BDX - Becton Dickinson stock rises after Q3 results beat raised FY 2022 guidance

Shares of Becton, Dickinson ( NYSE: BDX ), or BD, added as much as 4.7% to $256.41 in Thursday morning trading, after the medical device and health equipment maker reported Q3 results that beat estimates and upped its FY 2022 guidance.

BDX stock had pared some of the gains and was last trading 1.7% higher as of 1128 ET.

BD posted Q3 non-GAAP EPS of $2.66 which beat expectations by $0.16. Its Q3 revenue of $4.64B also beat by $170M.

Y/Y revenue growth in BD's medical and interventional segments helped to offset a fall in the life sciences segment and buoyed the overall results.

BD said it saw global competitive gains in catheters, momentum in its dispensing business, and strong demand for surgeries and female incontinence products.

The fall in revenue in the life sciences segment reflected a decline in COVID-19 testing revenues. BD reported Q3 worldwide COVID-only testing revenue of $76M, compared to $300M last year.

BD said it now expects FY 2022 revenue to be about $18.75B to $18.83B vs. a previous forecast of $18.5B to $18.7B. The consensus revenue estimate is $18.62B.

The updated guidance assumes up to $500M in COVID-only diagnostic testing revenue as the fall and winter flu season approaches.

BD also updated its FY 2022 adj. EPS guidance to a range of $11.28 to $11.35 from an earlier range of $11.15 to $11.30. The consensus EPS estimate is $11.24.

Up to Tuesday's close, BDX stock -0.6% YTD.

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