BD
(NYSE: BDX)
shares fell slightly this morning on third-quarter results that topped the consensus forecast.
Shares of BDX dipped 0.7% at $274.35 apiece in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell 0.8%.
The Franklin Lakes, New Jersey–based medtech company posted profits of $392 million in the quarter. That equals $1.36 per share on sales of $4.88 billion for the three months ended June 30, 2023.
BD recorded a 16% bottom-line gain on sales growth of 5.1%.
Adjusted to exclude one-time items, earnings per share totaled $2.96. That landed 5¢ ahead of Wall Street projections. Sales also beat expectations as analysts forecasted $4.84 billion in revenues.
Breaking down the Q3 results for BD
BD saw sales growth in both its Medical (11.1%) and Interventional (6.7%) segments. The company attributed Medical growth to strong performance for medication management and pharmaceutical solutions. Surgery, peripheral intervention and urology and critical care drove Interventional’s year-over-year improvements.
Life Sciences — driven by diagnostics — saw revenues decline by 6.3%. BD attributed this to a decline in COVID-only diagnostic testing revenues. Performance in the segment’s base business came in about flat.
“We continue to deliver strong results, and this quarter is another reflection of our consistent execution against our BD 2025 goals,” said Tom Polen, chair, CEO and president of BD. “Our teams are working unwaveringly to achieve key milestones that set us up for continued growth and consistent performance. We are very pleased to deliver our number one priority since launching BD 2025 – achieving 510(k) clearance for the updated BD Alaris infusion system – allowing us to bring this updated system to our customers and their patients.”
BD now expects revenues of $19.3 billion compared to a previously announced range of $19.2 billion to $19.3 billion. Adjusted EPS guidance for between $12.10 to $12.32 remains unchanged. It reflects absorbing a $0.02 negative impact from the divestiture of BD’s Surgical Instrumentation platform and a $0.05 negative impact from the latest foreign currency rates.
