BD Announces Results For 2018 Third Fiscal Quarter; Raises Fiscal 2018 Revenue Guidance
"Our strong revenue growth and operating performance this quarter demonstrate that we are delivering on our strategy," said
Third Quarter and Nine-Month Fiscal 2018 Operating Results
As reported, diluted earnings per share for the third quarter were
For the nine-month period ended June 30, 2018, as reported, diluted earnings per share were
Segment Results
In the BD Medical segment, as reported, worldwide revenues for the quarter of
For the nine-month period ended June 30, 2018, BD Medical revenues were
In the BD Life Sciences segment, as reported, worldwide revenues for the quarter were
For the nine-month period ended June 30, 2018, BD Life Sciences revenues were
In the BD Interventional segment, as reported, worldwide revenues for the quarter were
For the nine-month period ended June 30, 2018, BD Interventional revenues were
Geographic Results
As reported, third quarter revenues in the U.S. of
As reported, revenues outside of the U.S. of
For the nine-month period ended June 30, 2018, U.S. revenues were
Fiscal 2018 Outlook for Full Year
The company is raising its full fiscal year 2018 revenue guidance and now expects growth to exceed 31.5 percent on a reported basis, compared to previous guidance of approximately 31.0 to 31.5 percent growth. On a comparable, currency-neutral basis, the company is also raising its revenue guidance and now expects growth to exceed 5.5 percent, compared to previous guidance of 5.0 to 5.5 percent growth. Comparable revenue guidance continues to include an estimated 50 basis point adverse impact from the change in the U.S. dispensing business model and the estimated sales impact from Hurricane Maria in
The company is narrowing its full fiscal year 2018 adjusted diluted earnings per share guidance to a range of
Estimated adjusted diluted earnings per share for fiscal 2018 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, and certain tax and litigation matters. BD does not attempt to provide reconciliations of forward-looking non-GAAP earnings guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of BD's financial performance.
Conference Call Information
A conference call regarding BD's third quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at
Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.
All "comparable" basis revenue growth rates relating to fiscal year 2018 presented throughout this release include the results of
About BD
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of health care by developing innovative technology, services and solutions that help advance both clinical therapy for patients and clinical process for health care providers. BD and its 65,000 employees have a passion and commitment to help improve patient outcomes, improve the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to better diagnose disease and advance researchers' capabilities to develop the next generation of diagnostics and therapeutics. BD has a presence in virtually every country and partners with organizations around the world to address some of the most challenging global health issues. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase efficiencies, improve safety and expand access to health care. In 2017, BD welcomed C. R. Bard and its products into the BD family. For more information on BD, please visit bd.com.
This press release, including the section entitled "Fiscal 2018 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to: risks relating to the integration of the C.R. Bard operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; the impact of the recent U.S. tax reform; legislative or regulatory changes to the U.S. healthcare system, potential cuts in governmental healthcare spending or measures to contain healthcare costs, each of which could result in reduced demand for our products or downward pricing pressure; changes in interest or foreign currency exchange rates; adverse changes in regional, national or foreign economic conditions, particularly in emerging markets, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services, utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; new or changing laws and regulations impacting our business (including the imposition of tariffs or changes in laws impacting international trade) or changes in enforcement practices with respect to such laws; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems or products; competitive factors including technological advances and new products introduced by competitors; interruptions in our supply chain or manufacturing processes; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; adverse changes in geopolitical conditions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; product efficacy or safety concerns resulting in product recalls or actions being taken by the
BECTON DICKINSON AND COMPANY |
||||||||
CONSOLIDATED INCOME STATEMENTS |
||||||||
(Unaudited; Amounts in millions, except share and per share data) |
||||||||
Three Months Ended June 30, |
||||||||
2018 |
2017 |
% Change |
||||||
REVENUES |
$ |
4,278 |
$ |
3,035 |
41.0 |
|||
Cost of products sold |
2,262 |
1,532 |
47.7 |
|||||
Selling and administrative expense |
1,081 |
719 |
50.3 |
|||||
Research and development expense |
277 |
186 |
49.1 |
|||||
Acquisitions and other restructurings |
146 |
81 |
81.3 |
|||||
Other operating expense, net |
— |
741 |
(100.0) |
|||||
TOTAL OPERATING COSTS AND EXPENSES |
3,766 |
3,258 |
15.6 |
|||||
OPERATING INCOME (LOSS) |
513 |
(223) |
330.2 |
|||||
Interest expense |
(182) |
(184) |
(1.0) |
|||||
Interest income |
8 |
19 |
(59.4) |
|||||
Other income (expense), net |
308 |
(16) |
2,063.0 |
|||||
INCOME (LOSS) BEFORE INCOME TAXES |
647 |
(404) |
260.4 |
|||||
Income tax provision (benefit) |
53 |
(271) |
119.6 |
|||||
NET INCOME (LOSS) |
594 |
(132) |
548.9 |
|||||
Preferred stock dividends |
(38) |
(32) |
16.9 |
|||||
NET INCOME (LOSS) APPLICABLE TO COMMON |
$ |
556 |
$ |
(165) |
437.6 |
|||
EARNINGS PER SHARE |
||||||||
Basic Earnings (Loss) per Share |
$ |
2.08 |
$ |
(0.75) |
377.3 |
|||
Diluted Earnings (Loss) per Share |
$ |
2.03 |
$ |
(0.75) |
370.7 |
|||
AVERAGE SHARES OUTSTANDING (in thousands) |
||||||||
Basic |
267,836 |
220,807 |
||||||
Diluted |
273,925 |
220,807 |
BECTON DICKINSON AND COMPANY |
||||||||
CONSOLIDATED INCOME STATEMENTS |
||||||||
(Unaudited; Amounts in millions, except share and per share data) |
||||||||
Nine Months Ended June 30, |
||||||||
2018 |
2017 |
% Change |
||||||
REVENUES |
$ |
11,581 |
$ |
8,927 |
29.7 |
|||
Cost of products sold |
6,410 |
4,539 |
41.2 |
|||||
Selling and administrative expense |
2,912 |
2,151 |
35.3 |
|||||
Research and development expense |
728 |
554 |
31.6 |
|||||
Acquisitions and other restructurings |
604 |
243 |
148.4 |
|||||
Other operating expense, net |
— |
405 |
(100.0) |
|||||
TOTAL OPERATING COSTS AND EXPENSES |
10,655 |
7,892 |
35.0 |
|||||
OPERATING INCOME |
926 |
1,035 |
(10.5) |
|||||
Interest expense |
(525) |
(364) |
44.1 |
|||||
Interest income |
55 |
31 |
80.5 |
|||||
Other income (expense), net |
302 |
(51) |
697.3 |
|||||
INCOME BEFORE INCOME TAXES |
759 |
650 |
16.6 |
|||||
Income tax provision (benefit) |
313 |
(123) |
354.9 |
|||||
NET INCOME |
446 |
773 |
(42.3) |
|||||
Preferred stock dividends |
(114) |
(32) |
250.6 |
|||||
NET INCOME APPLICABLE TO COMMON |
$ |
332 |
$ |
741 |
(55.2) |
|||
EARNINGS PER SHARE |
||||||||
Basic Earnings per Share |
$ |
1.30 |
$ |
3.43 |
(62.1) |
|||
Diluted Earnings per Share |
$ |
1.27 |
$ |
3.36 |
(62.2) |
|||
AVERAGE SHARES OUTSTANDING (in thousands) |
||||||||
Basic |
254,934 |
215,817 |
||||||
Diluted |
260,860 |
220,406 |
BECTON DICKINSON AND COMPANY |
||||||||
SUPPLEMENTAL REVENUE INFORMATION |
||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES |
||||||||
Three Months Ended June 30, |
||||||||
(Unaudited; Amounts in millions) |
||||||||
A |
B |
C=(A-B)/B |
||||||
2018 |
2017 |
% Change |
||||||
BD MEDICAL |
||||||||
Medication Delivery Solutions (a) |
$ |
505 |
$ |
335 |
50.8 |
|||
Medication Management |
483 |
447 |
8.1 |
|||||
Diabetes Care |
138 |
132 |
4.7 |
|||||
Pharmaceutical Systems |
103 |
93 |
11.6 |
|||||
TOTAL |
$ |
1,230 |
$ |
1,006 |
22.2 |
|||
BD LIFE SCIENCES |
||||||||
Preanalytical Systems |
$ |
199 |
$ |
191 |
4.2 |
|||
Diagnostic Systems |
151 |
145 |
4.2 |
|||||
Biosciences |
126 |
115 |
9.7 |
|||||
TOTAL |
$ |
476 |
$ |
451 |
5.6 |
|||
BD INTERVENTIONAL |
||||||||
Surgery (a) |
$ |
259 |
$ |
142 |
NM |
|||
Peripheral Intervention (a) |
195 |
3 |
NM |
|||||
Urology and Critical Care |
178 |
— |
NM |
|||||
TOTAL |
$ |
632 |
$ |
145 |
NM |
|||
TOTAL UNITED STATES |
$ |
2,338 |
$ |
1,603 |
45.9 |
|||
(a) The presentation of prior-period amounts reflects a reclassification of $145 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
BECTON DICKINSON AND COMPANY |
||||||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
||||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL |
||||||||||||||
Three Months Ended June 30, (continued) |
||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||
A |
B |
C |
% Change |
|||||||||||
2018 |
2017 |
FX Impact |
Reported |
FXN |
||||||||||
BD MEDICAL |
||||||||||||||
Medication Delivery Solutions (a) |
$ |
471 |
$ |
367 |
$ |
23 |
28.3 |
22.1 |
||||||
Medication Management |
127 |
109 |
9 |
17.1 |
9.1 |
|||||||||
Diabetes Care |
138 |
131 |
7 |
5.4 |
0.1 |
|||||||||
Pharmaceutical Systems |
279 |
258 |
19 |
8.4 |
1.0 |
|||||||||
TOTAL |
$ |
1,016 |
$ |
864 |
$ |
58 |
17.5 |
10.8 |
||||||
BD LIFE SCIENCES |
||||||||||||||
Preanalytical Systems |
$ |
205 |
$ |
185 |
$ |
8 |
10.7 |
6.2 |
||||||
Diagnostic Systems |
211 |
191 |
10 |
10.7 |
5.7 |
|||||||||
Biosciences |
188 |
171 |
8 |
9.7 |
4.9 |
|||||||||
TOTAL |
$ |
603 |
$ |
547 |
$ |
26 |
10.4 |
5.6 |
||||||
BD INTERVENTIONAL |
||||||||||||||
Surgery (a) |
$ |
77 |
$ |
20 |
$ |
5 |
NM |
NM |
||||||
Peripheral Intervention (a) |
157 |
1 |
10 |
NM |
NM |
|||||||||
Urology and Critical Care |
87 |
— |
5 |
NM |
NM |
|||||||||
TOTAL |
$ |
322 |
$ |
22 |
$ |
19 |
NM |
NM |
||||||
TOTAL INTERNATIONAL |
$ |
1,941 |
$ |
1,433 |
$ |
103 |
35.4 |
28.2 |
||||||
(a) The presentation of prior-period amounts reflects a reclassification of $22 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
BECTON DICKINSON AND COMPANY |
|||||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
|||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL |
|||||||||||||
Three Months Ended June 30, (continued) |
|||||||||||||
(Unaudited; Amounts in millions) |
|||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
||||||||||||
A |
B |
C |
% Change |
||||||||||
2018 |
2017 |
FX Impact |
Reported |
FXN |
|||||||||
BD MEDICAL |
|||||||||||||
Medication Delivery Solutions (a) |
$ |
977 |
$ |
702 |
$ |
23 |
39.0 |
35.8 |
|||||
Medication Management |
610 |
556 |
9 |
9.8 |
8.3 |
||||||||
Diabetes Care |
276 |
263 |
7 |
5.1 |
2.4 |
||||||||
Pharmaceutical Systems |
383 |
350 |
19 |
9.3 |
3.8 |
||||||||
TOTAL |
$ |
2,246 |
$ |
1,871 |
$ |
58 |
20.0 |
16.9 |
|||||
BD LIFE SCIENCES |
|||||||||||||
Preanalytical Systems |
$ |
404 |
$ |
376 |
$ |
8 |
7.4 |
5.2 |
|||||
Diagnostic Systems |
362 |
335 |
10 |
7.9 |
5.0 |
||||||||
Biosciences |
314 |
286 |
8 |
9.7 |
6.8 |
||||||||
TOTAL |
$ |
1,079 |
$ |
997 |
$ |
26 |
8.2 |
5.6 |
|||||
BD INTERVENTIONAL |
|||||||||||||
Surgery (a) |
$ |
336 |
$ |
163 |
$ |
5 |
NM |
NM |
|||||
Peripheral Intervention (a) |
353 |
5 |
10 |
NM |
NM |
||||||||
Urology and Critical Care |
265 |
— |
5 |
NM |
NM |
||||||||
TOTAL |
$ |
954 |
$ |
167 |
$ |
19 |
NM |
NM |
|||||
TOTAL REVENUES |
$ |
4,278 |
$ |
3,035 |
$ |
103 |
41.0 |
37.6 |
|||||
(a) The presentation of prior-period amounts reflects a reclassification of $167 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
BECTON DICKINSON AND COMPANY |
||||||||
SUPPLEMENTAL REVENUE INFORMATION |
||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES |
||||||||
Nine Months Ended June 30, |
||||||||
(Unaudited; Amounts in millions) |
||||||||
A |
B |
C=(A-B)/B |
||||||
2018 |
2017 |
% Change |
||||||
BD MEDICAL |
||||||||
Medication Delivery Solutions (a) |
$ |
1,379 |
$ |
1,026 |
34.4 |
|||
Medication Management |
1,415 |
1,403 |
0.9 |
|||||
Diabetes Care |
415 |
400 |
3.8 |
|||||
Pharmaceutical Systems |
239 |
231 |
3.5 |
|||||
TOTAL |
$ |
3,448 |
$ |
3,060 |
12.7 |
|||
BD LIFE SCIENCES |
||||||||
Preanalytical Systems |
$ |
565 |
$ |
552 |
2.2 |
|||
Diagnostic Systems |
518 |
471 |
9.9 |
|||||
Biosciences |
350 |
331 |
5.7 |
|||||
TOTAL |
$ |
1,433 |
$ |
1,355 |
5.8 |
|||
BD INTERVENTIONAL |
||||||||
Surgery (a) |
$ |
687 |
$ |
434 |
NM |
|||
Peripheral Intervention (a) |
393 |
10 |
NM |
|||||
Urology and Critical Care |
358 |
— |
NM |
|||||
TOTAL |
$ |
1,438 |
$ |
444 |
NM |
|||
TOTAL UNITED STATES |
$ |
6,319 |
$ |
4,859 |
30.0 |
|||
(a) The presentation of prior-period amounts reflects a reclassification of $444 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
BECTON DICKINSON AND COMPANY |
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SUPPLEMENTAL REVENUE INFORMATION |
|||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL |
|||||||||||||
Nine Months Ended June 30, (continued) |
|||||||||||||
(Unaudited; Amounts in millions) |
|||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
||||||||||||
A |
B |
C |
% Change |
||||||||||
2018 |
2017 |
FX Impact |
Reported |
FXN |
|||||||||
BD MEDICAL |
|||||||||||||
Medication Delivery Solutions (a) |
$ |
1,298 |
$ |
1,065 |
$ |
65 |
21.9 |
15.8 |
|||||
Medication Management |
364 |
321 |
26 |
13.4 |
5.2 |
||||||||
Diabetes Care |
405 |
374 |
21 |
8.5 |
2.9 |
||||||||
Pharmaceutical Systems |
755 |
658 |
59 |
14.7 |
5.8 |
||||||||
TOTAL |
$ |
2,822 |
$ |
2,417 |
$ |
171 |
16.7 |
9.7 |
|||||
BD LIFE SCIENCES |
|||||||||||||
Preanalytical Systems |
$ |
595 |
$ |
541 |
$ |
29 |
10.0 |
4.7 |
|||||
Diagnostic Systems |
634 |
548 |
31 |
15.8 |
10.2 |
||||||||
Biosciences |
559 |
494 |
27 |
13.4 |
7.9 |
||||||||
TOTAL |
$ |
1,789 |
$ |
1,582 |
$ |
87 |
13.1 |
7.6 |
|||||
BD INTERVENTIONAL |
|||||||||||||
Surgery (a) |
$ |
177 |
$ |
65 |
$ |
12 |
NM |
NM |
|||||
Peripheral Intervention (a) |
303 |
4 |
22 |
NM |
NM |
||||||||
Urology and Critical Care |
171 |
— |
11 |
NM |
NM |
||||||||
TOTAL |
$ |
651 |
$ |
68 |
$ |
45 |
NM |
NM |
|||||
TOTAL INTERNATIONAL |
$ |
5,261 |
$ |
4,068 |
$ |
302 |
29.3 |
21.9 |
|||||
(a) The presentation of prior-period amounts reflects a reclassification of $68 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
BECTON DICKINSON AND COMPANY |
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SUPPLEMENTAL REVENUE INFORMATION |
|||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL |
|||||||||||||
Nine Months Ended June 30, (continued) |
|||||||||||||
(Unaudited; Amounts in millions) |
|||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
||||||||||||
A |
B |
C |
% Change |
||||||||||
2018 |
2017 |
FX Impact |
Reported |
FXN |
|||||||||
BD MEDICAL |
|||||||||||||
Medication Delivery Solutions (a) |
$ |
2,677 |
$ |
2,091 |
$ |
65 |
28.0 |
24.9 |
|||||
Medication Management |
1,778 |
1,723 |
26 |
3.2 |
1.7 |
||||||||
Diabetes Care |
820 |
773 |
21 |
6.1 |
3.4 |
||||||||
Pharmaceutical Systems |
994 |
889 |
59 |
11.8 |
5.2 |
||||||||
TOTAL |
$ |
6,270 |
$ |
5,477 |
$ |
171 |
14.5 |
11.4 |
|||||
BD LIFE SCIENCES |
|||||||||||||
Preanalytical Systems |
$ |
1,160 |
$ |
1,094 |
$ |
29 |
6.1 |
3.4 |
|||||
Diagnostic Systems |
1,152 |
1,019 |
31 |
13.1 |
10.1 |
||||||||
Biosciences |
910 |
825 |
27 |
10.3 |
7.0 |
||||||||
TOTAL |
$ |
3,222 |
$ |
2,937 |
$ |
87 |
9.7 |
6.7 |
|||||
BD INTERVENTIONAL |
|||||||||||||
Surgery (a) |
$ |
864 |
$ |
499 |
$ |
12 |
NM |
NM |
|||||
Peripheral Intervention (a) |
697 |
14 |
22 |
NM |
NM |
||||||||
Urology and Critical Care |
529 |
— |
11 |
NM |
NM |
||||||||
TOTAL |
$ |
2,089 |
$ |
513 |
$ |
45 |
NM |
NM |
|||||
TOTAL REVENUES |
$ |
11,581 |
$ |
8,927 |
$ |
302 |
29.7 |
26.3 |
|||||
(a) The presentation of prior-period amounts reflects a reclassification of $513 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
BECTON DICKINSON AND COMPANY |
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SUPPLEMENTAL INFORMATION |
||||||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES |
||||||||||||||||||||||
Three Months Ended June 30, |
||||||||||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||||||||||
A |
B |
C |
D |
E |
F=B+C+D+E |
G=(A-F)/F |
||||||||||||||||
BD |
BD |
Bard (b) |
Intercompany |
Divestiture |
Comparable |
Comparable |
||||||||||||||||
2018 |
2017 |
2017 |
2017 |
|||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||
Medication Delivery Solutions (a) |
$ |
505 |
$ |
335 |
$ |
144 |
$ |
(3) |
$ |
— |
$ |
476 |
6.2 |
|||||||||
Medication Management Solutions |
483 |
447 |
— |
— |
— |
447 |
8.1 |
|||||||||||||||
Diabetes Care |
138 |
132 |
— |
— |
— |
132 |
4.7 |
|||||||||||||||
Pharmaceutical Systems |
103 |
93 |
— |
— |
— |
93 |
11.6 |
|||||||||||||||
TOTAL |
$ |
1,230 |
$ |
1,006 |
$ |
144 |
$ |
(3) |
$ |
— |
$ |
1,147 |
7.2 |
|||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||
Preanalytical Systems |
$ |
199 |
$ |
191 |
$ |
— |
$ |
— |
$ |
— |
$ |
191 |
4.2 |
|||||||||
Diagnostic Systems |
151 |
145 |
— |
— |
— |
145 |
4.2 |
|||||||||||||||
Biosciences |
126 |
115 |
— |
— |
— |
115 |
9.7 |
|||||||||||||||
TOTAL |
$ |
476 |
$ |
451 |
$ |
— |
$ |
— |
$ |
— |
$ |
451 |
5.6 |
|||||||||
BD INTERVENTIONAL |
||||||||||||||||||||||
Surgery (a) |
$ |
259 |
$ |
142 |
$ |
129 |
$ |
— |
$ |
(9) |
$ |
262 |
(1.4) |
|||||||||
Peripheral Intervention (a) |
195 |
3 |
178 |
— |
— |
181 |
7.6 |
|||||||||||||||
Urology and Critical Care |
178 |
— |
167 |
— |
— |
167 |
6.9 |
|||||||||||||||
TOTAL |
$ |
632 |
$ |
145 |
$ |
474 |
$ |
— |
$ |
(9) |
$ |
610 |
3.5 |
|||||||||
TOTAL UNITED STATES |
$ |
2,338 |
$ |
1,603 |
$ |
618 |
$ |
(3) |
$ |
(9) |
$ |
2,208 |
5.9 |
(a) |
Reflects a reclassification of $145 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
(b) |
Amounts presented in alignment with BD's current-period segment, organizational unit and regional reporting structure. Also reflects the elimination of revenues from the Peripheral Intervention unit related to a royalty income stream, reported as revenues by Bard, which BD reports as non-operating income in the current-year period. |
(c) |
Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period. |
(d) |
Represents adjustments for BD's divestiture of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. |
BECTON DICKINSON AND COMPANY |
||||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
||||||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL |
||||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
||||||||||||||||||||||
Three Months Ended June 30, (continued) |
||||||||||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||||||||||
A |
B |
C |
D |
E=B+C+D |
F |
G=(A-E-F)/E |
||||||||||||||||
BD |
BD |
Bard (b) |
Divestiture |
Comparable |
FX Impact |
FXN % |
||||||||||||||||
2018 |
2017 |
2017 |
2017 |
|||||||||||||||||||
BD MEDICAL |
||||||||||||||||||||||
Medication Delivery Solutions (a) |
$ |
471 |
$ |
367 |
$ |
59 |
$ |
— |
$ |
426 |
$ |
23 |
5.3 |
|||||||||
Medication Management Solutions |
127 |
109 |
— |
— |
109 |
9 |
9.1 |
|||||||||||||||
Diabetes Care |
138 |
131 |
— |
— |
131 |
7 |
0.1 |
|||||||||||||||
Pharmaceutical Systems |
279 |
258 |
— |
— |
258 |
19 |
1.0 |
|||||||||||||||
TOTAL |
$ |
1,016 |
$ |
864 |
$ |
59 |
$ |
— |
$ |
923 |
$ |
58 |
3.8 |
|||||||||
BD LIFE SCIENCES |
||||||||||||||||||||||
Preanalytical Systems |
$ |
205 |
$ |
185 |
$ |
— |
$ |
— |
$ |
185 |
$ |
8 |
6.2 |
|||||||||
Diagnostic Systems |
211 |
191 |
— |
— |
191 |
10 |
5.7 |
|||||||||||||||
Biosciences |
188 |
171 |
— |
— |
171 |
8 |
4.9 |
|||||||||||||||
TOTAL |
$ |
603 |
$ |
547 |
$ |
— |
$ |
— |
$ |
547 |
$ |
26 |
5.6 |
|||||||||
BD INTERVENTIONAL |
||||||||||||||||||||||
Surgery (a) |
$ |
77 |
$ |
20 |
$ |
45 |
$ |
(2) |
$ |
64 |
$ |
5 |
14.4 |
|||||||||
Peripheral Intervention (a) |
157 |
1 |
134 |
— |
136 |
10 |
8.7 |
|||||||||||||||
Urology and Critical Care |
87 |
— |
80 |
— |
80 |
5 |
3.0 |
|||||||||||||||
TOTAL |
$ |
322 |
$ |
22 |
$ |
259 |
$ |
(2) |
$ |
279 |
$ |
19 |
8.4 |
|||||||||
TOTAL INTERNATIONAL |
$ |
1,941 |
$ |
1,433 |
$ |
318 |
$ |
(2) |
$ |
1,749 |
$ |
103 |
5.1 |
(a) |
Reflects a reclassification of $22 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
(b) |
Amounts presented in alignment with BD's current-period segment, organizational unit and regional reporting structure. |
(c) |
Represents adjustments for BD's divestiture of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. |
BECTON DICKINSON AND COMPANY |
|||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
|||||||||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - TOTAL |
|||||||||||||||||||||||||
Three Months Ended June 30, (continued) |
|||||||||||||||||||||||||
(Unaudited; Amounts in millions) |
|||||||||||||||||||||||||
A |
B |
C |
D |
E |
F=B+C+D+E |
G |
H=(A-F-G)/F |
||||||||||||||||||
BD |
BD |
Bard (b) |
Intercompany |
Divestiture |
Comparable |
FX Impact |
FXN % |
||||||||||||||||||
2018 |
2017 |
2017 |
2017 |
||||||||||||||||||||||
BD MEDICAL |
|||||||||||||||||||||||||
Medication Delivery Solutions (a) |
$ |
977 |
$ |
702 |
$ |
203 |
$ |
(3) |
$ |
— |
$ |
902 |
$ |
23 |
5.8 |
||||||||||
Medication Management |
610 |
556 |
— |
— |
— |
556 |
9 |
8.3 |
|||||||||||||||||
Diabetes Care |
276 |
263 |
— |
— |
— |
263 |
7 |
2.4 |
|||||||||||||||||
Pharmaceutical Systems |
383 |
350 |
— |
— |
— |
350 |
19 |
3.8 |
|||||||||||||||||
TOTAL |
$ |
2,246 |
$ |
1,871 |
$ |
203 |
$ |
(3) |
$ |
— |
$ |
2,070 |
$ |
58 |
5.7 |
||||||||||
BD LIFE SCIENCES |
|||||||||||||||||||||||||
Preanalytical Systems |
$ |
404 |
$ |
376 |
$ |
— |
$ |
— |
$ |
— |
$ |
376 |
$ |
8 |
5.2 |
||||||||||
Diagnostic Systems |
362 |
335 |
— |
— |
— |
335 |
10 |
5.0 |
|||||||||||||||||
Biosciences |
314 |
286 |
— |
— |
— |
286 |
8 |
6.8 |
|||||||||||||||||
TOTAL |
$ |
1,079 |
$ |
997 |
$ |
— |
$ |
— |
$ |
— |
$ |
997 |
$ |
26 |
5.6 |
||||||||||
BD INTERVENTIONAL |
|||||||||||||||||||||||||
Surgery (a) |
$ |
336 |
$ |
163 |
$ |
175 |
$ |
— |
$ |
(11) |
$ |
326 |
$ |
5 |
1.7 |
||||||||||
Peripheral Intervention (a) |
353 |
5 |
312 |
— |
— |
317 |
10 |
8.1 |
|||||||||||||||||
Urology and Critical Care |
265 |
— |
246 |
— |
— |
246 |
5 |
5.6 |
|||||||||||||||||
TOTAL |
$ |
954 |
$ |
167 |
$ |
733 |
$ |
— |
$ |
(11) |
$ |
889 |
$ |
19 |
5.1 |
||||||||||
TOTAL REVENUES |
$ |
4,278 |
$ |
3,035 |
$ |
936 |
$ |
(3) |
$ |
(11) |
$ |
3,957 |
$ |
103 |
5.5 |
(a) |
Reflects a reclassification of $167 million associated with the movement, effective on January 1, 2018, of certain product offerings from the Medical segment to the Interventional segment. |
(b) |
Amounts presented in alignment with BD's current-period segment, organizational unit and regional reporting structure. Also reflects the elimination of revenues from the Peripheral Intervention unit related to a royalty income stream, reported as revenues by Bard, which BD reports as non-operating income in the current-year period. |
(c) |
Represents the elimination of revenues from the Medication Delivery Solutions unit which BD previously recognized from Bard as third-party revenues and that would be treated as intercompany revenues in the current-year period. |
(d) |
Represents adjustments for BD's divestiture of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. |
BECTON DICKINSON AND COMPANY |
||||||||||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
||||||||||||||||||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES |
||||||||||||||||||||||||||||||||||
Nine Months Ended June 30, |
||||||||||||||||||||||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||||||||||||||||||||||
A |
B |
C |
D |
E=A+B+C+D |
F |
G |
H |
I |
J=F+G+H+I |
K=(E-J)/J |
||||||||||||||||||||||||
BD |
Bard Q1 (b) |
Intercompany |
Divestiture |
Comparable |
BD |
Bard (b) |
Intercompany |
Divestiture |
Comparable |
Comparable |
||||||||||||||||||||||||
2018 |
2018 |
2018 |
2017 |
2017 |
2017 |
|||||||||||||||||||||||||||||
BD MEDICAL |