The Pipeline stroke-treatment device Covidien plc (NYSE:COV) acquired with its $2.6 billion acquisition of ev3 Inc. is gaining share in markets across the globe, CEO Jose Almeida told analysts this morning.
Covidien’s acquisition of ev3 is paying off around the world and is expected to do "slightly better" than originally thought, Almeida told investors at the JP Morgan health care conference in San Francisco today.
The Pipeline device, which is used to treat strokes, has seen "a tremendous amount of proliferation across the globe," Almeida said.
"It’s doing a great job of pulling coil business into our basket," he said, referring to the coil emboli action devices used with the Pipeline device. "This product is taking off across the globe, China, everywhere."
Mansfield, Mass.-based Covidien picked up ev3 in the summer of 2010, paying $2.6 billion in cash for the stent, catheter and balloon maker.
Pipeline isn’t the only stroke treatment Covidien has in its portfolio. The company submitted a 510(k) for the Solitaire blood-clot retrieving device, Almeida said. Results from the Solitaire FR With the Intention For Thrombectomy (SWIFT) trial are slated to be released in February at the International Stroke Conference in New Orleans , he said.