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CareFusion Reports First Quarter Fiscal 2014 Results
Date:11/7/2013

SAN DIEGO, Nov. 7, 2013 /PRNewswire/ -- CareFusion Corp. (NYSE: CFN), a leading, global medical technology company, today reported financial results for its first quarter of fiscal 2014, ended Sept. 30. 

"Our team executed well and delivered solid first quarter results, putting us on the right track for the full fiscal year," said Kieran T. Gallahue, chairman and CEO. "I'm pleased with the way our Procedural Solutions team continues to perform across the board, and, with good visibility into our capital business, we continue to anticipate a strong second half of the year in Medical Systems.

"During the quarter, we continued to make strategic progress, closing our Sendal acquisition in Spain as part of our strategy to globalize the company and ramping up our R&D investments in the Procedural Solutions segment as we prepare to launch several new products over the next 18 months."

First Quarter ResultsCareFusion reported first quarter fiscal 2014 revenue of $830 million, compared to $837 million in the first quarter of fiscal year 2013, a 1 percent decrease on both a reported and constant currency basis.

Operating income was $116 million compared to $143 million in the prior year period. Excluding nonrecurring items, adjusted operating income decreased 11 percent to $142 million, with revenue mix and the medical device excise tax negatively affecting the company's operating margins during the quarter. 

Operating expenses totaled $307 million. Excluding nonrecurring items, adjusted operating expenses were $281 million, an increase of 2 percent over the prior year period, primarily driven by the medical device excise tax.  

The company reported income from continuing operations of $78 million, or $0.36 per diluted share. Adjusted income from continuing operations decreased 3 percent from the prior year period to
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SOURCE CareFusion Corp.
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