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BD Posts 4 Percent Increase in Q2 Revenues

NEW YORK (GenomeWeb) – Becton Dickinson today reported that its second quarter revenues increased around 4 percent year over year driven by growth in its BD Medical and BD Biosciences business segments.

BD reported total revenues of $2.07 billion for the three months ended March 31, up from $2.00 billion for the second quarter of 2013. It fell short of the average analyst estimate of $2.09 billion.

Sales for its BD Medical segment increased 5 percent to $1.12 billion from $1.06 billion, while sales for its BD Diagnostics segment dropped 1 percent to $653 million from $659 million. The firm said that "[s]olid sales in the Preanalytical Systems unit were partially offset by ongoing softness in Women's Health and Cancer in the US."

BD Biosciences' sales were up 8 percent year over year to $302 million from $279 million. The firm attributed the growth to "continued strength in emerging markets, solid instrument placements, a favorable comparison to the prior year, and timing of orders."

BD posted net income of $287 million, or $1.45 per share, for the quarter, compared to $276 million, or $1.39 per share, for Q1 2013. On an adjusted basis, BD had EPS from continuing operations of $1.53, beating the consensus Wall Street estimate of $1.50.

Its R&D spending for the quarter jumped 20 percent to $147 million from $122 million, and its SG&A expenses were up 2 percent at $525 million compared to $515 million for Q1 2013.

BD reiterated its earlier guidance for revenue growth between 4.5 percent and 5 percent for FY 2014. It upped its EPS from continuing operations guidance to a range between $6.14 and $6.17, or $6.22 and $6.25 excluding the impact of certain items.

In Thursday morning trade on the New York Stock exchange, shares of BD were down nearly 1 percent at $112.18