7. Cardinal Health (medical segment)
$15,444,000,000*
Dublin, Ohio
2019 rank: 7
*Fiscal year ended 6/30/2020
As was the case with many medical device companies, Cardinal Health has seen its medical device sales take a hit as health providers cancelled or deferred elective procedures in order to better focus on responding to the COVID-19 pandemic. Medical segment sales ticked down –1% to $15.4 billion for the fiscal year ended June 30, 2020, even as total revenue grew 5% to $152.9 billion. Cardinal Health’s medtech business actually saw increased demand for personal protective equipment such as masks, gowns and gloves to protect health workers from the coronavirus, but the cost to manufacture the personal protective equipment (PPE) products also significantly increased and cut into profit margins for the PPE products. The medical segment, however, managed to achieve a 36% boost in profits in the following Q1 thanks to cost-saving measures. – CN
Key personnel: Steve Mason, CEO, medical segment
