Cardinal Health Completes Acquisition Of AssuraMed, Leading Direct-To-Home
Medical Supplies Distributor
-- Enables Cardinal Health to serve the growing population of aging and
chronically ill as care moves increasingly to the home
-- Expands Cardinal Health's ability to deliver cost-effective solutions
across the continuum of care, broadening product portfolio and scale
DUBLIN, Ohio, March 18, 2013
DUBLIN, Ohio, March 18, 2013 /PRNewswire/ -- Cardinal Health today announced
it has enhanced its ability to serve the growing population of aging and
chronically ill patients by completing its $2.07 billion acquisition of
privately held AssuraMed, a leading provider of medical supplies to patients
in the home.
"We are very excited to welcome the AssuraMed team to the Cardinal Health
organization," said George Barrett, chairman and chief executive officer of
Cardinal Health. "The acquisition of this industry leader allows us to serve
the growing number of Americans treated in home settings – particularly those
patients recovering from acute episodes and those suffering with chronic
diseases. This is a key platform opportunity for Cardinal Health products and
services, which will be increasingly important as the delivery of care
continues to move to more cost-effective settings."
All members of the AssuraMed management team have joined Cardinal Health, and
the business will continue to be led by Michael B. Petras Jr. as president,
AssuraMed. Financial results of AssuraMed will be reported as part of the
With proforma annual sales in calendar year 2012 of approximately $1 billion,
AssuraMed currently serves more than 1 million patients nationally with more
than 30,000 products. The company will continue to operate through two
separate businesses: Edgepark, a mail-order, direct-to-home provider of
disposable medical supplies, and Independence Medical, a wholesale medical
supplies distributor providing services to home health agencies, providers,
retailers, and home medical equipment customers. The base of the company's
operations will remain in Twinsburg, Ohio.
In addition to broadening Cardinal Heath's reach into the home, AssuraMed's
products for patients with chronic diseases and small parcel logistics
significantly enhances Cardinal Health's ability to service customers across
the broad ambulatory care channel, including care sites such as physician
offices and in support of home health agencies. The AssuraMed purchase allows
Cardinal Health to provide a more comprehensive solution for integrated
delivery networks, retail pharmacies and medical equipment providers who are
currently delivering services to patients in home settings. AssuraMed creates
additional value for patients through its medical billing expertise via a
broad array of relationships with commercial and government payors.
The acquisition was financed with a combination of $1.3 billion in new senior
unsecured notes and cash.
For the press release announcing Cardinal Health's intention to acquire
AssuraMed and detailed advantages of, and facts regarding the transaction go
About Cardinal Health
Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE: CAH) is a $108
billion health care services company that improves the cost-effectiveness of
health care. As the business behind health care, Cardinal Health helps
pharmacies, hospitals, ambulatory surgery centers and physician offices focus
on patient care while reducing costs, enhancing efficiency and improving
quality. Cardinal Health is an essential link in the health care supply chain,
providing pharmaceuticals and medical products to more than 60,000 locations
each day. The company is also a leading manufacturer of medical and surgical
products, including gloves, surgical apparel and fluid management products.
In addition, the company supports the growing diagnostic industry by
supplying medical products to clinical laboratories and operating the nation's
largest network of radiopharmacies that dispense products to aid in the early
diagnosis and treatment of disease. Ranked #21 on the Fortune 500, Cardinal
Health employs more than 30,000 people worldwide. More information about the
company may be found at cardinalhealth.com and @CardinalHealth on Twitter.
Cautions Concerning Forward-Looking Statements
This news release contains forward-looking statements addressing expectations,
prospects, estimates and other matters that are dependent upon future events
or developments. These statements may be identified by words such as "expect,"
"anticipate," "intend," "plan," "believe," "will," "should," "could," "would,"
"project," "continue," "likely," and similar expressions. These matters are
subject to risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied. These risks and
uncertainties include the ability to retain customers and employees of the
acquired business and to successfully integrate the acquired business into our
operations; the ability to achieve the expected benefits from the acquisition,
including the expected accretion in earnings. Cardinal Health is subject to
additional risks and uncertainties described in Cardinal Health's Form 10-K,
Form 10-Q and Form 8-K reports and exhibits to those reports. This news
release reflects management's views as of March 18, 2013. Except to the extent
required by applicable law, Cardinal Health undertakes no obligation to update
or revise any forward looking statement.
SOURCE Cardinal Health
Contact: Media: Debbie Mitchell, +1-614-757-6225,
firstname.lastname@example.org, or Investors: Sally Curley,
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