8-KEarnings & ResultsExhibits & Filings

BECTON DICKINSON & CO 8-K Report, Financial Results (Apr 23, 2008)

Filed April 23, 2008For Securities:BDX

Summary

This 8-K filing by BECTON DICKINSON & CO (BDX) on April 23, 2008, primarily serves to furnish a press release detailing their financial results for the fiscal quarter ending March 31, 2008. The key takeaway for investors is BD's practice of presenting non-GAAP financial measures to offer a clearer view of their underlying operational performance, excluding the impact of foreign currency fluctuations and significant acquisition-related charges. These adjusted metrics are used by management for performance evaluation and strategic planning, aiming to provide investors with a more comparable view of the company's business trends.

Key Highlights

  • 1BDX furnished a press release announcing financial results for the fiscal quarter ending March 31, 2008.
  • 2The company presented non-GAAP financial measures alongside GAAP results to provide additional insight into performance.
  • 3Adjusted measures include revenue growth at constant foreign exchange rates to remove currency impact.
  • 4Operating income, income from continuing operations, and EPS are presented excluding charges related to acquisitions (TriPath Imaging, Inc. and Plasso Technology, Ltd.).
  • 5The effective tax rate is also provided excluding the non-deductible in-process R&D charge from the TriPath acquisition.
  • 6Management believes these non-GAAP measures are more indicative of underlying performance and facilitate period-to-period comparisons.
  • 7BDX emphasizes that non-GAAP results should be considered supplemental to, and not a substitute for, GAAP results.

Frequently Asked Questions

This 8-K filing is primarily to announce and furnish a press release containing Becton Dickinson's (BDX) financial results for the fiscal quarter ending March 31, 2008. It highlights the company's use of non-GAAP financial measures to present a clearer picture of its operational performance.

BDX presents non-GAAP measures to provide investors with additional insight into their financial results. These measures are intended to show the underlying performance of the business by excluding items like foreign currency fluctuations and significant acquisition-related charges (such as in-process R&D), which management considers to be outside of ordinary operations or affecting period-to-period comparability.

The filing details several non-GAAP adjustments, including: revenue growth at constant foreign exchange rates, operating income and income from continuing operations excluding TriPath Imaging acquisition charges, an adjusted effective tax rate also excluding TriPath charges, and adjusted earnings per share excluding charges from both the TriPath and Plasso Technology acquisitions. Management uses these to assess underlying performance and comparability.

Investors should view non-GAAP results as supplemental information that provides additional context to the company's financial performance. BDX explicitly states that these measures are not a substitute for GAAP results and may differ from similar measures used by other companies. Management also uses these alongside GAAP results and advises investors to consider the limitations of relying solely on non-GAAP figures.