CareFusion delays filing of annual report
SAN DIEGO (AP) — Medical device maker CareFusion Corp. said Wednesday it has delayed filing its annual report in order to review with regulators the way it accounts for its Pyxis medication and supply dispensing products.
CareFusion said it discovered a potential alternative way of accounting for leases of the products.
The company, however, said it believes its current accounting method is in accordance with generally accepted accounting principles. Before filing its 10-K annual report for its latest fiscal year, it is consulting with the Securities and Exchange Commission to get clearance for the current method.
If the SEC does not object to its current accounting policy, the company said it will file its 10-K without any changes to the results it reported on Aug. 9.
CareFusion received a 15-day extension to complete the report. That extension will expire Sept. 13. The company's fiscal year ended June 30.
CareFusion said the alternative accounting method would increase the amount of revenue recorded at the start of the lease of a Pyxis device and decrease the revenue recorded over the life of the lease. It said the method would likely result in a "modest increase" in cumulative revenue and earnings. The company said the change won't have a significant effect on its income or revenue in the current fiscal year.
CareFusion backed its fiscal 2013 guidance, saying it still expects adjusted net income of $2.11 to $2.21 per share. Analysts are forecasting adjusted earnings of $2.11 a share, according to FactSet.
Shares of CareFusion lost 4 cents to $26.46 Wednesday and were unchanged in aftermarket trading.