Mansfield, Mass.-based Covidien posted profits of $511 million, or $1.12 per share, on sales of $2.69 billion for the 3 months ended Dec. 26, 2014. That’s a 28.4% bottom-line gain on sales growth of 1.8% compared with the same period in 2013.
Adjusted to exclude 1-time items, earnings were $1.11 per share, 6¢ ahead of analysts’ expectations.
"We continued to perform strongly during the quarter, driven by considerable growth in surgical solutions, our largest product category, as well as important new offerings and a sustained focus on productivity improvement," chairman, president & CEO José Almeida said in prepared remarks. "We expect to maintain this solid performance as we continue to invest in and execute our global strategy."
Covidien said sales for its medical devices segment were $2.28 billion, up 1%; sales for Covidien’s medical supplies segment grew 5%, according to a press release.
Shareholders from both Medtronic and Covidien approved the merger earlier this month, leaving only the Irish High Court’s approval before the deal can close. That’s expected after the High Court’s final hearing Jan. 26.