Covidien Plc. (NYSE:COV) will likely beef up its overseas workforce, CEO Joe Almeida told attendees at a Boston meeting of medical device executives today.
"Slightly less than half of our revenues come from outside the U.S., so we need more people in places like the UK and Singapore," Almeida said.
Almeida insisted that the jobs overseas were not taking away from jobs domestically, saying "It’s not about fewer workers here, it’s about more workers overseas."
The news comes on the heels of the Mansfield, Mass.-based health product maker’s Q3 earnings report, where the company announced a 47 percent boost in profits as well as unspecified layoffs tied to ongoing efforts at restructuring. Covidien, which ranked 9th on the MassDevice Big 100 list of the world’s largest medical device companies, estimated that it would save between $175 million and $225 million per year by 2014.
"We need to do more with the right people in the right places," he said, adding that he doesn’t expect any layoffs at the company’s Massachusetts headquarters this year.
The medical device giant recently announced positive results of its Pipeline embolization coil, which proved safe and effective in a 108 patient study of large and giant, wide-neck aneurysms, according to a press release. The device disrupts the flow of blood from an artery into an aneurysm, and then forms a scaffold for endothelial cells to grow on.
Covidien had even more good news this week, touting FDA approval for its morphine sulfate pain drug.