BDX - Becton Dickinson beats Q2 top and bottom line estimates; raises full-year base revenue guidance

2023-05-04 06:36:41 ET

• Becton, Dickinson press release ( NYSE: BDX ): Q2 Non-GAAP EPS of $2.86 beats by $0.11 .
• Revenue of $4.8B (+1.1% Y/Y) beats by $130M .
• Company raises full-year base revenue guidance, enabling additional investments in growth and innovation while absorbing lower COVID-only diagnostic testing revenue and incremental FX impacts:
• The company now expects fiscal year 2023 revenues to be in the range of approximately $19.2 billion to $19.3 billion compared to $19.1 billion to $19.3 billion previously announced vs. consensus of $19.14B, which reflects an increase of approximately $50 million at the mid-point.
• Revenue guidance now assumes base business currency-neutral revenue growth of 6.5% to 7.0% compared to 5.75% to 6.75% previously announced, which represents an increase of 50 basis points, or approximately $90 million at the mid-point.
• Revenue guidance now assumes approximately $50 million in COVID-only diagnostic testing revenues, compared to approximately $50 million to $100 million previously announced.
• The company now expects fiscal year 2023 adjusted diluted EPS to be $12.10 to $12.32 compared to $12.07 to $12.32 previously announced vs. consensus of $12.18. This reflects an increase of 1.5 cents at the mid-point, including an operational increase of 6.5 cents offset by an incremental headwind of approximately 5 cents from foreign currency.
• On a currency-neutral basis, adjusted diluted EPS guidance now represents growth of approximately 9.5% to 11%.
• Adjusted diluted EPS guidance now includes an estimated headwind from foreign currency of approximately 270 basis points based on current rates.

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