Why Is Medical Device Giant Becton, Dickinson Stock Trading Lower Today?

Becton, Dickinson, and Company BDX posted Q4 adjusted EPS of $3.42, slightly missing the consensus of $3.43.

BD reported sales of $5.09 billion, up 6.8% Y/Y (+5.9 on constant currency), slightly beating the consensus of $5.02 billion.

Q4 revenue from base business (which excludes COVID-only diagnostic testing) grew 7.3% as reported, 6.3% currency-neutral or 7.0% organic.

The company's medical segment reported 7.5% growth to $2.56 billion, and its interventional business grew by 9.7% to $1.2 billion. Life sciences revenue grew 3.3% to $1.33 billion. 

Dividend: BD's board declared a quarterly dividend of $0.95 per common share, an increase of 4.4% from the previous quarter. The dividend will be payable on December 29, 2023, to holders of record on December 8, 2023. 

Guidance: BD expects FY24 revenues of approximately $20.1 billion-$20.3 billion versus the consensus of $20.36 billion.

The guidance includes organic revenue growth of 5.25%-6.25%, including a headwind of over 25 basis points from the expected decline in COVID-only diagnostic testing.

It issued an adjusted diluted EPS guidance of $12.70-$13.00 versus the consensus of $13.51.

 Price Action: BDX shares are down 8.24% at $234.83 on the last check Thursday.