BD second-quarter revenues up 7.0% to $1.845 billion

BD (Becton, Dickinson and Company) (NYSE: BDX) today reported quarterly revenues of $1.845 billion for the second fiscal quarter ended March 31, 2010, representing an increase of 7.0 percent from the prior-year period, or 6.6  percent on a foreign currency-neutral basis.

"We are pleased with our second quarter results, which are in line with the Company's expectations," said Edward J. Ludwig, Chairman and Chief Executive Officer.  "Solid revenue growth in our Medical segment and a continued improvement in our Biosciences segment offset lower than expected growth in our Diagnostics segment.  Our strong overall operating performance for the first half of fiscal 2010 gives us the confidence to reaffirm our guidance for full-year adjusted earnings."

Second Quarter and Six-Month Fiscal 2010 Operating Results

Reported diluted earnings per share from continuing operations for the second quarter were $1.24 compared with $1.05 in the prior-year period.  Current quarter results included a non-cash charge of $8.9 million, or $0.04 per share from continuing operations related to healthcare reform impacting Medicare Part D reimbursements, and the prior-year period included a litigation charge of $45 million, or $0.11 per share.  Excluding these items, adjusted diluted earnings per share from continuing operations increased by 8.5 percent to $1.27, compared with $1.17 adjusted earnings per share in the prior-year period.  On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the second quarter increased by 16.2 percent.

For the six-month period ending March 31, 2010, reported diluted earnings per share from continuing operations were $2.53 compared with $2.30 in the prior-year period.  Excluding the aforementioned charges, diluted earnings per share from continuing operations were $2.57, an increase of 6.6 percent over adjusted diluted earnings per share from continuing operations of $2.41 in the prior-year period.  On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the six-month period increased 14.1 percent.

Segment Results

In the BD Medical segment, worldwide revenues for the quarter were $967 million, representing an increase of 9.7 percent compared with the prior-year period, or 7.8 percent on a foreign currency-neutral basis.  Revenues reflect strong sales of Diabetes Care and Pharmaceutical Systems products.  For the six-month period ended March 31, 2010, BD Medical revenues increased 13.0 percent, or 10.2 percent on a foreign currency-neutral basis.

In the BD Diagnostics segment, worldwide revenues for the quarter were $556 million, representing an increase of 3.0 percent compared with the prior-year period.  Segment revenues increased 2.7 percent on a foreign currency-neutral basis, impacted by a reduction in lab testing and a decline in flu-related testing due to an exceptionally mild flu season.  These were offset by strong growth in cancer and STD product platforms.  For the six-month period ended March 31, 2010, BD Diagnostics revenues increased 6.6 percent, or 5.4 percent on a foreign currency-neutral basis.

In the BD Biosciences segment, worldwide revenues for the quarter were $322 million, representing an increase of 6.0 percent compared with the prior-year period.  Revenues increased 9.8 percent on a foreign currency-neutral basis, driven by Cell Analysis and Discovery Labware growth in certain markets.  For the six-month period ended March 31, 2010, BD Biosciences revenues increased by 3.0 percent, or 5.2 percent on a foreign currency-neutral basis.

Geographic Results

Second quarter revenues in the U.S. were $810 million, representing an increase of 6.0 percent from the prior-year period.  Revenues outside of the U.S. were $1.035 billion, representing an increase of 7.7 percent compared with the prior-year period, or 7.0 percent on a foreign currency-neutral basis.

For the six-month period ended March 31, 2010, revenues in the U.S. were $1.683 billion, representing an increase of 7.9 percent compared with the prior-year period.  Revenues outside of the U.S. were $2.078 billion, representing an increase of 10.4 percent compared with the prior-year period, or 7.8 percent on a foreign currency-neutral basis.

Fiscal 2010 Outlook

We expect reported revenues for the full year fiscal 2010 to increase approximately 6 percent, or about 1 percent less than our previously communicated guidance due to currency fluctuations.  On a foreign currency-neutral basis, we expect revenues to increase approximately 6 percent, which is in line with our previously communicated guidance.

We also expect reported diluted earnings per share from continuing operations for the full year fiscal 2010 to be $5.01 to $5.11.  Excluding the aforementioned charge of $0.04 related to healthcare reform impacting Medicare Part D reimbursements, we reaffirm our guidance that we expect diluted earnings per share from continuing operations for the full year fiscal 2010 will increase approximately 2 to 4 percent to $5.05 to $5.15, or 8 to 10 percent on a foreign currency-neutral basis.  This is compared to adjusted diluted earnings per share from continuing operations, excluding the litigation charge of $0.11 and a tax benefit adjustment of $0.08, of $4.95 for fiscal year 2009.  Reported diluted earnings per share from continuing operations for fiscal year 2009 were $4.92.

Source:

BD (Becton, Dickinson and Company)

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