Becton Dickinson Clocks Strong Q2 Sales From Medical Devices, Raises Annual Outlook

Becton, Dickinson, and Company BDX posted Q3 adjusted EPS of $2.96, beating the consensus of $2.89.

BD reported sales of $4.88 billion, up 5.1% Y/Y, slightly beating the consensus of $4.83 billion.

The company's medical segment reported 11.1% growth to $2.43 billion, and its interventional business grew by 6.7% to $1.22 billion. Life sciences revenue offset that growth, dropping by 6.3% to $1.23 billion. That segment's performance reflects a decline in COVID-only diagnostic testing revenues and performance in the segment's base business, which was about flat.

Most recently, the FDA approved BD Alaris Infusion System with 510(k) clearance, enabling remediation and a return to full commercial operations for the most comprehensive infusion system available in the U.S.

"We are very pleased to deliver our number one priority since launching BD 2025 – achieving 510(k) clearance for the updated BD Alaris™ Infusion System – allowing us to bring this updated system to our customers and their patients," commented Tom Polen, chairman, CEO and president of BD.

Guidance: BD expects 2023 revenues of approximately $19.3 billion versus prior guidance of $19.2 billion-$19.3 billion and the consensus of $19.29 billion.

The adjusted diluted EPS guidance of $12.10-$12.32 versus the consensus of $12.22 remains unchanged but reflects absorbing a $0.02 negative impact from the divestiture of the Surgical Instrumentation platform and a $0.05 negative impact from the latest foreign currency rates. 

Price Action: BDX shares are down 1.77% at $271.36 on the last check Thursday.