Cardinal Health posts growth in Q4
Cardinal Health on Thursday reported fourth-quarter fiscal year 2019 revenues of $37.4 billion, an increase of 6% from the same period last year. The Dublin, Ohio-based company saw its full-year revenue increase to $145.5 billion, a 6% hike from fiscal year 2018.
For the fourth quarter, GAAP diluted earnings per share were $.65 and GAAP diluted EPS for fiscal year 2019 were $4.53.
“The fourth quarter capped off a year of progress for Cardinal Health,” Cardinal Health CEO Mike Kaufmann said. “During fiscal 2019, we delivered on our overall commitments and made significant strides on key initiatives that position us for growth in an evolving healthcare environment. While we still have work to do, we look forward to building on this foundation in the coming year and continuing to enhance the value we provide to our customers and their patients.”
Fourth-quarter revenue for the pharmaceutical segment increased 6% to $33.4 billion due to sales growth from pharmaceutical distribution and specialty solutions customers, the company said.
Segment profit for the quarter increased 7% to $447 million primarily due to the positive impact from specialty solutions and a higher contribution from brand sales and mix. This was partially offset by the company’s generics program performance, according to Cardinal Health.
Fourth-quarter revenue for the medical segment increased 1% to $4.0 billion, which was driven primarily by the growth from existing customers. This was partially offset by the divestiture of the naviHealth business, the company said.
Medical segment profit decreased by 15%, to $97 million in the fourth quarter driven by the performance of Cardinal Health brand products. This was mostly offset by the benefits from cost savings initiatives, the company said.
Cardinal Health also announced several executive appointments.
Dean Scarborough, former chairman and CEO of Avery Dennison, and John Weiland, former vice chairman, president and COO of C.R. Bard, will join the board of directors effective Sept. 1.
Stephen Mason, president of the company’s Cardinal Health at-home solutions business, is being promoted to CEO of Cardinal Health’s Medical segment effective Aug. 16.
David Evans joined Cardinal Health on July 29 and will become interim CFO, effective Sept. 1, as the company conducts its external search for a permanent chief financial officer. Evans most recently served as executive vice president and chief financial officer of Battelle Memorial Institute, and previously served as executive vice president and chief financial officer of Scotts Miracle-Gro.
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