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December 16, 2013
07:02 EDTCOVCovidien sees FY14 net sales up 2%-5%, consensus $10.6B
Covidien announced revised revenue guidance for fiscal 2014. At current rates, foreign exchange is expected to reduce reported revenues by 100 to 125 basis points. The company continues to estimate that net sales in fiscal 2014 will be up 2%-5%. Sales are expected to be up 3%- 6% versus 2013 for Surgical Solutions; up 3%-6% for Vascular Therapies; and up 1%-4% for Respiratory & Patient Care. The company continues to expect operating margin, excluding the impact of one-time items, to be in the 21.5%-22.5% range, and the effective tax rate, excluding one-time items, to be in the 16%-17% range. On a fully diluted basis, average shares outstanding are now expected to be between 450 million and 460 million. Two previously announced transactions are not included in these guidance numbers because they have not yet closed. Both transactions are expected to close on or before March 31, 2014. As previously disclosed, the acquisition of Given Imaging is expected to contribute between $40M-$50M of sales per quarter upon closing, while the divestiture of our biosurgery business is expected to reduce sales between $15M-$20M per quarter. At this time, the company believes that the ranges given above will not change materially upon the closing of these two transactions.
News For COV From The Last 14 Days
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April 24, 2014
15:26 EDTCOVNotable companies reporting before tomorrow's open
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10:30 EDTCOVHigh option volume stocks: COV ELY EDU RES IM
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April 23, 2014
11:17 EDTCOVCovidien management to meet with Needham
Meeting to be held in New York on April 30 hosted by Needham.
06:53 EDTCOVFood & Drug Law Institute to hold a conference
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April 15, 2014
09:23 EDTCOVBarclays medical supplies/devices analysts hold analyst/industry conference call
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April 14, 2014
08:05 EDTCOVCovidien announces FDA 510(k) clearance for Kangaroo feeding tube
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April 11, 2014
11:42 EDTCOVCovidien liability from recall appears limited, says Brean Capital
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08:10 EDTCOVCovidien implements voluntary recall of devices
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