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BD's Q4 Revenues Down 1 Percent on Currency Effects

NEW YORK (GenomeWeb News) – Becton Dickinson today reported $1.97 billion in revenues for its fiscal fourth quarter, down 1 percent from a year ago but in line with the consensus Wall Street estimate.

The company reported revenues of $1.99 billion in the year ago period. On a currency neutral basis revenues were up about 5 percent year over year, BD said.

By segment, BD Diagnostics revenues inched up a fraction of 1 percent to $645.0 million from $642.0 million a year ago, while BD Medical revenues were relatively flat at $1.05 billion. BD Biosciences was down 6 percent to $273.1 million from $291.5 million.

The firm's R&D spending in the quarter increased 3 percent to $127.8 million from $124.5 million a year ago, and SG&A costs increased 1 percent to $484.3 million from $479.6 million.

BD posted a profit of $289.0 million, or $1.43 per share, compared to $300.0 million, or $1.36 per share, a year ago. On an adjusted basis EPS from continuing operations was $1.42, beating the average analyst estimate of $1.40.

The company took a charge of $20 million in the recently completed quarter for non-cash pension settlements. A year ago, BD took a charge of $9 million for the discontinuance of a research program in its Diagnostics unit.

For full-year fiscal 2012, the Franklin Lakes, NJ.-based firm increased revenues 2 percent to $7.71 billion from $7.58 billion, matching Wall Street expectations. Revenues were up 4 percent on a currency neutral basis.

BD Diagnostics revenues also were up 2 percent at $2.54 billion, compared to $2.48 billion a year ago. BD Medical increased 2 percent as well to $4.09 billion from $4.01 billion, but BD Biosciences slid about 2 percent to $1.08 billion from $1.10 billion a year ago.

The firm's R&D spending grew a fraction of 1 percent year over year to $471.8 million from $469.5 million, while SG&A costs swelled 5 percent year over year to $1.92 billion from $1.82 billion.

BD's net income for the year fell to $1.17 billion, or $5.59 per share, from $1.27 billion, or $5.62 per share, a year ago. Adjusted EPS for continuing operations was $5.37, slightly ahead of the consensus Wall Street estimate of $5.36.

BD said that for Fiscal Year 2013, it expects revenues to increase 2 percent to 3 percent year over year, or about 4 percent to 5 percent on a currency neutral basis. It gave EPS guidance of between of $5.58 and $5.64 from continuing operations.

"Despite a challenging macroeconomic environment, we delivered on our financial and operating goals while continuing our ongoing investments in geographic expansion, new product platforms, and strategic acquisitions," Vincent Forlenza, chairman, president and CEO of BD, said in a statement. "We believe we are well positioned to succeed and will continue to focus on our strategy of investing and innovating for growth."

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