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Mar 31, 2022
BD Q2 2022 Earnings Report
Reported strong growth across its base business through continued focused execution and progress against its BD2025 strategy.
Key Takeaways
BD (Becton, Dickinson and Company) announced results for its second quarter of fiscal year 2022. Revenue of $5.0 billion increased 2.1% as reported and 3.9% on a currency-neutral basis. GAAP diluted EPS was $1.50 and adjusted diluted EPS was $3.18. The company raised the mid-point of its full-year revenue and adjusted EPS guidance ranges, adjusting for the completed spin of Diabetes Care business.
Revenue of $5.0 billion increased 2.1% as reported and 3.9% on currency-neutral basis
Revenue driven by base revenue growth of 8.2% as reported, 10.2% currency-neutral, partially offset by decline in worldwide COVID-only testing revenues to $214 million from $474 million in the prior year
GAAP diluted EPS of $1.50; adjusted diluted EPS of $3.18
Company raises mid-point of revenue and adjusted EPS guidance ranges; Adjusts for completed spin of Diabetes Care business
BD
BD
BD Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The company raised the mid-point of its full-year revenue and adjusted EPS guidance ranges, and adjusted for the completed spin of Embecta Corp. On a post-spin basis the company expects fiscal year 2022 revenues to be in the range of approximately $18.5 billion to $18.7 billion and adjusted diluted EPS to be $11.15 to $11.30.
Positive Outlook
- Revenue guidance for fiscal year 2022 assumes base business currency-neutral revenue growth of 7.25% to 8.25%.
- Growth was also aided by the recent acquisition of Venclose.
- UCC performance was primarily driven by continued strong demand for chronic female incontinence products in the acute care & alternative care settings.
- PI performance reflects growth in the U.S. across the peripheral vascular disease, end stage kidney disease and oncology platforms and double-digit growth in China across the portfolio.
- Surgery performance reflects growth across the hernia, biosurgery and infection prevention platforms as deferrable procedure volumes recovered compared to the prior year.
Challenges Ahead
- Revenue guidance for fiscal year 2022 now assumes approximately $450 million in COVID-19-only diagnostic testing revenues.
- Foreign exchange would represent a headwind of approximately 200 basis points to total company revenue growth.
- Management’s outlook assumes continued inflationary and supply chain pressure over the balance of the fiscal year.
- There should be no further significant escalation of macro-economic headwinds.
- Management’s outlook assumes no significant or lasting disruptions to deferrable procedure volumes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income