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

The main purpose of this 8-K filing is to officially announce Becton, Dickinson and Company's (BDX) financial results for its third fiscal quarter ending June 30, 2019, by furnishing the accompanying press release. It highlights how the company's management views its performance through the lens of non-GAAP financial measures.

What are the key non-GAAP measures BDX is using?

BDX is using several non-GAAP measures, including: 1) Currency-Neutral Revenue Growth (to remove foreign currency effects), 2) Comparable Revenue Growth (which adjusts for divestitures and reflects the C.R. Bard acquisition results comparably), and 3) Adjusted Earnings Per Share (EPS) (which excludes items deemed not part of ordinary operations or affecting comparability, such as acquisition-related costs and purchase accounting adjustments).

Why does BDX provide non-GAAP financial measures?

BDX provides these non-GAAP measures because management believes they help investors better understand the underlying performance of the company, particularly when comparing results to prior periods or to peer companies. These measures are intended to exclude items that can fluctuate significantly or are not part of the core ongoing operations, thus offering a clearer view of operational trends.

Are these non-GAAP measures the official financial results?

No, these non-GAAP measures are presented on a supplemental basis and are not a substitute for financial results prepared in accordance with Generally Accepted Accounting Principles (GAAP). Investors should consider both GAAP and non-GAAP results, along with the specific definitions and adjustments provided by BDX, to get a complete picture of the company's financial health and performance.

BDX 8-K: Earnings & Results

Summary

Becton, Dickinson and Company (BDX) filed an 8-K on August 6, 2019, to announce its financial results for the third fiscal quarter ending June 30, 2019. The filing primarily serves to furnish a press release detailing these results. A key takeaway for investors is BD's emphasis on non-GAAP financial measures, which management utilizes to provide a clearer view of underlying business performance and facilitate comparisons across periods. These adjusted metrics aim to exclude the impact of foreign currency fluctuations and integrate the results of the C.R. Bard acquisition more comparably, while also normalizing for various acquisition-related costs, divestitures, and other non-operational items. Investors should note that the press release provides currency-neutral revenue growth and comparable revenue growth, the latter of which includes adjustments for divestitures and specific accounting treatments related to the Bard acquisition. Furthermore, BD highlights adjusted earnings per share (EPS) growth, excluding items deemed outside ordinary operations. While management finds these non-GAAP measures useful for internal evaluation and for comparing performance to peers and prior periods, investors are reminded that these are supplementary to GAAP results and may differ from similar measures used by other companies. The report directs investors to the furnished press release for the full details of these financial results and the specific methodologies used for the non-GAAP calculations.

Key Highlights

1BDX filed an 8-K on August 6, 2019, to report Q3 fiscal year 2019 financial results.
2The filing furnishes a press release detailing the company's performance for the quarter ending June 30, 2019.
3BDX is presenting key financial metrics using non-GAAP measures to provide enhanced insight into performance.
4These non-GAAP measures include currency-neutral revenue growth and comparable revenue growth, which accounts for the C.R. Bard acquisition and other adjustments.
5The company is also reporting adjusted earnings per share (EPS) to exclude items impacting comparability.
6Management believes these non-GAAP metrics offer a better understanding of underlying operational performance and facilitate period-over-period comparisons.
7Investors are advised that non-GAAP measures are supplemental to GAAP results and should be considered alongside them.

BECTON DICKINSON & CO 8-K Report, Financial Results (Aug 6, 2019)

Summary

Key Highlights

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