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BD Announces Results for Third Quarter Fiscal 2010 - BD (NYSE: BDX), reported quarterly revenues of $1.878 billion for the third fiscal quarter ended June 30, representing an increase of 3.2 percent from the prior-year period, or 3.9 percent on a foreign currency-neutral basis
BD Announces Results for Third Quarter Fiscal 2010

 

PRZOOM - /newswire/ - Franklin Lakes, NJ, United States, 2010/07/29 - BD (NYSE: BDX), reported quarterly revenues of $1.878 billion for the third fiscal quarter ended June 30, representing an increase of 3.2 percent from the prior-year period, or 3.9 percent on a foreign currency-neutral basis. NYSE: BDX

   
 
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BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $1.878 billion for the third fiscal quarter ended June 30, 2010, representing an increase of 3.2 percent from the prior-year period, or 3.9 percent on a foreign currency-neutral basis.

• Reports earnings per share from continuing operations of $1.29, in line with the Company's expectations;

• Expects full fiscal year 2010 earnings per share from continuing operations, excluding specified items, to increase 3 to 4 percent, or about 9 percent on a foreign currency-neutral basis, which is in line with previously communicated guidance of 8 to 10 percent. On a reported basis, earnings per share from continuing operations are expected to increase about 3 percent;

• Previously announced agreement to sell certain assets of the BD Medical segment remains on track to close in the fourth quarter fiscal 2010; results were not classified as discontinued operations for third quarter fiscal 2010.

"We are pleased with our results this quarter, with each of our three segments contributing to our growth. We delivered earnings per share from continuing operations of $1.29, which is in line with the Company's expectations," said Edward J. Ludwig, Chairman and Chief Executive Officer. "Despite the challenging global economy, we expect to deliver bottom-line growth of approximately 9 percent foreign-currency neutral, which is in line with our previously communicated range of 8 to 10 percent for the full fiscal year 2010. Profits and cash flows continue to improve as a result of operational efficiencies. We are also pleased to announce that we are increasing our share repurchases to $700 million from $550 million, which supports our ongoing commitment to return value to shareholders."

Update on the Sale of Certain Assets in the BD Medical Segment
In May 2010, the Company signed agreements to sell certain assets of its BD Medical segment, including the Ophthalmic Systems unit as well as the surgical blades, critical care and extended dwell catheter product platforms of the Medical Surgical Systems unit. For the full fiscal year 2010, revenues and earnings per share associated with these asset groups were estimated at $200 million and $0.20, respectively. The results of operations associated with these asset groups have not been classified as discontinued operations in the accompanying financial tables as the criteria for such classification were not met in the third fiscal quarter 2010. The Company expects to record a gain on the sale in the fourth fiscal quarter 2010, when the transaction is expected to be completed.

Third Quarter and Nine-Month Fiscal Year 2010 Operating Results
Reported diluted earnings per share from continuing operations for the third quarter were $1.29, compared with $1.38 in the prior-year period, representing a 6.5 percent decrease. The prior-year period included a $20 million, or $0.08 per share, tax benefit related to various tax settlements in multiple jurisdictions. Excluding this item, adjusted diluted earnings per share from continuing operations were $1.30. On a foreign currency-neutral basis, adjusted diluted earnings per share from continuing operations for the third quarter increased by 6.9 percent.

For the nine-month period ending June 30, 2010, reported diluted earnings per share from continuing operations were $3.81, compared with $3.67 in the prior-year period, representing an increase of 3.8 percent. Current year-to-date results include 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 the aforementioned tax benefit of $0.08 and a litigation charge of $45 million, or $0.11 per share. Excluding these items, adjusted diluted earnings per share from continuing operations increased by 4.1 percent to $3.85, compared with $3.70 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 nine-month period increased 11.4 percent.

Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $993 million, representing an increase of 2.5 percent compared with the prior-year period, or 2.7 percent on a foreign currency-neutral basis. Revenues reflected solid sales of Diabetes Care products, which were partially offset by softer Pharmaceutical Systems revenues due to timing of orders in the quarter. The comparison to prior year is also negatively impacted by about 1 percentage point due to the H1N1 flu pandemic in fiscal year 2009. For the nine-month period ended June 30, 2010, BD Medical revenues increased 9.3 percent, or 7.6 percent on a foreign currency-neutral basis.

In the BD Diagnostics segment, worldwide revenues for the quarter were $576 million, representing an increase of 1.7 percent compared with the prior-year period, or 2.0 percent on a foreign currency-neutral basis. Economic pressures in the U.S., resulting in reduced physician office visits, and reduced diagnostic volumes in Europe were the primary headwinds in the quarter. The comparison to prior year is also negatively impacted by 1.6 percentage points due to the H1N1 flu pandemic in fiscal year 2009. For the nine-month period ended June 30, 2010, BD Diagnostics revenues increased 4.9 percent, or 4.3 percent on a foreign currency-neutral basis.

In the BD Biosciences segment, worldwide revenues for the quarter were $309 million, representing an increase of 8.4 percent compared with the prior-year period. Revenues increased 11.6 percent on a foreign currency-neutral basis, primarily driven by cell analysis instrument and reagent sales in the U.S., supplemental funding in Japan, and a favorable comparison versus the prior-year period. For the nine-month period ended June 30, 2010, BD Biosciences revenues increased 4.7 percent, or 7.3 percent on a foreign currency-neutral basis.

Geographic Results
Third quarter revenues in the U.S. were $830 million, representing an increase of 3.0 percent from the prior-year period. Revenues outside of the U.S. were $1.049 billion, representing an increase of 3.3 percent compared with the prior-year period, or 4.6 percent on a foreign currency-neutral basis. Revenues reflected continuing strength in emerging markets, which was offset by slower growth in Europe. For the nine-month period ended June 30, 2010, revenues in the U.S. were $2.513 billion, representing an increase of 6.3 percent compared with the prior-year period. Revenues outside of the U.S. were $3.127 billion, representing an increase of 7.9 percent compared with the prior-year period, or 6.7 percent on a foreign currency-neutral basis.

Fiscal 2010 Outlook
We expect reported revenues for the full year fiscal 2010 to increase approximately 5 percent, which is one percentage point less than previously communicated guidance, mainly driven by a weaker Euro and overall lower lab testing in the U.S. On a foreign currency-neutral basis, we expect revenues to increase 5 to 6 percent, as compared to our previously communicated guidance of about 6 percent, reflecting the lower lab testing and hospital demand.

We also expect reported diluted earnings per share from continuing operations for the full year fiscal 2010 to increase about 3 percent from $4.92 in fiscal year 2009. Excluding the aforementioned charge of $0.04 related to healthcare reform impacting Medicare Part D reimbursements, we expect diluted earnings per share from continuing operations for the full year fiscal 2010 will increase 3 to 4 percent, or about 9 percent on a foreign currency-neutral basis, which is in line with our previously communicated guidance. This is compared with adjusted diluted earnings per share from continuing operations, excluding the litigation charge of $0.11 and the tax benefit adjustment of $0.08, of $4.95 for fiscal year 2009.

Conference Call Information
A conference call regarding BD's third quarter results and its expectations for the full fiscal year will be broadcast live on bd.com/investors, along with related slides, at 10:00 am (ET) Thursday, July 29, 2010. The conference call will be available for replay on BD's website or at 1-800-642-1687 (domestic) and 1-706-645-9291 (international) through the close of business on Thursday, August 5, 2010, access code 85449987.

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 and the Form 8-K that BD filed today with the SEC.

About BD
BD (bd.com) is a leading global medical technology company that develops, manufactures and sells medical devices, instrument systems and reagents. The Company is dedicated to improving people's health throughout the world. BD is focused on improving drug delivery, enhancing the quality and speed of diagnosing infectious diseases and cancers, and advancing research, discovery and production of new drugs and vaccines. BD's capabilities are instrumental in combating many of the world's most pressing diseases. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs approximately 29,000 associates in more than 50 countries throughout the world. The Company serves healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.

This press release, including the section entitled "Fiscal 2010 Outlook", 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 from any forward-looking statement. These factors include, but are not limited to: the unknown consequences of the recently-enacted healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for our products and increase downward pricing pressure; adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic downturn 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; changes in interest or foreign currency exchange rates; competitive factors; pricing and market share pressures; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; our ability to successfully integrate any businesses we acquire; 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: Sherry L. Bertner, Investor Relations / P: 201-847-5453

 
 
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BD Announces Results for Third Quarter Fiscal 2010

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Contact: Colleen T. White - BD.com 
201-847-5369 colleen_white[.]bd.com
 
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