8-KEarnings & ResultsOther EventsExhibits & Filings

BECTON DICKINSON & CO 8-K Report, Financial Results (Apr 27, 2005)

Filed April 27, 2005For Securities:BDX

Summary

Becton, Dickinson and Company (BDX) filed an 8-K on April 27, 2005, to report its second fiscal quarter financial results for fiscal year 2005. The filing primarily serves to furnish a press release detailing these results, which includes the company's use of non-GAAP financial measures to provide investors with a clearer view of its underlying operational performance. These non-GAAP adjustments aim to exclude the impact of foreign currency fluctuations, significant charges, share-based compensation expense, and changes in tax laws to enhance comparability with prior periods. Additionally, the report discloses two significant legal events. Firstly, a qui tam action against BDX under the Federal False Claims Act was dismissed without prejudice on April 15, 2005. Secondly, on April 21, 2005, Dynovation Medical, Inc. filed a lawsuit against BDX alleging breach of a license agreement and patent infringement related to the Insyte Autoguard IVTM catheter product. BDX maintains these allegations are without merit and intends to defend itself vigorously.

Key Highlights

  • 1BDX furnished its Q2 FY2005 financial results via press release filed as Exhibit 99.1.
  • 2The company utilizes non-GAAP financial measures, including constant foreign exchange rates, to present performance.
  • 3Non-GAAP adjustments exclude significant charges, share-based compensation, and tax law changes for better period-to-period comparability.
  • 4BDX management uses these non-GAAP measures for performance evaluation and budget planning.
  • 5A qui tam action against BDX under the Federal False Claims Act was dismissed without prejudice on April 15, 2005.
  • 6Dynovation Medical, Inc. filed a lawsuit on April 21, 2005, alleging breach of contract and patent infringement related to a catheter product.
  • 7BDX believes the Dynovation lawsuit allegations are without merit and intends to defend itself vigorously.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Becton, Dickinson and Company's (BDX) financial results for the second fiscal quarter of 2005. It formally includes the press release announcing these results, as required by SEC regulations.

BDX is using non-GAAP financial measures to provide investors with a clearer understanding of its underlying operational performance. These measures exclude items like foreign currency fluctuations, significant charges, share-based compensation, and tax law changes, which can obscure the company's core business performance and make comparisons to prior periods more difficult.

The filing mentions two key legal events: the dismissal without prejudice of a qui tam action under the Federal False Claims Act and a lawsuit filed by Dynovation Medical, Inc. alleging breach of a license agreement and patent infringement concerning the Insyte Autoguard IVTM catheter product. BDX disputes the claims in the Dynovation lawsuit.

Investors should view the non-GAAP measures provided by BDX as supplemental information. While management believes they offer additional insight into performance, these measures should be considered alongside, and not as a substitute for, GAAP results. Investors should also be aware that BDX's non-GAAP measures may differ from those used by other companies.