Becton Dickinson Forecasts Higher Sales From COVID-19 Diagnostic Testing Revenues

Becton Dickinson and Co BDX reported Q3 FY22 revenues of $4.6 billion, up 0.7% Y/Y (3.8% on a currency-neutral basis), better than the consensus of $4.47 billion.
Revenue was driven by base revenue growth of 6% as reported, 9.3% currency-neutral.
COVID-only testing revenues of $76 million declined from $300 million in the prior year.
Medical segment sales increased 4.7% Y/Y to $2.19 billion.
Life Sciences segment sales declined 8.7% Y/Y to $1.31 billion, reflecting the decline in COVID-only testing revenues.
Interventional segment revenues grew 5.5% Y/Y to $1.14 billion.
Operating income increased 9% Y/Y to $537 million.
Adjusted EPS of $2.66, up from $2.28 a year ago, topping the consensus of $2.50.
Guidance: BD expects FY22 sales of $18.75 - $18.83 billion compared to $18.5 - $18.7 billion expected previously and the consensus of $18.63 billion.
Becton Dickinson reaffirms approximately $500 million in COVID-19-only diagnostic testing revenues versus $450 million announced earlier.
It anticipates FY22 adjusted EPS of $11.28 - $11.35 compared to the prior guidance of $11.15 to $11.30 and the consensus of $11.24.
Price Action: BDX shares are up 1.85% at $249.46 during the market session on the last check Thursday.

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