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

Becton Dickinson is reporting two primary non-GAAP measures: Currency-Neutral Revenue Growth, which eliminates the effect of foreign currency translation to show underlying revenue trends, and Adjusted Diluted Earnings Per Share (EPS). Adjusted EPS is modified to exclude items believed to be outside ordinary operations, such as purchase accounting adjustments, integration and restructuring costs, and certain legal, regulatory, and transaction-related expenses.

Why is BDX emphasizing non-GAAP financial measures?

BDX management believes that these non-GAAP measures provide investors with a better understanding of the company's underlying operational results, performance trends, and future prospects by removing the volatility and comparability issues associated with foreign currency fluctuations and specific, non-recurring, or non-ordinary operational items.

Does BDX provide guidance for fiscal year 2022?

Yes, the filing indicates that BDX management is providing estimated revenue and adjusted EPS growth for fiscal year 2022. These estimates are also adjusted for the anticipated impact of foreign currency translation, similar to the reported fiscal year 2021 and fourth quarter 2021 results.

What is BDX's recommendation to investors regarding these non-GAAP measures?

BDX strongly encourages investors to review its consolidated financial statements and publicly filed reports in their entirety. The company cautions that non-GAAP measures may differ from similar measures used by other companies and should not be considered replacements for, but rather read together with, the most comparable GAAP financial measures.

BDX 8-K: Earnings & Results

Summary

Becton, Dickinson and Company (BDX) filed an 8-K on November 4, 2021, to announce its financial results for the fourth fiscal quarter and full fiscal year ending September 30, 2021. The filing includes a press release that details the company's performance, with a particular focus on non-GAAP financial measures. Investors should note that BD is presenting revenue growth and adjusted diluted earnings per share (EPS) on a currency-neutral basis to provide a clearer view of operational performance, excluding the impact of foreign currency fluctuations. The company also provides adjusted EPS after excluding items it deems not part of ordinary operations, such as purchase accounting adjustments, integration and restructuring costs, and certain legal and regulatory expenses, aiming to enhance comparability between periods. Furthermore, BD management is providing an outlook for fiscal year 2022, also on a currency-neutral basis for revenue and adjusted EPS growth. The company emphasizes that these non-GAAP measures are used internally for performance evaluation and forecasting and are intended to offer investors greater transparency into underlying business trends and operational results. While these adjusted metrics are considered valuable for understanding performance, BD strongly encourages investors to review the full GAAP financial statements and disclosures, as the excluded items can materially impact reported net income and EPS.

Key Highlights

1BDX announced fourth quarter and full fiscal year 2021 financial results via an 8-K filing on November 4, 2021.
2The company is reporting revenue growth and adjusted EPS on a currency-neutral basis to mitigate foreign exchange impacts.
3Adjusted EPS excludes items like purchase accounting, integration costs, restructuring, and certain legal/regulatory expenses for better period-to-period comparability.
4BD management believes non-GAAP measures offer insights into underlying operational trends and performance.
5The company provided preliminary revenue and adjusted EPS growth estimates for fiscal year 2022, also on a currency-neutral basis.
6BDX emphasizes that non-GAAP measures should be considered alongside, not as a replacement for, GAAP financial results.
7Investors are urged to review the full GAAP financial statements and accompanying disclosures for a comprehensive understanding.

BECTON DICKINSON & CO 8-K Report, Financial Results (Nov 4, 2021)

Summary

Key Highlights

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