BD reports quarterly revenues of $2.053 billion for third fiscal quarter

BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $2.053 billion for the third fiscal quarter ended June 30, 2013, representing an increase of 3.6 percent from the prior-year period, or 5.1 percent on a foreign currency-neutral basis. 

"Our solid results against the backdrop of a challenging environment demonstrate that we are executing on our strategy and delivering on our commitments," said Vincent A. Forlenza, Chairman, CEO and President. "We remain confident in our fiscal year 2013 outlook." 

Third Quarter and Nine-Month Fiscal 2013 Operating Results
Diluted earnings per share from continuing operations for the third quarter were $1.47, compared with $1.52 in the prior-year period, representing a 3.3 percent decrease, or flat on a foreign currency-neutral basis. Current quarter results include a charge of $22 million, or $0.07 per share from continuing operations, due to a pending antitrust class action settlement. The resulting adjusted diluted earnings per share from continuing operations were $1.54. The adjusted diluted earnings per share from continuing operations without the medical device excise tax, which went into effect in January 2013 under the U.S. healthcare reform law, were $1.58. This represents growth of 7.2 percent on a foreign currency-neutral basis.

For the nine-month period ending June 30, 2013, diluted earnings per share from continuing operations were $4.21, compared with $3.95 in the prior-year period. This represents growth of 6.6 percent, or 7.8 percent on a foreign currency-neutral basis.  The adjusted diluted earnings per share from continuing operations without the medical device excise tax were $4.37. This represents growth of 11.9 percent on a foreign currency-neutral basis.

Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $1.140 billion, representing an increase of 6.6 percent compared with the prior-year period, or 7.9 percent on a foreign currency-neutral basis. The segment's revenue growth reflects strong sales across all three business units. As expected, the segment's growth was partially aided by the reversal of an unfavorable timing of orders in the second quarter in both Pharmaceutical Systems and Diabetes Care.  For the nine-month period ended June 30, 2013, BD Medical revenues increased 4.7 percent, or 5.8 percent on a currency-neutral basis.

In the BD Diagnostics segment, worldwide revenues for the quarter were $655 million, representing an increase of 2.0 percent compared with the prior-year period, or 3.6 percent on a foreign currency-neutral basis. The segment's growth was driven by solid sales in the Preanalytical Systems unit, partially offset by ongoing softness in Women's Health and Cancer in the U.S. For the nine-month period ended June 30, 2013, BD Diagnostics revenues increased 3.9 percent, or 4.9 percent on a currency-neutral basis.

In the BD Biosciences segment, worldwide revenues for the quarter were $257 million, representing a decrease of 4.2 percent compared with the prior-year period, or a decrease of 2.5 percent on a foreign currency-neutral basis.  Instrument placements in the U.S. were more than offset by softness in Western Europe due to austerity measures, continued delays of government funding in Japan, and timing of orders in Advanced Bioprocessing. For the nine-month period ended June 30, 2013, BD Biosciences revenues decreased 0.6 percent, or an increase of 0.9 percent on a currency-neutral basis.

Geographic Results
Third quarter revenues in the U.S. of $848 million represent an increase of 1.3 percent over the prior-year period. As expected, U.S. revenues were unfavorably impacted by a timing of orders in Advanced Bioprocessing and the aforementioned softness in Women's Health and Cancer. Revenues outside of the U.S. were $1.205 billion, representing an increase of 5.3 percent compared with the prior-year period, or 7.9 percent on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and strong sales of safety-engineered products. 

For the nine-month period ended June 30, 2013, revenues in the U.S. were $2.501 billion, representing an increase of 1.5 percent compared with the prior-year period. Revenues outside of the U.S. were $3.452 billion, representing an increase of 5.3 percent compared with the prior-year period, or 7.3 percent on a foreign currency-neutral basis.

Fiscal 2013 Outlook for Full Year
The Company is reaffirming its previously communicated guidance for the full fiscal year 2013 on revenues and earnings per share growth. On a currency-neutral basis, revenue growth is expected to approach 5.0 percent, which is the upper end of the Company's previously communicated guidance range. Reported revenue growth is expected to be between 3.5 to 4.0 percent. Earnings per share from continuing operations for fiscal year 2013 are expected to be between $5.65 and $5.68, or $5.72 and $5.75 after adjusting for a pending antitrust class action settlement. This represents growth of 6.5 to 7.0 percent over 2012 adjusted diluted earnings per share of $5.37, which excludes a pension settlement charge, in fiscal year 2012. On a currency-neutral basis, adjusted earnings per share growth is expected to be between 8.5 to 9.0 percent. After adjusting for the impact of the medical device excise tax and foreign currency, adjusted diluted earnings per share are expected to grow at the upper end of the Company's previously communicated guidance range of 11.0 to 11.5 percent.  In line with previously disclosed guidance, the Company plans to repurchase, subject to market conditions, up to $500 million of its common stock in fiscal year 2013.

Conference Call Information
A conference call regarding BD's third quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Thursday, August 1, 2013.  The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Thursday, August 8, 2013, confirmation number 15535210.

Non-GAAP Financial Measures
This news release contains certain non-GAAP financial measures.  Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.

Source:

BD (Becton, Dickinson and Company)

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