Cardinal Health, Inc. (NYSE:CAH) Files An 8-K Results of Operations and Financial Condition
Item 2.02: Results of Operations and Financial Condition
On August 8, 2019, Cardinal Health, Inc. (the \”Company\”) issued a news release announcing its results for the quarter and fiscal year ended June 30, 2019. A copy of the news release is included as Exhibit 99.1 to this report.
Item 2.05: Costs Associated with Exit or Disposal Activities
On August 7, 2019, the Company was authorized to incur costs associated with exit or disposal activities in connection with certain cost-savings initiatives intended to optimize and simplify its operating model and cost structure. The Company expects these cost-savings initiatives, which will affect various functional and commercial areas across the Company, to be substantially implemented during fiscal year 2020.
As a result of these initiatives, the Company expects to record charges of approximately $120 million to $145 million, the majority of which are expected to be expensed during fiscal year 2020. These charges will consist of approximately $80 million of employee-related costs and approximately $45 million of facility exit and other costs. The Company expects the majority of these costs to result in future cash expenditures. All estimates described in this Item 2.05 may change in the future.
Item 7.01: Regulation FD Disclosure
During a webcast scheduled to be held at 8:30 a.m. Eastern time on August 8, 2019, the Company\’s Chief Executive Officer and Chief Financial Officer will discuss the Company\’s results for the quarter and fiscal year ended June 30, 2019>and outlook for the fiscal year ending June 30, 2020. The slide presentation for the webcast will be available on the Investors page at ir.cardinalhealth.com. An audio replay of the webcast also will be available on the Investors page at ir.cardinalhealth.com.
Item 9.01: Financial Statements and Exhibits
Cautions Concerning Forward-Looking Statements
Item 2.05 of 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 the possibility that our cost-savings initiatives could result in greater charges or expenses than we anticipate and could fail to achieve the desired efficiencies or strategic outcomes; the possibility that our cost-savings initiatives could have unintended consequences, such as business disruption, distraction of employees or an inability to attract and retain key personnel; and risks associated with our ability to successfully develop, execute and manage the intended initiatives. 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 release reflects management\’s views as of August 8, 2019. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.
CARDINAL HEALTH INC Exhibit
EX-99.1 2 a19q4_8kx63019xexhibit991x.htm EXHIBIT 99.1 Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEMedia:Brandi Martin Investors: Lisa Capodici (614) 757-3383 (614) 757-5035 [email protected] [email protected]
Health Reports Fourth Quarter and Full Year Results for Fiscal Year 2019•Fourth quarter revenue increased 6 percent to $37.4 billion,…
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About Cardinal Health, Inc. (NYSE:CAH)
Cardinal Health, Inc. is a healthcare services and products company. The Company operates through two segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare and consumer products. This segment also operates nuclear pharmacies and cyclotron facilities; provides pharmacy management services to hospitals, as well as medication therapy management and patient outcomes services to hospitals, other healthcare providers and payers, and provides services to healthcare companies. The Medical segment distributes a range of medical, surgical and laboratory products, and provides services to hospitals, ambulatory surgery centers, clinical laboratories and other healthcare providers. This segment also manufactures, sources and develops its own Cardinal Health brand medical and surgical products. It provides post-acute care management and transition services, and software to hospitals.
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