Post Earnings Coverage as Becton, Dickinson and Co.'s Quarterly Revenue Increased 5.2%; EPS Jumped 12.8%

Upcoming AWS Coverage on Penumbra Post-Earnings Results

LONDON, UK / ACCESSWIRE / May 16, 2017 / Active Wall St. announces its post-earnings coverage on Becton, Dickinson and Co. (NYSE: BDX) ("BDX"). The Company announced its second fiscal quarter 2017 results on May 02, 2017. The medical device manufacturer outperformed top- and bottom-line expectations. Register with us now for your free membership at:

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One of Becton, Dickinson's competitors within the Medical Instruments & Supplies space, Penumbra Inc. (NYSE: PEN), reported its financial results for Q1 2017 after market close on Tuesday, May 09, 2017. AWS will be initiating a research report on Penumbra in the coming days.

Today, AWS is promoting its earnings coverage on BDX; touching on PEN. Get our free coverage by signing up to:

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Earnings Reviewed

BDX reported quarterly revenues of $2.967 billion for the second fiscal quarter ended March 31, 2017. This represents a decrease of 3.2% from Q2 FY16 revenue of $3.07 billion due to the divestiture of the Respiratory Solutions business which was completed in October 2016. On a comparable currency-neutral basis, the Company's reported quarter revenues grew 5.2%. BDX's revenue numbers exceeded analysts' consensus of $2.92 billion.

For Q2 FY17, BDX's reported diluted earnings per share were $1.58, up 1.3% compared with $1.56 in Q2 FY16. The Company's adjusted diluted earnings per share were $2.30 in the reported quarter compared with $2.18 in the prior year's same period. This represented an increase in adjusted diluted earnings per share of 5.5%, or 12.8% on a currency-neutral basis. BDX's earnings results surpassed Wall Street's expectations of $2.23 per share.

Segment Results

During Q2 FY17, BDX's BD Medical segment, as reported worldwide revenues were $1.99 billion, which decreased 6.8% on a y-o-y basis due to the divestiture of its Respiratory Solutions business. On a comparable currency-neutral basis, revenues increased 4.8%. The segment's results reflect strong performance in the Medication and Procedural Solutions and Medication Management Solutions units. Performance in the Pharmaceutical Systems and Diabetes Care units was negatively impacted in part by the timing of customer orders which occurred in Q1 FY17, earlier than initially anticipated.

BDX stated that within its Medication Management Solutions unit, it is making some changes to its US dispensing business model as the Company continues to reinvent the medication management process.

For Q2 FY17, in the Company's BD Life Sciences segment, as reported worldwide revenues totaled $982 million, up 4.9% on a y-o-y basis, or 5.8% on a currency-neutral basis. The segment's revenue growth reflected strong performance in the Diagnostic Systems and Preanalytical Systems units, and a slight decline in revenues in the Biosciences unit. BD Life Sciences' growth was aided by flu-related revenues in the Diagnostic Systems unit as a result of a stronger flu season in comparison to the prior year.

Geographic Results

On geographical basis, BDX's revenue in the US was $1.63 for Q2 FY17, down 5.4% on a y-o-y basis due to the aforementioned divestiture. On a comparable basis, US revenues increased 4.0%. The Company's revenues outside of the US were $1.34 billion, which were almost flat compared with the prior year's same period due to the aforementioned divestiture. On a comparable currency-neutral basis, revenues outside of the US increased 6.5%.

Fiscal 2017 Outlook

BDX continues to expect FY17 revenues to decrease 3.5% to 4.0%, primarily due to the divestiture of the Respiratory Solutions business. The Company continues to estimate that revenues for the full fiscal year will increase 4.5% to 5.0% on a comparable, currency-neutral basis that excludes Respiratory Solutions and other divestitures that closed in fiscal year 2016.

BDX now expects FY17 diluted earnings per share to be between $7.73 and $7.83, which represents growth of approximately 72.0% to 74.0%. On a currency-neutral basis, the Company is forecasting adjusted diluted earnings per share in the band of $9.70 and $9.80, which represents growth of 13.0% to 14.0%. Including the estimated negative impact from foreign currency, the Company continues to expect adjusted diluted earnings per share to be between $9.35 and $9.45, which represents growth of approximately 9.0% to 10.0% over FY16 adjusted diluted earnings per share of $8.59.

Stock Performance

At the closing bell, on Monday, May 15, 2017, Becton, Dickinson's share price finished yesterday's trading session at $185.13, slightly up 0.28%. A total volume of 2.85 million shares exchanged hands, which was higher than the 3 months average volume of 1.52 million shares. The stock has rallied 6.31% and 13.13% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have surged 12.27%. The stock is trading at a PE ratio of 30.66 and has a dividend yield of 1.58%.

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