Cardinal Health raises outlook on strong Q1
By HME News Staff
Updated 8:29 AM CST, Mon November 6, 2023
DUBLIN, Ohio – Cardinal Health reported revenue of $54.8 billion for the first quarter of fiscal year 2024, a 10% increase year over year.
The company reported revenue of $3.8 billion for its medical segment, which was flat due to lower PPE volumes and pricing, offset by growth in at-Home Solutions and inflationary impacts, including mitigation initiatives.
"With strong first quarter results, we are continuing our operating momentum into fiscal 2024," said Jason Hollar, CEO of Cardinal Health. "In Q1, we delivered significant profit growth in both the Pharmaceutical and Medical segments, which along with our favorable capital structure and opportunistic capital deployment, gives us confidence to raise fiscal 2024 non-GAAP EPS guidance. Across the enterprise, we continue to prioritize focused execution to best serve our customers and create value for our shareholders."
Other results from the first quarter: non-GAAP net earnings attributable to Cardinal Health were $433 million vs. $328 million, and non-GAAP operating earnings were $571 million vs. $423 million. Cardinal raised its guidance for fiscal year 2024 for non-GAAP diluted earnings per share to $6.75 to $7, from $6.50 to $6.75.
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