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Cardinal Health, a global provider of products and services that improve the safety and productivity of healthcare, has selected a name for the medical technology company that will be formed through the proposed spin-off of its clinical and medical products businesses.
The new company will be named CareFusion®, reflecting a diverse blend of medical technologies the company will offer to improve the safety and quality of care. From infusion and medication safety technologies to respiratory equipment, automated medical supply dispensing and infection prevention offerings, CareFusion® will be the largest medical technology company with a singular focus on patient safety. The new company expects to trade on the New York Stock Exchange under the ticker symbol CFN.
“CareFusion® is a name that clearly communicates our ability to bring together technologies that improve patient safety and streamline the care process,” said David Schlotterbeck, Cardinal Health vice chairman and future chief executive officer of CareFusion®. “Not only will CareFusion® be an immediate market leader in medication safety and infection prevention, we will put a substantial emphasis on innovation and clinical differentiation to continue to serve this growing segment of the global healthcare industry. Patient safety has always been a moral obligation for hospitals, but with payors creating additional financial incentives to reduce errors, improving safety has become an economic mandate.”
The new company will be headquartered in San Diego and is anticipated to generate approximately $4 billion in annual revenue(1) by delivering clinically differentiated products and services that improve the productivity and safety of health care across the globe. With more than 13,000 employees globally, CareFusion® will serve customers in 120 countries with market-leading technologies, including Alaris® IV pumps, Pyxis® automated dispensing systems, MedMined™ electronic infection surveillance service, AVEA® respiratory care products and ChloraPrep® skin preparation products.
The naming and brand development process began in August 2008 after the spin-off decision was reached, and the executive team established a unique vision, mission, set of strategies and internal beliefs that will be the foundation for the new company.
Cardinal Health has owned the CareFusion® trademark since 2006 when the company acquired Care Fusion, Inc., a maker of hand-held barcode technology that provides positive patient identification for medication administration, lab specimen collection, blood transfusions and more. Existing trademark ownership will accelerate the company’s ability to quickly transition to the new brand after the spinoff is complete, which is currently anticipated to be in the middle of the calendar year. Products currently carrying the CareFusion® brand will be transitioned to the Pyxis® brand, which is the recognized industry leader in safe and secure medication dispensing.
Source: Cardinal Health
1. The estimate of the pro forma revenue for the clinical and medical products company that is expected to be spun off is an estimate of the revenue for the spin-off company for the twelve months ending June 30, 2009 in accordance with generally accepted accounting principles and includes adjustments expected to reflect the spin-off company as a stand-alone entity. This estimate is based on Cardinal Health's previously announced revenue expectations for fiscal 2009 and on assumptions that management currently believes are reasonable, but actual revenue for the spin-off company may vary materially from this estimate.