Cardinal Health reports fiscal 2008 results

Cardinal Health has announced its financial results for the 2008 fiscal year and given its outlook for the year ahead.

During the year, annual revenue rose by five per cent to $91 billion (48 billion pounds).

GAAP diluted earnings per share from continuing operations at the company rose by 76 per cent, reaching $3.64.

The company said the full-year results underlined the growth in its medical technology business, with the combined revenue of its clinical technologies and services segment and medical products and technologies segments growing by 24 per cent to $5.6 billion.

Cardinal Health forecast its fiscal 2009 non-GAAP earnings per share to be in the range of $3.80 to $3.95 while it would make significant investments in information technology and research and development.

R Kerry Clark, chairman and chief executive officer of Cardinal Health, said; “For two years, we have been taking steps to sharpen our focus on health care supply chain services and clinical and medical products.”

He added these steps have culminated with the company’s announcement last month to operate these businesses in two separate segments to reflect their unique requirements and characteristics.

The company also said it was looking in to a spinoff of its medical and clinical products businesses.

In May 2008, Cardinal Health completed the purchase of the assets of privately-held infection prevention product manufacturer Enturia.