Cardinal Reports a Disastrous Quarter as Its Medical Business Provides Significant Headwinds
The chickens have come to roost for Cardinal. It reported a disastrous quarter, largely driven by its Cordis medical device business. Management reported moderate decreases in profitability and lowered its EPS guidance for the remainder of the year as a result of losses emanating from its medical supply business. While this development is a major negative to say the least, we are not surprised by the issues the firm is facing within this segment. Last quarter, the firm hinted there could be head...Cardinal Health is a healthcare services and products company providing customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician offices. The company's segments include: Pharmaceutical and Medical. The company's Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical and over-the-counter healthcare and consumer products in the United States. The company's Medical segment manufactures, sources and distributes Cardinal Health branded medical, surgical and laboratory products, which are sold in the United States, Canada, Europe, Asia and other markets.
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