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Becton Dickinson's Q4 Revenues Rise 7 Percent

NEW YORK (GenomeWeb News) – Becton Dickinson today reported that its revenues rose 7 percent in its fiscal fourth quarter year over year.

For the three months ended Sept. 30, revenues totaled $2.10 billion, compared to $1.97 billion and beat the average analyst estimate of $2.05 billion.

By segment, BD Diagnostics' revenues increased to $680 million from $645 million, while BD Medical rose to $1.12 billion from $1.05 billion. BD Biosciences was up to $208 million from $185 million.

The company's net income dropped to $91 million, or $.46 per share, for Q4 2013, compared to net income of $289 million, or $1.45 per share, a year ago.

It increased its R&D spending 4 percent to $133 million from $128 million, while its SG&A costs were up 81 percent to $877 million from $484 million.

Results for the recently completed quarter also included a pre-tax charge of $341 million related to a verdict in September, in which a jury awarded Retractable Technologies $113.5 million. BD also took a charge of $6 million related to a non-cash pension settlement.

In the year-ago period, BD took a charge of $20 million for non-cash pension settlements, the company said.

On an adjusted basis, BD's EPS from continuing operations for the recently completed quarter was $1.54, beating the consensus Wall Street estimate of $1.46.

For full-year fiscal 2013, BD's revenues were up 4 percent to $8.05 billion from $7.71 billion, and edged the consensus analyst estimate of $8.00 billion.

Revenues from the BD Diagnostics segment increased to $2.65 billion from $2.54 billion. BD Medical was up to $4.31 billion from $4.09 billion, and BD Biosciences increased to $1.10 billion from $1.08 billion.

Profits for FY 2013 were $1.29 billion, or $6.49 per share, compared to a profit of $1.17 billion, or $5.59 per share, in FY 2012. Adjusted EPS from continuing operations was $5.81, above the average Wall Street estimate of $5.75.

BD's R&D expenses rose 5 percent to $494 million from $472 million, while SG&A costs increased 26 percent to $2.42 billion from $1.92 billion.

BD Chairman, CEO, and President Vincent Forlenza said in a statement, "We exceeded our financial and operating goals this year while continuing to deliver on our long-term commitments. We look forward to fiscal year 2014 with confidence."

For full-year Fiscal 2014, the company estimated that revenues will grow in the 4 to 5 percent range. EPS from continuing operations are estimated to be between $6.16 and $6.22, and adjusted EPS is anticipated to grow between 8.5 and 9.5 percent.

BD said that it plans to repurchase about $450 million of its common stock in 2014.

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