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Cardinal Health: The Evolution of a Spinoff

Evolution was the force behind the decision to spin-off one of drug distributor Cardinal Health's two divisions, according to CEO Kerry Clark in an article that appeared in Columbus Business First. The spinoff -announced in September -is expected to be completed by June.
 
The restructuring turned an organization that was operating as several different companies under one umbrella into a more cohesive organization. The split made sense based on the two focuses: The Healthcare Supply Chain Services distributes drugs and supplies; Clinical and Medical Products researches and produces infusion pumps and drug-dispensing systems.
 
 "The ...
Top Distributor Sectors
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Cardinal Health Sales Up 11% in 1Q

Cardinal Health, Dublin, OH, drug and medical products distributor, reported an 11% increase in revenue to $24 billion for the quarter ended Sept. 30, 2008, driven by strong sales in the Healthcare Supply Chain Services segment and continued growth within Clinical and Medical Products.
 
The Healthcare Supply Chain Services segment achieved double-digit revenue growth, which helped partially offset the expected year-over-year profit decline from previously disclosed contract re-pricings and anti-diversion efforts for controlled substances.
 
The company performed as expected with double-digit revenue and profit performance from Clinical and Medical Products, and I am encouraged by continued signs of early progress in the pharmaceutical supply chain business,"said ...
Finance
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Cardinal Health to Spin Off Clinical and Medical Products

Just three months after restructuring, drug distributor Cardinal Health, Dublin, OH, has announced that it will be spinning of its newly focused Clinical and Medical Products segment into a standalone medical technology business. The new public company will be based in San Diego, CA.
 
David L. Schlotterbeck, currently vice chairman of Cardinal, has been tapped as CEO of the as-yet unnamed company. George S. Barrett, who currently heads the Healthcare Supply Chain Services, will succeed R. Kerry Clark as CEO of Cardinal. Clark will retire after the spin-off.
 
Since 1996, Cardinal Health has built an industry-leading med-tech business that, as an independent company, would have the size and scale to stand on its own," Clark said. "This strategic decision will benefit ...
Top Distributor Sectors
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Cardinal Health Sales Up 5% in Fiscal 2008

Dublin, OH-based drug distributor Cardinal Health, reported revenue for fiscal year 2008 improved 5% to $91 billion over the prior year. Profit was $1.3 billion, a 32% decrease from fiscal year 2007. Earnings for the year were negatively impacted by a $600 million expense to resolve securities litigation.
 
For the fourth quarter, sales were $22.9 billion, an increase of 3% in a year-over-year comparison. Profit was $326.6 million, a decrease of 64% from fourth quarter 2007.
 
The medical supply chain segment improved profit in the second half of the year, driven by double-digit growth in its core U.S. medical distribution business. Combined revenue for the Clinical Technologies and Services, and Medical Products and Technologies segments grew by 24% to $5.6 billion ...
Top Distributor Sectors
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Drug Distributor Cardinal Health Restructures

Medical product and drug distributor Cardinal Health, Dublin, OH, is restructuring to cut costs and realign resources.
 
With the changes the company reduces its workforce by 600 positions. Of those positions, 160 are open and will not be filled.
 
Cardinal's network of pharmaceutical and medical product distribution centers and nuclear pharmacies will form the Healthcare Supply Chain Services segment, which will have revenues of more than $80 billion.
 
Products for infusion, medication dispensing, respiratory care and infection prevention will be grouped in the Clinical and Medical Products segment with annual revenue of $5 billion.
 
Through this restructuring, we sharpen our focus on two distinct, large and growing segments of the health ...
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Graybar Tops Most Admired List for Diversified Wholesalers

St. Louis, MO-based Graybar, a distributor of electrical and communications products, has achieved the No. 1 ranking on the annual FORTUNE America's Most Admired Companies"list in the Wholesalers: Diversified industry category.
 
The list is featured in the March 17 issue of FORTUNE.
 
Rounding out the top five on the diversified wholesalers list were Grainger at No. 2, Reliance Steel &Aluminum (3), Genuine Parts Co. (4), and Anixter International (5).
 
The top four for foodservice: CHS (1), Sysco (2), Performance Food Group (3), and United Natural Foods (4).
 
Henry Schein was No. 1 on the healthcare distributor list, with McKesson, Cardinal Health and PSS World Medical rounding out that top four.
 
Find more at the FORTUNE Most ...
Finance
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Cardinal Health Agrees to Buy Enturia for $490M

Cardinal Health, Dublin, OH, has agreed to buy Enturia Inc. for $490 million. The cash transaction includes Enturia's line of infection prevention products sold under the ChloraPrep brand name and is expected to close within 60 days.
 
The acquisition will expand the company's Medical Products and Technologies segment.


Enturia (www.enturia.com) was founded as Medi-Flex Hospital Products in 1985. Over the past two years, the company's revenue has grown more than 70% to $140 million in 2007. The company has about 600 employees in Kansas, Texas and the United Kingdom.
 
Separately, Cardinal Health has decided to pursue the sale of several smaller, non-core offerings within its Medical Products and Technologies segment. Cardinal Health says it will ...
Research & Analytics
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The Year in Distribution: 2007


It's been another roller-coaster year, with HD Supply changing hands and consolidation kicking into high gear. As distributors plan for 2008, opportunities exist for growth, but they may be more difficult to secure as the economy shifts into lower gear.


We thought it couldn't get more interesting than 2006, when HD Supply bought Hughes Supply for $3.4 billion and recorded triple-digit growth throughout the year -thanks to a still-booming residential market and an aggressive acquisitive growth strategy.



Boy, have things changed.
For one, HD Supply is no longer in the hands of Home Depot and already is starting to shed some of the weight it put on over the past several years. Though it was a big deal when HD Supply was sold to a trio of private equity ...

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