Medical device company Covidien increases its guidance for 2013 on above-market growth in its medical device sales and a rosy outlook on emerging markets.
Medtech titan Covidien (NYSE:COV) gained some points on Wall Street after raising its 2013 sales outlook on the strength of its 1st quarter results and an optimistic outlook on the company's emerging market potential.
"We're off to a very good start in fiscal 2013, with 1st-quarter results exceeding our expectations," chairman, president & CEO José Almeida said in prepared remarks. "As a result of our strong performance in the 1st quarter, coupled with the recent U.S. FDA approval of generic Concerta extended-release tablets, we are raising our revenue guidance for fiscal 2013."
COV shares rose jumped briefly this morning after the company announced new 2013 guidance, projecting growth in the range of 5%-8%, up from previous projections in the range of 3%-6%. COV shares traded at $63.76 early in the day, a 3.4% spike from last night's close of $61.67, but shares had settled back down by midday.
Dublin-based Covidien, which has U.S. headquarters in Massachusetts, reported $493 million in profit, or $1.03 per diluted share, for the 3 months ended December 28, representing a 0.2% slide from the $494 million in earnings, or $1.02 per share, reported for the same period in 2011.
Covidien's sales rose 5.5% to $3.06 billion during the quarter, with the company's medical device sales growing 8%, mostly outside the U.S.
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