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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
BD
BD
BD Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com 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.
- Based on current rates, foreign exchange continues to represent a reduction of approximately 200 basis points, or approximately $370 million, to total company revenue growth.
- Adjusted EPS guidance reflects absorbing a $0.02 negative impact from the divestiture of the Surgical Instrumentation platform
- Adjusted EPS guidance reflects absorbing a $0.05 negative impact from the latest foreign currency rates.
- Adjusted diluted EPS guidance now includes an estimated headwind from foreign currency of approximately 320 basis points based on current rates, compared to 270 basis points previously.
Revenue & Expenses
Visualization of income flow from segment revenue to net income