Covidien plc - FORM 8-K - EX-99.2 - COVIDIEN REVISED FINANCIAL INFORMATION

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8-K - 8-K - Covidien plc	cov-2014121613x8xk.htm
EX-99.1 - PRESS RELEASE DATED DECEMBER 16, 2013 - Covidien plc	cov-2014121613_ex991.htm

Exhibit 99.2



Covidien plc
Segment Net Sales and Operating Income
Fiscal Years Ended September 27, 2013 and September 28, 2012
(dollars in millions)

	Fiscal Year Ended
	As Previously Reported						Revised
	September 27, 2013			September 28, 2012			September 27, 2013			September 28, 2012
Net sales:
Medical Devices	$	8,489		$	8,111		$	8,689		$	8,308
Medical Supplies	1,746			1,740			—			—
U.S. Medical Supplies	—			—			1,546			1,543
Consolidated net sales	$	10,235		$	9,851		$	10,235		$	9,851

Segment operating income:
Medical Devices	$	2,497		$	2,457		$	2,472		$	2,437
Medical Supplies	169			212			—			—
U.S. Medical Supplies	—			—			162			205
Segment operating income	2,666			2,669			2,634			2,642
Unallocated amounts:
Corporate expenses	(407		)	(383		)	(375		)	(356		)
Restructuring and related charges, net	(109		)	(87		)	(109		)	(87		)
Net charges associated with acquisitions and license and distribution arrangements	(18		)	(49		)	(18		)	(49		)
Legal charges	—			(47		)	—			(47		)
Impairments related to product discontinuance	—			(18		)	—			(18		)
Interest expense, net	(192		)	(191		)	(192		)	(191		)
Other income, net	89			25			89			25
Income from continuing operations before income taxes	$	2,029		$	1,919		$	2,029		$	1,919



Covidien plc
Segment Net Sales and Operating Income
Quarters Ended December 28, 2012, March 29, 2013, June 28, 2013 and September 27, 2013
(dollars in millions)


	Quarter Ended
	December 28, 2012			March 29, 2013			June 28, 2013			September 27, 2013
Net sales:
Medical Devices	$	2,182		$	2,143		$	2,189		$	2,175
U.S. Medical Supplies	385			387			389			385
Consolidated net sales	$	2,567		$	2,530		$	2,578		$	2,560

Segment operating income:
Medical Devices	$	634		$	627		$	610		$	601
U.S. Medical Supplies	51			42			39			30
Segment operating income	685			669			649			631
Unallocated amounts:
Corporate expenses	(81		)	(98		)	(95		)	(101		)
Restructuring and related charges, net	(8		)	(55		)	(10		)	(36		)
Net credit (charges) associated with acquisitions and license and distribution arrangements	—			6			(2		)	(22		)
Interest expense, net	(48		)	(49		)	(51		)	(44		)
Other income, net	1			17			56			15
Income from continuing operations before income taxes	$	549		$	490		$	547		$	443



Covidien plc
Product Line Sales
Fiscal Years Ended September 27, 2013 and September 28, 2012
(dollars in millions)

	Fiscal Year Ended
	September 27, 2013		September 28, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

Advanced Surgical	$	3,186	$	2,918	9	%	(2	)%	11	%
General Surgical	1,589		1,624		(2	)	(1	)	(1	)
Surgical Solutions	4,775		4,542		5		(2	)	7
Peripheral Vascular	1,215		1,214		—		(2	)	2
Neurovascular	437		397		10		(1	)	11
Vascular Therapies	1,652		1,611		3		(2	)	5
Patient Monitoring	969		867		12		(2	)	14
Airway & Ventilation	770		748		3		(3	)	6
Nursing Care	1,011		999		1		(2	)	3
Patient Care	1,058		1,084		(2	)	—		(2	)
Respiratory and Patient Care	3,808		3,698		3		(1	)	4
Total Covidien	$	10,235	$	9,851	4		(2	)	6

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.



Covidien plc
Product Line Sales
Quarters Ended December 28, 2012 and December 30, 2011
(dollars in millions)

	Quarter Ended
	December 28, 2012		December 30, 2011		Percent change		Currency impact		Operational growth ⁽¹⁾

Advanced Surgical	$	790	$	712	11	%	(2	)%	13	%
General Surgical	404		409		(1	)	(1	)	—
Surgical Solutions	1,194		1,121		7		(1	)	8
Peripheral Vascular	310		300		3		(1	)	4
Neurovascular	106		91		16		(2	)	18
Vascular Therapies	416		391		6		(2	)	8
Patient Monitoring	241		207		16		(2	)	18
Airway & Ventilation	196		182		8		(1	)	9
Nursing Care	254		246		3		(1	)	4
Patient Care	266		261		2		—		2
Respiratory and Patient Care	957		896		7		(1	)	8
Total Covidien	$	2,567	$	2,408	7		(1	)	8

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.



Covidien plc
Product Line Sales
Quarters Ended March 29, 2013 and March 30, 2012
(dollars in millions)

	Quarter Ended
	March 29, 2013		March 30, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

Advanced Surgical	$	774	$	718	8	%	(2	)%	10	%
General Surgical	392		406		(3	)	(1	)	(2	)
Surgical Solutions	1,166		1,124		4		(2	)	6
Peripheral Vascular	295		297		(1	)	(2	)	1
Neurovascular	111		94		18		(1	)	19
Vascular Therapies	406		391		4		(2	)	6
Patient Monitoring	250		220		14		(1	)	15
Airway & Ventilation	191		187		2		(4	)	6
Nursing Care	254		242		5		(1	)	6
Patient Care	263		274		(4	)	—		(4	)
Respiratory and Patient Care	958		923		4		(1	)	5
Total Covidien	$	2,530	$	2,438	4		(1	)	5

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.



Covidien plc
Product Line Sales
Quarters Ended June 28, 2013 and June 29, 2012
(dollars in millions)

	Quarter Ended
	June 28, 2013		June 29, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

Advanced Surgical	$	810	$	745	9	%	(2	)%	11	%
General Surgical	403		416		(3	)	(2	)	(1	)
Surgical Solutions	1,213		1,161		4		(3	)	7
Peripheral Vascular	305		310		(2	)	(3	)	1
Neurovascular	112		110		2		(1	)	3
Vascular Therapies	417		420		(1	)	(2	)	1
Patient Monitoring	237		210		13		(2	)	15
Airway & Ventilation	193		185		4		(3	)	7
Nursing Care	254		253		—		(2	)	2
Patient Care	264		277		(5	)	(1	)	(4	)
Respiratory and Patient Care	948		925		2		(2	)	4
Total Covidien	$	2,578	$	2,506	3		(2	)	5

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.



Covidien plc
Product Line Sales
Quarters Ended September 27, 2013 and September 28, 2012
(dollars in millions)

	Quarter Ended
	September 27, 2013		September 28, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

Advanced Surgical	$	812	$	743	9	%	(3	)%	12	%
General Surgical	390		393		(1	)	(2	)	1
Surgical Solutions	1,202		1,136		6		(2	)	8
Peripheral Vascular	305		307		(1	)	(4	)	3
Neurovascular	108		102		6		—		6
Vascular Therapies	413		409		1		(3	)	4
Patient Monitoring	241		230		5		(2	)	7
Airway & Ventilation	190		194		(2	)	(3	)	1
Nursing Care	249		258		(3	)	(2	)	(1	)
Patient Care	265		272		(3	)	(1	)	(2	)
Respiratory and Patient Care	945		954		(1	)	(2	)	1
Total Covidien	$	2,560	$	2,499	2		(3	)	5

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.



Covidien plc
Sales by Geography
Fiscal Years Ended September 27, 2013 and September 28, 2012
(dollars in millions)

	Fiscal Year Ended
	September 27, 2013		September 28, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

U.S.	$	1,835	$	1,747	5	%	—	%	5	%
Non-U.S. Developed Markets⁽²⁾	2,059		2,026		2		(3	)	5
Emerging Markets	881		769		15		(1	)	16
Surgical Solutions	$	4,775	$	4,542	5		(2	)	7

U.S.	$	925	$	912	1	%	—	%	1	%
Non-U.S. Developed Markets⁽²⁾	503		516		(3	)	(6	)	3
Emerging Markets	224		183		22		(2	)	24
Vascular Therapies	$	1,652	$	1,611	3		(2	)	5

U.S.	$	2,343	$	2,270	3	%	—	%	3	%
Non-U.S. Developed Markets⁽²⁾	1,087		1,098		(1	)	(5	)	4
Emerging Markets	378		330		15		(1	)	16
Respiratory and Patient Care	$	3,808	$	3,698	3		(1	)	4

U.S.	$	5,103	$	4,929	4	%	—	%	4	%
Non-U.S. Developed Markets⁽²⁾	3,649		3,640		—		(5	)	5
Emerging Markets	1,483		1,282		16		(1	)	17
Total Covidien	$	10,235	$	9,851	4		(2	)	6

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.

⁽²⁾Non-U.S. Developed Markets includes Western Europe, Japan, Canada, Australia and New Zealand.



Covidien plc
Sales by Geography
Quarters Ended December 28, 2012 and December 30, 2011
(dollars in millions)

	Quarter Ended
	December 28, 2012		December 30, 2011		Percent change		Currency impact		Operational growth ⁽¹⁾

U.S.	$	457	$	442	3	%	—	%	3	%
Non-U.S. Developed Markets⁽²⁾	528		499		6		(2	)	8
Emerging Markets	209		180		16		(2	)	18
Surgical Solutions	$	1,194	$	1,121	7		(1	)	8

U.S.	$	231	$	216	7	%	—	%	7	%
Non-U.S. Developed Markets⁽²⁾	135		132		2		(3	)	5
Emerging Markets	50		43		16		(1	)	17
Vascular Therapies	$	416	$	391	6		(2	)	8

U.S.	$	581	$	548	6	%	—	%	6	%
Non-U.S. Developed Markets⁽²⁾	278		267		4		(3	)	7
Emerging Markets	98		81		21		(1	)	22
Respiratory and Patient Care	$	957	$	896	7		(1	)	8

U.S.	$	1,269	$	1,206	5	%	—	%	5	%
Non-U.S. Developed Markets⁽²⁾	941		898		5		(2	)	7
Emerging Markets	357		304		17		(2	)	19
Total Covidien	$	2,567	$	2,408	7		(1	)	8

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.

⁽²⁾Non-U.S. Developed Markets includes Western Europe, Japan, Canada, Australia and New Zealand.



Covidien plc
Sales by Geography
Quarters Ended March 29, 2013 and March 30, 2012
(dollars in millions)

	Quarter Ended
	March 29, 2013		March 30, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

U.S.	$	439	$	420	5	%	—	%	5	%
Non-U.S. Developed Markets⁽²⁾	518		519		—		(3	)	3
Emerging Markets	209		185		13		(1	)	14
Surgical Solutions	$	1,166	$	1,124	4		(2	)	6

U.S.	$	225	$	217	4	%	—	%	4	%
Non-U.S. Developed Markets⁽²⁾	123		129		(5	)	(5	)	—
Emerging Markets	58		45		29		(1	)	30
Vascular Therapies	$	406	$	391	4		(2	)	6

U.S.	$	593	$	566	5	%	—	%	5	%
Non-U.S. Developed Markets⁽²⁾	280		283		(1	)	(4	)	3
Emerging Markets	85		74		15		(2	)	17
Respiratory and Patient Care	$	958	$	923	4		(1	)	5

U.S.	$	1,257	$	1,203	4	%	—	%	4	%
Non-U.S. Developed Markets⁽²⁾	921		931		(1	)	(4	)	3
Emerging Markets	352		304		16		(1	)	17
Total Covidien	$	2,530	$	2,438	4		(1	)	5

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.

⁽²⁾Non-U.S. Developed Markets includes Western Europe, Japan, Canada, Australia and New Zealand.



Covidien plc
Sales by Geography
Quarters Ended June 28, 2013 and June 29, 2012
(dollars in millions)

	Quarter Ended
	June 28, 2013		June 29, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

U.S.	$	466	$	449	4	%	—	%	4	%
Non-U.S. Developed Markets⁽²⁾	517		510		1		(5	)	6
Emerging Markets	230		202		14		(1	)	15
Surgical Solutions	$	1,213	$	1,161	4		(3	)	7

U.S.	$	233	$	240	(3	)%	—	%	(3	)%
Non-U.S. Developed Markets⁽²⁾	126		129		(2	)	(6	)	4
Emerging Markets	58		51		14		(2	)	16
Vascular Therapies	$	417	$	420	(1	)	(2	)	1

U.S.	$	585	$	573	2	%	—	%	2	%
Non-U.S. Developed Markets⁽²⁾	267		269		(1	)	(5	)	4
Emerging Markets	96		83		16		—		16
Respiratory and Patient Care	$	948	$	925	2		(2	)	4

U.S.	$	1,284	$	1,262	2	%	—	%	2	%
Non-U.S. Developed Markets⁽²⁾	910		908		—		(5	)	5
Emerging Markets	384		336		14		(1	)	15
Total Covidien	$	2,578	$	2,506	3		(2	)	5

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.

⁽²⁾Non-U.S. Developed Markets includes Western Europe, Japan, Canada, Australia and New Zealand.



Covidien plc
Sales by Geography
Quarters Ended September 27, 2013 and September 28, 2012
(dollars in millions)

	Quarter Ended
	September 27, 2013		September 28, 2012		Percent change		Currency impact		Operational growth ⁽¹⁾

U.S.	$	473	$	436	8	%	—	%	8	%
Non-U.S. Developed Markets⁽²⁾	496		498		—		(4	)	4
Emerging Markets	233		202		15		(3	)	18
Surgical Solutions	$	1,202	$	1,136	6		(2	)	8

U.S.	$	236	$	239	(1	)%	—	%	(1	)%
Non-U.S. Developed Markets⁽²⁾	119		126		(6	)	(8	)	2
Emerging Markets	58		44		32		(3	)	35
Vascular Therapies	$	413	$	409	1		(3	)	4

U.S.	$	584	$	583	—	%	—	%	—	%
Non-U.S. Developed Markets⁽²⁾	262		279		(6	)	(6	)	—
Emerging Markets	99		92		8		(2	)	10
Respiratory and Patient Care	$	945	$	954	(1	)	(2	)	1

U.S.	$	1,293	$	1,258	3	%	—	%	3	%
Non-U.S. Developed Markets⁽²⁾	877		903		(3	)	(6	)	3
Emerging Markets	390		338		15		(3	)	18
Total Covidien	$	2,560	$	2,499	2		(3	)	5

⁽¹⁾ Operational growth, a non-GAAP financial measure, measures the change in sales between current and prior year periods using a constant currency, the exchange rate in effect during the applicable prior year period. See description of non-GAAP financial measures contained in this release.

⁽²⁾Non-U.S. Developed Markets includes Western Europe, Japan, Canada, Australia and New Zealand.



Covidien plc
Supplemental Financial Information
(dollars in millions, except per share data)


	Quarter Ended												Fiscal Year Ended
	December 28, 2012			March 29, 2013			June 28, 2013			September 27, 2013			September 27, 2013
Amortization of intangible assets:
Amortization expense from continuing operations	$	55		$	56		$	55		$	56		$	222
Tax impact	(16		)	(15		)	(14		)	(15		)	(60		)
	$	39		$	41		$	41		$	41		$	162
EPS impact on continuing operations	$	0.08		$	0.09		$	0.09		$	0.09		$	0.34

	Quarter Ended												Fiscal Year Ended
	December 30, 2011			March 30, 2012			June 29, 2012			September 28, 2012			September 28, 2012
Amortization of intangible assets:
Amortization expense from continuing operations	$	44		$	48		$	50		$	55		$	197
Tax impact	(14		)	(13		)	(14		)	(13		)	(54		)
	$	30		$	35		$	36		$	42		$	143
EPS impact on continuing operations	$	0.06		$	0.07		$	0.07		$	0.09		$	0.29

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Covidien plc - FORM 8-K - EX-99.2 - COVIDIEN REVISED FINANCIAL INFORMATION - December 16, 2013

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