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

The primary purpose of this 8-K filing is to publicly furnish Becton, Dickinson and Company's (BDX) press release announcing its financial results for the third fiscal quarter ending June 30, 2007. It also details the non-GAAP financial measures the company is using to report these results.

Why is BDX using non-GAAP financial measures?

BDX is using non-GAAP measures because management believes they provide additional insight into the company's financial results and underlying operational performance. These measures exclude items that management considers outside of ordinary operations or that can affect period-to-period comparability, such as foreign currency fluctuations, insurance settlements, and in-process R&D charges from acquisitions.

What specific items are being excluded in the non-GAAP calculations?

The non-GAAP calculations exclude several items: revenue growth rates are presented at constant foreign exchange rates; selling and administrative expenses and income taxes exclude the impact of insurance settlements from prior periods; and operating income, income from continuing operations, and earnings per share exclude in-process R&D charges related to acquisitions like Plasso Technology, TriPath Imaging, and GeneOhm Sciences.

How should investors interpret these non-GAAP results?

Investors should view these non-GAAP results as supplemental information. While they can offer a clearer picture of underlying business performance by removing certain volatile or non-recurring items, they should not be used in isolation. Investors are advised to consider these non-GAAP measures in conjunction with BDX's official GAAP (Generally Accepted Accounting Principles) financial results for a comprehensive understanding of the company's financial position and performance.

BDX 8-K: Earnings & Results

Summary

This 8-K filing from Becton, Dickinson and Company (BDX), dated July 26, 2007, primarily serves to furnish a press release detailing the company's financial results for its third fiscal quarter ending June 30, 2007. The key takeaway for investors is the company's use of non-GAAP financial measures, which Management believes offer a clearer view of underlying operational performance by excluding certain items. These non-GAAP adjustments include presenting revenue growth at constant foreign exchange rates to remove currency fluctuations, excluding one-time insurance settlements from selling and administrative expenses and income taxes in prior periods, and excluding in-process R&D charges related to acquisitions (Plasso Technology, TriPath Imaging, and GeneOhm Sciences) from operating income, income from continuing operations, and earnings per share. Investors should note that BDX provides these non-GAAP figures as supplemental information to provide additional insight, but they should always be considered alongside the company's GAAP results.

Key Highlights

1BDX reported financial results for its third fiscal quarter ending June 30, 2007.
2The company is presenting non-GAAP financial measures, emphasizing their use for evaluating underlying operational performance.
3Revenue growth is presented at constant foreign exchange rates to eliminate currency impact.
4Adjustments were made to exclude the impact of insurance settlements from prior periods' selling and administrative expenses and income taxes.
5In-process R&D charges from recent acquisitions (Plasso Technology, TriPath Imaging, GeneOhm Sciences) are excluded from operating income, income from continuing operations, and EPS calculations.
6Management uses these non-GAAP measures for performance evaluation, budget planning, and comparability to prior periods.
7BDX cautions that non-GAAP measures are supplemental and should not be considered in isolation or as a substitute for GAAP results.

BECTON DICKINSON & CO 8-K Report, Financial Results (Jul 26, 2007)

Summary

Key Highlights

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