Cardinal Health, Inc. distributes pharmaceuticals and specialty products and manufactures and distributes medical, laboratory, home-health and direct-to-patient products and services. The company also operates nuclear pharmacies and manufacturing facilities and provides performance and data solutions for healthcare customers.
Recurring company updates cover financial results and fiscal outlooks, dividend actions, share repurchases, debt activity, segment performance in Global Medical Products and Distribution, at-Home Solutions, Nuclear and Precision Health Solutions and OptiFreight Logistics. Other developments include biosimilars and advanced-therapy research reports, Actinium-225 production capacity for radiopharmaceutical applications, and board governance changes.
Cardinal Health (NYSE: CAH) appointed Debbie Weitzman as the new CEO of its Pharmaceutical Segment, effective September 19, following the resignation of Victor Crawford. Weitzman, previously President of Pharmaceutical Distribution, will oversee both the Pharmaceutical and Specialty Distribution businesses, which will report directly to her. This leadership change aims to strengthen focus on specialty distribution and streamline operations. The restructuring includes the elimination of the President role in Pharmaceutical Distribution.
On September 6, 2022, Cardinal Health (NYSE: CAH) announced significant governance enhancements, including the appointment of four new independent directors, as part of its long-term strategy influenced by Elliott Investment Management. The newly formed Business Review Committee will assess the company's strategy and operations, chaired by CEO Jason Hollar. Following the upcoming Annual Meeting, the Board will include 54% women and 23% racially or ethnically diverse members. Cardinal Health plans an investor day in 2023 to present findings and strategic guidance.
Cardinal Health reported an 11% revenue increase to $47.1 billion for Q4 FY22, with GAAP operating earnings of $36 million impacted by a $303 million non-cash impairment charge. Non-GAAP operating earnings rose 41% to $450 million, resulting in a non-GAAP diluted EPS of $1.05. The company generated $3.1 billion in operating cash flow for FY22 and expects non-GAAP EPS guidance for FY23 between $5.05 and $5.40. Leadership changes were announced, with Jason Hollar becoming CEO, effective September 2022, as part of ongoing strategic improvements.
Cardinal Health (NYSE: CAH) announced a leadership change on August 11, 2022, with Jason Hollar succeeding Mike Kaufmann as CEO effective September 1, 2022. Hollar, previously the Chief Financial Officer since May 2020, is expected to steer the company towards long-term growth. Patricia English will serve as interim CFO during the transition. Kaufmann expressed gratitude for his time as CEO and confidence in Hollar's leadership. The transition aims to ensure continuity and leverage Hollar's financial expertise to enhance value for shareholders.
Cardinal Health (NYSE: CAH) has appointed Michelle Greene as its new chief information officer, effective August 1, 2022. Greene, who joined Cardinal Health in 2021 as SVP of EIT for the Pharmaceutical Segment, will report directly to CEO Mike Kaufmann and join the executive committee. With a strong background in IT leadership across various industries, Greene aims to drive innovation within the company. Her past experience includes roles at Masco Corporation and Johnson Controls. She holds a master's degree in Information Science from Florida State University.
The Court has authorized a Summary Notice regarding a proposed $124 million settlement of a stockholder derivative action against Cardinal Health. The settlement aims to resolve claims made in In re Cardinal Health, Inc. Derivative Litig. The Court will hold a Settlement Hearing on October 4, 2022, to evaluate the Settlement's fairness and reasonableness. Stockholders as of May 25, 2022, can object by September 13, 2022. Importantly, benefits from this Settlement will benefit the company, not individual stockholders directly.
Cardinal Health (NYSE: CAH) will announce its fourth-quarter and year-end financial results for fiscal year 2022 on August 11, before the market opens. A webcast discussing these results is set for 8:30 a.m. Eastern the same day. The financial results are anticipated to provide insights into the company's performance in various healthcare sectors, which include pharmaceuticals and medical products. For details, visit Cardinal Health's Investor Relations.
Cardinal Health has acquired the Bendcare group purchasing organization (CPO-GPO) and made a minority investment in its management services organization (MSO) to enhance its Cornerstone Rheumatology™ GPO. This strategic move allows Cardinal Health to provide innovative solutions and robust specialty drug access to over 1,300 rheumatology providers nationwide. Although financial terms remain undisclosed, the acquisition aims to improve technology solutions and distribution for specialty practices, reinforcing Cardinal Health's position in the healthcare market.
Cardinal Health (NYSE: CAH) launched an innovative Reserved Inventory Program aimed at improving inventory management for respiratory diagnostics in anticipation of the upcoming flu, strep, and RSV seasons. This program, tailored to individual labs and health systems, utilizes historical data to predict inventory needs, thereby alleviating supply challenges faced during previous respiratory seasons. Feedback from pilot participants indicates a significant reduction in inventory constraints and a high satisfaction rate. The program promises to deliver consistent supply and reduce delays in respiratory testing products.
Cardinal Health released new research indicating severe burnout among oncologists, with nearly 90% reporting emotional exhaustion. Over half of oncologists feel more stressed post-COVID-19, and 30% have considered early retirement due to stress. The study highlights barriers like prior authorizations affecting patient care, with 90% citing it as a significant hurdle. Cardinal Health has invested $2.6 million in mental health initiatives and aims to support oncologists in managing stress to mitigate the projected physician shortage by 2033.