Covidien
Covidien (NYSE: COV), formerly Tyco Healthcare, is one of the largest healthcare devices and supplies companies worldwide, headquartered in Hamilton, Bermuda although most of its corporate functions are located in Mansfield, Massachusetts. On June 29, 2007, Covidien became an independent publicly traded company after being spun-off from Tyco International.
Structure
As a division of the larger conglomerate, Tyco Healthcare acquired numerous brands over the years including:
- Sherwood, Davis & Geck sutures
- United States Surgical / AutoSuture surgical instruments
- Valleylab electrosurgery equipment
- Syneture wound closure
- Nellcor pulse oximetry
- Puritan Bennett ventilators and respirators
- Kendall patient care products
- Uni-Patch electrotherapy
- Mallinckrodt imaging
- Mallinckrodt pharmaceuticals
- J. T. Baker specialty chemicals
- Tyco Retail group
Tyco Healthcare structured these acquisitions into multiple Divisions, under three major reporting units, as of 2004:[1]
- 1 Medical Devices & Supplies unit, with five primary divisions:
- Medical Division - brands: Kerlix, Curity, Wings, SCD, T.E.D., Monoject Magellan, Kangaroo, Devon O.R., Medi-Trace, Kendall
- Surgical Division - brands: AutoSuture, Syneture, Valley Lab, Force FX,Ligasure, Cool-Tip RF
- Respiratory Division - brands: Nellcor, Puritan Bennett, Oximax, Mallinckrodt, Shiley, Helios
- Imaging Division - brands: Mallinckrodt Imaging - Optiray X-ray, OptiMARK MRI, Lafayette Barium, LF injectors, mrIdium MR Pump, Technescan MAG3, Ultra-TechneKow® DTE TechnetiumTc-99m Generator, and Kit for the Preparation of Technetium Tc 99m Sestamibi Injection (generic Cardiolite)
- International Division
- 2 Pharmaceuticals unit
- Mallinckrodt Pharmaceutical Division
- Bulk Pharmaceuticals
- Dosage Pharmaceuticals - brands: TussiCaps
- Specialty Chemicals - brands: J.T. Baker
- 3 Retail unit
Tyco Healthcare/Covidien's competitors include Johnson & Johnson, 3M and Bristol Myers Squibb.
History
Tyco Healthcare grew by acquisition to become one of the largest healthcare companies in the world. As a division, Tyco Healthcare annually generated about a quarter of the revenue of the overall parent conglomerate.[1]
In 1995 Richard J. Meelia became President of the Tyco Healthcare division. Meelia continued in that position through at least 2004, and later became promoted into the newly formed position of CEO of Tyco Healthcare.[1]
In 2002 Tyco Healthcare generated less than $8 billion in revenue.[1]
In 2003 the division brought in over $8 billion in revenue.[1]
In 2004 the division grew to over $9 billion in revenue with double digit earnings growth, and made up nearly a quarter of the overall Tyco International revenue.[1]
In January 2007, Tyco filed with the SEC for permission to spin off its healthcare division into a separate, independent and publicly-traded company. [2]
Covidien continues to operate in the surgical devices, medical imaging, medical supplies and pharmaceutical markets.