Cardinal Health, Inc. CAH reported first-quarter fiscal 2021 adjusted earnings of $1.51 per share (EPS), which surpassed the Zacks Consensus Estimate of $1.14 by 32.5%. The bottom line also improved 18.9% year over year.Revenue DetailsRevenues increased 4.6% on a year-over-year basis to $39.07 billion. The top line also beat the Zacks Consensus Estimate by 1.7%.Segmental AnalysisPharmaceutical SegmentIn the fiscal first quarter, pharmaceutical revenues rose 5% to $35.11 billion on a year-over-year basis. The upside can be attributed to growth in sales from Pharmaceutical Distribution and Specialty Solutions customers.Pharmaceutical witnessed an increase of 1% in profits to $402 million driven by increase in contribution from brand sales mix. However, decline in volume related to COVID-19 weighed on the segment’s profit.Cardinal Health, Inc. Price, Consensus and EPS Surprise Cardinal Health, Inc. price-consensus-eps-surprise-chart | Cardinal Health, Inc. QuoteMedical SegmentIn the quarter under review, revenues at this segment increased 1% to $3.96 billion attributable to higher sales from Cardinal Health at Home.Medical segment profit improved 35.3% to $230 million courtesy of benefits from cost savings, which include global manufacturing efficiencies.Margin AnalysisGross profit rose 2.1% year over year to $1.72 billion.As a percentage of revenues, gross margin in the reported quarter was 4.4%, down 10 basis points (bps) on a year-over-year basis.Distribution, selling, general and administrative expenses totaled $1.14 billion, up 2.7% year over year.The company reported operating loss of $624 million in the quarter under review, significantly narrower than the year-ago quarter’s loss of $5.26 billion.Financial UpdateThe company exited the quarter with cash and cash equivalents of $2.75 billion, compared with $2.77 billion on a sequential basis.Net cash from operating activities totaled $270 million at end of the fiscal first quarter, against ($653) million in the year-ago quarter.2021 Guidance RaisedThe company anticipates adjusted earnings per share between $5.65 and $5.95 (up from the previously guided range of $5.25-$5.65). The Zacks Consensus Estimate is pegged at $5.46 per share. The raised fiscal 2021 EPS outlook takes into account a lower than previously anticipated net headwind associated with the COVID-19 pandemic and better cost savings.ConclusionCardinal Health exited the fiscal first quarter on a strong note, wherein both earnings and revenues outpaced their respective consensus marks. The company witnessed revenue growth in both its segments in the quarter under review. Raised fiscal 2021 outlook is a positive. The company’s extension of agreements with CVS Health, collaboration with PANTHERx Specialty Pharmacy and buyout of mscripts continue to fuel optimism.However, contraction in gross margin remains a woe. Intense competition and customer concentration are other concerns.Zacks RankCurrently, Cardinal Health carries a Zacks Rank #3 (Hold).Earnings of Other MedTech Majors at a GlanceSome better-ranked stocks in the broader medical space that have already announced their quarterly results are Thermo Fisher Scientific Inc. TMO, Align Technology, Inc. ALGN and AngioDynamics, Inc. ANGO. While Align Technology sports a Zacks Rank of 1 (Strong Buy), both Thermo Fisher and AngoDynamics carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Align Technology reported third-quarter 2020 adjusted EPS of $2.25, which surpassed the Zacks Consensus Estimate by 281.4%. Revenues of $734.1 million outpaced the consensus mark by 38%.Thermo Fisher reported third-quarter 2020 adjusted EPS of $5.63, beating the Zacks Consensus Estimate by 28.8%. Revenues of $8.52 billion surpassed the consensus mark by 10%.AngioDynamics reported first-quarter fiscal 2021 adjusted earnings per share (EPS) of 2 cents against the Zacks Consensus Estimate of a loss per share of 6 cents. Revenues of $70.2 million beat the consensus mark by 6.9%.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.See the 5 high-tech stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngioDynamics, Inc. (ANGO): Free Stock Analysis Report Cardinal Health, Inc. (CAH): Free Stock Analysis Report Align Technology, Inc. (ALGN): Free Stock Analysis Report Thermo Fisher Scientific Inc. (TMO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research