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Mar 31, 2023
BD Q2 2023 Earnings Report
BD reported second quarter fiscal year 2023 financial results, driven by strategic investments and innovation.
Key Takeaways
BD reported revenue of $4.8 billion, a 1.5% increase as reported and 4.1% on a currency-neutral basis. The company raised its full-year base revenue guidance, enabling additional investments in growth and innovation while absorbing lower COVID-only diagnostic testing revenue and incremental FX impacts.
Revenue increased 1.5% as reported and 4.1% on a currency-neutral basis.
Base business revenue (excluding COVID-only diagnostic testing) grew 6.0% as reported, 8.7% currency-neutral.
GAAP and adjusted diluted EPS from continuing operations were $1.53 and $2.86, respectively.
The company raised full-year base revenue guidance, enabling additional investments in growth and innovation.
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 lower-end and mid-point of its full-year revenue and adjusted EPS guidance ranges.
Positive Outlook
- Fiscal year 2023 revenues are expected to be in the range of approximately $19.2 billion to $19.3 billion.
- Base business currency-neutral revenue growth of 6.5% to 7.0%.
- COVID-only diagnostic testing revenues of approximately $50 million.
- Fiscal year 2023 adjusted diluted EPS to be $12.10 to $12.32.
- On a currency-neutral basis, adjusted diluted EPS guidance now represents growth of approximately 9.5% to 11%.
Challenges Ahead
- Foreign exchange continues to represent a reduction of approximately 200 basis points, or approximately $370 million, to total company revenue growth.
- Adjusted diluted EPS guidance now includes an estimated headwind from foreign currency of approximately 270 basis points.
- Lower COVID-only diagnostic testing revenue.
- Incremental foreign currency headwind.
- Numerous assumptions about many factors that could affect its business
Revenue & Expenses
Visualization of income flow from segment revenue to net income