2012 revenue (fiscal year): $9.85 billion
2011 revenue (fiscal year): $9.6 billion
Year in review: Foreign exchange rates, pricing pressure in some device segments and at least one product recall prevented what was a solid revenue year for the company's device business from becoming a stellar one. In particular, those factors converged to hammer down the company's 2012 fourth-quarter numbers a bit lower than compared to the same period in 2011. New product rollouts prevented worse numbers, but Covidien ($COV) also pursued cutbacks during the year, with plans to eliminate nearly 600 jobs by shuttering a plant in South Carolina. Covidien, like many device companies, also spent much of 2012 building up its presence in China. Late in the year, the company opened a new $45 million, 100,000-square-foot R&D center in Shanghai. For Covidien, 2013 will be a year of change, as the company pursues its own plans, like Abbott, to spin off its pharmaceuticals business.
Pricing pressures, foreign exchange rates dampen Covidien's Q4
Covidien unveils $45M Chinese R&D center