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SOURCE Cardinal Health
Company expands portfolio of physician preference items that meet increasing demand for high quality, cost-efficient solutions
DUBLIN, Ohio, May 12, 2014 /PRNewswire/ -- Cardinal Health today announced the completion of the acquisition of AccessClosure, a leading manufacturer and distributor of extravascular closure devices in the United States. The $320 million acquisition was an all-cash transaction.
"We're excited about the AccessClosure acquisition, because it's another great example of innovating to provide solutions and cost savings to the health care industry," said Don Casey, CEO of Cardinal Health's Medical Segment. "This acquisition is aligned to the company's targeted growth areas, and we're looking forward to similar opportunities for further expansion."
AccessClosure, based in Santa Clara, Calif., has annual sales of more than $80 million, driven by a direct sales force. The company's Mynx™ family of vascular closure devices is clinically proven and patient-friendly. Articles and information on the product line can be found on AccessClosure's website, www.accessclosure.com.
Cardinal Health expects the transaction to have minimal impact on non-GAAP earnings in fiscal year 2014 and to be slightly accretive to non-GAAP earnings in fiscal 2015. Financial results of AccessClosure will be reported as part of the Medical segment.
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $101 billion health care services company that improves the cost-effectiveness of health care. As the business behind health care, Cardinal Health helps pharmacies, hospitals, ambulatory surgery centers, clinical laboratories and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. Cardinal Health is an essential link in the health care supply chain, providing pharmaceuticals and medical products and services to more than 100,000 locations each day and is also the industry-leading direct-to-home medical supplies distributor. The company is a leading manufacturer of medical and surgical products, including gloves, surgical apparel and fluid management products. In addition, the company operates the nation's largest network of radiopharmacies that dispense products to aid in the early diagnosis and treatment of disease. Ranked #19 on the Fortune 500, Cardinal Health employs 33,000 people worldwide. More information about the company may be found at www.cardinalhealth.com and @CardinalHealth on Twitter.
Cautions Concerning Forward-Looking Statements
This news release contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. These statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results or guidance, statements of outlook and expense accruals. These matters are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. These risks and uncertainties include the ability use AccessClosure as a scalable platform to grow in the interventional cardiology area and the ability to achieve the expected benefits from the acquisition. Cardinal Health is subject to additional risks and uncertainties described in Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. This news release reflects management's views as of May 12, 2014. Except to the extent required by applicable law, Cardinal Health undertakes no obligation to update or revise any forward-looking statement.
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