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Item 7.01 Regulation FD Disclosure
Cardinal Health, Inc. (the “Company”) today provided
an update to its previously announced expectations for Medical segment profit for the first quarter of fiscal year 2023. Medical segment loss is now expected to be in the range of $55 million to $25 million for the first quarter of fiscal year 2023. This change from the previous guidance range of $20 million loss to $20 million profit in the first quarter of fiscal 2023 primarily reflectsthe impact of the Company’s ongoing simplification efforts that are expected to result in approximately $25 million in inventory charges related to the Company’s gloves portfolio. This total charge includes the impact from the sale of certain disposable gloves that are primarily utilized in non-healthcare industries.
The
Company also reaffirmed the guidance range for fiscal year 2023 non-GAAP diluted earnings per share announced on August 11, 2022 of $5.05 to $5.40. The Company does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For more information on the Company’s use of non-GAAP financial measures, please refer to our SEC filings, which are available at ir.cardinalhealth.com.
The Company will present at the Morgan Stanley 20th
Annual Global Healthcare Conference today, September 13, 2022, at 10:00 A.M. Eastern Time. The presentation will include comments related to this update. To view a live webcast of this event, please visit our Investor Relations page at ir.cardinalhealth.com.
Cautions Concerning Forward-Looking Statements
This Form 8-K contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect,""anticipate,""intend,""plan,""believe,""will,""should,""could,""would,""project,""continue,""likely," and similar expressions, and include statements reflecting future results or guidance, statements of
outlook and various accruals and estimates. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include risks arising from ongoing inflationary pressures and supply chain constraints, including the risk that our plans to mitigate such effects may not be as successful as we anticipate and the possibility that costs to source certain personal protective or other equipment, increased costs for transportation, shipping, freight and commodities, reduced price or demand for certain products may result in additional inventory reserves or disruptions and may negatively impact our ability to meet our long-term guidance; competitive pressures in Cardinal Health's various lines of business; the performance of our generics program, including the amount or rate of generic deflation and our ability to offset generic deflation and maintain other financial
and strategic benefits through our generic sourcing venture with CVS Health; risks associated with the self-insurance loss we recognized in fiscal year 2021, including the risk that the IRS or other governmental entity could challenge our positions and the risk that laws could change in a manner that may not be favorable to us; risks associated with the manufacture and sourcing of certain products, including risks related to our ability and the ability of third-party manufacturers to import or export certain products or component parts and to comply with applicable regulations; risks associated with the competitive labor market and our ability to attract and retain employees in key roles; our ability to manage uncertainties associated with the pricing of branded pharmaceuticals; and risks associated with our cost savings initiatives or other business initiatives, such as the Medical Improvement Plan, including the possibility that they could fail to achieve the intended
results. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This update reflects management's views as of September 13, 2022. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement. Forward-looking statements are aspirational and not guarantees or promises that goals, targets or projections will be met, and no assurance can be given that any commitment, expectation, initiative or plan in this report can or will be achieved or completed.
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to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
