Becton Dickinson Raises FY22 Guidance As Q2 Earnings Top Estimates

Becton Dickinson and Co BDX reported Q2 FY22 revenues of $5.01 billion, up 2.1% Y/Y (3.9% on a currency-neutral basis), better than the consensus of $4.85 billion.
Revenue was driven by base revenue growth of 8.2% as reported, 10.2% currency-neutral, partially offset by the decline in COVID-only testing revenues to $214 million from $474 million in the prior year.
Medical segment sales increased 4.5% Y/Y to $2.42 billion.
Life Sciences segment sales declined 6.4% Y/Y to $1.48 billion, reflecting the decline in COVID-only testing revenues.
Interventional segment revenues grew 9.9% Y/Y to $1.11 billion, reflecting a continued recovery in elective volumes.
Operating income increased 50.1% Y/Y to $652 million.
Adjusted EPS of $3.18, down from $3.19 a year ago, topping the consensus of $2.99.
Guidance: BD expects FY22 sales of $19.6 billion - $19.8 billion, compared to earlier guidance of $19.55 billion - $19.75 billion, versus the consensus of $19.63 billion.
Becton Dickinson reaffirms approximately $450 million in COVID-19-only diagnostic testing revenues.
It anticipates FY22 adjusted EPS of $12.85 - $13, up from prior guidance of $12.80 - $13.00 versus the consensus of $12.85.
Price Action: BDX shares are up 1.06% at $256.22 during the market session on the last check Thursday.

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