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CareFusion Reports Fourth Quarter And Fiscal 2013 Results
Date:8/8/2013

SAN DIEGO, Aug. 8, 2013 /PRNewswire/ -- CareFusion Corp. (NYSE: CFN), a leading, global medical technology company, today reported results for the quarter and fiscal year ended June 30, 2013, provided guidance for fiscal 2014 and announced a $750 million share repurchase authorization. 

"We made substantial progress in fiscal 2013 to advance our three-year strategic plan through simplification and investment initiatives that were focused on expanding our margins and making CareFusion a more efficient company," said Kieran Gallahue, chairman and CEO. "Our strength in execution helped to expand both gross margins and operating margins to achieve double-digit EPS growth for the quarter, and a 9 percent increase for the year, all during difficult capital markets for hospitals. In addition, our fiscal 2013 operating cash flow from continuing operations of $613 million exceeded our expectations and highlights the ability of our businesses to generate strong cash flow.

"Procedural Solutions provided strong results across all businesses in the fourth quarter and for the year. Our Medical Systems segment closed out a challenging year where we expected and is showing excellent momentum in committed contracts for Infusion and Dispensing. The momentum our teams have created in both segments puts us in a strong position for fiscal 2014, particularly as we ramp capital installations in the back half of the year."

The company also announced that its board of directors has approved a two-year, $750 million share repurchase program, after completing the previous $500 million authorization in June. During fiscal 2013 under the previous authorization, the company repurchased approximately 11.4 million shares for $400 million.

Fourth Quarter ResultsThe company reported revenue for the fourth quarter of fiscal 2013 of $903 million, compared to $961 million
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SOURCE CareFusion Corp.
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