BD
(NYSE: BDX)
shares dipped today despite second-quarter financial results that came in ahead of the consensus forecast.
Shares of BDX slid 3.3% at $255 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell 0.5%.
The Franklin Lakes, New Jersey–based company posted profits of $460 billion in the quarter. That translates to $1.54 per share on sales of $4.8 billion for the three months ended March 31, 2023.
BD recorded a 1.3% bottom-line gain on 1.5% sales growth in the quarter. The company’s medical segment reported 9.6% growth and its interventional business grew by 6.8%. Life sciences revenue offset that growth slightly, dropping by 14.2%. That segment’s performance reflects a decline in COVID-only diagnostic testing revenues.
Adjusted to exclude one-time items, earnings per share came in at $2.86. That landed 12¢ ahead of suggestions on Wall Street. Meanwhile, sales posted a beat, too, as analysts expected $4.7 billion in revenue.
“Since launching BD 2025, we have made purposeful and strategic investments to shift BD into attractive end markets to advance innovations that are transforming healthcare and driving company growth,” said Tom Polen, chair, CEO and president of BD. “Our strong performance this quarter reflects our strategy in action and the positive impact of these investments on our business as we deliver for our customers and patients around the world.
“Particularly, our innovation pipeline and the impact of our M&A strategy played a key role in our results, and we remain well-positioned to continue driving strong growth and performance in the future.”
BD now expects 2023 revenues between $19.2 billion and $19.3 billion. That marks a light increase compared to a previously announced range of $19.1 billion to $19.3 billion. The company expects adjusted EPS between $12.10 and $12.32. Its previous guidance projected a range of $12.07 to $12.32.
