8-KEarnings & ResultsExhibits & Filings

BECTON DICKINSON & CO 8-K Report, Financial Results (Jan 24, 2008)

Filed January 24, 2008For Securities:BDX

Summary

Becton Dickinson & Co. (BDX) filed an 8-K on January 24, 2008, to report financial results and provide insights into their performance using non-GAAP measures. The company is presenting revenue growth rates at constant foreign exchange rates to help investors understand underlying performance without currency fluctuations. Additionally, BDX is highlighting operating income, effective tax rate, income from continuing operations, and earnings per share, adjusted to exclude the impact of significant one-time charges related to acquisitions, specifically the in-process R&D charges from TriPath Imaging, Inc. and Plasso Technology, Ltd. These adjustments are intended to offer a clearer view of the company's core operational performance and facilitate better period-to-period comparisons for investors.

Key Highlights

  • 1BDX is reporting financial results using non-GAAP measures for enhanced investor clarity.
  • 2Revenue growth rates are presented at constant foreign exchange rates to isolate operational performance from currency impacts.
  • 3Operating income, income from continuing operations, and earnings per share are adjusted to exclude one-time in-process R&D charges from acquisitions (TriPath Imaging and Plasso Technology).
  • 4The company believes these non-GAAP adjustments provide a more indicative view of underlying business performance and improve comparability.
  • 5Management uses these non-GAAP measures for internal evaluation, budget planning, and believe they offer additional insight into financial results.
  • 6Investors are advised to consider these non-GAAP measures in conjunction with GAAP results, as excluded items can still have a material impact.
  • 7The press release containing these results was furnished as Exhibit 99.1 to the 8-K filing.

Frequently Asked Questions

BDX is reporting revenue growth rates at constant foreign exchange rates, and adjusted operating income, effective tax rate, income from continuing operations, and earnings per share. These adjustments exclude the impact of in-process R&D charges from acquisitions like TriPath Imaging and Plasso Technology.

BDX believes these non-GAAP measures offer investors additional insight into the company's financial results by excluding the impact of foreign currency fluctuations and significant one-time acquisition-related charges. This allows for a better understanding of the underlying operational performance and facilitates comparisons to prior periods.

No, BDX explicitly states that non-GAAP results should not be considered in isolation and are not a substitute for GAAP results. Investors are encouraged to evaluate these non-GAAP measures in conjunction with GAAP results, as the excluded items may still have a material impact on net income, earnings per share, or cash flows.

The in-process R&D charges excluded from the non-GAAP measures relate to the acquisitions of TriPath Imaging, Inc. and Plasso Technology, Ltd.