Tennessee physician permanently barred from prescribing schedule II and III drugs.Pennsylvania physician gets 20 years in prison, $4M fine for pill mill.Former NBA player orchestrated $5M health insurance fraud.Yale New Haven Health System launches digestive health facility.Essentia Health opens 4-operating-room ASC.South Dakota physicians open vascular clinic.Montana hospital-owned ASC reopens after $6M expansion.Ground broken on new 87-acre Florida medical complex with ASC.Arkansas endoscopy center property sold for $4M.High schooler with undiagnosed tumor dies after ASC shoulder arthroscopy.ASC sues UnitedHealthcare for alleged ERISA violations.Illinois cardiologist charged with $1.6M tax evasion.65 total knee replacement surgeons to know | 2020.38 foot and ankle surgeons to know | 2020.100 minimally invasive orthopedic products to know | 2021.525 ASCs with total joint replacements | 2021.530+ ASCs with total joint replacements | 2021.Becker's Health IT + Digital Health + RCM.Women's + Diversity Leadership Virtual Forum.Clinical Leadership + Pharmacy Virtual Event.Patient Experience + Marketing Virtual Forum.Clinical Leadership & Infection Control.Sources suggested then that the deal could have implications, or eventually help to trigger some strategic moves by big public players like Cardinal, Owens & Minor or McKesson.īy the numbers: Shares of Cardinal Health have added more than 11% since news of its C-suite changes emerged, with gains added this week amid reports of Elliott's stake.Last year Medline commanded $34 billion in its LBO by H&F, Carlyle and Blackstone, and that presumably positioned it for accelerated growth.Fueled by its growing production of private label products, sources have said health care distribution giant Medline has quietly been taking share from other large vendors.State of play: Increased competition could be another factor at play. Cardinal on Thursday cited the sale as another factor that pushed the medical segment's top line lower.The buyer was Hellman & Friedman in partnership with Ajax Health and Zeus Health. Kaufmann joined Cardinal more than three decades ago and steered the company as CEO for most of the last five years.įlashback: Cardinal about a year ago completed the $1 billion divestiture of Cordis - its cardiovascular medical device unit.

All this while pharmaceutical segment revenue and profit grew 14% and 5%, respectively, over the corresponding period.Ĭatch up quick: Dublin, Ohio-based Cardinal announced late last week that CFO Jason Hollar would take the helm as CEO after the unexpected departure of Mike Kaufmann.The medical segment incurred a $2.1 billion impairment charge in fiscal 2022, with revenue and profit dropping 5% and 63% year over year, respectively.Yes, and: With inflation and supply chain constraints weighing on the medical segment's performance, Cardinal last week unveiled a 'Medical Improvement Plan' - setting a new goal to achieve segment profit of $650 million by fiscal year 2025. Why it matters: The activist investor's endgame isn't yet clear, but signs point to its interest possibly being a precursor to M&A.īetween the lines: Cardinal has disparate medical supplies and pharma distribution businesses, and while the pharmaceutical segment profit is ticking higher, the medical arm is heading in the other direction. Elliott Management has amassed a large stake in Cardinal Health and aims to score a 'handful of seats' in the board room, the Wall Street Journal reports.

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