UPDATE 1-Orthofix sells vascular business to Covidien

* Orthofix sees net cash proceeds of up to $19 mln

* Ups 2010 earnings view to $2.24-$2.28/shr

* Cuts 2010 rev outlook to $568 mln to $576 mln

March 8 (Reuters) - Orthofix International NV (OFIX.O) said it sold its vascular business, including its AV-Impulse mechanical compression technology, to Covidien (COV.N), and expects net cash proceeds of up to $19 million.

The orthopedic products maker Orthofix raised its 2010 earnings outlook to $2.24 to $2.28 a share, while lowering its revenue view to $568 million to $576 million. It had earlier forecast earnings of $2.00 a share to $2.04, on revenue of $580 million and $588 million.

Under the deal, Orthofix has agreed to provide transitional services to Covidien for a period of up to five months.

Shares of Orthofix closed at $35.74 Monday on Nasdaq, while Covidien shares closed at $50.36 Monday on the New York Stock Exchange. (Reporting by Anand Basu in Bangalore; Editing by Jarshad Kakkrakandy)