NEW YORK (GenomeWeb News) – Becton Dickinson today reported 3 percent revenue growth for its third quarter ended June 30, led by double-digit revenue growth for its BD Biosciences business in the US. On a currency-neutral basis, its revenues grew around 9 percent.
The Franklin Lakes, NJ-based maker of medical devices, diagnostics, and life sciences research products brought in total revenues of $1.88 billion for the quarter, compared to $1.82 billion for the third quarter of 2009. The results beat analysts' consensus estimate for revenues of $1.85 billion.
BD's US sales increased 3 percent to $829.6 million from $805.4 million, and its international sales also increased around 3 percent to $1.05 billion from $1.01 billion.
Its BD Medical segment reported revenues of $992.8 million, up nearly 3 percent from $968.7 million for Q3 2009. Its BD Diagnostics segment had 2 percent revenue growth to $576.3 million from $566.4 million, and its BD Biosciences segment had 8 percent growth to $309.1 million from $285.2 million.
Within BD Biosciences, the firm's cell analysis products had around 20 percent revenue growth in the US to $84.4 million from $70.5 million year over year, while its Discovery Labware products sales were up 6 percent to $39.8 million from $37.6 million. Both of those businesses also increased revenues internationally but not as much as in the US, partially due to currency headwinds.
BD's net income for the quarter was $306.9 million, or $1.29 per share, down from $341 million, or $1.39 per share, for Q3 2009. Last year's third quarter included $20 million, or $.08 per share, tax benefit related to tax settlements in various jurisdictions, the firm said. Excluding that benefit, and on a foreign currency-neutral basis, BD's adjusted EPS for Q3 2010 was up 7 percent.
The firm also comfortably beat analysts' estimates for $1.24 per share.
"Despite the challenging global economy, we expect to deliver bottom-line growth of approximately 9 percent foreign-currency neutral, which is in line with our previously communicated range of 8 to 10 percent for the full fiscal year 2010," BD Chairman and CEO Edward Ludwig said in a statement.
BD spent $108.6 million on R&D during the quarter, a 10 percent increase from $98.5 million. Its SG&A spending declined around 2 percent to $423.7 million from $429.9 million.
BD said that it expects to report full-year 2010 revenue growth of approximately 5 percent, which is 1 percent lower than previously expected by the firm. It said the decrease is due to a weaker Euro and overall lower lab testing in the US.
BD also said that it is increasing its share repurchases up to $700 million from $550 million.
In early Thursday trade on the New York Stock Exchange, shares of BD were up 1 percent at $68.89.