Covidien plc (COV) is engaged in developing, manufacturing, and selling healthcare products for use in clinical and home settings. Its wide array of product suite includes advanced and general surgical solutions, vascular therapy products, patient monitoring devices, and airway as well as ventilation products.
Currently, Covidien has a Zacks Rank #3 (Hold) but that could change following its first-quarter fiscal 2015 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: The Zacks Consensus Estimate remained steady at $1.04 per share over the last 7 days. Covidien’s adjusted earnings per share of $1.11 beat the estimate by nearly 7% (7 cents) and the year-ago earnings by 11%.
Sales: Covidien’s sales increased 1.8% on a year-over-year basis to $2.69 billion, which missed the Zacks Consensus Estimate of $2.72 billion.
Key Stats: Surgical Solutions sales increased 4% on a year-over-year basis, primarily on the back of robust performance from Advanced Surgical division. Vascular Therapies sales climbed up 1%, while Respiratory and Patient Care sales decreased by the same magnitude on a year-over-year basis.
Major Factors: Medical devices maker, Medtronic Inc. (MDT), has agreed to buy Covidien. This has actually prevented management from issuing any guidance.
Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session.
Check back later for our full write up on this Covidien earnings report later!
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