Double-digit sales gains in its medical devices and imaging divisions helped drive a 10% increase in second-quarter net sales for Covidien.
For the period (end-March 31), the Hamilton, Bermuda-based firm had net sales of $2.4 billion, up from $2.2 billion a year ago. Covidien had a net income of $263 million, compared with a net income of $394 million last year. Operating income was hurt by restructuring and asset impairment charges, as well as charges for Covidien's portion of a Tyco International shareholder settlement.
Covidien's imaging division recorded sales of $595 million, up 16% compared with the $515 million posted last year. Favorable foreign exchange contributed five percentage points to the sales increase, Covidien said.
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