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CareFusion Reports First Quarter Fiscal 2011 Results; Reaffirms Fiscal 2011 Financial Guidance

Tue, 11/02/2010 - 6:35am
Bio-Medicine.Org

SAN DIEGO, Nov. 2, 2010 /PRNewswire-FirstCall/ -- CareFusion Corp. (NYSE: CFN), a leading, global medical device company, today reported results for the three months ended Sept. 30, 2010.

"Our adjusted EPS results for the first quarter were in line with our expectations, and highlighted a strong quarter for our Infusion, Dispensing, Infection Prevention and Medical Specialties businesses," said David Schlotterbeck, chairman and CEO of CareFusion. "In the first quarter we essentially overcame $60 million in prior year benefits from sales related to H1N1 and our Alaris® System ship hold release, despite lower than expected Respiratory revenue.

"Today, we are reaffirming our full-year adjusted diluted earnings per share guidance of $1.58 to $1.68, an increase of 11 to 18 percent over fiscal 2010, and revenue growth of mid single digits on a reported basis."

First Quarter ResultsCareFusion's reported results compare to the three month period ended Sept. 30, 2009.

The company reported revenue for the first quarter of fiscal 2011 of $908 million, compared to $923 million in the first quarter of fiscal 2010, a decrease of 2 percent on a reported basis or less than 1 percent on a constant currency basis after adjusting for a $7 million unfavorable foreign currency impact. The year-over-year decline was driven primarily by lower sales in the company's International Surgical Products and Respiratory businesses.

Operating income decreased to $82 million from $117 million. Excluding nonrecurring items, adjusted operating income for the first quarter decreased to $122 million from $134 million.

Operating expenses, including selling, general and administrative (SG&A), research and development (R&D) and restructuring and acquisition integration charges in the first quarter totaled $358 million, or 39 percent of total revenue. Excludin

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