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BD Announces Results For 2019 Fourth Fiscal Quarter And Full Year; Provides Fiscal 2020 Guidance

- As reported, full fiscal year revenues of $17.290 billion increased 8.2 percent.

- On a comparable, currency-neutral basis, revenues increased 5.1 percent for the full fiscal year.

- As reported, full fiscal year diluted earnings per share of $3.89 increased 548.3 percent.

- As adjusted, full fiscal year diluted earnings per share of $11.68 increased 6.1 percent, or 11.9 percent on a currency-neutral basis.

- The company expects full fiscal year 2020 revenues to increase 4.0 to 4.5 percent as reported, or 5.0 to 5.5 percent on a currency-neutral basis.

- As adjusted, the company expects full fiscal year 2020 diluted earnings per share to be between $12.50 and $12.65, resulting in growth of approximately 9.5 to 11.0 percent on a currency-neutral basis. This represents growth of approximately 7.0 to 8.5 percent including the estimated unfavorable impact of foreign currency. Adjusted diluted earnings per share guidance includes an adverse impact of approximately 500 basis points related to the expiration of the Gore royalty.

FRANKLIN LAKES, N.J., Nov. 5, 2019 /PRNewswire/ -- BD (Becton, Dickinson and Company) (BDX), a leading global medical technology company, today reported quarterly revenues of $4.584 billion for the fourth fiscal quarter ended September 30, 2019.  This represents an increase of 4.1 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues increased 6.2 percent over the prior-year period.

For the full fiscal year ended September 30, 2019, revenues of $17.290 billion increased 8.2 percent from the prior-year period.  On a comparable, currency-neutral basis, full fiscal year revenues of $17.281 billion grew 5.1 percent.

"We are very proud of our accomplishments in fiscal year 2019.  Our performance this year demonstrates our ability to overcome multiple headwinds and deliver on our financial and operational goals," said Vincent A. Forlenza, chairman and CEO. "We enter fiscal 2020 with continued optimism.  There are significant opportunities ahead to leverage the capabilities we've built to better serve our customers and their patients around the world.  It has been a privilege to lead BD and our global team of talented associates.  I'm confident that under Tom Polen's leadership the company will further accelerate its impact as BD enters its next phase of value creation."

Fourth Quarter and Twelve-Month Fiscal 2019 Operating Results
As reported, diluted earnings per share for the fourth quarter were $0.41, compared with $(0.64) in the prior-year period.  This represents an increase of 164.1 percent.  Adjusted diluted earnings per share were $3.31, compared with $2.93 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 13.0 percent, or 12.3 percent on a currency-neutral basis.

For the twelve-month period ended September 30, 2019, as reported, diluted earnings per share were $3.89, compared with $0.60 in the prior-year period.  This represents an increase of 548.3 percent.  Adjusted diluted earnings per share were $11.68, compared with $11.01 in the prior-year period.  This represents an increase in adjusted diluted earnings per share of 6.1 percent, or 11.9 percent on a currency-neutral basis.

Segment Results
In the BD Medical segment, as reported, worldwide revenues for the quarter of $2.437 billion increased 3.9 percent over the prior-year period, or 5.3 percent on a currency-neutral basis.  The segment's results were driven by performance in the Medication Management Solutions and Pharmaceutical Systems units.

For the twelve-month period ended September 30, 2019, BD Medical revenues were $9.064 billion as reported, which represents an increase of 5.2 percent over the prior-year period.  On a comparable, currency-neutral basis, BD Medical revenues increased 5.1 percent.

In the BD Life Sciences segment, as reported, worldwide revenues for the quarter of $1.134 billion increased 2.3 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues increased 6.9 percent.  Revenue growth was driven by performance in the Diagnostic Systems and Biosciences units.

For the twelve-month period ended September 30, 2019, BD Life Sciences revenues were $4.300 billion as reported, which represents a decrease of 0.7 percent from the prior-year period.  On a comparable, currency-neutral basis, BD Life Sciences revenues of $4.291 billion increased 4.9 percent.

In the BD Interventional segment, as reported, worldwide revenues for the quarter of $1.013 billion increased 6.9 percent over the prior-year period, or 7.7 percent on a currency-neutral basis.  The segment's results were driven by performance in the Surgery and Urology and Critical Care units.

For the twelve-month period ended September 30, 2019, BD Interventional revenues were $3.926 billion as reported, which represents an increase of 29.3 percent over the prior-year period.  On a comparable, currency-neutral basis, BD Interventional revenues increased 5.5 percent.

Geographic Results
As reported, fourth quarter revenues in the U.S. of $2.562 billion increased 4.6 percent over the prior-year period.  On a comparable basis, U.S. revenues increased 4.9 percent over the prior-year period.  Growth in the U.S. was driven by the Medication Management Solutions unit within the BD Medical segment, the Biosciences unit within the BD Life Sciences segment, and the Surgery and Urology and Critical Care units with the BD Interventional segment.

As reported, revenues outside of the U.S. of $2.022 billion increased 3.5 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues outside of the U.S. increased 7.9 percent over the prior-year period.  International revenue growth was driven by performance in Europe, Asia Pacific and EMA.

For the twelve-month period ended September 30, 2019, U.S. revenues were $9.730 billion as reported, which represents an increase of 11.0 percent over the prior-year period.  On a comparable basis, U.S. revenues of $9.726 billion increased 4.5 percent over the prior-year period.  As reported, revenues outside of the U.S. of $7.560 billion increased 4.8 percent over the prior-year period.  On a comparable, currency-neutral basis, revenues outside the U.S. of $7.555 billion increased 5.9 percent over the prior-year period.

Fiscal 2020 Outlook for Full Year
The company expects full fiscal year 2020 revenues to increase 4.0 to 4.5 percent as reported, or 5.0 to 5.5 percent on a currency-neutral basis.

The company expects full fiscal year 2020 adjusted diluted earnings per share to be between $12.50 and $12.65.  This represents growth of approximately 9.5 to 11.0 percent on a currency-neutral basis over fiscal 2019 adjusted diluted earnings per share of $11.68, or growth of approximately 7.0 to 8.5 percent including the estimated unfavorable impact of foreign currency.  Adjusted diluted earnings per share guidance includes an adverse impact of approximately 500 basis points related to the expiration of the Gore royalty.

Adjusted diluted earnings per share for fiscal 2020 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, and certain tax matters.  BD does not attempt to provide reconciliations of forward-looking non-GAAP earnings guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts.  In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors.  Such items could have a substantial impact on GAAP measures of BD's financial performance.

Conference Call Information
A conference call regarding BD's fourth quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Tuesday, November 5, 2019.  The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Tuesday, November 12, 2019, confirmation number 5994332.

Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures.  Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables.  Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers.  Percentages and earnings per share amounts presented are calculated from the underlying amounts.

All "comparable" basis revenue growth rates relating to fiscal year 2019 presented throughout this release include, where applicable, the results of C. R. Bard, Inc. ("Bard") in the prior-year period, and also include adjustments for certain items as detailed in the attached tables. Beginning in the second quarter of fiscal year 2018, the Company's organizational structure was based upon three principal business segments: BD Medical ("Medical"), BD Life Sciences ("Life Sciences") and BD Interventional ("Interventional").  The Interventional segment was added upon the Company's completion of its acquisition of Bard and includes the majority of Bard's product offerings and certain product offerings that were previously reported in the Medical segment.  Certain of Bard's product offerings are included under the Company's Medical segment, specifically within the Medication Delivery Solutions unit, which was formerly the Medical segment's Medication and Procedural Solutions unit.  Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; transactional and product related impacts; and the loss on debt extinguishment.  We also provide these measures on a currency-neutral basis after eliminating the effect of foreign currency translation, where applicable.  We calculate foreign currency-neutral percentages by converting our current-period local currency financial results using the prior period foreign currency exchange rates and comparing these adjusted amounts to our current-period results.  Reconciliations of these amounts to the most directly comparable GAAP measures are included in the tables at the end of this release.

About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 65,000 employees have a passion and commitment to help enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. For more information on BD, please visit bd.com.

This press release, including the section entitled "Fiscal 2020 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share.  All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties.  Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement.  With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially.  These factors include, but are not limited to risks relating to the integration of the C.R. Bard operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; new or changing laws and regulations impacting our business (including the imposition of tariffs or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. or foreign healthcare systems, potential cuts in governmental healthcare spending, or governmental or private measures to contain healthcare costs, including changes in pricing and reimbursement policies, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services, or our suppliers' ability to provide products needed for our operations; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; product efficacy or safety concerns resulting in product recalls or actions being taken by the FDA or other regulators (including the potential ongoing impact of the FDA letters regarding the use of drug-coated balloons); our ability to successfully integrate any businesses we acquire; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission.  We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

 

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)




Three Months Ended September 30,



2019


2018


% Change

REVENUES


$

4,584



$

4,402



4.1









Cost of products sold


2,318



2,309



0.4


Selling and administrative expense


1,094



1,102



(0.7)


Research and development expense


270



276



(2.4)


Acquisitions and other restructurings


199



139



42.7


Other operating expense, net


592





100.0


TOTAL OPERATING COSTS AND EXPENSES


4,473



3,826



16.9


OPERATING INCOME


111



576



(80.8)









Interest expense


(141)



(181)



(21.9)


Interest income


4



9



(51.2)


Other income, net


11



10



6.7


(LOSS) INCOME BEFORE INCOME TAXES


(15)



415



(103.5)


Income tax (benefit) provision


(164)



550



(129.9)


NET INCOME (LOSS)


150



(135)



211.0


Preferred stock dividends


(38)



(38)




NET INCOME (LOSS) APPLICABLE TO COMMON
SHAREHOLDERS


$

112



$

(173)



164.7









EARNINGS PER SHARE







Basic Earnings (Loss) per Share


$

0.41



$

(0.64)



164.1


Diluted Earnings (Loss) per Share


$

0.41



$

(0.64)



164.1









AVERAGE SHARES OUTSTANDING (in thousands)







Basic


270,610



268,500




Diluted


274,959



268,500




 

BECTON DICKINSON AND COMPANY

CONSOLIDATED INCOME STATEMENTS

(Unaudited; Amounts in millions, except share and per share data)




Twelve Months Ended September 30,



2019


2018


% Change

REVENUES


$

17,290



$

15,983



8.2









Cost of products sold


9,002



8,714



3.3


Selling and administrative expense


4,332



4,016



7.9


Research and development expense


1,062



1,004



5.8


Acquisitions and other restructurings


480



740



(35.1)


Other operating expense, net


654





100.0


TOTAL OPERATING COSTS AND EXPENSES


15,530



14,474



7.3


OPERATING INCOME


1,760



1,509



16.6









Interest expense


(639)



(706)



(9.4)


Interest income


12



65



(81.0)


Other income, net


30



305



(90.3)


INCOME BEFORE INCOME TAXES


1,163



1,173



(0.9)


Income tax (benefit) provision


(57)



862



(106.6)


NET INCOME


1,220



311



292.4


Preferred stock dividends


(152)



(152)




NET INCOME APPLICABLE TO COMMON
SHAREHOLDERS


$

1,069



$

159



570.6









EARNINGS PER SHARE







Basic Earnings per Share


$

3.96



$

0.62



538.7


Diluted Earnings per Share


$

3.89



$

0.60



548.3









AVERAGE SHARES OUTSTANDING (in thousands)







Basic


269,943



258,354




Diluted


274,775



264,621




 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in millions)




September 30, 2019


September 30, 2018



(Unaudited)





Preliminary



ASSETS





Cash and equivalents


$

536



$

1,140


Restricted cash


54



96


Short-term investments


30



17


Trade receivables, net


2,335



2,319


Inventories


2,579



2,451


Assets held for sale




137


Prepaid expenses and other


1,110



1,251


TOTAL CURRENT ASSETS


6,644



7,411


Property, plant and equipment, net


5,659



5,375


Goodwill and other intangibles, net


38,463



40,041


Other Assets


1,075



1,078


TOTAL ASSETS


$

51,842



$

53,904


LIABILITIES AND SHAREHOLDERS' EQUITY





Short-term debt


$

1,309



$

2,601


Other current liabilities


4,289



4,615


Long-term debt


18,081



18,894


Long-term employee benefit obligations


1,272



1,056


Deferred income taxes and other


5,714



5,743


Shareholders' equity


21,177



20,994


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$

51,842



$

53,904



The preliminary balance sheet is estimated based on the Company's current information.

 

BECTON DICKINSON AND COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in millions)




Twelve Months Ended September 30,



2019


2018



(Unaudited)





Preliminary



OPERATING ACTIVITIES





Net income


$

1,220



$

311


Depreciation and amortization


2,253



1,978


Change in operating assets and liabilities and other, net


(143)



576


NET CASH PROVIDED BY OPERATING ACTIVITIES


3,330



2,865


INVESTING ACTIVITIES





Capital expenditures


(957)



(895)


Acquisitions of businesses, net of cash acquired




(15,155)


Proceeds from divestitures, net


477



534


Other, net


(261)



(217)


NET CASH USED FOR INVESTING ACTIVITIES


(741)



(15,733)


FINANCING ACTIVITIES





Change in credit facility borrowings


485




Proceeds from long-term debt and term loans


2,224



5,086


Payments of debt and term loans


(4,744)



(3,996)


Dividends paid


(984)



(927)


Other, net


(205)



(220)


NET CASH USED FOR FINANCING ACTIVITIES


(3,223)



(58)


Effect of exchange rate changes on cash and equivalents
and restricted cash


(12)



(17)


NET DECREASE IN CASH AND EQUIVALENTS AND
RESTRICTED CASH


(646)



(12,943)


OPENING CASH AND EQUIVALENTS AND
RESTRICTED CASH


1,236



14,179


CLOSING CASH AND EQUIVALENTS AND
RESTRICTED CASH


$

590



$

1,236



 

The preliminary cash flow is estimated based on the Company's current information.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Three Months Ended September 30,

(Unaudited; Amounts in millions)




A


B


C=(A-B)/B



2019


2018


% Change

BD MEDICAL







Medication Delivery Solutions


$

520



$

512



1.5


Medication Management Solutions


573



542



5.6


Diabetes Care


151



149



1.3


Pharmaceutical Systems


123



118



4.2


TOTAL


$

1,366



$

1,322



3.4









BD LIFE SCIENCES







Preanalytical Systems


$

200



$

196



2.0


Diagnostic Systems


162



159



1.8


Biosciences


140



125



11.5


TOTAL


$

502



$

481



4.4









BD INTERVENTIONAL







Surgery


$

279



$

259



7.8


Peripheral Intervention


207



201



3.3


Urology and Critical Care


207



186



11.3


TOTAL


$

693



$

646



7.4









TOTAL UNITED STATES


$

2,562



$

2,448



4.6


 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Three Months Ended September 30, (continued)

(Unaudited; Amounts in millions)










D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

468



$

454



$

(13)



2.9



5.8


Medication Management Solutions


161



149



(6)



7.5



11.4


Diabetes Care


141



135



(3)



3.9



6.4


Pharmaceutical Systems


302



285



(10)



5.8



9.3


TOTAL


$

1,071



$

1,025



$

(33)



4.5



7.7













BD LIFE SCIENCES











Preanalytical Systems


$

193



$

197



$

(6)



(1.8)



1.3


Diagnostic Systems


247



224



(6)



10.1



12.6


Biosciences


192



206



(4)



(6.8)



(4.8)


TOTAL


$

632



$

627



$

(16)



0.8



3.3













BD INTERVENTIONAL











Surgery


$

76



$

69



$

(2)



10.6



13.3


Peripheral Intervention


154



148



(4)



3.9



6.7


Urology and Critical Care


90



85



(1)



5.1



6.8


TOTAL


$

319



$

302



$

(8)



5.7



8.3













TOTAL INTERNATIONAL


$

2,022



$

1,954



$

(56)



3.5



6.4


 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Three Months Ended September 30, (continued)

(Unaudited; Amounts in millions)










D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

988



$

967



$

(13)



2.2



3.5


Medication Management Solutions


733



692



(6)



6.0



6.8


Diabetes Care


292



285



(3)



2.5



3.7


Pharmaceutical Systems


425



403



(10)



5.3



7.8


TOTAL


$

2,437



$

2,346



$

(33)



3.9



5.3













BD LIFE SCIENCES











Preanalytical Systems


$

393



$

393



$

(6)



0.1



1.6


Diagnostic Systems


409



384



(6)



6.6



8.1


Biosciences


332



331



(4)



0.1



1.4


TOTAL


$

1,134



$

1,108



$

(16)



2.3



3.8













BD INTERVENTIONAL











Surgery


$

355



$

328



$

(2)



8.3



8.9


Peripheral Intervention


361



348



(4)



3.5



4.7


Urology and Critical Care


297



271



(1)



9.3



9.9


TOTAL


$

1,013



$

948



$

(8)



6.9



7.7













TOTAL REVENUES


$

4,584



$

4,402



$

(56)



4.1



5.4


 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES

Twelve Months Ended September 30,

(Unaudited; Amounts in millions)




A


B


C=(A-B)/B



2019


2018


% Change

BD MEDICAL







Medication Delivery Solutions


$

2,048



$

1,892



8.3


Medication Management Solutions


2,104



1,957



7.5


Diabetes Care


573



564



1.5


Pharmaceutical Systems


392



357



9.7


TOTAL


$

5,116



$

4,770



7.3









BD LIFE SCIENCES







Preanalytical Systems


$

774



$

761



1.7


Diagnostic Systems


672



678



(0.8)


Biosciences


485



475



2.0


TOTAL


$

1,931



$

1,914



0.9









BD INTERVENTIONAL







Surgery


$

1,098



$

946



16.0


Peripheral Intervention


787



594



32.5


Urology and Critical Care


797



544



46.6


TOTAL


$

2,682



$

2,084



28.7









TOTAL UNITED STATES


$

9,730



$

8,768



11.0


 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL

Twelve Months Ended September 30, (continued)

(Unaudited; Amounts in millions)










D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

1,811



$

1,752



$

(97)



3.4



8.9


Medication Management Solutions


525



513



(26)



2.4



7.5


Diabetes Care


538



541



(26)



(0.5)



4.3


Pharmaceutical Systems


1,073



1,040



(47)



3.1



7.6


TOTAL


$

3,947



$

3,846



$

(196)



2.6



7.7













BD LIFE SCIENCES











Preanalytical Systems


$

784



$

792



$

(46)



(1.0)



4.8


Diagnostic Systems


875



858



(39)



1.9



6.5


Biosciences


709



766



(27)



(7.4)



(3.8)


TOTAL


$

2,368



$

2,416



$

(113)



(2.0)



2.7













BD INTERVENTIONAL











Surgery


$

299



$

245



$

(13)



22.0



27.5


Peripheral Intervention


602



451



(29)



33.5



40.0


Urology and Critical Care


342



256



(12)



33.5



38.4


TOTAL


$

1,244



$

953



$

(55)



30.6



36.3













TOTAL INTERNATIONAL


$

7,560



$

7,215



$

(363)



4.8



9.8


 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL REVENUE INFORMATION

REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL

Twelve Months Ended September 30, (continued)

(Unaudited; Amounts in millions)










D=(A-B)/B


E=(A-B-C)/B



A


B


C


% Change



2019


2018


FX Impact


Reported


FXN

BD MEDICAL











Medication Delivery Solutions


$

3,859



$

3,644



$

(97)



5.9



8.6


Medication Management Solutions


2,629



2,470



(26)



6.4



7.5


Diabetes Care


1,110



1,105



(26)



0.5



2.9


Pharmaceutical Systems


1,465



1,397



(47)



4.8



8.2


TOTAL


$

9,064



$

8,616



$

(196)



5.2



7.5













BD LIFE SCIENCES











Preanalytical Systems


$

1,558



$

1,553



$

(46)



0.3



3.3


Diagnostic Systems


1,547



1,536



(39)



0.7



3.3


Biosciences


1,194



1,241



(27)



(3.8)



(1.6)


TOTAL


$

4,300



$

4,330



$

(113)



(0.7)



1.9













BD INTERVENTIONAL











Surgery


$

1,397



$

1,192



$

(13)



17.3



18.4


Peripheral Intervention


1,389



1,045



(29)



33.0



35.8


Urology and Critical Care


1,140



800



(12)



42.4



44.0


TOTAL


$

3,926



$

3,037



$

(55)



29.3



31.1













TOTAL REVENUES


$

17,290



$

15,983



$

(363)



8.2



10.5


 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES

Three Months Ended September 30,

(Unaudited; Amounts in millions)
















A



B


C


D=B+C



E=(A-D)/D



BD
Reported



BD
Reported


Divestiture
Adjustments 
(a)


Comparable



Comparable
% Change



2019



2018



2018



BD MEDICAL













Medication Delivery Solutions


$

520




$

512



$



$

512




1.5


Medication Management Solutions


573




542





542




5.6


Diabetes Care


151




149





149




1.3


Pharmaceutical Systems


123




118





118




4.2


TOTAL


$

1,366




$

1,322



$



$

1,322




3.4















BD LIFE SCIENCES













Preanalytical Systems


$

200




$

196



$



$

196




2.0


Diagnostic Systems


162




159





159




1.8


Biosciences


140




125



(6)



119




16.9


TOTAL


$

502




$

481



$

(6)



$

475




5.7















BD INTERVENTIONAL













Surgery


$

279




$

259



$



$

259




7.8


Peripheral Intervention


207




201





201




3.3


Urology and Critical Care


207




186





186




11.3


TOTAL


$

693




$

646



$



$

646




7.4















TOTAL UNITED STATES


$

2,562




$

2,448



$

(6)



$

2,442




4.9



(a)

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

 

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL

Three Months Ended September 30, (continued)

(Unaudited; Amounts in millions)


















A



B


C


D=B+C



E


F=(A-D-
E)/D



BD
Reported



BD
Reported


Divestiture
Adjustments
(a)


Comparable



FX Impact
(b)


FXN %
Change



2019



2018



2018




BD MEDICAL















Medication Delivery Solutions


$

468




$

454



$



$

454




$

(14)



6.0


Medication Management Solutions


161




149





149




(6)



11.4


Diabetes Care


141




135





135




(4)



6.6


Pharmaceutical Systems


302




285





285




(10)



9.3


TOTAL


$

1,071




$

1,025



$



$

1,025




$

(34)



7.8

















BD LIFE SCIENCES















Preanalytical Systems


$

193




$

197



$



$

197




$

(7)



1.9


Diagnostic Systems


247




224





224




(7)



13.2


Biosciences


192




206



(23)



183




(5)



7.7


TOTAL


$

632




$

627



$

(23)



$

604




$

(19)



7.8

















BD INTERVENTIONAL















Surgery


$

76




$

69



$



$

69




$

(2)



13.3


Peripheral Intervention


154




148





148




(4)



6.7


Urology and Critical Care


90




85





85




(1)



6.8


TOTAL


$

319




$

302



$



$

302




$

(8)



8.3

















TOTAL INTERNATIONAL


$

2,022




$

1,954



$

(23)



$

1,931




$

(60)



7.9



(a)

Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business.

(b)

Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended September 30, 2019.  The total foreign currency translation impact above includes $4 million that was calculated by comparing local currency revenues in Argentina for the quarter ended September 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period.

 

...

BECTON DICKINSON AND COMPANY

SUPPLEMENTAL INFORMATION

RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL

Three Months Ended September 30, (continued)

(Unaudited; Amounts in millions)




A



B


C


D=B+C



E


F=(A-D-
E)/D



BD
Reported



BD
Reported


Divestiture
Adjustments 
(a)


Comparable



FX Impact (b)


FXN %
Change



2019



2018



2018




BD MEDICAL















Medication Delivery Solutions


$

988




$

967



$



$

967




$

(14)



3.6


Medication Management Solutions


733




692





692




(6)



6.8


Diabetes Care


292




285





285




(4)



3.8


Pharmaceutical Systems


425




403





403




(10)



7.8


TOTAL


$

2,437




$

2,346



$



$

2,346




$

(34)



5.3