A stealthy Silicon Valley medical device firm has raised $3.8 million and may be aiming to do for neurovascular diseases what one of its founders helped do for high blood pressure.
Covidien is expanding in Florida, even as the devicemaker plans to slash jobs, closes facilities and pursues outsourcing in a global money-saving move.
Covidien grew medical device sales slightly at the end of its 2013 fiscal year. But overall net income dropped as the company continued to adjust to a future without pharmaceuticals and dove into a massive restructuring plan.
Covidien is lightening its stake in the medical sealant market, agreeing to sell its Confluent Surgical product line to Integra LifeSciences for $235 million as it cuts costs and refocuses on high-growth spaces.
Covidien is celebrating positive data from two separate trials involving devices designed to treat peripheral artery disease.
Covidien has never been big on bankrolling R&D, coming in well below its competitors in terms of revenue spent on research. That's no accident, CEO José Almeida said, as the Irish-headquartered company takes pains to invest only in high-yield technologies, not costly red herrings.
Covidien is embarking on a cross-cutting savings plan, aiming to slash jobs, close facilities and scale up its outsourcing in an effort to save between $250 million to $300 million a year.
Device giant Covidien has willfully infringed on the intellectual property of a much smaller competitor, according to a lawsuit, ignoring patents and stepping on the company's profits in the process.
Still adjusting to life without pharma cash, Covidien is projecting a modest growth rate for its first full year as a device-only operation.
Covidien won again in yet another patent challenge from a persistent rival, its latest dustup over a medical instrument known as a trocar.