Cardinal Health is sharing its financial update for its third quarter.
Amid a challenging environment, Cardinal Health's Q3 revenue totaled $44.8 billion, an increase of 14% from $39.3 billion in the same period last year.
The Dublin, Ohio-based company's third quarter GAAP operating loss was $97 million.GAAP diluted loss per share was $5.05. Third quarter non-GAAP operating earnings decreased 21% to $545 million. Non-GAAP diluted EPS decreased 5% to $1.45.
“While we're taking action to drive performance across all our businesses, particularly the medical segment, our third-quarter results reflect continued inflationary impacts and global supply chain constraints," said Mike Kaufmann, CEO of Cardinal Health. "We have updated our outlook for medical to reflect the challenging environment and reiterated our outlook for the pharmaceutical segment in fiscal year 2022. Going forward, we remain confident in our ability to drive sustainable, long-term growth."
Third-quarter revenue for the pharmaceutical segment was at $41 billion, an increase of 17% from the prior year period. The increase reflects branded pharmaceutical sales growth from existing and net new pharmaceutical distribution and specialty customers.
Pharmaceutical segment profit decreased 5% to $487 million in the third quarter. The decrease was attributed to higher operations expenses and previously anticipated investments in technology enhancements. This was partially offset by generics program performance.
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Third-quarter revenue for the medical segment decreased by 7% to $3.9 billion and medical segment profit decreased 66% to $59 million. The decreases were primarily due to net inflationary impacts and global supply chain constraints in products and distribution, Cardinal Health said.
Cardinal Health updated its fiscal year 2022 guidance range for non-GAAP diluted earnings per share in the range of $5.15 to $5.25, from $5.15 to $5.50.