Welcome to our dedicated page for Cardinal Health news (Ticker: CAH), a resource for investors and traders seeking the latest updates and insights on Cardinal Health stock.
Cardinal Health, Inc. (NYSE: CAH) is a global leader in integrated healthcare services and products. With nearly 100 years of experience, the company stands as a pillar in the healthcare industry, ranking among the top 25 on the Fortune 500 list. Cardinal Health offers a comprehensive suite of services that cater to hospital systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices worldwide.
Operating through two main segments—Pharmaceuticals and Medical—Cardinal Health provides clinically-proven medical products and pharmaceuticals, alongside cost-effective solutions that enhance supply chain efficiency. The company is a major distributor of branded, generic, and specialty pharmaceutical products to a wide array of clients, including retail chains, independent pharmacies, hospital networks, and healthcare providers.
Recently, Cardinal Health reported strong financial results for Q2 FY2024, with a 12% increase in revenue to $57.4 billion. The company also saw significant growth in both its Pharmaceutical and Medical segments, driven by robust sales of brand and specialty pharmaceuticals, as well as improvements in at-Home Solutions and Global Medical Products and Distribution. CEO Jason Hollar highlighted the company's operational execution and strategic priorities, which include tech-enabled specialty acquisitions and a focus on supply chain resiliency.
Cardinal Health is also committed to sustainability and corporate responsibility. The company recently released its Fiscal 2023 Environmental, Social and Governance (ESG) Report, emphasizing long-term value creation through sustainable practices. The company has received approval from the Science Based Targets initiative (SBTi) for its ambitious greenhouse gas (GHG) emissions reduction targets. By FY2023, Cardinal Health had already reduced its Scope 1 and 2 emissions by 13% from a FY2019 base year.
In terms of infrastructure, Cardinal Health is expanding its logistics capabilities. The company has commenced construction on a new 350,000 square-foot Consumer Health Logistics Center in Columbus, Ohio, designed to support the distribution of over-the-counter consumer health products. This facility, expected to be operational by Summer 2025, will create approximately 100 new jobs and enhance Cardinal Health's supply chain agility.
Despite challenges such as the non-renewal of its pharmaceutical distribution contracts with OptumRx, Cardinal Health remains resilient. The company reaffirmed its fiscal 2024 non-GAAP diluted EPS guidance and is confident in its long-term growth targets.
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Cardinal Health (NYSE: CAH) has launched the innovative Stray Away™ hair management drape, aimed at improving surgical preparation for craniofacial and neurosurgical procedures. This first-of-its-kind product, developed in collaboration with MedStar Health, minimizes hair interference during surgery, enhancing patient experience and operational efficiency. The drape features three unique anchoring points and is designed to secure hair safely while maintaining sterility. The initiative reflects a commitment to addressing patient needs and streamlining surgical processes. Kelley Moffett from Cardinal Health emphasized the solution’s potential to save time for surgical teams, while Marck-Arthur Clerveau of MedStar Health lauded the collaboration as a significant advancement in medical technology.
On April 17, 2023, Cardinal Health (NYSE: CAH) announced the opening of two new distribution centers in Central Ohio, marking a significant investment in its Medical Segment. These facilities, located in Groveport and Grove City, span over 782,000 square feet and are designed to support the company's U.S. Medical Products and Distribution (USMPD) and at-Home Solutions businesses. This expansion is part of Cardinal Health's multi-year warehousing modernization plan, aimed at improving service and creating jobs in the local economy. Equipped with advanced warehousing management technology, including robotics and automated fulfillment systems, the centers will enhance operational efficiency while bolstering the company's distribution network.
Cardinal Health (NYSE: CAH) will announce its third-quarter financial results for fiscal year 2023 on May 4, prior to market opening. An accompanying webcast discussing these results is scheduled for 8:30 a.m. Eastern. The company, a global distributor of pharmaceuticals and medical products, operates in over 30 countries with approximately 46,500 employees. It has a robust online platform for investor relations where the webcast and presentation slides will be available for 12 months.
Swisslog announced that Cardinal Health (NYSE: CAH) will implement its AutoStore solution at a new distribution center in Grove City, Ohio. This initiative aims to boost warehouse capacity amid rapid growth in Cardinal Health's at-Home Solutions division. The AutoStore system features 31,844 storage bins, enabling efficient management of 14,154 SKUs, ultimately enhancing speed and reducing human error in order fulfillment. This marks Cardinal Health's first use of AutoStore, reflecting a commitment to modernizing operations and addressing labor shortages. The collaboration emphasizes optimizing supply chain resilience and enhancing customer service.
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