Cardinal Health is sharing its financial update for its first quarter.
The company reported that its first-quarter fiscal 2022 revenues increased while reaffirming its full-year non-GAAP earnings per share guidance.
Cardinal Health's Q1 revenue totaled $44 billion, an increase of 13% from $39 billion in the same period last year. The Dublin, Ohio-based company's earnings for the quarter were $415 million, and diluted earnings per share were 94 cents, compared to 86 cents per share in the prior-year quarter.
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“Our first quarter results were in line with our expectations," said Mike Kaufmann, CEO of Cardinal Health. "We are reaffirming our full-year non-GAAP EPS guidance, despite our expectation that we will see greater inflationary pressures in the medical segment for the remainder of the year, which we are taking action to mitigate. With an additional $3 billion share repurchase authorization and our commitment to our dividend, we are positioned to return capital to shareholders, while prioritizing investment in our growth businesses, technology and digital transformation, simplifying our operating model, and strengthening our core businesses.”
First-quarter revenue for the pharmaceutical segment was at $39.8 billion, which Cardinal said reflects branded pharmaceutical sales growth from large pharmaceutical distribution and specialty customers.
Pharmaceutical segment profit increased 1% to $406 million in the first quarter. The company attributed the increase primarily to improvement in volumes compared to the prior year, which was adversely impacted by COVID-19. This improvement was largely offset by investments in technology enhancements, Cardinal Health said.
First-quarter revenue for the medical segment increased by 5% to $4.1 billion. The increase was primarily due to PPE sales. This was partially offset by the divestiture of the Cordis business.
Medical segment profit decreased 46% to $123 million in the first quarter. This decrease was primarily due to elevated supply chain costs. To a lesser extent, this also reflects the divestiture of the Cordis business as well as net favorability in the prior year attributed to COVID-19, Cardinal Health said.
Cardinal Health reaffirmed its fiscal year 2022 guidance range for non-GAAP diluted earnings per share of $5.60 to $5.90.