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Cardinal Health | 8-K: Current report

SEC announcement · Jan 9 00:00

CAH -3.95%

Summary by Moomoo AI

On January 9, 2024, Cardinal Health, Inc. released a news update announcing significant progress in its ongoing business and portfolio review. The company has updated its fiscal year 2024 non-GAAP diluted earnings per share (EPS) outlook, now expecting to reach the higher end of the $6.75 to $7.00 range. This positive adjustment is primarily attributed to favorable conditions in Interest and Other and Diluted Weighted Average Shares Outstanding, bolstered by strong cash flow and an additional $250 million share repurchase in Q2 of fiscal 2024. Cardinal Health also provided an update on its Medical segment profit for the quarter ending December 31, 2023, and detailed its new enterprise operating and segment reporting structure, which will be reflected in financial reports starting in the third quarter of fiscal 2024. The company's Medical Segment has completed a review of its growth businesses, deciding to invest in at-Home Solutions and OptiFreight Logistics for long-term growth. Additionally, the company is continuing its review of the Global Medical Products and Distribution business, focusing on operational performance. Cardinal Health will host a conference call to discuss these announcements and will present at the 42nd Annual J.P. Morgan Healthcare Conference. The company's updated segment reporting structure includes two reportable segments: Pharmaceutical and Specialty Solutions and Global Medical Products and Distribution (GMPD), with Nuclear and Precision Health Solutions, at-Home Solutions, and OptiFreight Logistics reported as Other. The company reiterated its long-term financial targets, reflecting 12% to 14% growth in non-GAAP diluted EPS, and provided pro-forma long-term targets for the updated segment reporting structure.

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