BDX - Becton Dickinson Non-GAAP EPS of $2.96 beats by $0.05 revenue of $4.87B beats by $30M

2023-08-03 06:32:38 ET

• Becton, Dickinson press release ( NYSE: BDX ): Q3 Non-GAAP EPS of $2.96 beats by $0.05 .
• Revenue of $4.87B (+5.1% Y/Y) beats by $30M .
• Revenue from base business (which excludes COVID-only diagnostic testing) grew 6.7% as reported, 7.9% currency-neutral or 6.3% organic
• Outlook for Full Year Fiscal 2023
• The company now expects fiscal year 2023 revenues to be approximately $19.3 billion compared to $19.2 billion to $19.3 billion previously announced.
  • Revenue guidance now assumes base business currency-neutral revenue growth of 6.8% to 7.1% before the impact of the Surgical Instrumentation platform divestiture. This reflects an increase of 25 basis points at the mid-point to 7.0%, driven by strong third quarter performance.
  • Base organic revenue growth is now expected to be 5.5% to 5.8%, compared to 5.25% to 5.75% previously announced, and continues to reflect fourth quarter organic revenue growth of about 6%.
  • Adjusting for the impact of the Surgical Instrumentation platform divestiture lowers the updated base revenue growth guidance by 20 basis points to a range of 6.6% to 6.9%. Increased base organic revenue growth guidance of 5.5% to 5.8% is not impacted.
  • Revenue guidance includes $56 million in year-to-date COVID-only diagnostic testing revenues.
  • Based on current rates, foreign exchange continues to represent a reduction of approximately 200 basis points, or approximately $370 million, to total company revenue growth.
• The company's fiscal year 2023 adjusted diluted EPS guidance of $12.10 to $12.32 remains unchanged but reflects absorbing a $0.02 negative impact from the divestiture of the Surgical Instrumentation platform and a $0.05 negative impact from the latest foreign currency rates. Adjusted EPS guidance also reflects an increase to base business earnings of $0.07, which is offsetting the impact of the divestiture and foreign currency.
  • On a currency-neutral basis, adjusted diluted EPS guidance now represents growth of approximately 10% to 11.5%, an increase of 50 basis points from the company's prior expectation.
  • Adjusted diluted EPS guidance now includes an estimated headwind from foreign currency of approximately 320 basis points based on current rates, compared to 270 basis points previously.

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