Cardinal Health announces third-quarter results

Cardinal Health has announced its financial results for the third quarter of the current financial year, with the firm reporting a five per cent increase in revenues to almost $23 billion (11.7 billion pounds)

Earnings per share on a GAAP basis reached $1.02 for the quarter, compared to a loss of $0.01 recorded in the comparable quarter last year.

The company announced continued strong year-over-year growth in its clinical and medical products sector and pledged further investment to strengthen its product portfolio in this area in the future.

During the third quarter, the company reached a definitive agreement to purchase the assets of Enturia for a total consideration of $490 million.

R Kerry Clark, chairman and chief executive officer of Cardinal Health, said: “Our consolidated business and three of our four operating segments are performing to our expectations.

“We saw a healthy revenue increase in our clinical and medical products sector, with excellent leverage to the profit line.”

He added that the company’s supply chain medical segment has shown a strong quarter of profitable growth, continuing the turnaround the firm began earlier this year.

Last month, Cardinal Health announced a unique funding programme to provide support for patient safety initiatives.