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CareFusion Management Discusses Q4 2012 Results - Earnings Call Transcript

During today's call, we will discuss some of these non-GAAP financial measures, including results on an adjusted basis. We believe these adjusted financial measures can facilitate a more complete analysis and greater transparency into our ongoing results of operations, particularly in comparing underlying results from period to period.

Before I turn the call over to Kieran, I'd like to remind you that during today's call, we will be making forward-looking statements, including statements about our FY'13 guidance. Our actual results could differ materially from those expressed in our forward-looking statements due to risks and uncertainties, including the risk factors set forth in today's news release and our filings with the SEC. Please refer to these materials for a more detailed explanation of the inherent limitations of such forward-looking statements.

And with that, I'll turn the call over to Kieran.

Kieran T. Gallahue

Thanks, Jim. Good afternoon, and thanks for joining us. Our team executed well in the fourth quarter, delivering a strong finish to an important year of transition for us.

Our revenue and cash flow results for the year were at the top end of our guidance range, and adjusted earnings per share and adjusted operating margins were right in line with the expectation we set during the past 2 quarters.

I'm pleased with the trend in operating margins, which increased sequentially each quarter during the fiscal year.

For the fourth quarter, revenue rose 3% to $968 million, led by our Medical Systems segment. Each business in Medical Systems had a record or near-record performance in the quarter, contributing to an increase in adjusted segment profit of nearly 16% to $151 million.

We continue to make substantial investments in R&D, even as we reduced operating expenses from Q4 of last year. This provided a leverage to deliver adjusted operating margins of 18.9%, again, our strongest result this year.

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