Becton Dickinson & Co (BDX) Reports Fiscal 2023 Results: Solid Growth Amidst Global Challenges
Q4 revenue increased by 6.8%, with a 5.9% rise on a currency-neutral basis.
Full Year 2023 revenue saw a 2.7% increase, with adjusted diluted EPS of $12.21.
BDX issues FY24 guidance targeting 5.75% organic revenue growth at the midpoint.
Company marks its 52nd consecutive year of dividend increases.
On November 9, 2023, Becton Dickinson & Co (NYSE:BDX), a leading global medical technology company, released its fourth quarter and full year fiscal 2023 financial results, showcasing resilience and strategic growth. The company's execution of the BD 2025 strategy has been pivotal in driving broad-based growth despite global economic headwinds.
Fiscal 2023 Performance Overview
BDX reported a fourth-quarter revenue of $5.1 billion, a 6.8% increase as reported, and a 5.9% rise on a currency-neutral basis. The revenue from the base business, excluding COVID-only diagnostic testing, grew by 7.3% as reported and 6.3% currency-neutral. GAAP and adjusted diluted EPS from continuing operations were $0.53 and $3.42, respectively.
For the full fiscal year 2023, BDX's revenue reached $19.4 billion, marking a 2.7% increase as reported and a 4.5% increase on a currency-neutral basis. The base business revenue grew by 5.1% as reported and 7.0% currency-neutral. The GAAP and adjusted diluted EPS from continuing operations stood at $5.10 and $12.21, respectively.
Segment and Geographic Performance
BDX's growth was broad-based across its segments, with BD Medical, BD Life Sciences, and BD Interventional all reporting revenue increases. The United States and International markets both contributed to the revenue growth, with reported changes of 6.3% and 7.6%, respectively.
BD Medical's revenue growth was driven by strong performance in the Medication Management Solutions and Pharmaceutical Systems business units. BD Life Sciences saw solid growth in its base business, while BD Interventional reported strong growth across the segment, particularly in the Surgery and Peripheral Intervention business units.
Strategic Highlights and Future Outlook
BDX's chairman, CEO, and president, Tom Polen, highlighted the company's achievements, stating,
We achieved another quarter, and another year, of strong performance through our talented teams execution of our BD2025 strategy and differentiated portfolio of medical technologies that are increasing healthcare efficiency and improving the lives of patients around the world."
He also emphasized the company's position to deliver durable growth in fiscal 2024 and beyond.
BDX has provided guidance for fiscal year 2024, expecting revenues in the range of approximately $20.1 billion to $20.3 billion, with organic revenue growth projected to be between 5.25% and 6.25%. The company anticipates an adjusted diluted EPS of $12.70 to $13.00, representing a growth of approximately 4% to 6.5%.
Financial Statements and Non-GAAP Measures
The company's financial statements reflect a solid balance sheet, with total assets of $52.78 billion as of September 30, 2023. BDX has also provided reconciliations of non-GAAP financial measures, which management believes offer valuable insights into the company's operational performance and underlying trends.
In conclusion, Becton Dickinson & Co (NYSE:BDX) has demonstrated a strong fiscal 2023 performance, underpinned by strategic execution and a diversified portfolio. With a positive outlook for fiscal 2024, BDX is well-positioned to continue its trajectory of growth and value creation for shareholders.
For a detailed analysis of BDX's financial results and future outlook, investors and interested parties can visit www.bd.com/investors.
Explore the complete 8-K earnings release (here) from Becton Dickinson & Co for further details.
This article first appeared on GuruFocus.
