BD (NYSE:BDX) shares are on the rise today on first-quarter results that came in well ahead of the consensus forecast.
The Franklin Lakes, New Jersey-based company posted profits of $431 million, or $1.50 per share, on sales of just over $5 billion for the three months ended March 31, 2022, for a 55.6% bottom-line gain on sales growth of 2.1%.
Adjusted to exclude one-time items, earnings per share were $3.18, 19¢ ahead of Wall Street, where analysts were looking for sales of $4.85 billion.
Two of BD’s three business segments experienced revenue growth in the quarter, with BD medical increasing by 4.5% and BD interventional rising by 9.9%. The company’s life sciences arm saw a 6.4% drop in sales for the three-month period. The main contributor to that dip was the decrease in COVID-19-only testing revenues, the company said in a news release.
To reflect the impact of BD’s spinoff of its Embecta diabetes business, the company adjusted its revenue guidance for between $18.5 billion and $18.7 billion. Adjusted EPS is projected for between $11.15 and $11.30, compared to the pre-spin guidance of $12.85 to $13.
BDX shares were up 1.4% at $257.14 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 2.1%. Today, the Dow Jones Industrial Average was down more than 3%, more than 1,100 points, as investors reevaluated the economic effects of the Federal Reserve’s plans to combat inflation.