CareFusion Reports Fourth Quarter and Fiscal 2011 Results

- Fiscal 2011 GAAP income from continuing operations of $291 million, or $1.29 per diluted share; adjusted income from continuing operations of $371 million, or $1.65 per diluted share

- Fiscal 2012 adjusted diluted earnings per share (EPS) guidance range of $1.80 to $1.90; revenue growth of 3 to 5 percent over fiscal 2011 on a constant currency basis

Aug 08, 2011, 16:00 ET from CareFusion Corp.

SAN DIEGO, Aug. 8, 2011 /PRNewswire/ -- CareFusion Corp. (NYSE: CFN), a leading, global medical technology company, today reported results for the quarter and fiscal year ended June 30, 2011.

"Growth in our Infusion, Dispensing and Infection Prevention businesses, gross margin expansion and the benefit of strong spending controls drove double digit improvements in our adjusted operating earnings for the quarter and for the year," said Kieran Gallahue, chairman and CEO. "We continue to make progress in optimizing our product portfolio and expanding our geographical footprint. We recently acquired pharmacy automation innovator Rowa, enabling us to expand our Pyxis platform outside the U.S."

"Looking ahead to fiscal 2012, we will continue to leverage operational efficiencies and reduce complexity across our businesses to drive bottom line growth that outpaces our top line growth. We are expecting revenue growth in a range of 3 to 5 percent over fiscal 2011 results, representing an improvement over the 2 percent growth we had this year and acceleration over the low single digit growth rates we are seeing in the markets where we participate. For adjusted EPS we are guiding to a range of $1.80 to $1.90."

CareFusion's reported results compare to the quarter and fiscal year periods ended June 30, 2010.

Results from the company's International Surgical Products (ISP) business, which had been included in the Medical Technologies and Services segment and was divested in April 2011, have been classified as discontinued operations in the accompanying financial tables. Reported results for continuing operations and comparisons to prior periods exclude the historical results of the ISP business.

Fourth Quarter Results

Revenue for the fourth quarter of fiscal 2011 increased 4 percent to $964 million on a reported basis and 2 percent on a constant currency basis, driven primarily by increased sales in the Infusion, Dispensing and Infection Prevention businesses. Operating income was $149 million and income from continuing operations was $96 million, or $0.42 per diluted share. Excluding nonrecurring items, adjusted operating income increased $40 million to $179 million and adjusted income from continuing operations increased $38 million to $118 million, or $0.52 per diluted share. The adjusted tax rate for the quarter was 26.2 percent.

Operating expenses, including selling, general and administrative (SG&A), research and development (R&D), restructuring and acquisition integration charges and loss on the sale of assets totaled $351 million, or 36 percent of total revenue. Excluding $30 million of nonrecurring items, adjusted operating expenses totaled $321 million, or 33 percent of total revenue. Adjusted SG&A expenses were $281 million and R&D investments totaled $40 million.

Critical Care Technologies

Revenue for the Critical Care Technologies segment increased 7 percent to $767 million driven by Infusion product sales, including core growth and a contribution from the May 2010 acquisition of Medegen and an increase in Dispensing sales. These increases were offset by an expected decrease in Respiratory sales due to a weak post-H1N1 environment. Segment profit increased 29 percent to $137 million, and adjusted segment profit increased 24 percent to $153 million.

Medical Technologies and Services

Revenue for the Medical Technologies and Services segment decreased 8 percent to $197 million, driven by the loss of revenue from the company's April 2011 divestiture of the OnSite Services business, as well as the May 2010 divestiture of the Research Services business, which offset increased sales from the Infection Prevention and Medical Specialties businesses. Net of these divestitures, period-over-period revenue growth would have been 5 percent. Segment profit increased 75 percent to $14 million due to margin expansion and strong expense controls, and adjusted segment profit increased 63 percent to $26 million.

Fiscal 2011 Results

Revenue for fiscal 2011 increased 2 percent to $3.53 billion. Operating income increased to $496 million and income from continuing operations increased to $291 million, or $1.29 per diluted share. Excluding nonrecurring items, adjusted operating income increased $87 million to $602 million and adjusted income from continuing operations increased $70 million to $371 million, or $1.65 per diluted share.

Operating expenses totaled $1.31 billion or 37 percent of total revenue. Excluding $106 million of nonrecurring items, adjusted operating expenses totaled $1.2 billion, or 34 percent of total revenue. Adjusted SG&A expenses were $1.05 billion, and R&D investments totaled $155 million.

Critical Care Technologies

Revenue for the Critical Care Technologies segment increased 3 percent to $2.73 billion. Segment profit increased 10 percent to $434 million, and adjusted segment profit increased 14 percent to $511 million.

Medical Technologies and Services

Revenue for the Medical Technologies and Services segment decreased 4 percent to $799 million. Net of the OnSite Services and Research Services divestitures, year-over-year revenue growth would have been 7 percent. Segment profit increased 17 percent to $49 million, and adjusted segment profit increased 40 percent to $91 million.

Fiscal 2012 Outlook

For the fiscal year ending June 30, 2012, CareFusion expects revenues to grow 3 to 5 percent on a constant currency basis compared to fiscal 2011 revenue of $3.53 billion. Adjusted diluted earnings per share for fiscal 2012 are expected to be in the range of $1.80 to $1.90. The guidance is based on an assumed diluted weighted average outstanding share count of approximately 226 million.

Conference Call

CareFusion will host a conference call today at 2 p.m. PDT (5 p.m. EDT) to discuss earnings results for the fourth quarter and fiscal 2011.

To access the call and corresponding slide presentation, visit the Investors page at www.carefusion.com. Log on at least 15 minutes before the call begins to register and download or install any necessary audio software.

Investors and other interested parties may also access the call by dialing (866) 783-2139 within the U.S. or (857) 350-1598 from outside the U.S., and use the access code 69553494. A replay of the conference call will be available from 5 p.m. PDT (8 p.m. EDT) on Aug. 8 through 8:59 p.m. PDT (11:59 p.m. EDT) on Aug. 15 and can be accessed by dialing (888) 286-8010 in the U.S. or (617) 801-6888 Internationally and using the access code 40211522.

About CareFusion

CareFusion (NYSE: CFN) is a global corporation serving the health care industry with products and services that help hospitals measurably improve patient care. The company develops market-leading technologies including Alaris® infusion pumps, Pyxis® automated dispensing and patient identification systems, AirLife™, AVEA® and LTV® series of ventilators and respiratory products, ChloraPrep® skin prep products, MedMined™ services for data mining surveillance, V. Mueller® and Snowden-Pencer® surgical instruments and Nicolet® diagnostic products. CareFusion employs more than 14,000 people across its global operations. More information may be found at www.carefusion.com.

Use of Non-GAAP Financial Measures by CareFusion Corporation

This CareFusion news release presents non-GAAP financial measures that exclude certain amounts, as follows:  "adjusted operating expenses", "adjusted SG&A expenses" and "adjusted operating income", which exclude nonrecurring items primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges, and nonrecurring (gain)/loss on the sale of assets;  "adjusted income from continuing operations", "adjusted diluted earnings per share from continuing operations" and "adjusted tax rate", which exclude nonrecurring items primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges, nonrecurring (gain)/loss on the sale of assets, and nonrecurring tax items; and "adjusted segment profit", which excludes nonrecurring items primarily related to the spinoff and nonrecurring restructuring and acquisition integration charges.

The most directly comparable measure for these non-GAAP financial measures are operating expenses, SG&A expenses, operating income, income from continuing operations, diluted earnings per share from continuing operations, tax rate, and segment profit (the most comparable GAAP measures). The company has included below unaudited adjusted financial information for the quarter and fiscal year periods ended June 30, 2011 and 2010, which includes a reconciliation of GAAP to non-GAAP financial measures.

In addition, CareFusion presents the non-GAAP financial measure "adjusted diluted earnings per share" on a forward-looking basis. The most directly comparable forward-looking GAAP measure for the company is diluted earnings per share. CareFusion is unable to provide a quantitative reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP measure, because the company cannot reliably forecast restructuring and acquisition integration costs, and other nonrecurring costs. Please note that the unavailable reconciling items could significantly impact CareFusion's future financial results. A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding CareFusion's financial condition and results of operations is included as Exhibit 99.3 to CareFusion's report on Form 8-K filed with the Securities and Exchange Commission on Aug. 8, 2011.

Cautions Concerning Forward-looking Statements

The CareFusion news release and the information contained herein contains forward-looking statements addressing expectations, prospects, estimates and other matters that are dependent upon future events or developments. The matters discussed in these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in CareFusion's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and exhibits to those reports, and include (but are not limited to) the following: we may be unable to effectively enhance our existing products or introduce and market new products or may fail to keep pace with advances in technology; we are subject to complex and costly regulation; cost containment efforts of our customers, purchasing groups, third-party payers and governmental organizations could adversely affect our sales and profitability; current economic conditions have and may continue to adversely affect our results of operations and financial condition; we may be unable to realize any benefit from our cost reduction and restructuring efforts and our profitability may be hurt or our business otherwise might be adversely affected; we may be unable to protect our intellectual property rights or may infringe on the intellectual property rights of others; defects or failures associated with our products and/or our quality system could lead to the filing of adverse event reports, recalls or safety alerts and negative publicity and could subject us to regulatory actions; we are currently operating under an amended consent decree with the FDA and our failure to comply with the requirements of the amended consent decree may have an adverse effect on our business; and our success depends on our key personnel, and the loss of key personnel or the transition of key personnel, including our chief executive officer, could disrupt our business. The CareFusion news release and the information contained herein reflect management's views as of Aug. 8, 2011. Except to the limited extent required by applicable law, CareFusion undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CAREFUSION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Quarter Ended

June 30,

(in millions, except per share amounts)

2011

2010

Revenue

$

964

$

930

Cost of Products Sold

464

477

Gross Margin

500

453

Selling, General and Administrative Expenses

298

287

Research and Development Expenses

40

44

Restructuring and Acquisition Integration Charges

11

8

(Gain)/Loss on the Sale of Assets

2

(12)

Operating Income

149

126

Interest Expense and Other, Net

19

19

Income Before Income Tax

130

107

Provision for Income Tax

34

60

Income from Continuing Operations

96

47

Discontinued Operations

Loss from the Disposal of Discontinued Businesses, Net of Tax

(5)

-

Income (Loss) from the Operations of Discontinued Businesses, Net of Tax

(6)

5

Income (Loss) from Discontinued Operations, Net of Tax

(11)

5

Net Income

$

85

$

52

Per Share Amounts: 1

Basic Earnings (Loss) per Common Share:

Continuing Operations

$

0.43

$

0.21

Discontinued Operations

$

(0.05)

$

0.02

Basic Earnings per Common Share

$

0.38

$

0.24

Diluted Earnings (Loss) per Common Share:

Continuing Operations

$

0.42

$

0.21

Discontinued Operations

$

(0.05)

$

0.02

Diluted Earnings per Common Share

$

0.37

$

0.23

Weighted-Average Number of Common Shares Outstanding:

Basic

223.4

221.8

Diluted

226.5

224.0

____________

1

Earnings per share calculations are performed separately for each component presented.  Therefore, the sum of the per share components from the table may not equal the per share amounts presented.

CAREFUSION CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Fiscal Year Ended

June 30,

(in millions, except per share amounts)

2011

2010

Revenue

$

3,528

$

3,472

Cost of Products Sold

1,723

1,740

Gross Margin

1,805

1,732

Selling, General and Administrative Expenses

1,103

1,121

Research and Development Expenses

155

159

Restructuring and Acquisition Integration Charges

64

15

Gain on the Sale of Assets

(13)

(12)

Operating Income

496

449

Interest Expense and Other, Net

81

108

Income Before Income Tax

415

341

Provision for Income Tax

124

183

Income from Continuing Operations

291

158

Discontinued Operations

Loss from the Disposal of Discontinued Businesses, Net of Tax

(45)

(8)

Income (Loss) from the Operations of Discontinued Businesses, Net of Tax

(2)

44

Income (Loss) from Discontinued Operations, Net of Tax

(47)

36

Net Income

$

244

$

194

Per Share Amounts: 1

Basic Earnings (Loss) per Common Share:

Continuing Operations

$

1.31

$

0.71

Discontinued Operations

$

(0.21)

$

0.16

Basic Earnings per Common Share

$

1.09

$

0.88

Diluted Earnings (Loss) per Common Share:

Continuing Operations

$

1.29

$

0.71

Discontinued Operations

$

(0.21)

$

0.16

Diluted Earnings per Common Share

$

1.08

$

0.87

Weighted-Average Number of Common Shares Outstanding:

Basic

222.8

221.5

Diluted

225.1

223.0

____________

1

Earnings per share calculations are performed separately for each component presented.  Therefore, the sum of the per share components from the table may not equal the per share amounts presented.

CAREFUSION CORPORATION

ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

Quarter Ended June 30, 2011

Discontinued

Nonrecurring

(in millions, except per common share amounts)

GAAP

Operations 1

Items 2

Adjusted 3

Revenue 4

$

964

$

-

$

-

$

964

Cost of Products Sold

464

-

-

464

Gross Margin

500

-

-

500

Selling, General and Administrative Expenses

298

-

(17)

281

Research and Development Expenses

40

-

-

40

Restructuring and Acquisition Integration Charges

11

-

(11)

-

Loss on the Sale of Assets

2

-

(2)

-

Operating Income

149

-

30

179

Interest Expense and Other, Net

19

-

-

19

Income Before Income Tax

130

-

30

160

Provision for Income Tax

34

-

8

42

Income from Continuing Operations

96

-

22

118

Discontinued Operations

Loss from the Disposal of Discontinued Businesses, Net of Tax

(5)

5

-

-

Loss from the Operations of Discontinued Businesses, Net of Tax

(6)

6

-

-

Loss from Discontinued Operations, Net of Tax

(11)

11

-

-

Net Income

$

85

$

11

$

22

$

118

Per Share Amounts: 5

Basic Earnings per Common Share

$

0.38

$

0.05

$

0.10

$

0.52

Diluted Earnings per Common Share

$

0.37

$

0.05

$

0.10

$

0.52

Weighted-Average Number of Common Shares Outstanding:

Basic

223.4

223.4

223.4

223.4

Diluted

226.5

226.5

226.5

226.5

Effective Tax Rate

26.4%

n/a

25.7%

26.2%

____________

1

Reflects the impact of the divestiture of the International Surgical Products (ISP) business.

2

Reflects nonrecurring charges primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges, nonrecurring loss on the sale of assets and nonrecurring tax items.  

3

Adjusted financial information reflects GAAP results adjusted on a non-GAAP basis to exclude nonrecurring items noted.

4

Revenues increased $34 million for the quarter ended June 30, 2011 compared to 2010, or a $18 million increase on a constant currency basis.

5

Earnings per share calculations are performed separately for each adjustment presented.  Therefore, the sum of the per share adjustments from the table above may not equal the adjusted per share totals presented.

CAREFUSION CORPORATION

ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

Fiscal Year Ended June 30, 2011

Discontinued

Nonrecurring

(in millions, except per common share amounts)

GAAP

Operations 1

Items 2

Adjusted 3

Revenue 4

$

3,528

$

-

$

-

$

3,528

Cost of Products Sold

1,723

-

-

1,723

Gross Margin

1,805

-

-

1,805

Selling, General and Administrative Expenses

1,103

-

(55)

1,048

Research and Development Expenses

155

-

-

155

Restructuring and Acquisition Integration Charges

64

-

(64)

-

Gain on the Sale of Assets

(13)

-

13

-

Operating Income

496

-

106

602

Interest Expense and Other, Net

81

-

-

81

Income Before Income Tax

415

-

106

521

Provision for Income Tax

124

-

26

150

Income from Continuing Operations

291

-

80

371

Discontinued Operations

Loss from the Disposal of Discontinued Businesses, Net of Tax

(45)

45

-

-

Loss from the Operations of Discontinued Businesses, Net of Tax

(2)

2

-

-

Loss from Discontinued Operations, Net of Tax

(47)

47

-

-

Net Income

$

244

$

47

$

80

$

371

Per Share Amounts: 5

Basic Earnings per Common Share

$

1.09

$

0.21

$

0.36

$

1.66

Diluted Earnings per Common Share

$

1.08

$

0.21

$

0.36

$

1.65

Weighted-Average Number of Common Shares Outstanding:

Basic

222.8

222.8

222.8

222.8

Diluted

225.1

225.1

225.1

225.1

Effective Tax Rate

30.0%

n/a

24.3%

28.8%

____________

1

Reflects the impact of the divestiture of the International Surgical Products (ISP) business.

2

Reflects nonrecurring charges primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges, nonrecurring gain on the sale of assets and nonrecurring tax items.  

3

Adjusted financial information reflects GAAP results adjusted on a non-GAAP basis to exclude nonrecurring items noted.

4

Revenues increased $56 million for the fiscal year ended June 30, 2011 compared to 2010, or a $44 million increase on a constant currency basis.

5

Earnings per share calculations are performed separately for each adjustment presented.  Therefore, the sum of the per share adjustments from the table above may not equal the adjusted per share totals presented.

CAREFUSION CORPORATION

ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

Quarter Ended June 30, 2010

Discontinued

Nonrecurring

(in millions, except per common share amounts)

GAAP

Operations 1

Items 2

Adjusted 3

Revenue

$

930

$

-

$

-

$

930

Cost of Products Sold

477

-

-

477

Gross Margin

453

-

-

453

Selling, General and Administrative Expenses

287

-

(17)

270

Research and Development Expenses

44

-

-

44

Restructuring and Acquisition Integration Charges

8

-

(8)

-

Gain on the Sale of Assets

(12)

-

12

-

Operating Income

126

-

13

139

Interest Expense and Other, Net

19

-

-

19

Income Before Income Tax

107

-

13

120

Provision for Income Tax

60

-

(20)

40

Income from Continuing Operations

47

-

33

80

Discontinued Operations

Income from the Operations of Discontinued Businesses, Net of Tax

5

(5)

-

-

Income from Discontinued Operations, Net of Tax

5

(5)

-

-

Net Income

$

52

$

(5)

$

33

$

80

Per Share Amounts: 4

Basic Earnings per Common Share

$

0.24

$

(0.02)

$

0.15

$

0.36

Diluted Earnings per Common Share

$

0.23

$

(0.02)

$

0.15

$

0.36

Weighted-Average Number of Common Shares Outstanding:

Basic

221.8

221.8

221.8

221.8

Diluted

224.0

224.0

224.0

224.0

Effective Tax Rate

55.8%

n/a

(164.7)%

33.0%

____________

1

Reflects the impact of the divestiture of the International Surgical Products (ISP) business.

2

Reflects nonrecurring charges primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges, nonrecurring gain on the sale of assets, and nonrecurring tax items.

3

Adjusted financial information reflects GAAP results adjusted on a non-GAAP basis to exclude nonrecurring items noted.

4

Earnings per share calculations are performed separately for each adjustment presented. Therefore, the sum of the per share adjustments from the table above may not equal the adjusted per share totals presented.

CAREFUSION CORPORATION

ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

Fiscal Year Ended June 30, 2010

Discontinued

Nonrecurring

(in millions, except per common share amounts)

GAAP

Operations 1

Items 2

Adjusted 3

Revenue

$

3,472

$

-

$

-

$

3,472

Cost of Products Sold

1,740

-

-

1,740

Gross Margin

1,732

-

-

1,732

Selling, General and Administrative Expenses

1,121

-

(63)

1,058

Research and Development Expenses

159

-

-

159

Restructuring and Acquisition Integration Charges

15

-

(15)

-

Gain on the Sale of Assets

(12)

-

12

-

Operating Income

449

-

66

515

Interest Expense and Other, Net

108

-

(22)

86

Income Before Income Tax

341

-

88

429

Provision for Income Tax

183

-

(55)

128

Income from Continuing Operations

158

-

143

301

Discontinued Operations

Loss from the Disposal of Discontinued Businesses, Net of Tax

(8)

8

-

-

Income from the Operations of Discontinued Businesses, Net of Tax

44

(44)

-

-

Income from Discontinued Operations, Net of Tax

36

(36)

-

-

Net Income

$

194

$

(36)

$

143

$

301

Per Share Amounts: 4

Basic Earnings per Common Share

$

0.88

$

(0.16)

$

0.65

$

1.36

Diluted Earnings per Common Share

$

0.87

$

(0.16)

$

0.64

$

1.35

Weighted-Average Number of Common Shares Outstanding:

Basic

221.5

221.5

221.5

221.5

Diluted

223.0

223.0

223.0

223.0

Effective Tax Rate

53.7%

n/a

(63.1)%

29.8%

____________

1

Reflects the impact of (a) removing certain businesses that manufacture and sell surgical and exam gloves, surgical drapes and apparel and fluid management products in the U.S. market that were previously part of the Clinical and Medical Products segment of Cardinal Health and were retained by Cardinal Health upon the spinoff, (b) the divestiture of the Company's audiology business and (c) the divestiture of the International Surgical Products (ISP) business.

2

Reflects nonrecurring charges primarily related to the spinoff, nonrecurring restructuring and acquisition integration charges, nonrecurring gain on the sale of assets, nonrecurring charges related to the bridge loan entered into in connection with the spinoff, nonrecurring charges related to a tax reserve adjustment ($58 million) for uncertain tax positions and nonrecurring tax items associated with the other non-tax adjustments.

3

Adjusted financial information reflects GAAP results adjusted on a non-GAAP basis to exclude nonrecurring items noted.

4

Earnings per share calculations are performed separately for each adjustment presented.  Therefore, the sum of the per share adjustments from the table above may not equal the adjusted per share totals presented.

CAREFUSION CORPORATION

ADJUSTED FINANCIAL INFORMATION

(UNAUDITED)

Quarter Ended June 30, 2011

Nonrecurring

(in millions)

GAAP

Items 1

Adjusted 2

Critical Care Technologies

Revenue

$

767

-

767

Operating Income 3

137

16

153

Medical Technologies and Services

Revenue

$

197

-

197

Operating Income 3

14

12

26

Fiscal Year Ended June 30, 2011

Nonrecurring

(in millions)

GAAP

Items 1

Adjusted 2

Critical Care Technologies

Revenue

$

2,729

-

2,729

Operating Income4

434

77

511

Medical Technologies and Services

Revenue

$

799

-

799

Operating Income4

49

42

91

Quarter Ended June 30, 2010

Nonrecurring

(in millions)

GAAP

Items 1

Adjusted 2

Critical Care Technologies

Revenue

$

716

$

-

$

716

Operating Income5

106

17

123

Medical Technologies and Services

Revenue

$

214

$

-

$

214

Operating Income5

8

8

16

Fiscal Year Ended June 30, 2010

Nonrecurring

(in millions)

GAAP

Items 1

Adjusted 2

Critical Care Technologies

Revenue

$

2,644

$

-

$

2,644

Operating Income5

395

55

450

Medical Technologies and Services

Revenue

$

828

$

-

$

828

Operating Income5

42

23

65

____________

1

Reflects nonrecurring charges primarily related to the spinoff and nonrecurring restructuring and acquisition integration charges.  Certain nonrecurring costs previously reported were applicable to the International Surgical Products (ISP) business and therefore were reclassified to be reflected as part of that business.

2

Adjusted financial information reflects GAAP results adjusted on a non-GAAP basis to exclude nonrecurring items noted.

3

The $2 million loss on the sale of assets associated with the divestiture of our Research Services business has not been allocated to segment results for the quarter ended June 30, 2011.

4

The $13 million net gain on the sale of assets associated with the divestiture of our OnSite Services business ($15 million gain) and Research Services business ($2 million loss) has not been allocated to segment results for the fiscal year ended June 30, 2011.

5

The gain on the sale of assets associated with the divestiture of our Research Services business has not been allocated to segment results for the quarter and fiscal year ended June 30, 2010.

SOURCE CareFusion Corp.



RELATED LINKS

http://www.carefusion.com