BD (NYSE: BDX) today announced third-quarter results that beat the consensus forecast on Wall Street and raised both its revenue and EPS guidance, even as management acknowledged a challenging macroeconomic environment.
The Franklin Lakes, N.J.–based medtech giant earned $360 million, or $1.28 per share, off $4.64 billion in sales for the quarter ended June 30, 2022, representing a 31% bottom-line slide and 0.7% top-line gain compared with the same quarter a year.
Adjusted to exclude one-time items, earnings per share were $2.66, 16¢ ahead of The Street, where analysts expected sales of $4.47 billion.
“Through our talented team’s focused execution and commitment to our purpose, we are advancing our Grow-Simplify-Empower initiatives, innovation pipeline and capital deployment strategy, which are all contributing to profitable growth. Looking forward, we expect continued momentum and remain well-positioned to drive long-term growth and value for all stakeholders,” BD CEO Tom Polen said in a news release.
BD has raised and narrowed its full-year revenue and adjusted EPS guidance. It now expects sales of $18.75 billion to $18.83 billion compared to the $18.5 billion to $18.7 billion previously announced — and adjusted EPS of $11.28 to $11.35, compared to the previous $11.15 to $11.30.
Investors reacted by sending BDX shares up more than 2% to $250.72 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.
