SAN DIEGO, Nov. 5 /PRNewswire-FirstCall/ -- CareFusion Corp. (NYSE: CFN), a leading, global medical device company created on Sept. 1 through the spinoff of Cardinal Health's clinical and medical products businesses, today reported increases in revenue, gross margin, net income and EPS for the first quarter of its fiscal 2010 and raised its full-year adjusted EPS outlook.
"I am pleased with our strong results during the first quarter while executing the spinoff and establishing CareFusion as a public company," said David Schlotterbeck, chairman and CEO of CareFusion. "While the hospital capital equipment markets remained challenging, we executed well, grew our top and bottom lines, and expanded margins against a very strong first quarter in the prior year. Based on our first quarter results and improved visibility to revenue and gross margin trends throughout the remainder of the year, we are raising our full-year adjusted EPS guidance to $1.35 to $1.45."
CareFusion's reported results are from continuing operations for the quarter ended Sept. 30, 2009 compared to the prior year quarter ended Sept. 30, 2008.
Revenue increased 1 percent to $923 million, or 4 percent on a constant currency basis, driven primarily by increased sales of ventilators, infusion pumps and perioperative dispensing systems. Operating earnings rose 30 percent to $117 million, due to favorable product mix and a 1 percent improvement in gross margins. Income from continuing operations increased 83 percent to $55 million, or $0.25 per diluted share.
Excluding one-time items, adjusted operating earnings increased 12 percent to $134 million and adjusted net income increased 71 percent to $87 million, or $0.39 per diluted share.
Operating expenses, including selling, general and administrative (SG&A), research and development
|SOURCE CareFusion Corporation|
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