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

The main purpose of this 8-K filing is to officially report and furnish the press release announcing Becton Dickinson's (BDX) financial results for its second fiscal quarter ended March 31, 2019. This includes details on revenue and earnings performance.

Why is BD using non-GAAP financial measures like 'Comparable Revenue Growth'?

BD uses non-GAAP measures, such as Comparable Revenue Growth, to provide investors with a better understanding of the company's underlying operational performance. These measures help to exclude the effects of foreign currency fluctuations, the impact of acquisitions (like C.R. Bard), divestitures, and other items that can distort year-over-year comparisons, allowing for a clearer view of the company's organic growth and operational trends.

What kind of items are excluded when calculating Adjusted EPS?

Adjusted Earnings Per Share (Adjusted EPS) excludes items that management believes are not part of ordinary operations and affect period-to-period comparability. These can include purchase accounting adjustments, acquisition-related costs (transaction, integration, restructuring), hurricane recovery costs, debt extinguishment losses, gains from business sales, litigation and recall charges, regulatory costs, and the dilutive impact of shares issued for acquisitions.

How should investors interpret these non-GAAP measures?

Investors should view these non-GAAP measures as supplemental information to the company's GAAP (Generally Accepted Accounting Principles) results. While they offer insights into underlying performance and comparability, they are not a substitute for GAAP figures. Investors should consider these measures in conjunction with GAAP results and be aware that BD's non-GAAP measures may differ from those of other companies.

BDX 8-K: Earnings & Results

Summary

Becton, Dickinson and Company (BDX) filed an 8-K on May 9, 2019, to announce its second fiscal quarter results ending March 31, 2019. The filing primarily serves to furnish the accompanying press release (Exhibit 99.1), which details the company's financial performance. A key takeaway for investors is BD's use of non-GAAP financial measures, including currency-neutral revenue growth and comparable revenue growth, which aim to provide a clearer picture of the company's underlying operational performance, especially following the acquisition of C.R. Bard, Inc. These adjusted metrics are intended to facilitate year-over-year comparisons by excluding currency fluctuations, divestitures, and other acquisition-related adjustments. The press release also discusses Adjusted Earnings Per Share (Adjusted EPS), which excludes items not considered part of ordinary operations. This measure is used by management to assess performance and aid comparability, with adjustments for purchase accounting, integration costs, and other one-time items. Investors are encouraged to consider these non-GAAP measures alongside the company's GAAP results to gain a comprehensive understanding of BDX's financial health and operational trends.

Key Highlights

1BDX filed an 8-K on May 9, 2019, reporting financial results for its second fiscal quarter ended March 31, 2019.
2The company is furnishing a press release (Exhibit 99.1) that contains its financial results and commentary.
3BDX is emphasizing the use of non-GAAP financial measures to provide investors with a clearer view of performance.
4Key non-GAAP metrics highlighted include currency-neutral revenue growth and comparable revenue growth.
5Comparable revenue growth adjusts for the C.R. Bard acquisition, product line movements, divestitures, and other factors to ensure year-over-year comparability.
6Adjusted Earnings Per Share (Adjusted EPS) is presented, excluding items deemed not part of ordinary operations for better comparability.
7Management utilizes these non-GAAP measures for internal performance evaluation, budgeting, and investor communication.

BECTON DICKINSON & CO 8-K Report, Financial Results (May 9, 2019)

Summary

Key Highlights

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