8-KEarnings & ResultsExhibits & Filings

BECTON DICKINSON & CO 8-K Report, Financial Results (Feb 7, 2011)

Filed February 7, 2011For Securities:BDX

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).

Frequently Asked Questions

The main purpose of this 8-K filing is to officially announce Becton, Dickinson and Company's financial results for its first fiscal quarter ending December 31, 2010, and to furnish the related press release and reconciliation of non-GAAP measures.

BDX is using adjusted revenue growth rates (excluding foreign currency translation) and adjusted diluted EPS from continuing operations. For FY2010, EPS was adjusted to exclude a non-cash charge from healthcare reform impacting Medicare Part D. For Q1 FY2011, EPS growth is also presented excluding foreign currency translation effects.

BDX provides non-GAAP measures to offer investors a better understanding of the company's underlying operational performance by excluding items that management considers outside of ordinary operations or that can distort period-to-period comparisons, such as foreign currency fluctuations and specific non-cash charges.

Investors should consider these non-GAAP results as supplemental information alongside the company's GAAP results. While they aim to provide clearer insights into underlying performance, the excluded items can still have a material impact on net income and EPS. Investors should review the provided reconciliation (Exhibit 99.2) and understand the limitations of these adjusted figures.