Covidien (COV +0.4%) gives back much of its early morning pop after its FQ1 beat expectations across the board. Net profit actually declined 0.2% Y/Y however as costs to split the health-care products company masked improving sales. Sales in its medical-devices business, its largest by revenue, rose 7.6% to $ 2.13B. Medical-supplies sales increased 2.4% to $434M, while pharmaceuticals sales declined 0.2% to $489M. It also ups FY13 guidance, now seeing revenue growth of 5% to 8%, which is 2 percentage points above prior guidance.