Covidien plc (COV) revealed that it has opened its first research & development (R&D) and training & education center in Korea that covers an area of more than 6,000 square meters. The center, known as Covidien Center of Innovation Korea, or CCI Korea, intends to raise awareness of various diseases and offer opportunities for enhancing healthcare professionals’ capabilities by providing access to a full-range of COV’s medical devices.
The facility entailed an investment of $21 million over a three-year period. It houses a surgical lab with 11 operating stations, an intensive care unit (:ICU) lab with two ICU stations and a human patient simulator, and an auditorium with seating capacity for 112 people, which has advanced 3D/high-definition display technology and an optimized sound system to provide an engulfing and experiential training environment.
Covidien signed two memorandums of understanding with the Korean Surgical Society and the Korean Society for Thoracic & Cardiovascular Surgery earlier in 2013. All healthcare professionals affiliated with these societies will learn under CCI Korea as part of their certification programs.
Covidien is committed to promote national health and advance medical technology in Korea through continued collaboration with Korean medical societies for training and new product developments at CCI Korea.
Covidien posted flat adjusted earnings per share from continuing operations of 91 cents for the third quarter of fiscal 2013, on a year over year basis. However, earnings beat the Zacks Consensus Estimate by a penny.
Revenues in the quarter increased 3% (up 5% in constant currency) to $2,578 million, driven by higher sales in the Medical Devices segment. Revenues were slightly below the Zacks Consensus Estimate of $2,587 million.
On a geographic basis, revenues in the U.S. market decreased 3% to $1,299 million, while international revenues climbed 10% (up 14% in constant currency) to $1,279 million, driven by emerging market growth.
Currently, COV carries a Zacks Rank #3 (Hold). While we remain on the sidelines regarding the company, other companies that are performing well include PLC Systems Inc. (PLCSF) and Alere Inc. (ALR), both with a Zacks Rank #1 (Strong Buy), and Advaxis Inc. (ADXS) with a Zacks Rank #2 (Buy).
More From Zacks.com