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Sep 30, 2022
BD Q4 2022 Earnings Report
BD reported mixed Q4 2022 results with a decrease in revenue but an increase in EPS, driven by base revenue growth and strategic execution.
Key Takeaways
BD reported Q4 revenue of $4.761 billion, a decrease of 1.8% as reported, but an increase of 2.3% on a currency-neutral basis. The revenue performance was driven by a base revenue growth of 4.2% as reported, and 8.6% currency-neutral. GAAP diluted EPS was $0.92 and adjusted diluted EPS was $2.75. The company issued FY23 guidance and announced its 51st consecutive year of dividend increases, raising the dividend by 4.6%.
Q4 revenue decreased by 1.8% as reported, but increased by 2.3% on a currency-neutral basis.
Base revenue growth was 4.2% as reported and 8.6% on a currency-neutral basis.
GAAP diluted EPS was $0.92, while adjusted diluted EPS was $2.75.
FY23 revenue is expected to be in the range of $18.6 billion to $18.8 billion.
BD
BD
BD Revenue by Segment
Revenue by Segment
BD Medical Revenue
CapyFin.comBD Life Sciences Revenue
CapyFin.comBD Interventional Revenue
CapyFin.com Forward Guidance
The company expects fiscal year 2023 revenues to be in the range of approximately $18.6 billion to $18.8 billion and adjusted diluted EPS to be $11.85 to $12.10.
Positive Outlook
- Revenue guidance assumes base business currency-neutral revenue growth of 5.25% to 6.25%.
- Base business revenue guidance reflects continued momentum as we execute our BD 2025 growth strategy.
- Base business revenue guidance includes an anticipated impact of approximately 100 basis points from an acceleration of our simplification and RECODE programs related to planned strategic portfolio exits.
- This impact is expected to be fully offset by the positive contribution of approximately 100 basis points from the full-year benefit of recent acquisitions, primarily Parata Systems.
- The company expects adjusted diluted EPS growth of approximately 9% to 11% on a currency-neutral basis.
Challenges Ahead
- Revenue guidance assumes approximately $125 to $175 million in COVID-19-only diagnostic testing revenues.
- Foreign exchange would represent a reduction of approximately 450 basis points to total company revenue growth.
- This includes an estimated impact from foreign currency of approximately 420 basis points based on current rates.
- The company's expected adjusted diluted EPS for fiscal 2023 excludes potential charges or gains that may be recorded during the fiscal year.
- The impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income