What is the main purpose of this 8-K filing?

The primary purpose of this 8-K filing is to formally report Becton, Dickinson and Company's (BDX) financial results for the second fiscal quarter of 2006 and to furnish a press release containing these details.

Why is BDX presenting non-GAAP financial measures?

BDX is presenting non-GAAP financial measures to provide investors with a better understanding of the company's underlying operational performance. These adjusted metrics exclude items such as foreign currency impacts, insurance settlements, and acquisition-related charges that management believes do not reflect ordinary operations or affect period-to-period comparability.

What specific items are excluded from the non-GAAP measures?

The non-GAAP measures exclude revenue growth impacted by foreign currency fluctuations. They also exclude the impact of insurance settlements and the in-process research and development charge related to the GeneOhm Sciences Inc. acquisition from selling and administrative expense, research and development expense, operating income, income taxes, and earnings per share.

Are the non-GAAP results a substitute for GAAP results?

No, BDX explicitly states that non-GAAP results should not be considered in isolation and are not a substitute for GAAP results. Management uses these non-GAAP measures in conjunction with GAAP results to provide additional insight and a more comprehensive view of the company's financial performance.

BDX 8-K: Earnings & Results

Summary

Becton, Dickinson and Company (BDX) filed an 8-K on April 26, 2006, to report its financial results for the second fiscal quarter of 2006. The filing primarily serves to furnish a press release detailing these results, which includes a significant emphasis on non-GAAP financial measures. BDX's management uses these adjusted metrics to provide a clearer view of the company's underlying operational performance, excluding the impact of foreign currency fluctuations, insurance settlements, and acquisition-related charges, such as those from the GeneOhm Sciences Inc. acquisition. Investors are encouraged to review these non-GAAP figures alongside the standard GAAP results, as management believes they offer valuable insights into performance trends and facilitate comparisons across periods. The excluded items, while potentially material to GAAP net income and EPS, are considered by management to be outside of ordinary operations or to affect period-to-period comparability. This approach aims to present a more consistent and understandable financial picture for stakeholders.

Key Highlights

1BDX reported its Q2 fiscal year 2006 financial results on April 26, 2006, via an 8-K filing.
2The filing includes a press release (Exhibit 99.1) detailing the company's financial performance.
3BDX is presenting several non-GAAP financial measures to offer a clearer view of underlying operational performance.
4Adjusted measures exclude the impact of foreign currency fluctuations on revenue growth.
5Selling, administrative, research and development expenses, and operating income are presented excluding insurance settlements and acquisition-related charges (GeneOhm).
6Income tax and effective tax rate are also adjusted to exclude insurance settlements and other items affecting comparability.
7Earnings per share (EPS) figures are provided on both a GAAP and adjusted non-GAAP basis, excluding the impact of specific charges and settlements.

BECTON DICKINSON & CO 8-K Report, Financial Results (Apr 26, 2006)

Summary

Key Highlights

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