Summary
Becton Dickinson & Co. (BDX) reported its first quarter results for fiscal year 2019, showing a slight year-over-year decrease in total revenues to $4.195 billion from $4.222 billion. This revenue decline was primarily attributed to an unfavorable foreign currency translation impact of approximately 2.7% and a 1% impact from the divestiture of the Advanced Bioprocessing business. Despite the revenue dip, the company demonstrated resilience with positive volume growth across all three segments: Medical, Life Sciences, and Interventional. The Medical segment saw notable growth in Medication Management Solutions, while Life Sciences benefited from Preanalytical Systems and Biosciences, and Interventional saw strength in Peripheral Intervention and Urology and Critical Care. The company incurred a significant pre-tax charge of $331 million related to certain product liability matters, impacting the "Other operating expense, net" line item. This charge, combined with other factors, led to a net income of $20 million for the quarter, a substantial improvement from the net loss of $12 million in the prior-year period. Diluted earnings per share were $(0.07), compared to $(0.19) in the prior year. The company continued to generate strong operating cash flow, amounting to $1.027 billion for the six months ended March 31, 2019, supporting its ongoing commitment to returning value to shareholders through dividends.
Financial Highlights
53 data points| Revenue | $4.20B |
| Cost of Revenue | $2.22B |
| Gross Profit | $1.97B |
| R&D Expenses | $252.00M |
| SG&A Expenses | $1.09B |
| Operating Expenses | $4.06B |
| Operating Income | $136.00M |
| Interest Expense | $171.00M |
| Net Income | $20.00M |
| EPS (Basic) | $-0.07 |
| EPS (Diluted) | $-0.07 |
| Shares Outstanding (Basic) | 269.88M |
| Shares Outstanding (Diluted) | 269.88M |
Key Highlights
- 1Total revenues for the quarter decreased slightly by 0.6% to $4.195 billion, mainly due to foreign currency headwinds and the divestiture of the Advanced Bioprocessing business.
- 2Despite the revenue decrease, underlying volume growth was positive across all three business segments (Medical, Life Sciences, and Interventional).
- 3A significant pre-tax charge of $331 million was recorded for product liability matters, impacting operating expenses.
- 4Net income improved substantially to $20 million from a net loss of $12 million in the prior year's quarter.
- 5Operating cash flow remained robust, totaling $1.027 billion for the first six months of the fiscal year.
- 6The company continued to return capital to shareholders through dividends, with $491 million paid in the first six months.