NEW YORK (GenomeWeb News) – Becton Dickinson reported after the close of the market Tuesday that its second-quarter revenues swelled 7 percent overall, driven in part by a 9 percent increase in its BD Diagnostics business year over year.
BD had total revenues of $1.92 billion for the three-month period ended March 31, compared to $1.8 billion for the second quarter of 2010. Analysts had expected the company to earn revenues of $1.86 billion for the quarter.
Sales for the BD Medical segment rose around 7 percent to $981.3 million from $921.6 million year over year; sales for the BD Diagnostics segment were up 9 percent to $605.3 million from $555.7 million; and sales for the BD Biosciences business rose 4 percent to $335.3 million from $322.1 million.
The firm's net income for the quarter was $312 million, or $1.38 per share, compared to net income of $297.6 million, or $1.24 per share, for the second quarter of 2010, outperforming analysts' consensus estimate of $1.30 per share.
BD's spending on research and development increased 19 percent to $119.2 million from $100.2 million in the year-ago period, and its SG&A expenses were up five percent at $441.9 million versus $421.1 million.
"We continued the increased pace of our R&D spending and made strategic investments, such as our acquisition of Accuri Cytometers, demonstrating our commitment to driving revenue growth through innovation," BD Chairman and CEO Edward Ludwig said in a statement.
The Franklin Lakes, NJ-based company said it is raising its reported revenue guidance for the full fiscal year to an increase of roughly five to six percent compared to 2010, due to an expected favorable currency impact. It also is raising its guidance for reported diluted earnings per share from continuing operations by around $.10 per share to a range of $5.55 to $5.65, or between 13 and 15 percent over last year.