BD Q3 2022 Earnings Report

BD reported financial results for the third quarter of fiscal year 2022, demonstrating revenue growth and adjusted EPS increase.

Key Takeaways

BD reported revenue from continuing operations of $4.6 billion, a 0.7% increase as reported and 3.8% on a currency-neutral basis. Base revenue growth was 6.0% as reported and 9.3% currency-neutral. GAAP diluted EPS from continuing operations was $1.28, while adjusted diluted EPS from continuing operations was $2.66. The company raised full year revenue and EPS guidance.

Revenue from continuing operations increased by 0.7% as reported and 3.8% on a currency-neutral basis.

Base revenue growth from continuing operations was 6.0% as reported and 9.3% on a currency-neutral basis.

GAAP diluted EPS from continuing operations was $1.28; adjusted diluted EPS from continuing operations was $2.66.

The company raised its full-year revenue and EPS guidance.

Total Revenue

$4.64B

Previous year: $4.89B

-5.1%

EPS

$2.66

Previous year: $2.74

-2.9%

Gross Profit

$2.07B

Previous year: $2.16B

-4.3%

Cash and Equivalents

$2.56B

Previous year: $3.15B

-18.9%

Total Assets

$53.2B

Previous year: $54.3B

-2.1%

BD

BD Revenue by Segment

BD Revenue by Geographic Location

Forward Guidance

The company now expects fiscal year 2022 revenues to be in the range of approximately $18.75 billion to $18.83 billion and adjusted diluted EPS to be $11.28 to $11.35.

Positive Outlook

Fiscal year 2022 revenues are expected to be in the range of approximately $18.75 billion to $18.83 billion.
Base business currency-neutral revenue growth of 8.75% to 9.25% is expected for fiscal year 2022.
Up to $500 million in COVID-19-only diagnostic testing revenues is assumed for fiscal year 2022.
Fiscal year 2022 adjusted diluted EPS is expected to be $11.28 to $11.35.
Strong base business performance is driving the increase in adjusted diluted EPS.

Challenges Ahead

Foreign exchange is expected to represent a reduction of approximately 225 basis points to total company revenue growth.
Incremental headwind of approximately $50 million is expected from foreign exchange.
The impact and timing of potential charges or gains is inherently uncertain and difficult to predict.
Such items could have a substantial impact on GAAP measures of BD’s financial performance.
Numerous assumptions about many factors could affect its business.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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