Summary
Becton Dickinson & Co. (BDX) reported its second-quarter and year-to-date results for the period ending March 31, 2011. The company demonstrated revenue growth across its Medical, Diagnostics, and Biosciences segments, driven by volume increases and favorable foreign currency translation. Despite facing some headwinds, including a challenging comparison to the prior year's strong H1N1 sales and the impact of the Japanese earthquake and tsunami, BDX maintained strong operating cash flows. Key financial highlights include robust revenue growth, particularly in international markets and for safety-engineered products, alongside significant share repurchases and dividend payments returning value to shareholders. The company also completed a strategic acquisition of Accuri Cytometers, Inc., aimed at expanding its presence in the flow cytometry market. While managing increased debt levels from recent issuances, BDX's financial condition remains strong, supported by consistent cash generation and ample credit facilities.
Financial Highlights
50 data points| Revenue | $1.92B |
| Cost of Revenue | $920.59M |
| Gross Profit | $1.00B |
| R&D Expenses | $119.15M |
| SG&A Expenses | $441.94M |
| Operating Expenses | $1.48B |
| Operating Income | $440.34M |
| Interest Expense | $23.92M |
| Net Income | $312.02M |
| EPS (Basic) | $1.41 |
| EPS (Diluted) | $1.38 |
| Shares Outstanding (Basic) | 220.89M |
| Shares Outstanding (Diluted) | 225.47M |
Key Highlights
- 1Total revenues for the quarter increased by 6.8% year-over-year to $1.922 billion, with international sales showing strong growth.
- 2The company repurchased $1.058 billion of common stock and paid $183 million in dividends in the first six months of 2011, demonstrating a commitment to returning capital to shareholders.
- 3BDX acquired Accuri Cytometers, Inc. for $204.97 million to expand its offerings in the personal flow cytometer market.
- 4Net cash provided by continuing operating activities was $706.9 million for the first six months of 2011, indicating strong operational cash generation.
- 5Diluted earnings per share from continuing operations increased to $1.38 in the second quarter of 2011, up from $1.18 in the prior year.
- 6Total debt increased to $2.7 billion, representing 34.3% of total capital, a notable increase from the prior year, largely due to recent debt issuances.
- 7The company is navigating challenges from the Japanese earthquake and tsunami, estimating a potential revenue impact of $10 to $20 million for the full fiscal year.