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Cardinal Health Reports Fiscal 2009 Results, Provides Fiscal 2010 Outlook
Date:8/18/2009

0% Segment Profit $157 million $229 million (32%) $670 million (9%)

Fiscal 2010 Outlook for CareFusion

For the fiscal year ending June 30, 2010, CareFusion expects mid single-digit revenue growth compared to fiscal 2009 pro forma revenue of $3.7 billion. Adjusted diluted earnings per share(7) for fiscal 2010 are expected to be between $1.10 and $1.20, compared to fiscal 2009 pro forma adjusted diluted earnings per share of $1.54, or $1.32 on an unadjusted basis. The pro forma financials reflect CareFusion results as if the separation and related transactions had already occurred.(8)

The expected year-over-year decline in adjusted diluted earnings per share is primarily driven by an incremental $100 million to $110 million in spending CareFusion will incur due to several factors including higher compensation expense, R&D spending and costs to stand up infrastructure as a new public company. In addition the company expects a significant increase in the tax rate from fiscal 2009 to 2010, due primarily to a one-time tax benefit received in 2009.

The guidance for fiscal 2010 is based on an assumed diluted weighted average outstanding share count of 228 million and reflects a previously announced distribution ratio of 0.5 shares of CareFusion common stock for each common share of Cardinal Health held as of 5 p.m. EDT on Aug. 25.

Additional Fourth-Quarter and Recent Highlights for CareFusion:

  • Form 10 registration statement declared effective by the Securities and Exchange Commission and a private letter ruling received from the Internal Revenue Service. The spinoff is on track to be completed after the close of business on Aug. 31.
  • Launched the CareFusion brand, establishing the company as an industry leader in helping hospitals measurably improve patient care and safety.

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SOURCE Cardinal Health, Inc.
Copyright©2009 PR Newswire.
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