Covidien raises 2013 outlook as Q1 exceeds expectations
Medical device company Covidien increases its guidance for 2013 on above-market growth in its medical device sales and a rosy outlook on emerging markets.
Medtech titan Covidien (NYSE:COV) gained some points on Wall Street after raising its 2013 sales outlook on the strength of its 1st quarter results and an optimistic outlook on the company's emerging market potential.
"We're off to a very good start in fiscal 2013, with 1st-quarter results exceeding our expectations," chairman, president & CEO José Almeida said in prepared remarks. "As a result of our strong performance in the 1st quarter, coupled with the recent U.S. FDA approval of generic Concerta extended-release tablets, we are raising our revenue guidance for fiscal 2013."