Summary
Cardinal Health, Inc. reported total revenue of $181.4 billion for fiscal year 2022, representing a 12% increase from the prior year, primarily driven by growth in its Pharmaceutical segment. Despite revenue growth, the company incurred a GAAP operating loss of $596 million, largely due to a significant $2.1 billion pre-tax goodwill impairment charge related to its Medical segment. The non-GAAP operating earnings decreased by 12% to $2.0 billion, primarily impacted by inflationary pressures and supply chain constraints in the Medical segment. A substantial development during the year was the effective date of the National Settlement for opioid lawsuits, involving up to approximately $6.0 billion in payments over 18 years. The company's liquidity remains strong, with cash and equivalents increasing to $4.7 billion, supported by operating activities and the divestiture of the Cordis business.
Financial Highlights
49 data points| Revenue | $181.33B |
| Cost of Revenue | $174.84B |
| Gross Profit | $6.48B |
| SG&A Expenses | $4.51B |
| Operating Income | -$607.00M |
| Interest Expense | $147.00M |
| Net Income | -$938.00M |
| EPS (Basic) | $-3.37 |
| EPS (Diluted) | $-3.37 |
| Shares Outstanding (Basic) | 279.00M |
| Shares Outstanding (Diluted) | 279.00M |
Key Highlights
- 1Total revenue increased by 12% to $181.4 billion, driven by the Pharmaceutical segment.
- 2Reported a GAAP operating loss of $596 million, primarily due to a $2.1 billion goodwill impairment charge in the Medical segment.
- 3Non-GAAP operating earnings decreased by 12% to $2.0 billion, reflecting inflationary impacts and supply chain constraints in the Medical segment.
- 4The company made significant progress on the opioid litigation, with the National Settlement becoming effective, involving up to $6.0 billion in payments over 18 years.
- 5Cash and equivalents increased to $4.7 billion, indicating a strong liquidity position.
- 6Divested the Cordis business, impacting Medical segment revenue and profit.
- 7Continued to pay dividends and engage in share repurchases, returning capital to shareholders.