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Leading health care products company, Covidien plc. (COV - Analyst Report) recently won the U.S. Food and Drug Administration (FDA) 510(k) approval as well as the European Economic Area (EEA) CE Mark clearance for its Nellcor Bedside Respiratory Patient Monitoring system. The device is used for quick detection and monitoring of severe respiratory complications.

The addition of the Nellcor Bedside Respiratory Patient Monitoring system from Covidien’s oximetry and monitoring products portfolio under the Medical Devices business division is poised to attract healthy revenue opportunities for the company. The system meets the required standards and will be available in the U.S. and EEA in the coming few months.

The Nellcor Bedside Respiratory Patient Monitoring system continuously monitors blood oxygenation as well as pulse rate and allows physicians easy access to patients’ respiratory history, thereby enabling faster treatment and improved standards of care.

The system has a multicolor screen that allows effortless observations. It can also be connected to the Nellcor OxiNet III Remote Respiratory Monitoring system, allowing physicians to monitor multiple patients from a central station.

Earlier in June, the company launched the Nellcor SpO2 single parameter module in North America, European Economic Area (EEA) and other select overseas markets. In July, Covidien received the FDA approval for the Nellcor Bedside SpO2 Patient Monitoring System. It is now available for sale in the U.S. This underlines Covidien’s commitment to new products and technology roll out, focusing on high-growth markets.

With market capitalization of $28.52 billion, Covidien is a leading developer, manufacturer and distributor of medical devices and services on a global scale. Its business segments overlap with the business of its competitors such as Becton, Dickinson and Company (BDX - Analyst Report) and CR Bard Inc. (BCR - Analyst Report) among others.

We currently have a Neutral recommendation on Covidien, which carries a short-term Zacks #3 Rank (Hold rating).

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