) 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
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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
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.
), both with a Zacks Rank #1 (Strong Buy), and
) with a Zacks Rank #2 (Buy).