BDX shares were down -8.5% at $259.32 in mid-morning trading today.
The Franklin Lakes, N.J.-based company posted profits of $286 million, or 97¢ per share, on sales of $3.85 billion for the three months ended June 30, 2020, for a -36.6% bottom-line slide on a sales decline of -11.4%.
Adjusted to exclude one-time items, earnings per share were $2.20, 16¢ ahead of Wall Street, where analysts were looking for sales of $3.94 billion.
BD reported that the COVID-19 pandemic resulted in negative growth in segments including medical (primarily driven by medical delivery solutions’ decreases). Life sciences saw a -10.1% decrease, but it could have been worse if not for the company’s efforts in COVID-19 diagnostic testing.
“During the third quarter, BD demonstrated our focus on execution and delivering results, even in this challenging environment,” BD CEO & president Tom Polen said in a news release. “We enter the fourth quarter with encouraging trends in health care procedures in June and July. We have continued strong demand for our products that support the global COVID-19 response, including the recent launch of our COVID-19 rapid point-of-care antigen test and our partnerships with governments around the world to help prepare for national vaccination programs.
“BD is playing an essential role enabling the world’s response to COVID-19, and I’m confident the steps we are taking now will put BD in the best possible position for the long term. We believe the diversity of our portfolio of leading technologies, the strength and scale of our manufacturing infrastructure and the passion and determination of our team make us a stronger partner for our customers and their patients at this consequential time.”
Becton Dickinson expects its full-year 2020 revenues to drop between -2.5% and -3% as reported, with adjusted EPS projected to come in between $9.80 and $10, which represents a decline of -14% to -16%.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -1.6% in mid-morning trading.