Cardinal Health reports 8% increase in revenues

Cardinal Health has announced its financial results for the third quarter of the 2007 fiscal year, with the company reporting an eight per cent increase in revenues on the same quarter last year to $21.9 billion (10.98 billion pounds).

The firm saw a four per cent increase in medical healthcare supply chain service revenues, a 12 per cent rise in sales from clinical technologies and services and an 11 per cent rise in revenue from its manufacturing medical products segment.

As a result of the previously announced establishment of a $600 million litigation reserve, the company recorded a net loss of $5 million, equating to $0.01 per share.

R Kerry Clark, chief executive officer of Cardinal Health, said: “Results for the third quarter were solid, with good execution in our pharmaceutical supply chain segment and continued momentum in the market for our Alaris and Pyxis products.”

He added that the company could yet improve its medical supply chain business, but that it had nevertheless seen continued momentum over the first three quarters of the financial year.

Earlier this month, Cardinal Health announced the sale of its pharmaceutical technologies and services unit to the Blackstone group, with this divestment valued at $3.3 billion.