Cardinal Health raises guidance
By HME News Staff
Updated 8:55 AM CST, Thu February 15, 2024
DUBLIN, Ohio – Cardinal Health’s medical segment reported revenue of $3.9 billion, a 3% increase, driven by growth in at-Home Solutions and Global Medical Products and Distribution, primarily reflecting higher Cardinal Health brand volumes. The segment’s profit increased by $54 million to $71 million in the quarter, driven by an improvement in net inflationary impacts, including mitigation measures. Overall, Cardinal Health reported revenue of $57.4 billion for the second quarter of fiscal 2024, a 12% increase. "We delivered strong second quarter results across the enterprise, demonstrating continued momentum against our strategic priorities,” said Jason Hollar, CEO of Cardinal Health. "With strong growth in Pharmaceutical segment profit and continued progress against our Medical Improvement Plan, we are continuing to drive operational execution in our core business. Along with our recent announcements of a tech-enabled specialty acquisition and growth portfolio prioritization, we remain focused on best serving our customers and creating value for our shareholders." Cardinal Health has raised its fiscal 2024 guidance range for non-GAAP diluted earnings per share to $7.20 to $7.35, from $6.75 to $7.003. The company reiterated its expectations for profit growth for the former Pharmaceutical Segment of 7% to 9% and updated its profit outlook for the former Medical Segment to approximately $380 million, from approximately $400 million.
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