BD Q3 2021 Earnings Report
Key Takeaways
BD (Becton, Dickinson and Company) reported strong third-quarter results with revenues of $4.9 billion, a 26.9% increase year-over-year on a reported basis. The growth was primarily driven by strong base business performance and increased healthcare utilization levels. The company raised its fiscal year 2021 revenue growth and adjusted EPS guidance ranges, citing base business momentum.
Third fiscal quarter revenues of $4.9 billion grew 26.9% on a reported basis.
COVID-19 testing revenues were $300 million, including BD Veritorâ„¢ Plus System revenues of $212 million.
GAAP diluted earnings per share (EPS) increased 77.3% year-over-year to $1.72.
Adjusted diluted EPS increased 24.5% year-over-year to $2.74.
BD
BD
BD Revenue by Segment
BD Revenue by Geographic Location
Forward Guidance
BD updated its outlook for fiscal year 2021, expecting revenue growth of approximately 16.5% to 17.0% on a reported basis and adjusted diluted EPS to be between $12.85 and $12.95.
Positive Outlook
- Fiscal year 2021 revenues are expected to grow approximately 16.5% to 17.0% on a reported basis.
- Foreign currency is expected to contribute approximately 250 to 300 basis points to revenue growth.
- Fiscal year 2021 currency-neutral revenue growth is expected to be about 14.0%.
- Fiscal year 2021 adjusted diluted EPS is expected to be between $12.85 and $12.95.
- The adjusted EPS guidance range represents growth of approximately 26% to 27% over fiscal 2020 adjusted diluted EPS of $10.20.
Challenges Ahead
- The outlook reflects assumptions about the continued impact of the COVID-19 pandemic.
- The company assumes no major system-wide hospital restrictions on elective procedures related to the COVID-19 pandemic.
- The company started to see some impact on elective procedures from the COVID-19 delta variant in some states in the U.S.
- Lower COVID-19 testing profit contribution.
- Adjusted diluted EPS for fiscal 2021 excludes potential charges or gains that may be recorded during the fiscal year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income