BD (NYSE:BDX) shares rose today on fourth-quarter results that came in ahead of the consensus forecast.
The Franklin Lakes, New Jersey-based medtech posted profits of $242 million, or 84¢ per share, on sales of $5.1 billion for the three months ended Sept. 30, 2021, more than doubling its bottom line on sales growth of 7.3%.
Adjusted to exclude one-time items, earnings per share were $2.59, 13¢ ahead of Wall Street, where analysts were looking for sales of $4.9 billion.
Each of BD’s three business segments registered sales growth, with interventional revenues ticking up 9.5%, medical sales going up 9.2% and life sciences sales rising 2.9%.
The company said in a news release that its interventional segment’s growth reflects recovery in deferred procedures volume from the previous year, despite pressures from the Delta variant of COVID-19. Medical revenues reflected demand in the U.S. for catheters and vascular care products.
Life sciences’ performance highlighted the strong performance from the base business in diagnostics and biosciences, although COVID-19 diagnostic testing revenue declined from $452 million in the prior year to $316 million this time around.
“Our strong performance in fiscal 2021 was driven by the extraordinary efforts of our global team and demonstrates the resilience of BD’s portfolio in even the most uncertain health care environments,” BD Chairman, CEO & President Tom Polen said in the release. “We also took a number of critical steps this year to lay the foundation for the next phase of our growth, which included strengthening our balance sheet and cash flows, increasing our investments into higher-growth spaces, and stepping up our pace of tuck-in M&A activity.
“With increasing momentum in our base business and a clear path to accelerate margin recovery in fiscal 2022 and beyond, we are well-positioned to deliver on our commitments and drive long-term growth and value for all stakeholders.”
BD set its financial guidance for fiscal year 2022, projecting revenues between $19.3 billion and $19.5 billion and adjusted EPS between $12.30 and $12.50. The revenue range assumes approximately $200 million in COVID-19-only diagnostic testing revenues.
BDX shares were up 1.5% at $250.61 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.1%.