|Traded as||NYSE: COV
S&P 500 Component
Mansfield, Massachusetts, U.S.
|Key people||Jose Almeida
(Chairman) & (CEO)
|Revenue||USD 11.9 Billion (2012)|
|Operating income||USD 2.4 Billion (2012)|
|Net income||USD 1.9 Billion (2012)|
|Total assets||USD 16 Billion (2008)|
|Total equity||USD 8 Billion (2008)|
Covidien is a global healthcare products company and manufacturer of medical devices and supplies. Covidien became an independent publicly traded company after being spun off from Tyco International.
||The neutrality of this article is disputed. (December 2013)|
In 1995 Richard J. Meelia became President of the Tyco Healthcare division. Meelia continued in that position until the spin-off. In 2011, Jose E. Almeida became the President and CEO of Covidien.
Between 1996 and 2002, prior to the spinoff from Tyco, more than 50 companies were acquired, significantly expanding the range of product offerings. Today, Covidien products are used in most every area of the hospital, and in many other healthcare settings. Key product categories include:
• Endomechanical instruments, including laparoscopic instruments and surgical staplers.
• Soft Tissue Repair products, including sutures, mesh and biosurgery products.
• Energy devices including vessel sealing products, electrosurgical products, ablation products and related capital equipment.
• Oximetry and Monitoring products including sensors, monitors and temperature management products.
• Airway and Ventilation products, including airway products, ventilators, breathing systems and inhalation therapy products.
• Vascular products, including compression products and vascular therapy products.
• SharpSafety products, including needles and syringes products and sharps disposable products.
• Specialty pharmaceuticals, including branded and generic pharmaceuticals and addiction treatment products.
• Active pharmaceutical ingredients, including medicinal narcotics and acetaminophen, peptides, stearates and phosphates.
• Specialty Chemicals, including Mallinckrodt and J.T. Baker chemicals used in laboratories and the pharmaceutical industry.
• Contrast products including contrast delivery systems and contrast agents.
• Radiopharmaceuticals including radioactive isotopes and associated pharmaceutical products used for the diagnosis and treatment of disease.
• Nursing care products, including wound care, urology, enteral feeding, incontinence and suction products.
• Medical Surgical products, including operating room supplies and accessories, thermometry products, electrodes and chart paper.
• Original Equipment Manufacturer products include medical supplies such as needles and syringes manufactured for other leading medical device companies.
In 2007, Tyco filed with the SEC for permission to spin off its healthcare division into a separate, independent and publicly traded company. The separation was effective June 29, 2007. Today, Covidien has more than 41,000 employees in 59 countries and its products are sold in more than 140 countries worldwide. It has just been announced circa 01/09/2011 to close the plant in Chesterfield, UK which makes para-Aminophenol, with the loss of 64 jobs.
In 2012, Covidien acquired three medical device companies in Israel:
- superDimension, a pulmonary endoscope developer was acquired for $350 million
- Oridion Systems Ltd. (SWX: ORIDN), capnography respiratory monitors and modules manufacturer was acquired for $346 million
- PolyTouch, a developer of hernia mesh placement technologies was acquired for $30-40 million
- Respiratory and monitoring solutions
- Surgical Solutions
- Vascular therapies
- Nursing care
- Original equipment manufacturer (OEM)
- Medical surgical
- SharpSafety products
- Active pharmaceutical ingredients
- Contrast products
- Specialty pharmaceuticals
The company name stems from the Latin words: “Co” which stands for together and “vi” for life.
- ev3 (peripheral and neuro endovascular products)
- Puritan Bennett
- Shiley (Airway products)
- Syneture (Wound closure sutures and Mesh)
- Tissue Science Laboratories
- 2004 Annual Report, Tyco International Ltd.
- Covidien shopping spree could continue The medical device company has announced three acquisitions in Israel this year, Gali Weinreb, Globes May 12 2012
- Covidien to Buy Jerusalem-Based Oridion for $346 Million, David Wainer, Bloomberg - Apr 5, 2012