Summary
Becton, Dickinson and Company (BDX) filed an 8-K on February 7, 2011, to report its financial results for the first fiscal quarter ending December 31, 2010. The filing primarily announces the release of a press release detailing these results, which includes the use of non-GAAP financial measures. BD utilizes these adjusted measures to provide investors with a clearer understanding of the company's underlying operational performance by excluding certain items that management deems outside of ordinary operations or that affect period-to-period comparability. The non-GAAP measures highlighted include revenue growth rates adjusted for foreign currency translation effects and earnings per share (EPS) from continuing operations adjusted for a non-cash charge related to healthcare reform impacting Medicare Part D reimbursements for fiscal year 2010. The company emphasizes that these non-GAAP measures are supplementary and should be considered alongside GAAP results, as excluded items can materially impact reported net income and EPS.
Key Highlights
- 1BDX announced its first fiscal quarter 2011 financial results ending December 31, 2010, via an 8-K filing.
- 2The company is providing non-GAAP financial measures to offer investors additional insight into its performance.
- 3Revenue growth is presented excluding the impact of foreign currency translation and hedging gains/losses.
- 4Earnings Per Share (EPS) for fiscal year 2010 is adjusted to exclude a non-cash charge related to Medicare Part D reimbursements under healthcare reform.
- 5EPS growth for the first quarter of fiscal year 2011 is also presented excluding foreign currency translation effects.
- 6Management uses these non-GAAP measures for performance evaluation, budget planning, and comparison to prior periods.
- 7The filing includes Exhibit 99.1 (press release) and Exhibit 99.2 (reconciliation of non-GAAP measures).