Location: Dublin, Ireland/Mansfield, Mass.
CEO: Richard Meelia
Sales: $7.81 billion
Covidien, formerly Tyco Healthcare, was spun off from Tyco International in June 2007. Covidien boasts a competitive medical devices business, which is expected to grow by 10 percent to 13 percent next year. Indeed, the device segment saw sales of $1.63 billion in the third quarter--6 percent above the $1.54 billion in the comparable quarter of last year, according to a company statement.
"Although top-line performance, particularly in Pharmaceuticals, did not meet our expectations, our largest business segment, Medical Devices, posted another good quarter, led by strong growth for Oximetry & Monitoring, Vascular and Energy products," says company CEO Richard Meelia.
Covidien's top device products include endomechanical instruments, soft tissue repair products and energy devices. As Zachs points out, its key business faces competition from Johnson & Johnson, Becton Dickinson and C.R. Bard. The report also points out that the acquisition of endovascular devices maker ev3 in July has bolstered its foothold in the peripheral vascular and neurovascular markets.
Covidien will report Q4 results before trading begins on Nov. 9 at 8:30 a.m. ET.