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Cardinal Health Reports Fiscal 2008 Results, Provides Fiscal 2009 Outlook
Date:8/7/2008

e profit on a portion of intercompany sales from fiscal 2006 to 2008. As a result, approximately $16 million was recorded as income for the fourth quarter that pertained to prior periods. The VIASYS integration continues to be ahead of schedule to achieve planned synergy goals by 2010.

For the full year, segment revenue increased 47 percent to $2.7 billion and segment profit grew 52 percent to $300 million, including 39 percentage points from acquisitions.

Compared to a record quarter in the prior year, fourth-quarter revenue for the Clinical Technologies and Services segment increased 3 percent to $780 million, driven by continued strength in installations of medication dispensing products. Excluding Pharmacy Services, revenue increased 9 percent. Segment profit for the quarter exceeded company expectations, rising 8 percent to $156 million driven by favorable product mix and a positive impact from foreign exchange.

Full-year revenue for the segment increased 8 percent to $2.9 billion and segment profit increased 29 percent to $497 million.

Additional fourth-quarter and recent highlights include:

-- Reaching a definitive agreement to sell Tecomet, a maker of orthopedic implants, to Charlesbank Capital Partners and Tecomet management, with plans to close within 60 days;

-- Reaching a definitive agreement to acquire Borschow Medical and Hospital Supplies, Inc., the largest distributor of pharmaceutical products and medical supplies in Puerto Rico;

-- Completing the acquisition of assets of privately held Enturia, Inc., the manufacturer of infection prevention products sold under the ChloraPrep(R) brand name;

-- Introducing the Pyxis(R) DuoStation, a new system that leverages the company's industry-leading dispensing technologies to enable clinicians access to a patient's medications and medical supplies from one system;

-- Launching four new offerings for retail independent pharmacies at the company's 19t
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SOURCE Cardinal Health, Inc.
Copyright©2008 PR Newswire.
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