Covidien plc (NYSE:COV) restated its financial results for the past two quarters after it re-classified its specialty chemicals business, sold to New Mountain Capital LLC last month, as a discontinued operation.
The Mansfield, Mass.-based medical products conglomerate had posted first-quarter sales of $2.75 billion during the three months ended Dec. 25, 2009. But after deducting $105 million in discontinued sales, the company is reporting Q1 sales of $2.64 billion, down 3.8 percent.