Healthcare technology firm Covidien of Dublin, Ireland, posted modest gains in the third quarter of fiscal 2010 (end-June 30).
Third-quarter net sales increased 2% to $2.56 billion, compared with $2.52 billion in the third quarter of fiscal year 2009. Covidien noted that foreign exchange rates had no effect on the quarterly sales growth rate. Net income rose 29% to $364 million, compared with $281 million in the same quarter of fiscal 2009.
For the first nine months of fiscal year 2010, net sales advanced 1% to $7.76 billion, compared with $7.67 billion in the same period of fiscal 2009. Changes in foreign exchange rates increased the sales growth rate by approximately 3%. Net income advanced 39% to $1.19 billion, compared with $851 million in the same period a year ago.
In Covidien's Pharmaceuticals business segment, new products did not offset lower sales of existing products. Sales slipped 6% to $507 million in the third quarter of fiscal 2010, compared with $539 million in the third quarter of fiscal 2009.
For the nine-month period, Pharmaceuticals posted sales of $1.53 billion, a decrease of 21% from $1.92 billion in the same period of fiscal 2009.
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