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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.
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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