loss on
early extinguishment of debt.
(5) Primarily consists of adjustments to legacy income tax
liabilities.
Covidien Ltd.
Segment and Geographical Sales
Quarters Ended June 27, 2008 and June 29, 2007
(dollars in millions)
Quarters Ended
-----------------
Percent
June 27, June 29, Percent change Operational
2008 2007 change currency growth
-------- -------- ------- ---------- ------------
Medical Devices (1)
United States $ 751 $ 695 8% -% 8%
Non-U.S. 1,030 854 21 14 7
-------- --------
$ 1,781 $ 1,549 15 7 8
Imaging Solutions
(1)
United States $ 183 $ 167 10% -% 10%
Non-U.S. 136 104 31 14 17
-------- --------
$ 319 $ 271 18 5 13
Pharmaceutical
Products (1)
United States $ 230 $ 207 11% -% 11%
Non-U.S. 27 21 29 5 24
-------- --------
$ 257 $ 228 13 1 12
Medical Supplies (1)
United States $ 238 $ 221 8% -% 8%
Non-U.S. - - - - -
-------- --------
$ 238 $ 221 8 - 8
Covidien Ltd. (1)
United States $ 1,402 $ 1,290 9% -% 9%
Non-U.S. 1,193 979 22 13 9
-------- --------
$ 2,595 $ 2,269 14 5 9
--------------------
(1) Sales to external customers are reflected in the regions based on
the location of the sales force executing the transaction.
Covidien Ltd.
Select Product Line Sales
Quarters Ended June 27, 2008 and June 29, 2007
(dollars in millions)
Quarters Ended
-----------------
Percent
June 27, June 29, Percent change Operational
2008 2007 change currency growth
-------- -------- -------- ---------- ------------
Medical Devices
Endomechanical (1) $ 579 $ 480 21% 9% 12%
Soft Tissue Repair
(2) 156 129 21 9 12
Energy (3) 213 165 29 7 22
Oximetry and
Monitoring (4) 161 152 6 5 1
Airway and
Ventilation (5) 204 196 4 8 (4)
Vascular (6) 138 124 11 6 5
SharpSafety (7) 116 117 (1) 2 (3)
Clinical Care (8) 104 94 11 7 4
Imaging Solutions
Radio-
pharmaceuticals
(9) $ 147 $ 123 20% 5% 15%
Contrast (10) 172 148 16 6 10
----------------------------
(1) Endomechanical includes our laparoscopic instruments and surgical
staplers.
(2) Soft Tissue Repair includes our suture products, mesh products and
biosurgery products.
(3) Energy includes our vessel sealing products, electrosurgical
products, ablation products and related capital equipment.
(4) Oximetry and Monitoring includes our sensors and monitors products
and our temperature management products.
(5) Airway and Ventilation includes our airway products, ventilator
products, breathing systems, sleep products and inhalation therapy
products.
(6) Vascular includes our compression products and vascular therapy
products.
(7) SharpSafety includes our needles and syringes products and our
sharps disposable products.
(8) Clinical Care includes our urology products, enteral feeding
products and other advanced wound care products.
(9) Radiopharmaceuticals includes our radioactive isotopes and
associated pharmaceutical products used for the diagnosis and
treatment of disease.
(10) Contrast includes our contrast delivery systems and contrast
agents.
Covidien Ltd.
Consolidated and Combined Statements of Operations
Nine Months Ended June 27, 2008 and June 29, 2007
(in millions, except per share data)
Nine Months Nine Months
Ended Percent of Ended Percent of
June 27, Net Sales June 29, Net Sales
2008 2007
----------- ----------- ----------- -----------
Net sales $ 7,337 100.0% $ 6,597 100.0%
Cost of products sold 3,434 46.8 3,166 48.0
----------- -----------
Gross profit 3,903 53.2 3,431 52.0
Selling, general and
administrative
expenses 2,130 29.0 1,775 26.9
Research and
development expenses 238 3.2 187 2.8
In-process research
and development
charges 22 0.3 38 0.6
Restructuring and
related impairment
charges 73 1.0 25 0.4
Class action and
shareholder
settlements, net of
insurance recoveries 35 0.5 1,207 18.3
----------- -----------
Operating income 1,405 19.1 199 3.0
Interest expense 164 2.2 125 1.9
Interest income (30) (0.4) (27) (0.4)
Other (income)
expense, net (196) (2.7) 150 2.3
----------- -----------
Income (loss) from
continuing
operations before
income taxes 1,467 20.0 (49) (0.7)
Income taxes 442 6.0 377 5.7
----------- -----------
Income (loss) from
continuing
operations 1,025 14.0 (426) (6.5)
Loss (income) from
discontinued
operations, net of
income taxes 73 1.0 (50) (0.8)
----------- -----------
Net income (loss) $ 952 13.0 $ (376) (5.7)
=========== ===========
Basic earnings per
share:
Income (loss) from
continuing
operations $ 2.05 $ (0.86)
Loss (income) from
discontinued
operations 0.15 (0.10)
Net income (loss) 1.91 (0.76)
Diluted earnings per
share:
Income (loss) from
continuing
operations $ 2.03 $ (0.86)
Loss (income) from
discontinued
operations 0.14 (0.10)
Net income (loss) 1.89 (0.76)
Weighted-average
number of shares
outstanding: (1)
Basic 499 497
Diluted 504 497
(1) For the nine months ended June 29, 2007, the common shares
outstanding immediately following the Separation were used to
calculate basic and diluted earnings per share because no common
shares, share options or restricted shares of Covidien were
outstanding on or before June 29, 2007.
Covidien Ltd.
Non-GAAP Reconciliations
Nine Months Ended June 27, 2008 and June 29, 2007
(dollars in millions, except per share data)
Nine Months Ended June 27, 2008
---------------------------------------------
Income from Diluted
continuing earnings
operations per share
before Income from from
Operating income continuing continuing
income taxes operations operations
--------- ----------- ----------- -----------
GAAP $ 1,405 $ 1,467 $ 1,025 $ 2.03
Adjustments:
In-process research and
development charges
(1) 22 22 22 0.04
Restructuring and
related impairment
charges (2) 73 73 59 0.12
Shareholder
settlements, net of
insurance recoveries
(3) 35 35 35 0.07
Impact of tax sharing
agreement (4) - (181) (181) (0.36)
Tax matters (5) - - 32 0.06
--------- ----------- -----------
As adjusted $ 1,535 $ 1,416 $ 992 1.97
========= =========== ===========
-------------------------
(1) Write-off of in-process research and development primarily relates
to acquisitions by our Medical Devices segment.
(2) Consists of restructuring charges of $55 million and related
impairment charges of $17 million primarily related to our Medical
Devices segment.
(3) Represents our portion of Tyco International's legal settlements
with certain shareholders, net of our portion of insurance
recoveries.
(4) Represents the non-interest portion of the impact of our tax
sharing agreement with Tyco International and Tyco Electronics
primarily resulting from the adoption of FIN 48.
(5) Primarily consists of adjustments to legacy income tax
liabilities.
Nine Months Ended June 29, 2007
---------------------------------------------
(Loss) Diluted
income (loss)
from earnings
continuing (Loss) per share
operations income from
before from continuing
Operating income continuing operations
income taxes operations
--------- ----------- ----------- -----------
GAAP $ 199 $ (49) $ (426) $ (0.86)
Adjustments:
In-process research and
development charges
(1) 38 38 30 0.06
Class action
settlement, net of
insurance recovery (2) 1,207 1,207 1,207 2.43
Restructuring charges
(3) 25 25 16 0.03
Loss on early
extinguishment of debt
(4) - 155 152 0.31
Tax matters (5) - - 21 0.04
--------- ----------- -----------
As adjusted $ 1,469 $ 1,376 $ 1,000 2.01
========= =========== ===========
-------------------------
(1) Write-off of in-process research and development in connection
with the acquisition of Sorbx, LLC. by our Medical Devices segment.
(2) Class action settlement charge represents our portion of Tyco
International's class action settlement, net of our portion of the
related insurance recovery.
(3) Primarily related to our Medical Devices segment.
(4) Primarily consists of our portion of Tyco International's loss on
early extinguishment of debt.
(5) Primarily consists of adjustments to legacy income tax
liabilities.
Covidien Ltd.
Segment and Geographical Sales
Nine Months Ended June 27, 2008 and June 29, 2007
(dollars in millions)
Nine Months Ended
-----------------
June 27, June 29, Percent Percent Operational
2008 2007 change change growth
currency
-------- -------- -------- ---------- ------------
Medical Devices (1)
United States $2,140 $2,017 6% -% 6%
Non-U.S. 2,891 2,438 19 13 6
-------- --------
$5,031 $4,455 13 7 6
Imaging Solutions
(1)
United States $ 544 $ 491 11% -% 11%
Non-U.S. 370 295 25 12 13
-------- --------
$ 914 $ 786 16 4 12
Pharmaceutical
Products (1)
United States $ 644 $ 634 2% -% 2%
Non-U.S. 73 58 26 5 21
-------- --------
$ 717 $ 692 4 1 3
Medical Supplies
(1)
United States $ 675 $ 664 2% -% 2%
Non-U.S. - - - - -
-------- --------
$ 675 $ 664 2 - 2
Covidien Ltd. (1)
United States $4,003 $3,806 5% -% 5%
Non-U.S. 3,334 2,791 19 12 7
-------- --------
$7,337 $6,597 11 5 6
-------------------
(1) Sales to external customers are reflected in the regions based on
the location of the sales force executing the transaction.
Covidien Ltd.
Select Product Line Sales
Nine Months Ended June 27, 2008 and June 29, 2007
(dollars in millions)
Nine Months Ended
-----------------
June 27, June 29, Percent Percent Operational
2008 2007 change change growth
currency
-------- -------- -------- ---------- ------------
Medical Devices
Endomechanical (1) $1,597 $1,379 16% 8% 8 %
Soft Tissue Repair
(2) 426 366 16 8 8
Energy (3) 592 467 27 7 20
Oximetry and
Monitoring (4) 478 447 7 5 2
Airway and
Ventilation (5) 597 564 6 8 (2)
Vascular (6) 395 355 11 5 6
SharpSafety (7) 345 342 1 2 (1)
Clinical Care (8) 304 275 11 6 5
Imaging Solutions
Radio-
pharmaceuticals
(9) $ 423 $ 360 18% 4% 14 %
Contrast (10) 491 426 15 5 10
----------------------------
(1) Endomechanical includes our laparoscopic instruments and surgical
staplers.
(2) Soft Tissue Repair includes our suture products, mesh products and
biosurgery products.
(3) Energy includes our vessel sealing products, electrosurgical
products, ablation products and related capital equipment.
(4) Oximetry and Monitoring includes our sensors and monitors products
and our temperature management products.
(5) Airway and Ventilation includes our airway products, ventilator
products, breathing systems, sleep products and inhalation therapy
products.
(6) Vascular includes our compression products and vascular therapy
products.
(7) SharpSafety includes our needles and syringes products and our
sharps disposable products.
(8) Clinical Care includes our urology products, enteral feeding
products and other advanced wound care products.
(9) Radiopharmaceuticals includes our radioactive isotopes and
associated pharmaceutical products used for the diagnosis and
treatment of disease.
(10) Contrast includes our contrast delivery systems and contrast
agents.
--30--
CONTACT: Covidien Ltd.
Eric Kraus, 508-261-8305
Senior Vice President
Corporate Communications
eric.kraus@covidien.com
or
Coleman Lannum, CFA, 508-452-4343
Vice President
Investor Relations
cole.lannum@covidien.com
or
Bruce Farmer, 508-452-4372
Vice President
Public Relations
bruce.farmer@covidien.com
or
Wayde McMillan, 508-452-4387
Director
Investor Relations
wayde.mcmillan@covidien.com
Disclaimer: Deze bekendmaking is officieel geldend in de originele
brontaal. Vertalingen zijn slechts als leeshulp bedoeld en moeten
worden vergeleken met de tekst in de brontaal welke als enige,
juridische geldigheid beoogt.