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CareFusion Reports Third Quarter Fiscal 2013 Results
Date:5/9/2013

SAN DIEGO, May 9, 2013 /PRNewswire/ -- CareFusion Corp. (NYSE: CFN), a leading, global medical technology company, today reported results for the three and nine months ended March 31, 2013. 

"We continued to make good progress during the quarter on our strategies to build an efficient foundation across our businesses," said Kieran T. Gallahue, chairman and CEO. "I'm proud of our team's continued, disciplined efforts to reduce expenses, expand margins and fund investments in research and development and other growth initiatives.

"Our team executed well in the third quarter, with Medical Systems performing as we expected. The Procedural Solutions segment delivered strong top- and bottom-line results on solid performance across all three businesses and continued strength in our clinically differentiated portfolio."

Third Quarter ResultsThe company reported revenue for the third quarter of $901 million, compared to $919 million in the third quarter of fiscal 2012, a decrease of 2 percent on a reported and constant currency basis.

Operating income was $135 million, including the impact of a previously disclosed $41 million charge to establish a reserve for an expected government settlement, which the company announced April 25.

Excluding nonrecurring items, adjusted operating income rose 5 percent to $201 million, driven by continued gross margin expansion and improved operating margins. Nonrecurring items include the impact of the reserve for the expected government settlement. (See "Use of Non-GAAP Financial Measures" below.)

Operating expenses totaled $341 million. Excluding nonrecurring items, adjusted operating expenses were $275 million, an increase of 3 percent over the prior year period. During the quarter, the company increased investments in R&D by 4 percent and absorbed the impact of the medical device excise t
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SOURCE CareFusion Corp.
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