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Cardinal Health Reports Third Quarter Results
Date:4/30/2009

- Revenue increases 9 percent to $24.9 billion

- GAAP earnings from continuing operations decline 14 percent to $314 million and decrease 10 percent to $350 million on a non-GAAP basis

- GAAP diluted earnings per share from continuing operations decline 15 percent to $0.87 and decrease 10 percent to $0.97 on a non-GAAP basis

DUBLIN, Ohio, April 30 /PRNewswire-FirstCall/ -- Cardinal Health, a global provider of products and services that improve the safety and productivity of health care, today reported solid revenue growth for its fiscal third quarter and an expected decline in earnings, primarily due to a previously disclosed deferral in hospital capital spending.

Revenue for the quarter ended March 31, rose 9 percent to $24.9 billion, driven by sales growth from the Healthcare Supply Chain Services segment. Non-GAAP earnings from continuing operations(1) declined 10 percent to $350 million, and non-GAAP diluted earnings per share from continuing operations(2) decreased 10 percent to $0.97 from the prior year period. Including the $36 million after tax or $0.10 per share impact of special items, impairments and other costs associated with the planned spinoff of CareFusion Corporation, GAAP earnings from continuing operations were $314 million or $0.87 per share.

The year-over-year earnings decline was primarily driven by a deferral in hospital capital spending affecting the company's Clinical and Medical Products segment, an additional reserve associated with the costs to remediate certain models of the company's Alaris(R) infusion pump products, the negative impact on sales from a hold on shipping certain Alaris(R) products and the negative effect of foreign exchange rates. The earnings decline was partially offset by a lower tax rate, due to a tax refund claim filed during the quarter.

"The revenue and profit growth from the Healthcare Supply Chain Services segment in this economic downturn is encouraging," said R. Kerry Clark, Cardinal Health chairman and chief executive officer. "We knew we were going to have a difficult quarter in our Clinical and Medical Products segment, but we remain in a strong, long-term competitive position and made progress during the quarter against some of our short-term challenges, which gives us confidence as we move towards completing the planned spinoff."

    Q3 FY09 SUMMARY


                                          Q3 FY09          Q3 FY08        Y/Y

    Revenue                            $24.9 billion    $22.9 billion     9%

    GAAP Operating Earnings             $496 million     $577 million   (14)%
    Non-GAAP Operating Earnings(3)      $553 million     $613 million   (10)%

    GAAP Earnings from Continuing
     Operations                         $314 million     $366 million   (14)%
    Non-GAAP Earnings from Continuing
     Operations                         $350 million     $390 million   (10)%

    GAAP Diluted EPS from Continuing
     Operations
                                               $0.87            $1.02   (15)%
    Non-GAAP Diluted EPS from
     Continuing Operations
                                               $0.97            $1.08   (10)%

THIRD-QUARTER SEGMENT RESULTS

Healthcare Supply Chain Services

Healthcare Supply Chain Services increased revenue by 9 percent to $24 billion, driven by higher sales to existing pharmaceutical supply chain customers. Sales to bulk pharmaceutical customers(4) increased 19 percent to $10.8 billion and sales to non-bulk pharmaceutical customers(5) increased 3 percent to $11.1 billion. Segment profit increased 2 percent to $384 million due to the total segment sales growth, strong performance in nuclear pharmacy services and disciplined management of operating expenses. Segment profit growth was partially offset by the impact of customer mix and higher bad debt expense.

"With solid revenue growth from our pharmaceutical distribution business and profit growth from nuclear pharmacy services and medical product distribution, the Healthcare Supply Chain Services segment held up well in the fiscal third quarter in the face of a very challenging environment," said George Barrett, Cardinal Health vice chairman and chief executive officer of Healthcare Supply Chain Services. "The segment remains focused on revitalizing our core businesses and providing the tools that allow our customers to thrive in this dynamic health care environment."

    Healthcare Supply Chain Services       Q3 FY09        Q3 FY08        Y/Y

    Revenue                            $24.0 billion    $21.9 billion     9%
    Segment Profit                      $384 million     $377 million     2%

Clinical and Medical Products

Revenue for Clinical and Medical Products decreased 6 percent to $1.1 billion, driven by sales declines from the previously disclosed deferral in hospital capital spending, the ship-hold on certain Alaris(R) products and the impact of foreign exchange rates. The decline in segment revenue was partially offset by revenue growth in the infection prevention businesses, primarily from the Enturia acquisition. Segment profit declined 22 percent to $148 million, driven by the revenue decline, a reserve associated with remediation efforts for IV pumps, the ship-hold on certain Alaris(R) products and the impact of foreign exchange rates. The infusion remediation reserve included a $6 million charge announced on March 12 associated with the Alaris(R) PCA module recall and an additional $12 million associated with a corrective action plan submitted to the Food and Drug Administration (FDA) on April 24, bringing the total fiscal third quarter remediation reserve to $18 million. Foreign exchange rates negatively affected segment profit by 8 percentage points. The negative factors affecting segment profit were partially offset by growth from the infection prevention business, including the Enturia acquisition that favorably affected segment profit by 9 percentage points, and growth from infusion and respiratory disposable products.

"The overall trends in our Clinical and Medical Products segment remain fundamentally the same, with our capital equipment businesses being affected by the deferral in capital spending and our businesses related to disposables continuing to perform well," said David Schlotterbeck, Cardinal Health vice chairman and chief executive officer of Clinical and Medical Products. "The complicating factor in the quarter was our recall and ship-hold on some of our infusion products, but we are making progress against our obligations under the amended consent decree with the FDA. In addition, we had another strong quarter from the Enturia acquisition, which continues to perform very well."

    Clinical and Medical  Products        Q3 FY09         Q3 FY08       Y/Y

    Revenue                             $1.1 billion     $1.2 billion    (6)%
    Segment Profit                      $148 million     $190 million   (22)%

ADDITIONAL THIRD QUARTER AND RECENT HIGHLIGHTS:

  • CareFusion Corporation filed a Form 10 registration statement with the Securities and Exchange Commission, marking a major milestone on the road to launch CareFusion as a standalone, public company.
  • Submitted a corrective action plan to the FDA outlining the company's planned remediation for its infusion pumps as part of its obligations under the amended consent decree that was signed in February.
  • Selected by Novation, a leading health care contracting services company, to provide Cardinal Health's Source(TM) generics program to hospitals within the Novation network.
  • Signed a large, sole-source contract for Pyxis(R) products at Community Health Systems (CHS), which has more than 120 facilities in 29 states and approximately 18,000 beds.
  • Launched nine products targeted to improve safety and efficiency within operating rooms, including high-performance surgical scrubs, a high-tech mobile fluid management system, advances in automated medical supply dispensing and new surgical instruments.
  • Expanded the nation's largest radiopharmaceutical manufacturing network by opening a new facility in Omaha, Neb., giving local physicians advanced tools that aid in the early diagnosis and treatment of disease.

OUTLOOK

Clark said, "Even with the additional impact from the infusion remediation reserve and the ship-hold, we are maintaining our full-year non-GAAP EPS outlook within, but at the low end of, our guidance range of $3.50 to $3.60 per share."

The company's guidance does not reflect any incremental costs it will incur associated with the planned spinoff and separation of the two companies. The company expects a significant portion of these costs to be classified as special items in accordance with current company practices.

CONFERENCE CALL

Cardinal Health will host a conference call and webcast today at 8:30 a.m. EDT to discuss third quarter results. To access the call and corresponding slide presentation, visit the investor page at cardinalhealth.com or dial 617.213.4852, passcode 62189581. Presentation slides, an audio replay and a transcript will be archived on the Web site after the conclusion of the meeting. The audio replay will also be available until 5 p.m. EDT on May 4 by dialing 617-801-6888, passcode 77373130.

UPCOMING EVENTS

On June 2, Cardinal Health will be hosting its annual analyst and investor day. This year's format will feature two separate sessions, one dedicated to Cardinal Health and the second covering the businesses included in the planned spinoff of CareFusion. More information, including webcast details, will be posted on the investor page at cardinalhealth.com.

In addition, Cardinal Health or CareFusion will be participating in the following upcoming events:

  • Cardinal Health will present at the Bank of America and Merrill Lynch 2009 Health Care Conference on May 13 at 11:20 a.m. EDT.
  • CareFusion will present at the Robert W. Baird & Co. Growth Stock Conference on May 14 at 9:20 a.m. EDT.
  • Cardinal Health and CareFusion will present at the Deutsche Bank Healthcare Conference on May 18 at 3:45 p.m. and 4:45 p.m. EDT respectively.
  • Cardinal Health and CareFusion will present at the Goldman Sachs Global Healthcare Conference on June 10 at separate times to be determined.

Company representatives will discuss Cardinal Health's or CareFusion's diverse products and services, company performance and strategies for growth at these upcoming events. For more details or to access the live webcasts or transcripts of remarks made at these events, go to the investors page at cardinalhealth.com.

About Cardinal Health

Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $91 billion, global company serving the health care industry with products and services that help hospitals, physician offices and pharmacies reduce costs, improve safety, productivity and profitability, and deliver better care to patients. With a focus on making supply chains more efficient, reducing hospital-acquired infections and breaking the cycle of harmful medication errors, Cardinal Health develops market-leading technologies, including Alaris(R) IV pumps, Pyxis(R) automated dispensing and patient identification systems, MedMined(TM) electronic infection surveillance service and VIASYS(R) respiratory care products. The company also manufactures medical and surgical products and is one of the largest distributors of pharmaceuticals and medical supplies worldwide. Ranked No. 18 on the Fortune 500, Cardinal Health employs more than 40,000 people on five continents. More information about the company may be found at www.cardinalhealth.com.

(1) Non-GAAP earnings from continuing operations: Earnings from continuing operations excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) spinoff costs not included in special items or impairments, (gain)/loss on sale of assets and other, net, each net of tax.

(2) Non-GAAP diluted EPS from continuing operations: Non-GAAP earnings from continuing operations divided by diluted weighted average shares outstanding.

(3) Non-GAAP operating earnings: Operating earnings excluding (1) special items, (2) impairments, (gain)/loss on sale of assets and other, net and (3) spinoff costs not included in special items or impairments, (gain)/loss on sale of assets and other, net.

(4) Bulk pharmaceutical customers consist of Healthcare Supply Chain Services customers to which the segment distributes pharmaceutical, radiopharmaceutical and over-the-counter health care products to the customers' centralized warehouse operations and mail order businesses.

(5) Non-bulk pharmaceutical customers consist of all Healthcare Supply Chain Services customers to which the segment distributes pharmaceutical, radiopharmaceutical and over-the-counter health care products other than bulk pharmaceutical customers.

A reconciliation of the differences between these non-GAAP financial measures and their most directly comparable GAAP financial measures is provided in the attached tables and at www.cardinalhealth.com.

Cardinal Health uses its Web site as a channel of distribution for material company information. Important information, including news releases, analyst presentations and financial information regarding Cardinal Health is routinely posted and accessible on the investor page at www.cardinalhealth.com.

This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and CareFusion's Form 10 registration statement (including all amendments to those reports and registration statement) and exhibits to those reports and registration statement, and include (but are not limited to) the following: uncertainties related to the deferral in hospital capital spending affecting Cardinal Health's Clinical and Medical Products segment and difficulties in forecasting the exact duration and potential long-term changes in hospital spending patterns; uncertainties regarding the planned spinoff of CareFusion as a new standalone entity, including the timing and terms of any such spinoff and whether such spinoff will be completed as it is subject to a number of conditions, and uncertainties regarding the impact of the planned spinoff on Cardinal Health, CareFusion and the potential market for their respective securities; competitive pressures in Cardinal Health's various lines of business; the loss of one or more key customer or supplier relationships or changes to the terms of those relationships; uncertainties relating to timing of generic and branded pharmaceutical introductions and the frequency or rate of branded pharmaceutical price appreciation or generic pharmaceutical price deflation; changes in the distribution patterns or reimbursement rates for health care products and/or services; the results, consequences, effects or timing of any inquiry or investigation by any regulatory authority or any legal or administrative proceedings; future actions of regulatory bodies or government authorities relating to Cardinal Health's manufacturing or sale of products and other costs or claims that could arise from its manufacturing, compounding or repackaging operations or from its other services, including uncertainties and costs relating to complying with the amended consent decree entered into with the FDA and implementing the corrective action plan submitted to the FDA pursuant to the amended consent decree; the effects, timing or success of restructuring programs or plans; the costs, difficulties and uncertainties related to the integration of acquired businesses; uncertainties related to the recent disruptions in the financial markets, including uncertainties related to the availability and/or cost of credit and the impact of the financial market disruptions on Cardinal Health's customers and vendors; uncertainties regarding the ultimate features of government health care reform initiatives and their enactment and implementation; and conditions in the pharmaceutical market and general economic and market conditions. This news release reflects management's views as of April 30, 2009. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.

           CARDINAL HEALTH, INC. AND SUBSIDIARIES
        CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                         (UNAUDITED)


                              Third Quarter
                              -------------
    (in millions,
     except per Common
     Share amounts)          2009       2008   % Change
                             ----       ----

    Revenue             $24,938.7  $22,909.6         9%
    Cost of products
     sold                23,537.0   21,441.8        10%
                         --------   --------
    Gross margin          1,401.7    1,467.8        (5)%

    Selling, general
     and administrative
     expenses               850.2      854.5        (1)%
    Impairments,
     (gain)/loss on
     sale of assets and
     other, net               3.0        1.2        N.M.

    Special items:
      Restructuring
       charges               48.1        8.5        N.M.
      Acquisition
       integration
       charges                3.5        4.4        N.M.
      Litigation and
       other                  0.6       22.7        N.M.
                              ---       ----
    Operating earnings      496.3      576.5       (14)%

    Interest expense
     and other               60.4       31.1        94%
                             ----       ----
    Earnings before
     income taxes and
     discontinued
     operations             435.9      545.4       (20)%

    Provision for
     income taxes           122.4      179.5       (32)%
                            -----      -----
    Earnings from
     continuing
     operations             313.5      365.9       (14)%

    Loss from discontinued
     operations (net of tax
     expense of $0.6 and
     $26.3 for the third
     quarter of fiscal 2009
     and 2008,
     respectively)           (0.6)      (9.9)       N.M.
                             ----       ----

    Net earnings           $312.9     $356.0       (12)%
                           ======     ======


    Basic earnings/(loss)
     per Common Share:
    Continuing
     operations             $0.88      $1.03       (15)%
    Discontinued
     operations                 -      (0.03)       N.M.
                            -----      -----
      Net basic
       earnings per
       Common Share         $0.88      $1.00       (13)%
                            =====      =====

    Diluted earnings/(loss)
     per Common Share:
    Continuing
     operations             $0.87      $1.02       (15)%
    Discontinued
     operations                 -      (0.03)       N.M.
                            -----      -----
      Net diluted
       earnings per
       Common Share         $0.87      $0.99       (12)%
                            =====      =====

    Weighted average number
     of Common Shares
     outstanding:
    Basic                   358.1      355.5
    Diluted                 360.9      360.2



           CARDINAL HEALTH, INC. AND SUBSIDIARIES
        CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                         (UNAUDITED)


                              Year-to-Date
                              ------------
    (in millions,
     except per Common
     Share amounts)          2009       2008  % Change
                             ----       ----

    Revenue             $74,385.4  $68,165.8         9%
    Cost of products
     sold                70,202.8   64,001.1        10%
                         --------   --------
    Gross margin          4,182.6    4,164.7         -

    Selling, general
     and administrative
     expenses             2,584.2    2,513.5         3%
    Impairments,
     (gain)/loss on
     sale of assets and
     other, net              13.5      (22.0)       N.M.

    Special items:
      Restructuring
       charges              112.1       54.7        N.M.
      Acquisition
       integration
       charges               11.8       19.9        N.M.
      Litigation and
       other                  0.5       13.1        N.M.
                          -------    -------
    Operating earnings    1,460.5    1,585.5        (8)%

    Interest expense
     and other              185.3      124.0        49%
                          -------    -------
    Earnings before
     income taxes and
     discontinued
     operations           1,275.2    1,461.5       (13)%

    Provision for
     income taxes           393.1      467.2       (16)%
                          -------    -------
    Earnings from
     continuing
     operations             882.1      994.3       (11)%

    Loss from discontinued
     operations (net of tax
     expense of $3.6 and
     $29.1 for fiscal 2009
     and 2008 year-to-date,
     respectively)           (3.7)     (11.7)       N.M.
                           ------     ------

    Net earnings           $878.4     $982.6       (11)%
                           ======     ======


    Basic earnings / (loss)
     per Common Share:
    Continuing
     operations             $2.47      $2.77       (11)%
    Discontinued
     operations             (0.01)     (0.03)       N.M.
                            -----      -----
      Net basic
       earnings per
       Common Share         $2.46      $2.74       (10)%
                            =====      =====

    Diluted earnings /
     (loss) per Common
     Share:
    Continuing
     operations             $2.44      $2.72       (10)%
    Discontinued
     operations             (0.01)     (0.03)       N.M.
                            -----      -----
      Net diluted
       earnings per
       Common Share         $2.43      $2.69       (10)%
                            =====      =====

    Weighted average number
     of Common Shares
     outstanding:
    Basic                   357.3      359.1
    Diluted                 361.0      365.7



                  CARDINAL HEALTH, INC. AND SUBSIDIARIES
             CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)


                                                    March 31,  June 30,
    (in millions)                                       2009      2008
                                                    --------   -------

    Assets
    Cash and equivalents                            $1,366.0  $1,291.3
    Trade receivables, net                           5,904.7   5,006.9
    Current portion of net investment in
     sales-type leases                                 402.7     383.7
    Inventories                                      8,070.3   6,768.8
    Prepaid expenses and other                         561.2     593.1
    Assets held for sale                                   -     140.4
                                                    --------  --------
      Total current assets                          16,304.9  14,184.2
                                                    --------  --------

    Property and equipment, net                      1,724.0   1,737.2
    Net investment in sales-type leases, less
     current portion                                   934.1     916.8
    Goodwill and other intangibles, net              6,141.5   6,225.9
    Other assets                                       430.3     384.1
                                                   --------- ---------
      Total assets                                 $25,534.8 $23,448.2
                                                   ========= =========


    Liabilities and Shareholders' Equity
    Current portion of long-term obligations and
     other short-term borrowings                      $368.0    $159.0
    Accounts payable                                10,006.2   8,311.8
    Other accrued liabilities                        1,549.9   1,889.7
    Liabilities from businesses held for sale
     and discontinued operations                         2.4      15.4
                                                    --------  --------
      Total current liabilities                     11,926.5  10,375.9
                                                    --------  --------

    Long-term obligations, less current portion
     and other short-term borrowings                 3,303.1   3,687.4
    Deferred income taxes and other liabilities      1,870.7   1,637.4
      Total shareholders' equity                     8,434.5   7,747.5
                                                   --------- ---------
      Total liabilities and shareholders' equity   $25,534.8 $23,448.2
                                                   ========= =========



                 CARDINAL HEALTH, INC. AND SUBSIDIARIES
       CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


                               Third Quarter       Year-to-Date
                               -------------       ------------
      (in millions)            2009      2008      2009      2008
                               ----      ----      ----      ----

      Cash Flows From
       Operating Activities:
      Net earnings           $312.9    $356.0    $878.4    $982.6
      Loss from
       discontinued
       operations               0.6       9.9       3.7      11.7
                              -----     -----     -----     -----
        Earnings from
         continuing
         operations           313.5     365.9     882.1     994.3
      Adjustments to
       reconcile earnings
       from continuing
       operations to net cash
       provided by / (used in)
       operating activities:
        Depreciation and
         amortization          92.8      93.1     293.4     284.9
        Asset impairments
         and (gain)/loss
         on sale of
         assets, net            3.0       2.4      13.5     (20.8)
        Equity
         compensation          35.5      32.2      92.3      86.7
        Provision for bad
         debts                 26.8      11.9      53.6      22.3
      Change in operating
       assets and liabilities,
       net of effects from
       acquisitions:
        Increase in trade
         receivables         (716.3)   (144.2)   (869.7)   (294.8)
        (Increase) /
         decrease in
         inventories          465.4     367.3  (1,252.8)    113.7
        Increase in net
         investment in
         sales-type leases     (1.3)    (25.2)    (36.3)    (83.8)
        Increase /
         (decrease) in
         accounts payable     340.0     (37.4)  1,635.5    (217.2)
        Other accrued
         liabilities and
         operating items,
         net                  262.2     231.2     (68.1)    427.0
                              -----     -----     -----     -----
          Net cash
           provided by
           operating
           activities -
           continuing
           operations         821.6     897.2     743.5   1,312.3
          Net cash used
           in operating
           activities -
           discontinued
           operations          (0.6)    (10.0)     (3.9)    (42.5)
                               ----     -----      ----     -----
      Net cash provided
       by operating
       activities             821.0     887.2     739.6   1,269.8
                              -----     -----     -----   -------

      Cash Flows From
       Investing Activities:
      Acquisition of
       subsidiaries, net
       of divestitures and
       cash acquired          (12.3)      0.2     (18.5)    (39.0)
      Proceeds from sale
       of property and
       equipment                0.2       2.9      12.6      10.3
      Additions to
       property and
       equipment              (80.9)    (79.6)   (263.1)   (251.6)
      Sale of investment
       securities
       available for sale,
       net                        -         -         -     131.9
                              -----     -----    ------    ------
          Net cash used
           in investing
           activities -
           continuing
           operations         (93.0)    (76.5)   (269.0)   (148.4)
          Net cash used
           in investing
           activities -
           discontinued
           operations             -         -         -         -
                              -----     -----    ------    ------
      Net cash used in
       investing
       activities             (93.0)    (76.5)   (269.0)   (148.4)
                              -----     -----    ------    ------

      Cash Flows From
       Financing Activities:
      Net change in
       commercial paper
       and short-term
       borrowings            (100.1)   (317.2)      1.0     202.2
      Reduction of long-
       term obligations        (2.9)     (2.7)   (310.1)    (15.9)
      Proceeds from long-
       term obligations,
       net of issuance
       costs                    3.1         -      24.8         -
      Proceeds from
       issuance of Common
       Shares                  18.0      44.8      38.7     209.2
      Tax benefit /
       (expense) from
       stock options           (2.5)      1.3      (0.2)     15.3
      Dividends on Common
       Shares                 (50.2)    (42.7)   (150.1)   (130.4)
      Purchase of Common
       Shares in treasury         -    (149.6)        -  (1,181.6)
                              -----    ------    ------  --------
          Net cash used
           in financing
           activities -
           continuing
           operations        (134.6)   (466.1)   (395.9)   (901.2)
          Net cash used
           in financing
           activities -
           discontinued
           operations             -         -         -         -
                             ------    ------    ------    ------
      Net cash used in
       financing
       activities            (134.6)   (466.1)   (395.9)   (901.2)
                             ------    ------    ------    ------

      Net increase in
       cash and
       equivalents            593.4     344.6      74.7     220.2

      Cash and
       equivalents at
       beginning of period    772.6   1,184.4   1,291.3   1,308.8
                           --------  --------  --------  --------

      Cash and
       equivalents at end
       of period           $1,366.0  $1,529.0  $1,366.0  $1,529.0
                           ========  ========  ========  ========



                       CARDINAL HEALTH, INC. AND SUBSIDIARIES
                                  BUSINESS ANALYSIS

                                    TOTAL COMPANY


                                                                 Non-GAAP
                                             Third Quarter     Third Quarter
                                            ---------------   --------------
      (in millions)                          2009      2008    2009     2008
                                            ---------------   --------------

      Revenue
      Amount                              $24,939   $22,910
      Growth Rate                               9%        5%

      Operating Earnings
      Amount                                 $496      $577    $553     $613
      Growth Rate                             (14)%     N.M.   (10)%       1%

      Earnings from Continuing Operations
      Amount                                 $314      $366    $350     $390
      Growth Rate                             (14)%     N.M.   (10)%       -



                                                                 Non-GAAP
                                              Year-to-Date     Year-to-Date
                                             --------------    -------------
                                             2009      2008    2009     2008
                                             --------------    -------------

      Revenue
      Amount                              $74,385   $68,166
      Growth Rate                               9%        6%

      Operating Earnings
      Amount                               $1,461    $1,586  $1,600   $1,651
      Growth Rate                              (8)%      66%     (3)%      2%

      Earnings from Continuing Operations
      Amount                                 $882      $994    $953   $1,037
      Growth Rate                             (11)%      65%     (8)%      -


      -----------------------------------
      Refer to the GAAP / Non-GAAP Reconciliation for definitions and
      calculations supporting the non-GAAP balances.



                         CARDINAL HEALTH, INC. AND SUBSIDIARIES
                              SEGMENT BUSINESS ANALYSIS

                        Third Quarter                           Third Quarter
                        -------------                           -------------
        (in millions)   2009     2008         (in millions)     2009     2008
                        -------------                           -------------

        HEALTHCARE SUPPLY CHAIN SERVICES      CLINICAL AND MEDICAL PRODUCTS

        Revenue(1)                            Revenue(1)
        Amount       $23,958  $21,923         Amount          $1,100   $1,170
        Growth Rate       9%       4%         Growth Rate       (6)%      33%
        Mix              95%      94%         Mix                 4%       5%

        Segment Profit(2)                     Segment Profit(2)
        Amount          $384     $377         Amount            $148     $190
        Growth Rate       2%    (17)%         Growth Rate      (22)%      44%
        Mix              69%      64%         Mix                27%      32%
        Segment Profit                        Segment Profit
         Margin        1.60%    1.72%          Margin         13.46%   16.24%


                        Third Quarter
                        -------------
        (in millions)   2009     2008
                        -------------

        ALL OTHER

        Revenue(1)
        Amount          $246     $308
        Growth Rate    (20)%       6%
        Mix               1%       1%

        Segment
         Profit(2)
        Amount           $23      $27
        Growth Rate    (12)%        -
        Mix               4%       4%
        Segment
         Profit
         Margin        9.43%    8.59%

      -------------------------
      Refer to definitions for an explanation of calculations.

      (1) Total consolidated revenue for the three months ended March 31,
      2009 was $24.9 billion, which included total segment revenue of $25.3
      billion and Corporate revenue of $(0.4) billion.  Total consolidated
      revenue for the three months ended March 31, 2008 was $22.9 billion,
      which included total segment revenue of $23.4 billion and Corporate
      revenue of $(0.5) billion.  Corporate consists primarily of elimination
      of inter-segment revenue.

      (2) Total consolidated operating earnings for the three months ended
      March 31, 2009 were $496 million, which included total segment profit
      of $555 million and Corporate loss of $(59) million.  Total consolidated
      operating earnings for the three months ended March 31, 2008 were $577
      million, which included total segment profit of $594 million and
      Corporate loss of $(17) million.  Corporate includes, among other
      things, special items and impairments, (gain)/loss on sale of assets
      and other, net.



                      CARDINAL HEALTH, INC. AND SUBSIDIARIES
                            SEGMENT BUSINESS ANALYSIS


                        Year-to-Date                            Year-to-Date
                        -------------                           ------------
        (in millions)   2009     2008         (in millions)      2009    2008
                        -------------                            ------------

        HEALTHCARE SUPPLY CHAIN SERVICES     CLINICAL AND MEDICAL PRODUCTS

        Revenue(1)                           Revenue(1)
        Amount       $71,472  $65,362        Amount            $3,469  $3,336
        Growth Rate       9%       5%        Growth Rate           4%     32%
        Mix              94%      94%        Mix                   5%      5%

        Segment                              Segment
         Profit(2)                            Profit(2)
        Amount       $1,009    $1,039        Amount             $513     $506
        Growth Rate    (3)%     (12)%        Growth Rate          1%      47%
        Mix             63%       64%        Mix                 32%      31%
        Segment                              Segment
         Profit                               Profit
         Margin       1.41%     1.59%         Margin          14.79%   15.16%


                        Year-to-Date
                        ------------
        (in millions)   2009    2008
                        ------------

        ALL OTHER

        Revenue(1)
        Amount          $784    $903
        Growth Rate    (13)%      4%
        Mix               1%      1%

        Segment
         Profit(2)
        Amount          $78     $74
        Growth Rate      6%   (10)%
        Mix              5%      5%
        Segment
         Profit
         Margin       9.93%   8.14%

      -------------------------
      Refer to definitions for an explanation of calculations.

      (1) Total consolidated revenue for the nine months ended March 31,
      2009 was $74.4 billion, which included total segment revenue of $75.7
      billion and Corporate revenue of $(1.3) billion.  Total consolidated
      revenue for the nine months ended March 31, 2008 was $68.2 billion,
      which included total segment revenue of $69.6 billion and Corporate
      revenue of $(1.4) billion.  Corporate consists primarily of elimination
      of inter-segment revenue.

      (2) Total consolidated operating earnings for the nine months ended
      March 31, 2009 were $1,461 million, which included total segment profit
      of $1,600 million and Corporate loss of $(139) million.  Total
      consolidated operating earnings for the nine months ended March 31,
      2008 were $1,586 million, which included total segment profit of $1,619
      million and Corporate loss of $(33) million.  Corporate includes, among
      other things, special items and impairments, (gain)/loss on sale of
      assets and other, net.



                     CARDINAL HEALTH, INC. AND SUBSIDIARIES
                            SCHEDULE OF NOTABLE ITEMS



                                            Third Quarter     Year-to-Date
                                            -------------     ------------
      (in millions, except per Common
       Share amounts)                       2009      2008     2009    2008
                                            --------------     ------------


      Special Items
      Restructuring charges               $(48.1)    $(8.5) $(112.1) $(54.7)
      Acquisition integration charges       (3.5)     (4.4)   (11.8)  (19.9)
      Litigation and other                  (0.6)    (22.7)    (0.5)  (13.1)
                                            ----     -----     ----   -----
        Total special items                (52.2)    (35.6)  (124.4)  (87.7)
        Tax benefit                         12.2      12.9     36.6    31.8
                                            ----      ----     ----    ----
        Special items, net of tax         $(40.0)   $(22.7)  $(87.8) $(55.9)
                                          ======    ======   ======  ======

        Decrease to diluted EPS from
         continuing operations            $(0.11)   $(0.06)  $(0.24) $(0.15)
                                          ======    ======   ======  ======



      Other Spin-Off Costs
      Other spin-off costs                 $(1.6)       $-    $(2.0)     $-
        Tax benefit                          0.6         -      0.7       -
                                           -----      ----    -----    ----
        Other spin-off costs, net of tax   $(1.0)       $-    $(1.3)     $-
                                           =====      ====    =====    ====

        Decrease to diluted EPS from
         continuing operations                $-        $-       $-      $-
                                           =====      ====    =====    ====


      Impairments, Gain/(Loss) on Sale of Assets and Other, Net
      Impairments, gain/(loss) on sale
       of assets and other, net            $(3.0)    $(1.2)  $(13.5)  $22.0
        Tax benefit / (expense)              7.5       0.4     31.8    (8.5)
                                             ---       ---     ----    ----
        Impairments, gain/(loss) on sale
         of assets and other, net, net of
         tax                                $4.5     $(0.8)   $18.3   $13.5
                                            ====     =====    =====   =====

        Increase to diluted EPS from
         continuing operations             $0.01        $-    $0.04   $0.04
                                           =====     =====    =====   =====


      Weighted Average Number of Diluted
       Shares Outstanding                  360.9     360.2    361.0   365.7



                    CARDINAL HEALTH, INC. AND SUBSIDIARIES
                           ASSET MANAGEMENT ANALYSIS


                                                    Third     Year-to-
                                                   Quarter      Date
                                                  --------    --------
                                                 2009  2008  2009  2008
                                                 ----  ----  ----  ----


      Receivable Days                            20.4  20.4
      Days Inventory on Hand                       27    27


      Debt to Total Capital                        30%   34%
      Net Debt to Capital                          21%   24%


      Return on Equity                           15.1% 19.6% 14.5% 18.1%
      Non-GAAP Return on Equity                  16.9% 21.4% 15.7% 19.0%


      Return on Invested Capital                 7.18% 8.03% 6.86% 7.63%
      Non-GAAP Return on Invested Capital        7.92% 8.70% 7.34% 7.99%


      Effective Tax Rate from Continuing
       Operations                                28.1% 32.9% 30.8% 32.0%
      Non-GAAP Effective Tax Rate from
       Continuing Operations                     29.0% 33.1% 32.7% 32.1%


      -----------------------------------------
      Refer to the GAAP / Non-GAAP Reconciliation for non-GAAP calculations.



                  CARDINAL HEALTH, INC. AND SUBSIDIARIES
                     GAAP / NON-GAAP RECONCILIATION

                   ------------------------------------

                                   Third Quarter 2009
                                   ------------------
                                                       Impairments,
                                                      (Gain)/Loss
    (in millions, except                     Other      on Sale of
     per Common Share      GAAP    Special   Spin-Off   Assets and
     amounts)                     Items      Costs     Other, Net   Non-GAAP


    Operating Earnings
    Amount                 $496        $52       $2        $3        $553
    Growth Rate             (14)%                                     (10)%

    Provision for Income
     Taxes                 $122        $12       $1        $8        $143

    Earnings from
     Continuing
     Operations
    Amount                 $314        $40       $1       ($5)       $350
    Growth Rate             (14)%                                     (10)%

    Diluted EPS from
     Continuing
     Operations
    Amount                 $0.87      $0.11      $-     ($0.01)     $0.97
    Growth Rate             (15)%                                     (10)%


                                    Year-to-Date 2009
                                    -----------------

                                                        Impairments,
                                                        (Gain)/Loss
                                              Other      on Sale of
                            GAAP    Special   Spin-Off   Assets and
                                    Items      Costs     Other, Net   Non-GAAP

    Operating Earnings
    Amount                 $1,461     $124        $2         $14     $1,600
    Growth Rate                (8)%                                    (3)%

    Provision for Income
     Taxes                   $393      $37        $1         $32       $462

    Earnings from
     Continuing
     Operations
    Amount                   $882      $88        $1        ($18)      $953
    Growth Rate               (11)%                                      (8)%

    Diluted EPS from
     Continuing
     Operations
    Amount                  $2.44    $0.24        $-      ($0.04)     $2.64
    Growth Rate               (10)%                                      (7)%



                                         Third Quarter 2008
                                         ------------------
                                                       Impairments,
                                                      (Gain)/Loss
                                            Other      on Sale of
                          GAAP    Special   Spin-Off   Assets and
                                  Items      Costs     Other, Net   Non-GAAP

    Operating Earnings
    Amount                $577       $36      $-           $1           $613
    Growth Rate            N.M.                                            1%

    Provision for Income
     Taxes                $180       $13      $-           $-           $192

    Earnings from
     Continuing
     Operations
    Amount                $366       $23      $-           $1           $390
    Growth Rate            N.M.                                            -%

    Diluted EPS from
     Continuing
     Operations
    Amount               $1.02     $0.06      $-           $-          $1.08
    Growth Rate            N.M.                                           13%



                               Year-to-Date 2008
                               -----------------
                                                       Impairments,
                                                      (Gain)/Loss
                                            Other      on Sale of
                          GAAP    Special   Spin-Off   Assets and
                                  Items      Costs     Other, Net   Non-GAAP

    Operating Earnings
    Amount              $1,586        $88       $-         ($22)      $1,651
    Growth Rate             66%                                            2%

    Provision for
     Income Taxes         $467       $32        $-          ($9)        $491

    Earnings from
     Continuing
     Operations
    Amount                $994       $56        $-         ($14)      $1,037
    Growth Rate             65%                                            -%

    Diluted EPS from
     Continuing
     Operations
    Amount               $2.72     $0.15        $-       ($0.04)       $2.83
    Growth Rate             85%                                           11%


    ----------------------
    The sum of the components may not equal the total due to rounding.



                   CARDINAL HEALTH, INC. AND SUBSIDIARIES
                       GAAP / NON-GAAP RECONCILIATION


                                Third Quarter         Year-to-Date
                                -------------         ------------
      (in millions)             2009       2008       2009       2008
                                ----       ----       ----       ----


      GAAP Return on
       Equity                   15.1%      19.6%      14.5%      18.1%

      Non-GAAP Return on Equity
      Net earnings            $312.9     $356.0     $878.4     $982.6
      Special items, net
       of tax, in
       continuing
       operations               40.0       22.7       87.8       55.9
      Other spin-off
       costs, net of tax         1.0          -        1.3          -
      Impairments, (gain)/
       loss on sale of
       assets and other,
       net, net of tax, in
       continuing
       operations               (4.5)       0.8      (18.3)     (13.5)
      (Gain)/loss on sale
       of PTS, net of tax,
       in discontinued
       operations                  -        7.6          -        7.6
                             -------    -------    -------    -------
        Adjusted net
         earnings             $349.4     $387.1     $949.2   $1,032.6

        Annualized          $1,397.6   $1,548.4   $1,265.6   $1,376.8

        Divided by average
         shareholders'
         equity(1)          $8,281.2   $7,250.7   $8,057.0   $7,236.6


      Non-GAAP return on
       equity                   16.9%      21.4%      15.7%      19.0%


                                 Third Quarter         Year-to-Date
                                 -------------         ------------
                                2009       2008       2009       2008
                                ----       ----       ----       ----


      GAAP Return on
       Invested Capital         7.18%      8.03%      6.86%      7.63%

      Non-GAAP Return on
       Invested Capital
      Net earnings            $312.9     $356.0     $878.4     $982.6
      Special items, net
       of tax, in
       continuing
       operations               40.0       22.7       87.8       55.9
      Other spin-off
       costs, net of tax         1.0          -        1.3          -
      Impairments, (gain)/
       loss on sale of
       assets and other,
       net, net of tax, in
       continuing
       operations               (4.5)       0.8      (18.3)     (13.5)
      Interest expense
       and other, net of
       tax                      38.6       19.9      118.3       79.4
      (Gain)/loss on sale
       of PTS, net of tax,
       in discontinued
       operations                  -        7.6          -        7.6
                             -------    -------    -------    -------
        Adjusted net
         earnings             $388.0     $407.0   $1,067.5   $1,112.0

        Annualized          $1,552.0   $1,628.0   $1,423.3   $1,482.7

        Divided by average
         total invested
         capital(2)        $19,584.5  $18,727.9  $19,380.9  $18,546.9

        Non-GAAP return on
         invested capital       7.92%      8.70%      7.34%      7.99%



      (1) The average shareholders' equity shown above is calculated
       using the average of the prior and current quarters except for
       year-to-date which is calculated as the average of shareholders'
       equity at the end of the prior years' fourth quarter plus each
       of the current year quarters.


      (2)Total invested capital is calculated as the sum of the current
       portion of long-term obligations and other short-term borrowings,
       long-term obligations, total shareholders' equity and unrecorded
       goodwill. The average total invested capital is calculated using
       the average of total invested capital at the end of the prior and
       current quarters except for year-to-date which is calculated as the
       average of the prior years' fourth quarter plus each of the current
       year quarters. Unrecorded goodwill is $7.5 billion for all periods
       presented.



                  CARDINAL HEALTH, INC. AND SUBSIDIARIES
                      GAAP / NON-GAAP RECONCILIATION

                                   Third Quarter        Year-to-Date
                                   --------------      --------------
      (in millions)                2009      2008      2009      2008
                                   --------------      ----      ----

      GAAP Effective Tax
       Rate from Continuing
       Operations                  28.1%     32.9%     30.8%     32.0%

      Non-GAAP Effective Tax
       Rate from Continuing
       Operations
      Earnings before income
       taxes and discontinued
       operations                $435.9    $545.4  $1,275.2  $1,461.5
      Special items                52.2      35.6     124.4      87.7
      Other spin-off costs          1.6         -       2.0         -
      Impairments, (gain)/
       loss on sale of assets
       and other, net               3.0       1.2      13.5     (22.0)
                                  -----     -----   -------   -------
        Adjusted earnings
         before income taxes
         and discontinued
         operations              $492.7    $582.2  $1,415.1  $1,527.2

      Provision for income
       taxes                     $122.4    $179.5    $393.1    $467.2
      Special items tax
       benefit                     12.2      12.9      36.6      31.8
      Other spin-off costs
       tax benefit                  0.6         -       0.7         -
      Impairments, (gain)/
       loss on sale of assets
       and other, net, tax
       impact                       7.5       0.4      31.8      (8.5)
                                  -----     -----     -----     -----
        Adjusted provision for
         income taxes            $142.7    $192.8    $462.2    $490.5

      Non-GAAP effective tax
       rate from continuing
       operations                  29.0%     33.1%     32.7%     32.1%


                                    Third Quarter
                                    -------------
                                   2009      2008
                                   ----      ----

      Debt to Total Capital          30%       34%

      Net Debt to Capital
      Current portion of
       long-term obligations
       and other short-term
       borrowings                $368.0    $355.3
      Long-term obligations,
       less current portion
       and other short-term
       borrowings               3,303.1   3,450.1
                               --------  --------
        Debt                   $3,671.1  $3,805.4
      Cash and equivalents     (1,366.0) (1,529.0)
                               --------  --------
        Net debt               $2,305.1  $2,276.4
      Total shareholders'
       equity                  $8,434.5  $7,393.2
      Capital                 $10,739.6  $9,669.6
        Net debt to capital          21%       24%


      Forward-Looking Non-GAAP Financial Measures
      The Company presents non-GAAP earnings from continuing operations
      and non-GAAP effective tax rate from continuing operations (and
      presentations derived from these financial measures) on a forward-
      looking basis.  The most directly comparable forward-looking GAAP
      measures are earnings from continuing operations and effective tax
      rate from continuing operations.  The Company is unable to provide
      a quantitative reconciliation of these forward-looking non-GAAP
      measures to the most comparable forward-looking GAAP measures because
      the Company cannot reliably forecast special items, impairments,
      (gain)/loss on sale of assets and other, net and other spin-off costs,
      which are difficult to predict and estimate and are primarily
      dependent on future events.  Please note that the unavailable
      reconciling items could significantly impact the Company's future
      financial results.
    -------------------------



                                CARDINAL HEALTH, INC. AND SUBSIDIARIES
                                             DEFINITIONS

    GAAP
    Debt:  long-term obligations plus short-term borrowings
    Debt to Total Capital:  debt divided by (debt plus total shareholders'
     equity)
    Diluted EPS from Continuing Operations:  earnings  from continuing
    operations divided by diluted weighted average shares outstanding
    Effective Tax Rate from Continuing Operations:  provision for income
     taxes divided by earnings before income taxes and discontinued
     operations
    Operating Cash Flow:  net cash provided by / (used in) operating
     activities from continuing operations
    Other Spin-Off Costs: costs incurred in connection with the Company's
     plans to spin off its clinical and medical products businesses that are
     not included in special items or impairments, (gain)/loss on sale of
     assets and other, net
    Segment Profit:  segment revenue minus (segment cost of products sold
     and segment selling, general and administrative expenses)
    Segment Profit Margin:  segment profit divided by segment revenue
    Segment Profit Mix:  segment profit divided by total segment profit for
     all segments
    Return on Equity:  annualized net earnings divided by average
     shareholders' equity
    Return on Invested Capital:  annualized net earnings plus interest
     expense and other divided by (average total shareholders' equity plus
     debt plus unrecorded goodwill)
    Revenue Mix:  segment revenue divided by total segment revenue for all
     segments

    NON-GAAP
    Net Debt to Capital:  net debt divided by (net debt plus total
     shareholders' equity)
    Net Debt:  debt minus (cash and equivalents and short-term investments
     available for sale)
    Non-GAAP Diluted EPS from Continuing Operations:  non-GAAP earnings from
     continuing operations divided by diluted weighted average shares
     outstanding
    Non-GAAP Diluted EPS from Continuing Operations Growth Rate: (current
     period non-GAAP diluted EPS from continuing operations minus prior
     period non-GAAP diluted EPS from continuing operations) divided by prior
     period non-GAAP diluted EPS from continuing operations
    Non-GAAP Earnings from Continuing Operations:  earnings from continuing
     operations excluding (1) special items, (2) impairments, (gain)/loss on
     sale of assets and other, net and (3) Other Spin-Off Costs, each net of
     tax
    Non-GAAP Earnings from Continuing Operations Growth Rate:  (current
     period non-GAAP earnings from continuing operations minus prior period
     non-GAAP earnings from continuing operations) divided by prior period
     non-GAAP earnings from continuing operations
    Non-GAAP Effective Tax Rate from Continuing Operations:  (provision for
     income taxes adjusted for (1) special items, (2) impairments, (gain)/
     loss on sale of assets and other, net and (3) Other Spin-Off Costs)
     divided by (earnings before income taxes and discontinued operations
     adjusted for (1) special items, (2) impairments, (gain)/loss on sale of
     assets and other, net and (3) Other Spin-Off Costs)
    Non-GAAP Operating Earnings:  operating earnings excluding (1) special
    items, (2) impairments, (gain)/loss on sale of assets and other, net and
    (3) Other Spin-Off Costs
    Non-GAAP Operating Earnings Growth Rate:  (current period non-GAAP
     operating earnings minus prior period non-GAAP operating earnings)
     divided by prior period non-GAAP operating earnings
    Non-GAAP Return on Equity:  (annualized current period net earnings
     excluding (1) special items, (2) impairments, (gain)/loss on sale of
     assets and other, net and (3) Other Spin-Off Costs, each
     net of tax) divided by average shareholders' equity
    Non-GAAP Return on Invested Capital:  (annualized net earnings
     excluding (1) special items, (2) impairments, (gain)/loss on sale of
     assets and other, net, (3) Other Spin-Off Costs and (4) interest expense
     and other, each net of tax) divided by (average total shareholders'
     equity plus debt plus unrecorded goodwill)


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SOURCE Cardinal Health, Inc.
Copyright©2009 PR Newswire.
All rights reserved


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