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MarketScreener Homepage  >  Equities  >  Nyse  >  Becton, Dickinson and Company    BDX

BECTON, DICKINSON AND COMPANY

(BDX)
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Becton Dickinson and : BD Announces Results for 2019 Third Fiscal Quarter Reaffirms Fiscal 2019 Guidance

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08/07/2019 | 10:09am EST

FRANKLIN LAKES - BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $4.350 billion for the third fiscal quarter ended June 30, 2019.

This represents an increase of 1.7 percent over the prior-year period. On a comparable, currency-neutral basis, revenues increased 5.7 percent over the prior-year period.

'Third quarter performance was strong. Our revenues highlight the breadth and diversity of the growth drivers in our portfolio, and we are seeing strength across all three segments,' said Vincent A. Forlenza, chairman and CEO. 'As anticipated, our performance has accelerated and we expect this momentum to continue. We remain confident in our outlook for fiscal year 2019 and our ability to deliver value to customers and shareholders.'

Third Quarter and Nine-Month Fiscal 2019 Operating Results

As reported, diluted earnings per share for the third quarter were $1.51, compared with $2.03 in the prior-year period. This represents a decrease of 25.6 percent. Adjusted diluted earnings per share were $3.08, compared with $2.91 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 5.8 percent, or 14.8 percent on a currency-neutral basis.

For the nine-month period ended June 30, 2019, as reported, diluted earnings per share were $3.49, compared with $1.27 in the prior-year period. This represents an increase of 174.8 percent. Adjusted diluted earnings per share were $8.37, compared with $8.08 in the prior-year period. This represents an increase in adjusted diluted earnings per share of 3.6 percent, or 11.6 percent on a currency-neutral basis.

Segment Results

In the BD Medical segment, as reported, worldwide revenues for the quarter of $2.311 billionincreased 2.9 percent over the prior-year period, or 6.0 percent on a currency-neutral basis. The segment's results were driven by performance in the Medication Management Solutions, Medication Delivery Solutions and Pharmaceutical Systems units.

For the nine-month period ended June 30, 2019, BD Medical revenues were $6.626 billion as reported, which represents an increase of 5.7 percent over the prior-year period. On a comparable, currency-neutral basis, BD Medical revenues increased 5.0 percent.

In the BD Life Sciences segment, as reported, worldwide revenues for the quarter of $1.058 billiondecreased 2.0 percent from the prior-year period. On a comparable, currency-neutral basis, revenues increased 5.4 percent. Revenue growth was driven by performance across the Diagnostic Systems, Preanalytical Systems and Biosciences units.

For the nine-month period ended June 30, 2019, BD Life Sciences revenues were $3.166 billion as reported, which represents a decrease of 1.7 percent from the prior-year period. On a comparable, currency-neutral basis, BD Life Sciences revenues of $3.157 billion increased 4.3 percent.

In the BD Interventional segment, as reported, worldwide revenues for the quarter of $0.981 billionincreased 2.9 percent over the prior-year period, or 5.2 percent on a currency-neutral basis. The segment's results were driven by performance in the Urology and Critical Care and Surgery units.

For the nine-month period ended June 30, 2019, BD Interventional revenues were $2.914 billion as reported, which represents an increase of 39.5 percent over the prior-year period. On a comparable, currency-neutral basis, BD Interventional revenues increased 4.8 percent.

Geographic Results

As reported, third quarter revenues in the U.S. of $2.440 billion increased 4.4 percent over the prior-year period. On a comparable basis, U.S. revenues increased 5.0 percent over the prior-year period. Growth in the U.S. was driven by performance in the BD Medical and BD Interventional segments.

As reported, revenues outside of the U.S. of $1.910 billion decreased 1.6 percent from the prior-year period. On a comparable, currency-neutral basis, revenues outside of the U.S. increased 6.5 percent over the prior-year period. International revenue growth was driven by strong performance in China and EMA.

For the nine-month period ended June 30, 2019, U.S. revenues were $7.168 billion as reported, which represents an increase of 13.4 percent over the prior-year period. On a comparable basis, U.S. revenues of $7.164 billion increased 4.4 percent over the prior-year period. As reported, revenues outside of the U.S. of $5.538 billion increased 5.3 percent over the prior-year period. On a comparable, currency-neutral basis, revenues outside the U.S. of $5.533 billion increased 5.2 percent over the prior-year period.

Fiscal 2019 Outlook for Full Year

The company reaffirms its full fiscal year 2019 revenue and adjusted diluted earnings per share guidance.

As reported, the company continues to expect full fiscal year 2019 revenues to increase 8.0 to 9.0 percent. The company continues to estimate full fiscal year 2019 revenues will increase 5.0 to 6.0 percent on a comparable, currency-neutral basis.

The company continues to expect adjusted diluted earnings per share to be between $11.65 and $11.75. This represents growth of approximately 12.0 percent on a currency-neutral basis over fiscal 2018 adjusted diluted earnings per share of $11.01, or growth of approximately 6.0 to 7.0 percent including the estimated unfavorable impact of foreign currency.

Adjusted diluted earnings per share for fiscal 2019 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking non-GAAP earnings guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of BD's financial performance.

Non-GAAP Financial Measures/Financial Tables

Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.

Beginning in the second quarter of fiscal year 2018, the Company's organizational structure was based upon three principal business segments: BD Medical ('Medical'), BD Life Sciences ('Life Sciences') and BD Interventional ('Interventional'). The Interventional segment was added upon the Company's completion of its acquisition of Bard, and this new segment includes the majority of Bard's product offerings and certain product offerings that were previously reported in the Medical segment. Certain of Bard's product offerings are included under the Company's Medical segment, specifically within the new Medication Delivery Solutions unit, which was formerly the Medical segment's Medication and Procedural Solutions unit. Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; transactional and product related impacts and the loss on debt extinguishment. We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable. We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results.

About BD

BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 65,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care.

This press release, including the section entitled 'Fiscal 2019 Outlook for Full Year', contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to: risks relating to the integration of the C.R. Bard operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; new or changing laws and regulations impacting our business (including the imposition of tariffs or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. healthcare system, potential cuts in governmental healthcare spending or measures to contain healthcare costs, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services, or our suppliers' ability to provide products needed for our operations; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; product efficacy or safety concerns resulting in product recalls or actions being taken by the FDA or other regulators (including the potential impact of the recent FDA letter on the use of drug-coated balloons); our ability to successfully integrate any businesses we acquire; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform outside the U.S., including changes in government pricing and reimbursement policies or other cost containment reforms and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

Contact:

Monique N. Dolecki

Tel: 201-847-5378

(C) 2019 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2020 17 681 M
EBIT 2020 4 552 M
Net income 2020 2 198 M
Debt 2020 16 514 M
Yield 2020 1,43%
P/E ratio 2020 29,1x
P/E ratio 2021 22,1x
EV / Sales2020 4,71x
EV / Sales2021 4,32x
Capitalization 66 749 M
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Thomas E. Polen President, Chief Executive Officer & Director
Vincent A. Forlenza Executive Chairman
Christopher R. Reidy Chief Financial Officer, CAO & EVP-Administration
John A. DeFord Chief Technology Officer & Executive VP
William R. Sigmund Chief Medical Officer & EVP
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