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Covidien Company Intelligence Report
Espicom Business Intelligence Ltd, Nov 2011, Pages: 58
Covidien offers an extensive healthcare product line that spans medical devices, medical supplies and pharmaceuticals. Since 1994, the company has significantly expanded its product portfolio, primarily through key acquisitions, such as Kendall, Mallinkrodt (and its subsidiaries, Nellcor and Puritan Bennett) and US Surgical (including its subsidiary, Valleylab). As of September 2011, Covidien employed approximately 41,300 people in 65 countries worldwide. It had 48 manufacturing facilities in 16 countries and its products were sold in over 140 countries.
Covidien Ltd (formerly Tyco Healthcare) was formed on 29th June 2007 after Tyco International, its former parent company, was separated into three independent, publicly-traded companies. Tyco International transferred the equity of the entities that held all of the assets and liabilities of its healthcare business to Covidien and distributed all of its shares of Covidien to its shareholders. The shares of Covidien began trading on the New York and Bermuda stock exchanges on 2nd July 2007.
In 2009, Covidien moved its principal executive office from Bermuda to Dublin, Ireland, and ceased trading its shares on the Bermuda stock exchange. The company's corporate offices are located in Mansfield, Massachusetts, US.
Since 2008, Covidien has sold several businesses consistent with its strategy to streamline its portfolio and re-allocate resources to faster-growing, higher-margin operations. These have included the sale of its Retail Products, European Incontinence, Speciality Chemicals, Sleep Diagnostics, and Oxygen and Sleep Therapy assets.
Following on from the key acquisitions mentioned above, which included a number of globally-recognised brands, Covidien has targeted its investments at businesses that complement its existing portfolio or enable it to enter adjacent markets, as well as obtain licences to access new technologies. The purchases of Aspect Medical, VNUS Medical Technologies, ev3, Somanetics and Barrx Medical are typical examples of this.
In 2009, Covidien made a number of segment reporting changes to align external reporting with changes to its internal reporting structure. The company combined its Pharmaceutical Products and Imaging Solutions segments into a single operating segment called Pharmaceuticals. In addition, it reclassified the SharpSafety and Clinical Care product lines in the US and Europe from its Medical Devices segment to the Medical Supplies segment. The company also reclassified several hernia mechanical devices from its Endomechanical Instruments product line to its Soft Tissue Repair product line, both within the Medical Devices segment, and made several other less significant transfers between product lines and segments.
As a result of these changes, Covidien now manages and operates its business through three segments:
- Medical Devices: IT includes the development, manufacture and sale of endomechanical instruments, soft tissue repair products, energy devices, oximetry and monitoring products, airway and ventilation products, products used in vascular therapies and other medical products;
- Medical Supplies: it includes the development, manufacture and sale of nursing care products, medical surgical products, SharpSafety products and original equipment manufacturer (OEM) products;
- Pharmaceuticals - includes the development, manufacture and distribution of specialty pharmaceuticals, active pharmaceutical ingredients, contrast products and radiopharmaceuticals.
In the fiscal year (FY) ended September 2011, Covidien reported net income of US$1.87 billion on revenues of US$11.57 billion. Approximately 55% of the company's net sales are generated in the US and 45% are generated outside of the US. This report primarily focuses on the Medical Devices and Medical Supplies segments of Covidien's business.
ABOUT THIS REPORT
This company report provides:
Overview
- Key contact information
- Introduction to the company and its current activities
- Summary of its financial performance
- Who are the company's major competitors?
- Key recent events in an “at a glance” format
Financial Review
- Current year and annual financial data, including revenue breakdowns by product area and geographic region (if available)
- Table providing in-depth five-year financial analysis
- Employee data, including breakdown by company division and geographic location
Strategic Focus
- Investigates the company's aims and its areas of focus
Products
- Core product areas, key brands, product approvals and launches Research and Development
- How much has been invested in R&D?
- Where is the research based?
What alliances and agreements does the company have and with whom?
Manufacturing and Distribution
- Identifying the company's manufacturing locations
- Sales and marketing facilities
Agreements
- With whom has the company reached agreements and what do they involve?
- Key contracts awarded
Mergers, Acquisitions, Minority Investments and Divestments
Litigation
Key Corporate Events
ABOUT MEDICAL DEVICE COMPANIES ANALYSIS (MCDA)
The report was produced as part of Medical Device Companies Analysis (MDCA).
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