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Jun 30, 2023
BD Q3 2023 Earnings Report
Reported strong performance and progress toward achieving BD 2025 strategy, while advancing innovation pipeline and receiving clearance for updated BD Alaris™ Infusion System.
Key Takeaways
BD reported a revenue of $4.9 billion, a 5.1% increase as reported and 6.3% on a currency-neutral basis. The company raised its full-year base organic revenue growth guidance and maintained its full-year adjusted EPS guidance.
Revenue of $4.9 billion increased 5.1% as reported and 6.3% on a currency-neutral basis
Revenue from base business (which excludes COVID-only diagnostic testing) grew 6.7% as reported, 7.9% currency-neutral or 6.3% organic
GAAP and adjusted diluted EPS from continuing operations of $1.36 and $2.96, respectively
Company raises full-year base organic revenue growth guidance; maintains full-year adjusted EPS guidance
Revenue by Geographic Location
Forward Guidance
The company now expects fiscal year 2023 revenues to be approximately $19.3 billion. Adjusted diluted EPS guidance of $12.10 to $12.32 remains unchanged but reflects absorbing a $0.02 negative impact from the divestiture of the Surgical Instrumentation platform and a $0.05 negative impact from the latest foreign currency rates.
Positive Outlook
- Revenue guidance now assumes base business currency-neutral revenue growth of 6.8% to 7.1% before the impact of the Surgical Instrumentation platform divestiture.
- Base organic revenue growth is now expected to be 5.5% to 5.8%, compared to 5.25% to 5.75% previously announced, and continues to reflect fourth quarter organic revenue growth of about 6%.
- Adjusting for the impact of the Surgical Instrumentation platform divestiture lowers the updated base revenue growth guidance by 20 basis points to a range of 6.6% to 6.9%.
- Increased base organic revenue growth guidance of 5.5% to 5.8% is not impacted.
- On a currency-neutral basis, adjusted diluted EPS guidance now represents growth of approximately 10% to 11.5%, an increase of 50 basis points from the company's prior expectation.
Challenges Ahead
- Revenue guidance includes $56 million in year-to-date COVID-only diagnostic testing revenues.
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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