8-KEarnings & ResultsExhibits & Filings

BECTON DICKINSON & CO 8-K Report, Financial Results (Aug 4, 2016)

Filed August 4, 2016For Securities:BDX

Summary

Becton, Dickinson and Company (BDX) filed an 8-K on August 4, 2016, to report its financial results for the third fiscal quarter ending June 30, 2016. The filing primarily serves to furnish a press release detailing these results, which includes a significant focus on non-GAAP (Generally Accepted Accounting Principles) financial measures. These non-GAAP measures are presented to provide investors with a clearer view of the company's underlying operational performance by adjusting for factors such as acquisition-related impacts (specifically the write-down of deferred revenue from the CareFusion acquisition), foreign currency fluctuations, and changes in distribution agreements. Management believes these adjustments enhance the understanding of BD's core business performance and comparability to prior periods. The company is providing these adjusted revenue and earnings per share (EPS) figures to help investors better assess the ongoing business trends and performance, separate from the effects of significant one-time or non-operational items. This approach is intended to offer a more consistent and transparent view of BD's financial health and operational efficiency to stakeholders.

Key Highlights

  • 1BDX filed an 8-K on August 4, 2016, to announce its Q3 fiscal year 2016 financial results.
  • 2The primary purpose of the filing is to furnish a press release containing these financial results.
  • 3The company is providing "adjusted" non-GAAP financial measures for revenue and earnings per share (EPS).
  • 4Adjustments include the impact of the CareFusion acquisition's deferred revenue write-down.
  • 5Foreign currency fluctuations are also adjusted for in both revenue and EPS calculations.
  • 6Specific adjustments are made for a distribution agreement change within the Respiratory Solutions unit.
  • 7Management utilizes these non-GAAP measures to assess operational performance, budget planning, and comparability with peers.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally report Becton, Dickinson and Company's (BDX) financial results for its third fiscal quarter ending June 30, 2016, and to furnish the accompanying press release that details these results.

BDX is presenting non-GAAP financial measures (such as adjusted revenues and adjusted EPS) to provide investors with a clearer understanding of the company's underlying operational performance. These adjustments exclude items that management deems to be outside of ordinary operations or that affect period-to-period comparability, such as acquisition-related costs (e.g., CareFusion deferred revenue write-down), foreign currency impacts, and changes in distribution agreements.

Key items being adjusted for include the write-down of deferred revenue related to the CareFusion acquisition, the impact of foreign currency fluctuations, and a change in a distribution agreement for the Respiratory Solutions unit. These adjustments are made to both revenue and earnings per share figures.

Management uses these non-GAAP measures internally for evaluating the company's performance, comparing results to prior periods and peer companies, and for budget planning purposes on a quarterly and annual basis. They believe these measures offer additional insight into the company's financial results beyond GAAP reporting.