Cardinal Health expands home care business with two tuck-in acquisitions

Cardinal Health (NYSE: CAH ) announced today it has entered into two definitive agreements that accelerate its at-Home Solutions' growth strategy. Cardinal Health will acquire the Diabetes Health business of AdaptHealth Corp. (NASDAQ: AHCO ), and, in its entirety, Strive Medical, a multi-specialty supply provider with a focus on urology. Combined, the transactions total approximately $360 million in cash, subject to working capital adjustments. "These strategic transactions build on the synergies created by our recent investments in home care," said Jason Hollar, Chief Executive Officer, Cardinal Health. "As a natural extension of our at-Home Solutions growth strategy, they expand our enterprise-wide depth and breadth across important therapeutic categories like diabetes management and urology, further strengthening our leadership in a highly dynamic industry." Both agreements enhance the framework established by Cardinal Health's most recent acquisition of Advanced Diabetes Supply (ADS). The company recently highlighted the progress of its at-Home Solutions business one year after its acquisition of ADS, including integration achievements that were realized ahead of plan. Since closing the original ADS transaction, the team successfully migrated all ADS volume onto the at-Home Solutions efficient and technology-enabled distribution network, onboarded nearly 500,000 new customers, and launched ContinuCare Pathway, a unique pharmacy-to-supplier digital referral pathway program. "Our significant operational achievements in FY26 position us to continue building the country's leading platform to deliver simplified, innovative and high-quality care in the home, both organically and through acquisition," said Rob Schlissberg, President of Cardinal Health at-Home Solutions. Layering these transactions on top of previous investments in the at-Home Solutions business also expands the company's ability to deliver high-quality service at scale. AdaptHealth's Diabetes Health business, which serves more than 225,000 people annually, operates primarily as a centralized, mail-order, direct-to-patient model that delivers supplies like continuous glucose monitors to support the ongoing management of diabetes. Strive Medical serves more than 20,000 people annually as one of the nation's leading independent home medical supply providers specializing in urology, wound care, ostomy, and incontinence supplies, expanding Cardinal Health's enterprise-wide capabilities in this critical therapeutic area. These transactions are subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, and are expected to be accretive to non-GAAP earnings per share in the first 12 months following close. Advisors J.P. Morgan Securities LLC served as financial advisor to Cardinal Health on both acquisitions. Skadden, Arps, Slate, Meagher & Flom LLP and DLA Piper served as legal advisors to Cardinal Health on the acquisition of AdaptHealth's diabetes business. BakerHostetler LLP and DLA Piper LLP served as legal advisors to Cardinal Health on the acquisition of Strive Medical. About Cardinal Health Cardinal Health is a distributor of pharmaceuticals and specialty products; a global manufacturer and distributor of medical and laboratory products; a supplier of home-health and direct-to-patient products and services; an operator of nuclear pharmacies and manufacturing facilities; and a provider of performance and data solutions. Our company's customer-centric focus drives continuous improvement and leads to innovative solutions that improve people's lives every day. Learn more about Cardinal Health at cardinalhealth.com and in our Newsroom . About AdaptHealth AdaptHealth Corp. is a national leader in providing patient-centered, healthcare-at-home solutions, including home medical equipment (HME), medical supplies, and related services. Through its network of full-service medic...