Cardinal highlights AssuraMed in earnings report
DUBLIN, Ohio – Healthcare services giant Cardinal Health has reported revenue of $24.5 billion in the first quarter of 2014 compared to $25.9 billion for the same period in 2013, a 5% decrease.
The company reported net earnings of $339 million for the quarter compared to $271 million for the same period in 2013, a 25% increase.
Thanks to the 2013 acquisition of AssuraMed, a home medical equipment distributor, Cardinal’s medical segment saw revenues grow 13% to $2.7 billion. The acquisition also helped to boost profit 43% to $106 million.
Revenue in Cardinal’s pharmaceutical segment, however, fell 7%. It’s a drop the company expected due to expired contracts with Express Scripts and Walgreens.