Cardinal Health, Inc. (NYSE:CAH) Q4 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 08:30 am ET


Cardinal Health, Inc. (NYSE:CAH) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Cardinal Health Incorporated Fourth Quarter Fiscal Year 2020 Earnings Conference Call. Today's conference is being recorded.

And at this time, I'd like to turn the conference over to Mr. Kevin Moran. Please go ahead, sir.

Kevin Moran

Good morning. This is Kevin Moran, Vice President of Investor Relations. Thank you for joining us today. We hope you and your loved ones are healthy and safe. During the call, we will discuss Cardinal Health's fourth quarter and fiscal 2020 results, along with guidance for fiscal year 2021. Joining me are Mike Kauffman, Chief Executive Officer; and Jason Hollar, Chief Financial Officer. You can find today's press release and presentation on the IR section of our website or at During the call, we will be making forward-looking statements. The matters addressed in the statements are subject to the risks and uncertainties that could cause actual results to differ materially from those projected or implied. Please refer to our SEC filings and the Forward-looking Statement slide at the beginning of our presentation for a description of these risks and uncertainties. Please note that during the discussion today, our comments will be on a non-GAAP basis, unless they are specifically called out as GAAP. GAAP to non-GAAP reconciliations for all relevant periods can be found in the schedules attached in our press release. [Operator Instructions]

With that, I will now turn the call over to Mike.

Michael C. Kaufmann

Thanks, Kevin, and good morning to everyone joining us. Before Jason and I discuss our results and outlook, let me share a few reflections. In my nearly 30 years as part of the Cardinal Health family, I have seen this company and this industry expand with new products, services and markets, evolve with technology, regulatory and model changes, and adapt when faced with external challenges. In each of these moments, we have demonstrated grit and agility. Now more than ever, we will lean on that legacy to navigate current challenges and perform our critical role in health care. In fiscal 2020, we delivered on our commitments and demonstrated these traits. We grew operating earnings, exceeded our EPS guidance range, surpassed our enterprise cost savings target and strengthened our balance sheet, all while continuing to execute our long-term strategic priorities in a rapidly changing environment.

We made strategic portfolio decisions, including divesting our remaining equity interest in naviHealth as well as investing and partnering in the evolving growth areas of specialty at-Home and Services. We achieved these results as we adapted our operations to address the unique challenges presented by COVID-19. We successfully transitioned our office employees to a remote work model, and we continuously maintained operations in all of our distribution facilities, nuclear pharmacies and global manufacturing plants. Through all of this, we kept our primary focus, delivering critical products and services to our customers and, at the same time, prioritizing the safety of our employees.

As I look toward the coming year, I recognize that the global and industry dynamics resulting from the