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

The primary purpose of this 8-K filing is to announce and provide details of Becton, Dickinson and Company's (BD) financial results for its third fiscal quarter ending June 30, 2010. It includes a press release that outlines the company's performance and discusses the financial metrics used.

Why is BD using non-GAAP financial measures in its reporting?

BD is using non-GAAP financial measures to provide investors with a clearer understanding of its underlying operational performance. By excluding items such as foreign currency fluctuations, non-cash charges from healthcare reform, tax settlements, and litigation impacts, the company aims to facilitate better comparisons to prior periods and highlight what management considers to be core business results.

What specific items are excluded from the non-GAAP EPS calculations?

The non-GAAP EPS calculations for the first nine months of fiscal year 2010 exclude the non-cash charge related to healthcare reform impacting Medicare Part D reimbursements. For fiscal year 2009 comparisons, EPS is adjusted to exclude a tax benefit from various tax settlements and charges from a pending antitrust class action settlement. The company also presents EPS growth after eliminating the effect of foreign currency translation.

Where can I find the detailed financial results and the reconciliation of non-GAAP measures?

The detailed financial results are provided in the press release dated July 29, 2010, which is furnished as Exhibit 99.1 to this 8-K filing. A reconciliation of the non-GAAP financial measures to their corresponding GAAP figures is provided as Exhibit 99.2.

BDX 8-K: Earnings & Results

Summary

Becton, Dickinson and Company (BD) filed an 8-K on July 29, 2010, to report its financial results for the third fiscal quarter ending June 30, 2010. The filing includes a press release that details the company's performance, emphasizing the use of non-GAAP financial measures to provide a clearer view of underlying operational results. These adjusted measures are presented to help investors better understand and compare BD's performance across periods by excluding the impact of foreign currency translation and specific one-time or non-operational items. Key non-GAAP adjustments discussed include revenue growth rates adjusted for foreign currency fluctuations and earnings per share (EPS) from continuing operations that exclude the impact of healthcare reform on Medicare Part D reimbursements and certain tax-related items and legal settlements from prior periods. BD's management utilizes these non-GAAP metrics internally for performance evaluation, budgeting, and planning, and provides them to investors as a supplemental tool to enhance the understanding of the company's core business performance.

Key Highlights

1BD announced its third fiscal quarter 2010 financial results via press release.
2The company is utilizing non-GAAP financial measures to present its results, offering adjusted views of revenue and earnings per share (EPS).
3Revenue growth rates are presented excluding the impact of foreign currency translation, including hedging activities, to better reflect underlying operational performance.
4EPS figures are adjusted to exclude non-cash charges related to healthcare reform affecting Medicare Part D reimbursements.
5Historical EPS figures (Q3 and nine months FY2009, and full FY2009) are adjusted to exclude tax benefits from settlements and charges from pending antitrust litigation.
6Management uses these non-GAAP measures for internal performance evaluation and budgeting, believing they provide greater comparability to prior periods.
7The press release (Exhibit 99.1) and a reconciliation of non-GAAP measures (Exhibit 99.2) are furnished with the 8-K filing.

BECTON DICKINSON & CO 8-K Report, Financial Results (Jul 29, 2010)

Summary

Key Highlights

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