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Home » Becton Dickinson beats The Street in Q2

Becton Dickinson beats The Street in Q2

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Becton Dickinson (NYSE:BDX) shares were up in pre-market trading on Street-beating second-quarter results.

The Franklin Lakes, N.J.-based company posted profits of $183 million, or 53¢ per share, on sales of $4.3 billion for the three months ended March 31, 2020, for a massive bottom-line gain from $20 million in profits this time last year on sales growth of 1.4%.

Adjusted to exclude one-time items, earnings per share were $2.55, 19¢ ahead of Wall Street, where analysts were looking for sales of $4.2 billion.

The company reported that its life sciences segment saw 5.8% year-over-year growth to $1.1 billion in revenue as a result of demand for COVID-19 testing and a stronger flu season. Despite deferrals for elective procedures, BD’s interventional segment’s revenues were up 2.8%.

However, the company’s medical segment experienced the impact of the COVID-19 pandemic, with a 1.4% decrease from the previous year.

“As the world responds to the COVID-19 pandemic, BD is focused on protecting the health and safety of our employees while addressing the critical health needs of our customers and their patients,” Becton Dickinson president & CEO Tom Polen said in a news release. “We are extremely proud of our team for their impact supporting healthcare providers on the front lines, launching several new diagnostic offerings to identify COVID-19 and ramping up production of essential medical devices.
“While our second-quarter results were slightly ahead of our prior expectations, we are seeing the negative impact of coronavirus on certain parts of our business. We are confident that our diversified portfolio and the proactive actions we are taking will help us navigate these current challenges while positioning BD well as we continue to advance our long-term growth strategy.”

Becton Dickinson withdrew its 2020 financial guidance in response to the uncertainties regarding the potential impact of COVID-19.

BDX shares were up 2.3% at $265 per share in pre-market trading today. Shortly after the market opened, shares were up 1.9% at $263.94 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.95%.

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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