The bottom line dipped 1.5 percent for C. R. Bard, Inc. (NYSE:BCR) during the third quarter, despite a 6.5 percent increase to its top line.
The Murray Hill, N.J.-based medical device maker posted net income of $127.5 million, or $1.34 per diluted share, on sales of $678.4 million during the three months ended Sept. 30. That compares with net income of $129.5 million, or $1.31 per diluted share, on sales of $637.0 million during the same period last year.
The top-line results included $8.4 million, or 9 cents per diluted share, in charges related to acquisitions and income tax provisions. Absent those charges, net income was $135.9 million, or $1.43 per diluted share.
“With gross margin at a record level, we were able to deliver strong EPS performance while continuing to increase our investment in R&D,” chairman and CEO Timothy Ring said in prepared remarks. “We are pleased to report solid revenue growth again this quarter. We remain focused on improving our growth profile through the execution of our expanded product development and acquisition strategy.”