Skip to main content
Premium Trial:

Request an Annual Quote

Becton Dickinson Raises FY24 EPS Guidance After 5 Percent Fiscal Q2 Revenue Increase

NEW YORK – Becton Dickinson reported Thursday morning that its fiscal second quarter revenues increased approximately 5 percent year over year.

For the three months ended March 31, BD posted revenues of $5.05 billion compared to $4.82 billion in the year-ago quarter and slightly above analysts' average estimate of $5.04 billion. On a currency-neutral basis, fiscal Q2 revenues also increased approximately 5 percent.

"Second quarter performance reflects our strategy in action and the strength of our diverse portfolio," Tom Polen, chairman, CEO, and president of the Franklin Lakes, New Jersey-based firm, said in a statement.

BD's medical segment revenues were up around 4 percent to $2.45 billion from $2.36 billion a year ago.

BD life sciences revenues increased approximately 2 percent to $1.30 billion from $1.28 billion in the prior-year quarter. Within the segment, integrated diagnostic solutions revenues increased 4 percent to $927 million from $888 million, while biosciences revenues dipped 2 percent to $377 million from $386 million.

Performance within integrated diagnostic solutions reflected high-single-digit growth in microbiology platforms, including those used for blood culture, tuberculosis testing, and identification/antibiotic susceptibility testing, BD said, as well as strength in its Vacutainer product portfolio.

Within biosciences, performance reflected a decline in research and clinical solutions instrument revenues compared to the strong prior year and market dynamics in select customer segments. This was partially offset by high-single-digit growth in clinical reagents, driven by the FACSLyric Clinical Cell Analyzer and FACSDuet Sample Preparation System installed base.

BD interventional segment revenues grew 9 percent to $1.29 billion from $1.19 billion, driven by performance across the business, BD said.

Geographically, revenues from the company's US business were up approximately 6 percent to $2.91 billion from $2.73 billion a year ago, while revenues from international markets increased 2 percent to $2.14 billion from $2.09 billion in Q2 2023.

In the quarter, the firm released three- and four-laser additions to the BD FACSDiscover S8 Cell Sorter, which complement the five-laser instrument launched in 2023. BD also announced a strategic partnership with Camtech Health to increase access to cervical cancer screening in Singapore through the country's first-ever program to offer at-home self-collection of samples for testing with the BD Onclarity HPV assay.

BD's net income applicable to common shareholders for the quarter was $537 million, or $1.85 per share, compared to net income of $460 million, or $1.53 per share, a year ago. Adjusted EPS for the recently completed quarter was $3.17, beating the consensus Wall Street estimate of $2.97.

BD's R&D expenses declined 12 percent to $299 million from $337 million in Q2 2023, while its selling and administrative costs decreased 1 percent to $1.19 billion from $1.21 billion a year ago.

BD finished the quarter with $2.35 billion in cash and cash equivalents, $46 million in restricted cash, and $827 million in short-term investments.

The company lowered the upper and lower end of its full-year revenue guidance slightly to a range of $20.1 billion to $20.3 billion compared to a previous range of $20.2 billion to $20.4 billion. It raised its full-year adjusted diluted earnings per share guidance to $12.95 to $13.15 from its prior guidance of $12.82 to $13.06.

In morning trading on the New York Stock Exchange, BD's shares were up 3 percent at $239.84.