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BD Q3 Revenues Increase 4 Percent

NEW YORK (GenomeWeb News) – Becton Dickinson today reported that revenues for its fiscal third quarter increased almost 4 percent year over year.

The company recorded $2.05 billion in revenues for the three months ended June 30, up from $1.98 billion during the third quarter of Fiscal Year 2012 and matching the average Wall Street estimate.

Revenues for the BD Diagnostics segment increased 2 percent to $655.1 million, driven by sales in the Preanalytical Systems unit, and partially offset by ongoing softness in the company's women's health and cancer businesses in the US, BD said.

BD Biosciences decreased 4 percent to $257.1 million as softness in Western Europe, due to austerity measures, as well as delays in government funding in Japan, and the timing of orders in advanced bioprocessing more than offset instrument placements in the US.

BD Medical posted $1.14 billion in revenues, an increase of nearly 7 percent year over year, as all three business units in the segment grew. The reversal of an unfavorable timing of orders in the second quarter in its pharmaceutical systems and diabetes care businesses also helped drive growth, BD said.

For the quarter, the company posted net income of $301.6 million, or $1.52 per share, compared to $326.9 million, or $1.59 per share, a year ago. On an adjusted basis, EPS from continuing operations of $1.54 beat the consensus analyst estimate of $1.48.

BD spent $121.1 million on R&D in the quarter, a 5 percent increase from $115.0 million a year ago. Its SG&A costs were up 14 percent year over year to $534.3 million from $469.1 million.

For full-year 2013 the Franklin Lakes, NJ-based firm said that revenues on a currency-neutral basis are expected to grow 5 percent, the upper end of its previously stated guidance of growth in the 4.5 to 5 percent range. Reported revenue growth is anticipated in the 3.5 to 4 percent range.

EPS from continuing operations are expected to be between $5.65 and $5.68, or between $5.72 and $5.75 on an adjusted basis.

BD reiterated its plans to repurchase up to $500 million of its stock in fiscal 2013.