BD (NYSE:BDX) today posted first-quarter financial results that topped the consensus forecast and included increased full-year guidance.
Shares of BDX were up slightly to $255.46 apiece in morning trading. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up more than 14%.
The Franklin Lakes, New Jersey–based life sciences tech company posted profits of $486 million in the quarter. That amounts to $1.70 per share on sales of $4.59 billion for the three months ended Dec. 31, 2022.
BD recorded a 25.8% bottom-line slide on a sales decline of 2.8%. However, revenues from BD’s base business — excluding COVID-0nly diagnostics — grew by 0.4%.
Adjusted to exclude one-time items, earnings per share totaled $2.98. That comes in 30¢ ahead of expectations on Wall Street. BD also posted a sales beat, topping analysts’ projections for revenues of $4.52 billion.
The BD Medical and Interventional segments’ revenues grew by 1.6% and 1.3%, respectively. Its Life Sciences business dipped 12.2%, reflecting a decline in COVID-only diagnostics. Growth in the segment’s base business partially offset this decline, the company said in a news release.
It was the latest in a string of positive earnings reports this week from medical device companies, including Stryker, Hologic and Edwards Lifesciences. (Boston Scientific was mostly positive, too.)
‘Consistent, durable performance’ leads to increased guidance
“Our strong performance in Q1 reflects the momentum of our BD 2025 strategy, driven by a combination of innovation and continued strong execution,” said Tom Polen, chair, CEO and president of BD. “Consistent, durable performance in our base business reflects our team’s relentless focus on delivering category-leading products and transformative solutions that are helping our customers deliver quality and more cost-effective care to patients around the world.”
BD increased its 2023 revenue guidance by approximately $500 million. It now expects revenues between $19.1 billion and $19.3 billion, compared to $18.6 billion to $18.8 billion previously.
The company also increased its adjusted EPS guidance, in this case by 22¢. BD now projects between $12.07 and $12.37, compared to its previous guidance for between $11.85 and $12.10.
