Cardinal Health (NYSE: CAH), Dublin, OH, reported fourth-quarter fiscal year 2018 revenues of $35 billion, up 7 percent from the fourth quarter last year, and fiscal year 2018 revenues of $137 billion, up 5 percent from fiscal 2017.
The company reported a loss of $1.2 billion in the fourth quarter, and for the year reported net earnings of $256 million, compared with $1.3 billion in net earnings a year ago.
Fiscal 2018 was a challenging year, according to CEO Mike Kaufmann who said the company is on track to drive growth, reduce costs and enhance profitability.
Cardinal Health reoprted the following 2018 highlights:
Closed on partnership with Clayton, Dubilier & Rice to accelerate the growth of naviHealth, which provides post-acute care management. Cardinal Health retains approximately a 45 percent interest in naviHealth and, at closing, received net cash proceeds of $736 million and expects to record a pre-tax gain of more than $500 million in the first quarter of FY19.
The company exited its transition services agreements (TSA) with Medtronic for North America, Latin America and the Global Supply Chain during the last week of July and is on track for TSA exits in other regions in late calendar year 2018 and early 2019.
Awarded more than $3 million in grants to more than 70 nonprofit organizations to support local efforts to combat the opioid epidemic across Ohio, West Virginia, Kentucky and Tennessee. The grants were made through the Cardinal Health Foundation's Generation Rx program and are funded by Cardinal Health's Opioid Action Program.