Covidien - Better Than People Seem To Think

By and large, if an investor finds a dollar bill selling for close to 50 cents on Wall Street, it is a safe bet that it really is not a dollar bill after all. But every once in a while there are good values hiding in plain sight, and diversified medical products company Covidien (NYSE:COV) might be one of those. 

A Respectable Quarter in a Tough Market
Nobody expected a break-out quarter from Covidien, and the company did not produce one. Nevertheless, constant-currency revenue growth of 4% and organic growth of about 1.5% was nevertheless a bit better than expectation. Devices did well, up 10% on strength in markets like oximetry while the newly-acquired ev3 business seems to be fitting in well. The specialty pharmaceutical and imaging business was weak (as expected), with sales down 11% overall and down 15% in specialty pharmaceuticals. Medical supply sales were up 1%, but this is a relatively non-influential business for Covidien. (For more, see A Checklist Of Successful Medical Technology Investment.)

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