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BD Posts 4 Percent Q1 Revenue Growth

NEW YORK (GenomeWeb News) – Becton Dickinson today reported that its first-quarter 2013 revenues increased 4 percent year over year as the firm beat Wall Street estimates on the top and bottom line.

BD reported total revenues of $1.90 billion for the three months ended Dec. 31, compared to $1.83 billion for the first quarter of 2012. Analysts, on average, had expected revenues of $1.86 billion. On a currency-neutral basis, BD's Q1 revenues were up 5 percent.

Sales for the BD Diagnostics business grew 5 percent year over year to $651.9 million from $620.7 million, driven by international expansion and an early flu season, the firm said. The BD medical segment had revenues of $983.4 million, up a little more than 3 percent from $950.4 million, while BD Biosciences had revenues of $264.9 million, up around 2 percent from $260.6 million.

BD reported net income of $625.4 million, or $3.13 per share, compared to a profit of $263.0 million, or $1.21 per share, for Q1 2012. Income from continuing operations was 270.2 million, or $1.35 per share, compared to $248.5 million, or $1.14 per share, for Q1 2012, and above Wall Street's consensus estimate of $1.24 per share.

Its R&D spending climbed 5 percent year over year to $118.2 million from $112.2 million, and its SG&A spending increased 3 percent to $495.9 million from $482.3 million.

"After two years of significant investments in our business, we are starting to see notable results," BD Chairman, President, and CEO Vincent Forlenza said in a statement. "We are growing revenues across our three segments, driving margin expansion and delivering a higher quality of earnings."

BD raised the bottom end of its previously communicated revenue growth guidance for the year of 3.5 percent to 4.5 percent to 4.0 percent to 4.5 percent on a currency-neutral basis. Diluted earnings per share from continuing operations for fiscal year 2013 are expected to be between $5.69 and $5.72, the firm said.

In Tuesday morning trade on the New York Stock Exchange shares of BD were up 2 percent at $87.20.

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