BD Q1 2023 Earnings Report
Key Takeaways
BD reported a decrease in revenue of 2.8% as reported, but an increase of 1.7% on a currency-neutral basis. The company's base business revenue grew 0.4% as reported and 5.2% on a currency-neutral basis. GAAP EPS was $1.70 and adjusted EPS was $2.98. The company raised its full-year revenue and adjusted EPS guidance.
Revenue decreased 2.8% as reported and increased 1.7% on a currency-neutral basis.
Base business revenue (excluding COVID-only diagnostic testing) grew 0.4% as reported, 5.2% currency-neutral.
GAAP EPS from continuing operations was $1.70 and adjusted diluted EPS was $2.98.
The company raised full-year revenue and adjusted EPS guidance.
BD
BD
BD Revenue by Segment
BD Revenue by Geographic Location
Forward Guidance
The company raised its full-year revenue and adjusted EPS guidance ranges.
Positive Outlook
- Fiscal year 2023 revenues are now expected to be in the range of approximately $19.1 billion to $19.3 billion compared to $18.6 billion to $18.8 billion previously announced.
- Revenue guidance now assumes base business currency-neutral revenue growth of 5.75% to 6.75% compared to 5.25% to 6.25% previously announced.
- Revenue guidance now assumes approximately $50 million to $100 million in COVID-only diagnostic testing revenues.
- Based on current rates, foreign exchange would represent a reduction of approximately 200 basis points to total company revenue growth compared to approximately 450 basis points previously announced.
- The company now expects fiscal year 2023 adjusted diluted EPS to be $12.07 to $12.32 compared to $11.85 to $12.10 previously announced.
Challenges Ahead
- Foreign exchange rates may have an impact.
- Potential charges or gains may be recorded during the fiscal year.
- Macroeconomic environment on operations and healthcare spending.
- Disruptions in the global supply chain.
- Possible impact of the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income