MANSFIELD, Mass.--(BUSINESS WIRE)--Covidien (NYSE: COV, BSX: COV), a leading global supplier of healthcare products, today announced the acquisition of technology assets from CardioDigital Inc., a company specializing in the development of advanced signal processing techniques for patient monitoring. The technology, which will be used by Covidien’s Respiratory and Monitoring Solutions business unit, reflects the Company’s strong commitment to making investments in clinically relevant product innovations designed to improve patient outcomes. Terms of the transaction were not disclosed.
“The acquisition of CardioDigital’s technology is an exciting opportunity for us to strengthen our patient monitoring business as we partner with our customers to improve outcomes. We believe that the technology will enable significant improvements in current patient monitoring techniques, resulting in enhanced patient care and safety,” said Joe Almeida, President, Medical Devices, Covidien.
CardioDigital’s innovative technology will complement Respiratory and Monitoring Solution’s market-leading Nellcor pulse oximetry platform. In addition, Almeida said, “This acquisition sets the stage for more of these types of growth opportunities in the future.”
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines in four segments: Medical Devices, Imaging Solutions, Pharmaceutical Products and Medical Supplies. With 2007 revenue of nearly $9 billion, Covidien has more than 42,000 employees worldwide in 57 countries, and its products are sold in over 130 countries. Please visit www.covidien.com to learn more about our business.
About CardioDigital Inc.
CardioDigital Inc., based in Portland, Oregon, provides commercialization of near-to-market technologies developed by its research organization, CardioDigital Ltd., located in Edinburgh, Scotland.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on our management’s current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or Company actions to differ materially from what is expressed or implied by these statements. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, our ability to effectively introduce and market new products or keep pace with advances in technology, the reimbursement practices of a small number of large public and private insurers, cost-containment efforts of customers, purchasing groups, third-party payers and governmental organizations, intellectual property rights disputes, complex and costly regulation, including healthcare fraud and abuse regulations, manufacturing or supply chain problems or disruptions, recalls or safety alerts and negative publicity relating to Covidien or its products, product liability losses and other litigation liability, divestitures of some of our businesses or product lines, our ability to execute strategic acquisitions of, investments in or alliances with other companies and businesses, competition, risks associated with doing business outside of the United States, foreign currency exchange rates, potential environmental liabilities or increased costs after the separation from Tyco International or as a result of the separation. These and other factors are identified and described in more detail in our filings with the SEC. We disclaim any obligation to update these forward-looking statements other than as required by law.
Cheryl Whitecotton, 303-305-2323
Global Marketing Communications
Bruce Farmer, 508-452-4372
Coleman Lannum, CFA, 508-452-4343
Wayde McMillan, 508-452-4387