BDX Q2 Earnings Top Estimates, Reports $480M COVID-19 Diagnostic Sales; Reaffirms FY21 Guidance

Becton Dickinson and Co BDX reported Q2 revenues of $4.91 billion, an increase of 15.4% Y/Y, slightly better than the consensus of $4.89 billion.
The growth was driven by the contribution of its COVID-19 diagnostic revenues, which totaled $480 million, and strong core business growth. On a currency-neutral basis, revenues increased by 12.2% Y/Y.
Medical segment sales increased 7.4% Y/Y at $2.3 billion, reflecting growth in the Medication Delivery Solutions and Pharmaceutical Systems units.
Life Sciences segment sales jumped 42.5% Y/Y at $1.6 billion, primarily driven by the Integrated Diagnostic Solutions unit's sales related to COVID-19 diagnostic testing.
Interventional segment revenues saw a slight increase of 2.1% Y/Y to $1 billion, reflecting an unfavorable impact by resurgences of COVID-19 infections globally.
Adjusted EPS stood at $3.19, compared with $2.55 a year ago and topping an estimate of $3.04.
Cash and cash equivalents were $3.7 billion at the end of Q2.
Operating income increased 17%Y/Y at $434 million, while margin remained stagnant at 8.7%.
Guidance: For FY21, Becton expects no significant change in utilization or procedure volumes associated with COVID-19 resurgences.
It expects revenues to grow 12% to 14% on an as-reported basis and 10% to 12% on a currency-neutral basis. FY21 adjusted diluted EPS outlook is unchanged at $12.75 to $12.85.
BDX announced that its board of directors has unanimously authorized to proceed with a plan to spin off its Diabetes Care business as an independent, publicly-traded company.
Price Action: BDX shares are up 4% at $259.75 in the premarket session on the last check Thursday.

Market News and Data brought to you by Benzinga APIs

Comments

Earnings Calendar

Never Miss Important Catalysts

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga