Covidien (NYSE:COV) re-stated its financial results for the fiscal 3rd quarter ended March 29, in anticipation of the planned spinout of its Mallinckrodt pharmaceuticals business next month.
Covidien said the new numbers reflect the pharma unit as a discontinued operation, with COV shareholders slated to receive a tax-free distribution, according to a regulatory filing.
The Mansfield, Mass.-based medical device company previously reported profits of $439 million, or 92¢ per share, on sales of $3.10 billion for the 3 months ended March 29. Profits were down 11.7% compared with Q2 2012, despite sales growth 5.3%.
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Covidien said its Q2 books now reflect profits of $439 million, or 93¢ per share, on sales of $2.53 billion, according to the filing.
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