Covidien: Corporate Overview. Who We Are. 42,000 employees. 50,000 different medical products. $ 11 billion company. Top 10 healthcare company. Covidien is …. A global medical device and pharmaceutical manufacturing company with nearly $ 11 billion in annual revenue
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50,000 different medical products
$11 billion company
Top 10 healthcare company
Create and deliver innovative healthcare solutions, developed in ethical collaboration with medical professionals, which enhance the quality of life for patients and improve outcomes for our customers and our shareholders.
Become the leading global healthcare products company by creating innovative medical solutions for better patient outcomes and delivering value through clinical leadership and excellence in everything we do.
We each take responsibility for delivering outstanding results to our partners, patients and teammates, while affirming our commitment to integrity and the highest standards of ethical conduct.
We are integral partners working with our colleagues and customers to generate innovative ideas that solve challenging healthcare problems.
We are caring professionals committed to improving the health and well-being of patients around the world.
We strive to fully understand our marketplace, our customers, our communities and our employees, and to enter into relationships with a sense of honesty, fairness and trust.
Maintain a customer mindset in everything we do.
We consistently act with our customer in mind and strive to understand their needs. We collaborate with both internal and external customers to create innovative solutions for better outcomes.
Innovate for better outcomes
We are committed to developing
approaches and solutions throughout the organization that address unmet needs. We will challenge ourselves to think, listen and act differently to drive creativity in everything we do.
Globalize to accelerate growth
We seek to understand local requirements and needs to develop product portfolios that are relevant to the markets we serve. We leverage the full potential of our diverse workforce to employ a global mindset and infrastructure to maximize the Company’s potential throughout the world.
Focus on communication and execution
aligned to the Company’s mission
We provide employees the information and tools to accelerate the execution of our
objectives. We promote consistent accountability and encourage people to take risks.
Managing portfolio for growth, margin and ROIC expansion
Continuing to build new product flow with clinically relevant offerings
Focusing on BD&L activity that complements current franchises
Recruiting and retaining top talent throughout the organization
Assuring commitment to service, quality and compliance
Maintaining strong balance sheet and ample cash flow to support growth, investments and shareholder interests
Doubled annual patent filings since 2004
Creating more intellectual property and more aggressively protecting our technology
Launched an Innovation Council and Innovation
Increased R&D investments from $262MM in 2006 to $438MM in 2009
Sales from new products increased 3X since 2006
Global Supply Chain
Our management team averages over 25 years of healthcare and/or functional experience
Pharmaceutical & Imaging Products
Wound Care, Urology, Vascular Compression, Incontinent Care
Needles & Syringes, Sutures, Dialysis, Enteral Feeding
Wound Closure, Laparoscopic Instruments, Electrosurgery
Respiratory, Imaging and Pharmaceutical
Acquired numerous smaller companies from 1996 – present
Unprecedented recent foreign exchange volatility
U.S. recession and global economic slowdown
Restricted credit availability
Raw material prices
Broad product line across multiple healthcare categories
Less than 5% of revenues are considered capital equipment
Modest exposure to elective surgical procedures
Global footprint and growing non-US business
Strong balance sheet, ample cash on hand, good cash flow generation
* Operational growth, net sales growth excluding the impact of foreign currency exchange, is a non-GAAP measure.