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.
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%.
