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News Release

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Covidien Reports Third-Quarter 2010 Results
  • Net sales up 2%; Medical Devices sales up 6%
  • Diluted GAAP earnings per share from continuing operations were $0.70; excluding specified items, adjusted diluted earnings per share from continuing operations were $0.85, up 15%


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DUBLIN, Jul 29, 2010 (BUSINESS WIRE) --

Covidien plc (NYSE: COV) today reported results for the third quarter of fiscal 2010 (April - June 2010). Third-quarter net sales of $2.56 billion increased 2% from the $2.52 billion reported a year ago, with foreign exchange rate movement having no impact on the quarterly sales growth rate.

Third-quarter 2010 gross margin of 55.6% rose 1.2 percentage points from the 54.4% of the prior-year period. This improvement reflected positive mix in the Medical Devices segment, benefits from our restructuring program and favorable foreign exchange.

Selling, general and administrative expenses for the third quarter of 2010 were slightly higher than those of the comparable quarter of the year before. Research and Development (R&D) expense in the third quarter represented 4.3% of net sales, versus 5.2% of sales in the year ago period. Third-quarter 2009 R&D expense included $30 million in licensing fees related to two transactions in the Pharmaceuticals segment.

In the third quarter of 2010, the Company reported operating income of $539 million, versus $441 million in the same period the year before. Third-quarter 2010 adjusted operating income, excluding the specified items shown on the attached quarterly Non-GAAP reconciliations table, was $569 million, compared with $535 million in the previous year. Third-quarter 2010 adjusted operating income, excluding the specified items, represented 22.2% of sales, versus 21.3% a year ago.

The third-quarter 2010 effective tax rate was 31.3%, versus 33.9% in the third quarter of 2009. The third-quarter 2010 adjusted tax rate, excluding specified items, was 20.5% versus 25.6% in the prior year.

Diluted GAAP earnings per share from continuing operations were $0.70 in the third quarter of 2010, versus $0.54 per share in the comparable quarter last year. Third-quarter adjusted diluted earnings per share, excluding specified items, were $0.85, versus $0.74 a year ago, a 15% advance.

For the first nine months of 2010, net sales of $7.76 billion were 1% above the $7.67 billion in the comparable period of the prior year, with favorable foreign exchange increasing the sales growth rate by approximately 3 percentage points. On an adjusted basis, excluding sales of oxycodone hydrochloride extended-release tablets (Oxy ER) from the 2009 base, net sales were 6% higher than those of the prior year. Favorable foreign exchange increased the sales growth rate by approximately 3 percentage points.

The Company reported operating income of $1.62 billion in the first nine months of 2010, versus $1.50 billion in the comparable period a year earlier. Nine-month 2010 adjusted operating income, excluding the specified items shown on the attached nine-month Non-GAAP reconciliations table, was $1.71 billion, versus $1.50 billion in the previous year, a gain of 14%. Nine-month 2010 adjusted operating income, excluding the specified items and Oxy ER, represented 22.1% of sales, versus 20.5% the year before.

The effective tax rate was 24.0% for the first nine months of 2010. Excluding the specified items, the adjusted tax rate for this period was 20.8%.

For the first nine months of 2010, diluted GAAP earnings per share from continuing operations were $2.33, versus $1.62 for the first nine months of 2009. Excluding the specified items and Oxy ER, adjusted diluted earnings per share from continuing operations were $2.54, versus $2.07 a year ago, a 23% increase.

"We again delivered significant improvement in our quarterly gross and operating margins, while making the incremental investments needed to accelerate our growth. We are pleased with this continued upward trend in margin improvement," said Richard J. Meelia, Chairman, President and CEO. "Although top-line performance, particularly in Pharmaceuticals, did not meet our expectations, our largest business segment, Medical Devices, posted another good quarter, led by strong growth for Oximetry & Monitoring, Vascular and Energy products.

"Since the quarter ended, we have completed two significant acquisitions, ev3 and Somanetics. Both are excellent additions to our product portfolio and we are now integrating them into our operations. During the quarter, we launched two major Pharmaceutical products, PENNSAID(R) and EXALGO(TM), both of which are doing well in the marketplace. By the end of the fiscal year, we expect to complete the next step in reshaping our portfolio by concluding the sale of the Specialty Chemicals business. We remain confident that we have the portfolio, products and programs required to deliver strong operational results, aided by our substantial cash flow," Mr. Meelia said.

BUSINESS SEGMENT RESULTS

Medical Devices sales of $1.63 billion in the third quarter were 6% above the $1.54 billion in the comparable quarter of last year. Operational growth was 5%, reflecting new products and increased volume. Operationally, sales in Endomechanical advanced, driven by higher sales of stapling products. In Soft Tissue Repair, sales of mesh and biosurgery products increased, though at a slower rate than in past quarters. The Energy double-digit quarterly sales gain was again due to a sharp rise in sales of vessel sealing products. Sales of capital-related hardware products also increased off the depressed base of a year ago. In the Oximetry & Monitoring product line, sales gains were aided by the Aspect acquisition. In Airway & Ventilation, sales were below those of a year ago, primarily due to lower sales of sleep products following the divestiture of the diagnostics product line. Vascular sales climbed at a strong double-digit pace, due to the addition of VNUS and Bacchus products and higher sales of compression products.

For the first nine months, Medical Devices sales rose 11% to $4.94 billion from $4.43 billion in the comparable period of the prior year. Favorable foreign exchange contributed approximately 4 percentage points to the increase.

Pharmaceuticals sales of $507 million in the third quarter were down 6% from last year's third-quarter sales of $539 million. Sales of Specialty Pharmaceuticals were below those of the prior year, as new products did not offset lower sales of existing products. Generic products posted sharply decreased sales versus last year, primarily due to increased competitive activity, which is driving lower pricing, coupled with distributor inventory contraction. In branded pharmaceuticals, sales of the newly launched EXALGO and PENNSAID products more than offset a significant decline for Restoril and Tofranil, reflecting competition from generics. Operationally, quarterly sales of Active Pharmaceutical Ingredients and Contrast Products declined somewhat from those of the year before. Sales of Radiopharmaceuticals were also below those of a year ago, largely reflecting the sale of the U.S. nuclear pharmacy business during the quarter.

Sales of $1.53 billion in the first nine months decreased 21% from last year's $1.92 billion, which included $354 million of Oxy ER sales. Excluding Oxy ER from the 2009 base, Pharmaceuticals sales declined 3% in the first nine months.

Medical Supplies third-quarter sales of $427 million were 3% below the $439 million reported in the comparable quarter of the previous year. The decrease was largely due to lower sales of SharpSafety and Nursing Care products. For the first nine months, sales of Medical Supplies, at $1.29 billion, were 2% below last year's $1.32 billion.

In the third quarter of 2010, Covidien purchased approximately 520,000 ordinary shares under its previously announced share buyback program.

ABOUT COVIDIEN

Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Medical Supplies. With 2009 revenue of $10.3 billion, Covidien has 42,000 employees worldwide in more than 60 countries, and its products are sold in over 140 countries. Please visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.covidien.com&esheet=6374241&lan=en-US&anchor=www.covidien.com&index=1&md5=b8803eeae3e57a90dfc53c5db2d9fd1a to learn more about our business.

CONFERENCE CALL AND WEBCAST

The Company will hold a conference call for investors today, beginning at 8:30 a.m. ET. This call can be accessed three ways:

NON-GAAP FINANCIAL MEASURES

This press release contains financial measures, including operational growth, adjusted net sales, adjusted operating income, adjusted earnings per share and adjusted operating margin, which are considered "non-GAAP" financial measures under applicable Securities & Exchange Commission rules and regulations. These non-GAAP financial measures should be considered supplemental to and not a substitute for financial information prepared in accordance with generally accepted accounting principles. The Company's definition of these non-GAAP measures may differ from similarly titled measures used by others.

The non-GAAP financial measures used in this press release adjust for specified items that can be highly variable or difficult to predict. The Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of Covidien's historical operating results, comparison to competitors' operating results and determination of management incentive compensation. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting Covidien's business.

Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.

The Company excludes the one-time impact of Oxy ER from its fiscal 2009 net sales to give investors a better perspective on its base business operations. Sales of Oxy ER in 2009 were $354 million. Given the substantial but finite nature of Oxy ER sales, the Company believes that excluding the impact provides investors with a better understanding of its base business operations.

FORWARD-LOOKING STATEMENTS

Any statements contained in this communication that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on our management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or Company actions to differ materially from what is expressed or implied by these statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, our ability to effectively introduce and market new products or keep pace with advances in technology, the reimbursement practices of a small number of large public and private insurers, cost-containment efforts of customers, purchasing groups, third-party payors and governmental organizations, intellectual property rights disputes, complex and costly regulation, including healthcare fraud and abuse regulations, manufacturing or supply chain problems or disruptions, rising commodity costs, recalls or safety alerts and negative publicity relating to Covidien or its products, product liability losses and other litigation liability, including legacy Tyco-related litigation, divestitures of some of our businesses or product lines, our ability to execute strategic acquisitions of, investments in or alliances with other companies and businesses, competition, risks associated with doing business outside of the United States, foreign currency exchange rates or potential environmental liabilities. These and other factors are identified and described in more detail in our filings with the SEC. We disclaim any obligation to update these forward-looking statements other than as required by law.

Covidien plc
Consolidated Statements of Income
Quarters Ended June 25, 2010 and June 26, 2009
(dollars in millions, except per share data)
Quarter Ended Percent of Quarter Ended Percent of
June 25, 2010 Net Sales June 26, 2009 Net Sales
Net sales $ 2,564 100.0 % $ 2,516 100.0 %
Cost of goods sold 1,138 44.4 1,147 45.6
Gross profit 1,426 55.6 1,369 54.4
Selling, general and administrative expenses 753 29.4 734 29.2
Research and development expenses 109 4.3 130 5.2
Restructuring charges 25 1.0 5 0.2
In-process research and development charge - - 59 2.3
Operating income 539 21.0 441 17.5
Interest expense (54 ) (2.1 ) (43 ) (1.7 )
Interest income 6 0.2 8 0.3
Other income 21 0.8 7 0.3
Income from continuing operations before income taxes 512 20.0 413 16.4
Income tax expense 160 6.2 140 5.6
Income from continuing operations 352 13.7 273 10.9
Income from discontinued operations, net of income taxes 12 0.5 8 0.3
Net income $ 364 14.2 $ 281 11.2
Basic earnings per share:
Income from continuing operations $ 0.70 $ 0.54
Income from discontinued operations 0.02 0.02
Net income 0.73 0.56
Diluted earnings per share:
Income from continuing operations $ 0.70 $ 0.54
Income from discontinued operations 0.02 0.02
Net income 0.72 0.56
Weighted-average number of shares outstanding (in millions):
Basic 501 503
Diluted 504 505
Covidien plc
Non-GAAP Reconciliations
Quarters Ended June 25, 2010 and June 26, 2009
(dollars in millions, except per share data)
Quarter Ended June 25, 2010
Sales Gross profit

Gross margin
percent

Operating
income

Operating
margin percent

Income from
continuing
operations
before income
taxes

Income from
continuing
operations

Diluted earnings
per share from
continuing
operations

GAAP $ 2,564 $ 1,426 55.6 % $ 539 21.0 % $ 512 $ 352 $ 0.70
Adjustments:
Restructuring charges (1) - - 25 25 20 0.04
Transaction costs (2) - - 5 16 16 0.03
Impact of tax sharing agreement (3) - - - (16 ) (16 ) (0.03 )
Tax matters (4) - - - - 55 0.11
As adjusted $ 2,564 $ 1,426 55.6 $ 569 22.2 $ 537 $ 427 0.85
Quarter Ended June 26, 2009
Sales Gross profit

Gross margin
percent

Operating
income

Operating
margin percent

Income from
continuing
operations
before income
taxes

Income from
continuing
operations

Diluted earnings
per share from
continuing
operations

GAAP $ 2,516 $ 1,369 54.4 % $ 441 17.5 % $ 413 $ 273 $ 0.54
Adjustments:
Licensing fees (5) - - 30 30 19 0.04
Restructuring charges (1) - - 5 5 3 -
In-process research and development charge (6) - - 59 59 59 0.12
Impact of tax sharing agreement (3) - - - (3 ) (3 ) (0.01 )
Tax matters (7) - - - - 24 0.05
As adjusted $ 2,516 $ 1,369 54.4 $ 535 21.3 $ 504 $ 375 0.74
(1) Primarily relates to employee severance and benefits.
(2) Represents transaction costs associated with the acquisitions of ev3 Inc. and Somanetics Corporation, $11 million of which are included in interest expense.
(3) Represents the non-interest portion of the impact of our tax sharing agreement with Tyco International and Tyco Electronics included in other income.
(4) Primarily consists of adjustments to legacy income tax liabilities, a portion of which are not subject to the tax sharing agreement with Tyco International and Tyco Electronics.
(5) Consists of research and development expenses related to up front fees and milestone payments for licensing arrangements entered into by our Pharmaceuticals segment.
(6) Relates to the acquisition of VNUS Medical Technologies, Inc. by our Medical Devices segment.
(7) Primarily consists of withholding tax incurred on repatriated earnings and adjustments to legacy income tax liabilities.
Covidien plc
Segment and Geographical Sales
Quarters Ended June 25, 2010 and June 26, 2009
(dollars in millions)
Quarters Ended

June 25,
2010

June 26,
2009

Percent change

Currency
impact

Operational
growth (1)

Medical Devices
United States $ 685 $ 638 7 % - % 7 %
Non-U.S. 945 900 5 1 4
$ 1,630 $ 1,538 6 1 5
Pharmaceuticals
United States $ 352 $ 391 (10 ) % - % (10 ) %
Non-U.S. 155 148 5 - 5
$ 507 $ 539 (6 ) - (6 )
Medical Supplies
United States $ 376 $ 385 (2 ) % - % (2 ) %
Non-U.S. 51 54 (6 ) (4 ) (2 )
$ 427 $ 439 (3 ) (1 ) (2 )
Covidien plc
United States $ 1,413 $ 1,414 - % - % - %
Non-U.S. 1,151 1,102 4 - 4
$ 2,564 $ 2,516 2 - 2
(1) Operational growth is a non-GAAP financial measure, which measures the change in sales between periods using a constant currency exchange rate. See description of non-GAAP financial measures contained in this release.
Covidien plc
Select Product Line Sales
Quarters Ended June 25, 2010 and June 26, 2009
(dollars in millions)
Quarters Ended

June 25,
2010

June 26,
2009

Percent change

Currency
impact

Operational
growth (1)

Medical Devices
Endomechanical Instruments $ 533 $ 512 4 % - % 4 %
Soft Tissue Repair Products 209 209 - - -
Energy Devices 252 222 14 1 13
Oximetry & Monitoring Products 189 155 22 1 21
Airway & Ventilation Products 178 189 (6 ) - (6 )
Vascular Products 175 143 22 1 21
Pharmaceuticals
Specialty Pharmaceuticals $ 127 $ 138 (8 ) % - % (8 ) %
Active Pharmaceutical Ingredients 103 107 (4 ) (2 ) (2 )
Contrast Products 150 149 1 2 (1 )
Radiopharmaceuticals 127 145 (12 ) - (12 )
(1) Operational growth is a non-GAAP financial measure, which measures the change in sales between periods using a constant currency exchange rate. See description of non-GAAP financial measures contained in this release.
Covidien plc
Consolidated Statements of Income
Nine Months Ended June 25, 2010 and June 26, 2009
(dollars in millions, except per share data)
Nine Months Ended Percent of Nine Months Ended Percent of
June 25, 2010 Net Sales June 26, 2009 Net Sales
Net sales $ 7,759 100.0 % $ 7,673 100.0 %
Cost of goods sold 3,421 44.1 3,439 44.8
Gross profit 4,338 55.9 4,234 55.2
Selling, general and administrative expenses 2,341 30.2 2,136 27.8
Research and development expenses 321 4.1 320 4.2
Restructuring charges 56 0.7 17 0.2
In-process research and development charges - - 79 1.0
Shareholder settlements - - 183 2.4
Operating income 1,620 20.9 1,499 19.5
Interest expense (140 ) (1.8 ) (131 ) (1.7 )
Interest income 17 0.2 20 0.3
Other income 49 0.6 22 0.3
Income from continuing operations before income taxes 1,546 19.9 1,410 18.4
Income tax expense 371 4.8 592 7.7
Income from continuing operations 1,175 15.1 818 10.7
Income from discontinued operations, net of income taxes 14 0.2 33 0.4
Net income $ 1,189 15.3 $ 851 11.1
Basic earnings per share:
Income from continuing operations $ 2.35 $ 1.62
Income from discontinued operations 0.03 0.06
Net income 2.38 1.69
Diluted earnings per share:
Income from continuing operations $ 2.33 $ 1.62
Income from discontinued operations 0.03 0.06
Net income 2.36 1.68
Weighted-average number of shares outstanding (in millions):
Basic 500 504
Diluted 505 506
Covidien plc
Non-GAAP Reconciliations
Nine Months Ended June 25, 2010 and June 26, 2009
(dollars in millions, except per share data)
Nine Months Ended June 25, 2010
Sales Gross profit

Gross margin
percent

Operating
income

Operating
margin percent

Income from
continuing
operations
before income
taxes

Income from
continuing
operations

Diluted earnings
per share from
continuing
operations

GAAP $ 7,759 $ 4,338 55.9 % $ 1,620 20.9 % $ 1,546 $ 1,175 $ 2.33
Adjustments:
Legal charge (1) 33 33 20 0.04
Restructuring charges (2) - - 56 56 41 0.08
Transaction costs (3) - - 5 16 16 0.03
Impact of tax sharing agreement (4) - - - (32 ) (32 ) (0.06 )
Tax matters (5) - - - - 62 0.12
As adjusted $ 7,759 $ 4,338 55.9 $ 1,714 22.1 $ 1,619 $ 1,282 2.54
Nine Months Ended June 26, 2009
Sales Gross profit

Gross margin
percent

Operating
income

Operating
margin percent

Income from
continuing
operations
before income
taxes

Income from
continuing
operations

Diluted earnings
per share from
continuing
operations

GAAP $ 7,673 $ 4,234 55.2 % $ 1,499 19.5 % $ 1,410 $ 818 $ 1.62
Adjustments:
Legal charges (1) - - 36 36 22 0.04
Licensing fees (6) - - 30 30 19 0.04
Restructuring charges (2) - - 17 17 9 0.02
In-process research and development charges (7) - - 79 79 78 0.15
Shareholder settlements (8) - - 183 183 183 0.36
Impact of tax sharing agreement (4) - - - (4 ) (4 ) (0.01 )
Tax matters (9) - - - - 180 0.36
As adjusted 7,673 4,234 55.2 1,844 24.0 1,751 1,305 2.58
Impact of Oxy ER (10) (354 ) (346 ) 97.7 (345 ) 97.5 (345 ) (259 ) (0.51 )
As adjusted, excluding impact of Oxy ER $ 7,319 $ 3,888 53.1 $ 1,499 20.5 $ 1,406 $ 1,046 2.07
(1) Represents legal charges related to anti-trust cases, which are included in selling, general and administrative expenses.

(2)Primarily relates to employee severance benefits.

(3) Represents transaction costs associated with the acquisitions of ev3 Inc. and Somanetics Corporation, $11 million of which are included in interest expense.
(4) Represents the non-interest portion of the impact of our tax sharing agreement with Tyco International and Tyco Electronics included in other income.
(5) Primarily consists of adjustments to legacy income tax liabilities, a portion of which are not subject to the tax sharing agreement with Tyco International and Tyco Electronics.
(6) Consists of research and development expenses related to up front fees and milestone payments for licensing arrangements entered into by our Pharmaceuticals segment.
(7) Relates to the acquisitions by our Medical Devices segment, primarily VNUS Medical Technologies, Inc.
(8) Represents our portion of Tyco International's legal settlements with certain shareholders and our portion of the estimated cost to settle all of the remaining securities cases outstanding.
(9) Primarily consists of withholding tax incurred on repatriated earnings.
(10) Represents the sales and direct costs attributable to selling oxycodone hydrochloride extended-release tablets (Oxy ER).
Covidien plc
Segment and Geographical Sales
Nine Months Ended June 25, 2010 and June 26, 2009
(dollars in millions)
Nine Months Ended

June 25,
2010

June 26,
2009

Percent change

Currency
impact

Operational
growth (1)

Medical Devices
United States $ 2,035 $ 1,858 10 % - % 10 %
Non-U.S. 2,907 2,576 13 7 6
$ 4,942 $ 4,434 11 4 7
Pharmaceuticals
United States(2) $ 1,057 $ 1,494 (29 ) % - % (29 ) %
Non-U.S. 469 426 10 6 4
$ 1,526 $ 1,920 (21 ) 1 (22 )
Medical Supplies
United States $ 1,130 $ 1,156 (2 ) % - % (2 ) %
Non-U.S. 161 163 (1 ) 5 (6 )
$ 1,291 $ 1,319 (2 ) 1 (3 )
Covidien plc
United States (2) $ 4,222 $ 4,508 (6 ) % - % (6 ) %
Non-U.S. 3,537 3,165 12 7 5
$ 7,759 $ 7,673 1 3 (2 )
(1) Operational growth is a non-GAAP financial measure, which measures the change in sales between periods using a constant currency exchange rate. See description of non-GAAP financial measures contained in this release.
(2)Nine months ended June 26, 2009 includes sales of oxycodone hydrochloride extended-release tablets.
Covidien plc
Select Product Line Sales
Nine Months Ended June 25, 2010 and June 26, 2009
(dollars in millions)
Nine Months Ended

June 25,
2010

June 26,
2009

Percent change

Currency
impact

Operational
growth (1)

Medical Devices
Endomechanical Instruments $ 1,604 $ 1,461 10 % 5 % 5 %
Soft Tissue Repair Products 641 600 7 4 3
Energy Devices 733 635 15 3 12
Oximetry & Monitoring Products 563 470 20 3 17
Airway & Ventilation Products 585 551 6 4 2
Vascular Products 521 407 28 3 25
Pharmaceuticals
Oxycodone Hydrochloride Extended-Release Tablets $ - $ 354 (100 ) % - % (100 ) %
Other Specialty Pharmaceuticals 373 426 (12 ) - (12 )
Active Pharmaceutical Ingredients 302 315 (4 ) 1 (5 )
Contrast Products 437 432 1 4 (3 )
Radiopharmaceuticals 414 393 5 1 4
(1) Operational growth is a non-GAAP financial measure, which measures the change in sales between periods using a constant currency exchange rate. See description of non-GAAP financial measures contained in this release.
Covidien plc
Non-GAAP Sales Analysis
(dollars in millions)
Nine Months Ended June 25, 2010

Net Sales for the
Nine Months Ended
June 25, 2010

Oxy ER Impact Currency Impact

Operational Growth
Excluding the Impact of
Oxy ER

Net Sales for the
Nine Months Ended
June 26, 2009

Medical Devices $ 4,942 11 % $ - - % $ 185 4 % $ 323 7 % $ 4,434
Pharmaceuticals 1,526 (21 ) (354 ) (18 ) 26 1 (66 ) (4 ) 1,920
Medical Supplies 1,291 (2 ) - - 7 1 (35 ) (3 ) 1,319
Total Net Sales $ 7,759 1 $ (354 ) (5 ) $ 218 3 $ 222 3 $ 7,673

SOURCE: Covidien plc

Covidien plc
Eric Kraus, 508-261-8305
Senior Vice President
Corporate Communications
eric.kraus@covidien.com
or
Coleman Lannum, CFA, 508-452-4343
Vice President
Investor Relations
cole.lannum@covidien.com
or
Bruce Farmer, 508-452-4372
Vice President
Public Relations
bruce.farmer@covidien.com
or
Brian Nameth, 508-452-4363
Director
Investor Relations
brian.nameth@covidien.com