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Cardinal Health, Inc.
5/6/2021
Good day and welcome to the Cardinal Health, Inc. Third Quarter Fiscal Year 2021 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Kevin Moran, Vice President of Investor Relations. Please go ahead.
Good morning and welcome. Today we will discuss Cardinal Health's third quarter fiscal 2021 results, along with an update to our FY21 outlook. You can find today's press release and presentation on the IR section of our website at ir.cardinalhealth.com. Joining me today are Mike Kaufman, Chief Executive Officer, and Jason Holler, Chief Financial Officer. 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 FDC filing 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. Gap-to-non-gap reconciliation for all relevant periods can be found in the schedules attached to our press release. During the Q&A portion of today's call, we please ask that you try and limit yourself to one question so that we can try and give everyone an opportunity. With that, I'll now turn the call over to Mike.
Thanks, Kevin, and good morning, everyone. Before I turn it over to Jason, I will provide a few high-level thoughts We remain focused on serving our customers and their patients and continue to advance our strategic priorities. With our resilient business model, we are navigating the effects of the pandemic on our businesses. In the quarter, we continue to see strong demand for lab and PPE products and volume recovery in our nuclear business. Medical elective procedure utilization experienced some volatility, and we saw ongoing COVID-19 related softness in generics volumes, which we now expect to extend into the next fiscal year. With this updated assumption, we have revised our pharma segment outlook. Despite the impacts of COVID-19, our business fundamentals are strong, demonstrated by the underlying growth we are seeing in both segments. And we continue to advance our strategic priorities, including optimizing our supply chain and portfolio, as you saw in our recently announced agreement to sell the Cordis business. As we navigate the pandemic, our customer focus remains central to our activities. We deeply appreciate that it is our responsibility to serve healthcare providers, their patients, and those on the front lines. Although the operating environment remains dynamic, it has reinforced our critical role in the supply chain, and it highlights opportunities for us to enhance our operations and evolve for future growth. I'll discuss some of the changes we are making later in my comments, but first, I'll turn it over to Jason to provide additional details on our results and outlook.
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