Summary
Becton, Dickinson and Company (BD) filed an 8-K on November 5, 2013, to report its financial results for the fourth fiscal quarter and full fiscal year ended September 30, 2013. The filing primarily serves to attach a press release detailing these results and the company's forward-looking guidance. Investors should note that BD presents both GAAP and non-GAAP financial measures, emphasizing the latter to provide a clearer view of underlying operational performance by excluding certain charges and the impact of foreign currency fluctuations and a new medical device excise tax. The company's management utilizes these non-GAAP measures for internal performance evaluation, budgeting, and comparisons to prior periods and peers. While these adjusted figures are provided to offer additional insights, BD cautions that they should not be considered in isolation and may differ from similar measures used by other companies. Investors are encouraged to review these non-GAAP results in conjunction with the company's official GAAP financial statements to gain a comprehensive understanding of BD's financial condition and operational trends.
Key Highlights
- 1BD announced its fourth fiscal quarter and full fiscal year 2013 financial results on November 5, 2013.
- 2The company is furnishing a press release (Exhibit 99.1) with these financial results.
- 3BD presents non-GAAP financial measures, including revenue growth excluding foreign currency translation effects.
- 4Adjusted Earnings Per Share (EPS) are provided, excluding charges from litigation, pension settlements, and an antitrust class action settlement.
- 5The impact of the U.S. medical device excise tax, implemented in January 2013, is also excluded from certain EPS calculations.
- 6The company is providing estimated EPS guidance for fiscal year 2014, adjusted for foreign currency translation and the incremental impact of the medical device excise tax.
- 7Management uses non-GAAP measures to assess performance, compare to peers, and for budgeting, but advises investors to consider them alongside GAAP results.