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BD Announces Results For 2019 Fourth Fiscal Quarter And Full Year; Provides Fiscal 2020 Guidance
For the full fiscal year ended
"We are very proud of our accomplishments in fiscal year 2019. Our performance this year demonstrates our ability to overcome multiple headwinds and deliver on our financial and operational goals," said
Fourth Quarter and Twelve-Month Fiscal 2019 Operating Results
As reported, diluted earnings per share for the fourth quarter were
For the twelve-month period ended September 30, 2019, as reported, diluted earnings per share were
Segment Results
In the BD Medical segment, as reported, worldwide revenues for the quarter of
For the twelve-month period ended September 30, 2019, BD Medical revenues were
In the BD Life Sciences segment, as reported, worldwide revenues for the quarter of
For the twelve-month period ended September 30, 2019, BD Life Sciences revenues were
In the BD Interventional segment, as reported, worldwide revenues for the quarter of
For the twelve-month period ended September 30, 2019, BD Interventional revenues were
Geographic Results
As reported, fourth quarter revenues in the U.S. of
As reported, revenues outside of the U.S. of
For the twelve-month period ended September 30, 2019, U.S. revenues were
Fiscal 2020 Outlook for Full Year
The company expects full fiscal year 2020 revenues to increase 4.0 to 4.5 percent as reported, or 5.0 to 5.5 percent on a currency-neutral basis.
The company expects full fiscal year 2020 adjusted diluted earnings per share to be between
Adjusted diluted earnings per share for fiscal 2020 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 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 fourth 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 2019 presented throughout this release include, where applicable, 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 enhance the safety and efficiency of clinicians' care delivery process, enable laboratory scientists to accurately detect 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. For more information on BD, please visit bd.com.
This press release, including the section entitled "Fiscal 2020 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; 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; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; legislative or regulatory changes to the U.S. or foreign healthcare systems, potential cuts in governmental healthcare spending, or governmental or private measures to contain healthcare costs, including changes in pricing and reimbursement policies, 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, or our suppliers' ability to provide products needed for our operations; 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 September 30, |
|||||||||||
2019 |
2018 |
% Change |
|||||||||
REVENUES |
$ |
4,584 |
$ |
4,402 |
4.1 |
||||||
Cost of products sold |
2,318 |
2,309 |
0.4 |
||||||||
Selling and administrative expense |
1,094 |
1,102 |
(0.7) |
||||||||
Research and development expense |
270 |
276 |
(2.4) |
||||||||
Acquisitions and other restructurings |
199 |
139 |
42.7 |
||||||||
Other operating expense, net |
592 |
— |
100.0 |
||||||||
TOTAL OPERATING COSTS AND EXPENSES |
4,473 |
3,826 |
16.9 |
||||||||
OPERATING INCOME |
111 |
576 |
(80.8) |
||||||||
Interest expense |
(141) |
(181) |
(21.9) |
||||||||
Interest income |
4 |
9 |
(51.2) |
||||||||
Other income, net |
11 |
10 |
6.7 |
||||||||
(LOSS) INCOME BEFORE INCOME TAXES |
(15) |
415 |
(103.5) |
||||||||
Income tax (benefit) provision |
(164) |
550 |
(129.9) |
||||||||
NET INCOME (LOSS) |
150 |
(135) |
211.0 |
||||||||
Preferred stock dividends |
(38) |
(38) |
— |
||||||||
NET INCOME (LOSS) APPLICABLE TO COMMON |
$ |
112 |
$ |
(173) |
164.7 |
||||||
EARNINGS PER SHARE |
|||||||||||
Basic Earnings (Loss) per Share |
$ |
0.41 |
$ |
(0.64) |
164.1 |
||||||
Diluted Earnings (Loss) per Share |
$ |
0.41 |
$ |
(0.64) |
164.1 |
||||||
AVERAGE SHARES OUTSTANDING (in thousands) |
|||||||||||
Basic |
270,610 |
268,500 |
|||||||||
Diluted |
274,959 |
268,500 |
BECTON DICKINSON AND COMPANY |
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CONSOLIDATED INCOME STATEMENTS |
|||||||||||
(Unaudited; Amounts in millions, except share and per share data) |
|||||||||||
Twelve Months Ended September 30, |
|||||||||||
2019 |
2018 |
% Change |
|||||||||
REVENUES |
$ |
17,290 |
$ |
15,983 |
8.2 |
||||||
Cost of products sold |
9,002 |
8,714 |
3.3 |
||||||||
Selling and administrative expense |
4,332 |
4,016 |
7.9 |
||||||||
Research and development expense |
1,062 |
1,004 |
5.8 |
||||||||
Acquisitions and other restructurings |
480 |
740 |
(35.1) |
||||||||
Other operating expense, net |
654 |
— |
100.0 |
||||||||
TOTAL OPERATING COSTS AND EXPENSES |
15,530 |
14,474 |
7.3 |
||||||||
OPERATING INCOME |
1,760 |
1,509 |
16.6 |
||||||||
Interest expense |
(639) |
(706) |
(9.4) |
||||||||
Interest income |
12 |
65 |
(81.0) |
||||||||
Other income, net |
30 |
305 |
(90.3) |
||||||||
INCOME BEFORE INCOME TAXES |
1,163 |
1,173 |
(0.9) |
||||||||
Income tax (benefit) provision |
(57) |
862 |
(106.6) |
||||||||
NET INCOME |
1,220 |
311 |
292.4 |
||||||||
Preferred stock dividends |
(152) |
(152) |
— |
||||||||
NET INCOME APPLICABLE TO COMMON |
$ |
1,069 |
$ |
159 |
570.6 |
||||||
EARNINGS PER SHARE |
|||||||||||
Basic Earnings per Share |
$ |
3.96 |
$ |
0.62 |
538.7 |
||||||
Diluted Earnings per Share |
$ |
3.89 |
$ |
0.60 |
548.3 |
||||||
AVERAGE SHARES OUTSTANDING (in thousands) |
|||||||||||
Basic |
269,943 |
258,354 |
|||||||||
Diluted |
274,775 |
264,621 |
BECTON DICKINSON AND COMPANY |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Amounts in millions) |
||||||||
September 30, 2019 |
September 30, 2018 |
|||||||
(Unaudited) |
||||||||
Preliminary |
||||||||
ASSETS |
||||||||
Cash and equivalents |
$ |
536 |
$ |
1,140 |
||||
Restricted cash |
54 |
96 |
||||||
Short-term investments |
30 |
17 |
||||||
Trade receivables, net |
2,335 |
2,319 |
||||||
Inventories |
2,579 |
2,451 |
||||||
Assets held for sale |
— |
137 |
||||||
Prepaid expenses and other |
1,110 |
1,251 |
||||||
TOTAL CURRENT ASSETS |
6,644 |
7,411 |
||||||
Property, plant and equipment, net |
5,659 |
5,375 |
||||||
Goodwill and other intangibles, net |
38,463 |
40,041 |
||||||
Other Assets |
1,075 |
1,078 |
||||||
TOTAL ASSETS |
$ |
51,842 |
$ |
53,904 |
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Short-term debt |
$ |
1,309 |
$ |
2,601 |
||||
Other current liabilities |
4,289 |
4,615 |
||||||
Long-term debt |
18,081 |
18,894 |
||||||
Long-term employee benefit obligations |
1,272 |
1,056 |
||||||
Deferred income taxes and other |
5,714 |
5,743 |
||||||
Shareholders' equity |
21,177 |
20,994 |
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
51,842 |
$ |
53,904 |
||||
The preliminary balance sheet is estimated based on the Company's current information. |
BECTON DICKINSON AND COMPANY |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Amounts in millions) |
||||||||
Twelve Months Ended September 30, |
||||||||
2019 |
2018 |
|||||||
(Unaudited) |
||||||||
Preliminary |
||||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ |
1,220 |
$ |
311 |
||||
Depreciation and amortization |
2,253 |
1,978 |
||||||
Change in operating assets and liabilities and other, net |
(143) |
576 |
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES |
3,330 |
2,865 |
||||||
INVESTING ACTIVITIES |
||||||||
Capital expenditures |
(957) |
(895) |
||||||
Acquisitions of businesses, net of cash acquired |
— |
(15,155) |
||||||
Proceeds from divestitures, net |
477 |
534 |
||||||
Other, net |
(261) |
(217) |
||||||
NET CASH USED FOR INVESTING ACTIVITIES |
(741) |
(15,733) |
||||||
FINANCING ACTIVITIES |
||||||||
Change in credit facility borrowings |
485 |
— |
||||||
Proceeds from long-term debt and term loans |
2,224 |
5,086 |
||||||
Payments of debt and term loans |
(4,744) |
(3,996) |
||||||
Dividends paid |
(984) |
(927) |
||||||
Other, net |
(205) |
(220) |
||||||
NET CASH USED FOR FINANCING ACTIVITIES |
(3,223) |
(58) |
||||||
Effect of exchange rate changes on cash and equivalents |
(12) |
(17) |
||||||
NET DECREASE IN CASH AND EQUIVALENTS AND |
(646) |
(12,943) |
||||||
OPENING CASH AND EQUIVALENTS AND |
1,236 |
14,179 |
||||||
CLOSING CASH AND EQUIVALENTS AND |
$ |
590 |
$ |
1,236 |
||||
The preliminary cash flow is estimated based on the Company's current information. |
BECTON DICKINSON AND COMPANY |
|||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
|||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES |
|||||||||||
Three Months Ended September 30, |
|||||||||||
(Unaudited; Amounts in millions) |
|||||||||||
A |
B |
C=(A-B)/B |
|||||||||
2019 |
2018 |
% Change |
|||||||||
BD MEDICAL |
|||||||||||
Medication Delivery Solutions |
$ |
520 |
$ |
512 |
1.5 |
||||||
Medication Management Solutions |
573 |
542 |
5.6 |
||||||||
Diabetes Care |
151 |
149 |
1.3 |
||||||||
Pharmaceutical Systems |
123 |
118 |
4.2 |
||||||||
TOTAL |
$ |
1,366 |
$ |
1,322 |
3.4 |
||||||
BD LIFE SCIENCES |
|||||||||||
Preanalytical Systems |
$ |
200 |
$ |
196 |
2.0 |
||||||
Diagnostic Systems |
162 |
159 |
1.8 |
||||||||
Biosciences |
140 |
125 |
11.5 |
||||||||
TOTAL |
$ |
502 |
$ |
481 |
4.4 |
||||||
BD INTERVENTIONAL |
|||||||||||
Surgery |
$ |
279 |
$ |
259 |
7.8 |
||||||
Peripheral Intervention |
207 |
201 |
3.3 |
||||||||
Urology and Critical Care |
207 |
186 |
11.3 |
||||||||
TOTAL |
$ |
693 |
$ |
646 |
7.4 |
||||||
TOTAL UNITED STATES |
$ |
2,562 |
$ |
2,448 |
4.6 |
BECTON DICKINSON AND COMPANY |
||||||||||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
||||||||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL |
||||||||||||||||||
Three Months Ended September 30, (continued) |
||||||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2019 |
2018 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions |
$ |
468 |
$ |
454 |
$ |
(13) |
2.9 |
5.8 |
||||||||||
Medication Management Solutions |
161 |
149 |
(6) |
7.5 |
11.4 |
|||||||||||||
Diabetes Care |
141 |
135 |
(3) |
3.9 |
6.4 |
|||||||||||||
Pharmaceutical Systems |
302 |
285 |
(10) |
5.8 |
9.3 |
|||||||||||||
TOTAL |
$ |
1,071 |
$ |
1,025 |
$ |
(33) |
4.5 |
7.7 |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Preanalytical Systems |
$ |
193 |
$ |
197 |
$ |
(6) |
(1.8) |
1.3 |
||||||||||
Diagnostic Systems |
247 |
224 |
(6) |
10.1 |
12.6 |
|||||||||||||
Biosciences |
192 |
206 |
(4) |
(6.8) |
(4.8) |
|||||||||||||
TOTAL |
$ |
632 |
$ |
627 |
$ |
(16) |
0.8 |
3.3 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery |
$ |
76 |
$ |
69 |
$ |
(2) |
10.6 |
13.3 |
||||||||||
Peripheral Intervention |
154 |
148 |
(4) |
3.9 |
6.7 |
|||||||||||||
Urology and Critical Care |
90 |
85 |
(1) |
5.1 |
6.8 |
|||||||||||||
TOTAL |
$ |
319 |
$ |
302 |
$ |
(8) |
5.7 |
8.3 |
||||||||||
TOTAL INTERNATIONAL |
$ |
2,022 |
$ |
1,954 |
$ |
(56) |
3.5 |
6.4 |
BECTON DICKINSON AND COMPANY |
||||||||||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
||||||||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL |
||||||||||||||||||
Three Months Ended September 30, (continued) |
||||||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2019 |
2018 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions |
$ |
988 |
$ |
967 |
$ |
(13) |
2.2 |
3.5 |
||||||||||
Medication Management Solutions |
733 |
692 |
(6) |
6.0 |
6.8 |
|||||||||||||
Diabetes Care |
292 |
285 |
(3) |
2.5 |
3.7 |
|||||||||||||
Pharmaceutical Systems |
425 |
403 |
(10) |
5.3 |
7.8 |
|||||||||||||
TOTAL |
$ |
2,437 |
$ |
2,346 |
$ |
(33) |
3.9 |
5.3 |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Preanalytical Systems |
$ |
393 |
$ |
393 |
$ |
(6) |
0.1 |
1.6 |
||||||||||
Diagnostic Systems |
409 |
384 |
(6) |
6.6 |
8.1 |
|||||||||||||
Biosciences |
332 |
331 |
(4) |
0.1 |
1.4 |
|||||||||||||
TOTAL |
$ |
1,134 |
$ |
1,108 |
$ |
(16) |
2.3 |
3.8 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery |
$ |
355 |
$ |
328 |
$ |
(2) |
8.3 |
8.9 |
||||||||||
Peripheral Intervention |
361 |
348 |
(4) |
3.5 |
4.7 |
|||||||||||||
Urology and Critical Care |
297 |
271 |
(1) |
9.3 |
9.9 |
|||||||||||||
TOTAL |
$ |
1,013 |
$ |
948 |
$ |
(8) |
6.9 |
7.7 |
||||||||||
TOTAL REVENUES |
$ |
4,584 |
$ |
4,402 |
$ |
(56) |
4.1 |
5.4 |
BECTON DICKINSON AND COMPANY |
|||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
|||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES |
|||||||||||
Twelve Months Ended September 30, |
|||||||||||
(Unaudited; Amounts in millions) |
|||||||||||
A |
B |
C=(A-B)/B |
|||||||||
2019 |
2018 |
% Change |
|||||||||
BD MEDICAL |
|||||||||||
Medication Delivery Solutions |
$ |
2,048 |
$ |
1,892 |
8.3 |
||||||
Medication Management Solutions |
2,104 |
1,957 |
7.5 |
||||||||
Diabetes Care |
573 |
564 |
1.5 |
||||||||
Pharmaceutical Systems |
392 |
357 |
9.7 |
||||||||
TOTAL |
$ |
5,116 |
$ |
4,770 |
7.3 |
||||||
BD LIFE SCIENCES |
|||||||||||
Preanalytical Systems |
$ |
774 |
$ |
761 |
1.7 |
||||||
Diagnostic Systems |
672 |
678 |
(0.8) |
||||||||
Biosciences |
485 |
475 |
2.0 |
||||||||
TOTAL |
$ |
1,931 |
$ |
1,914 |
0.9 |
||||||
BD INTERVENTIONAL |
|||||||||||
Surgery |
$ |
1,098 |
$ |
946 |
16.0 |
||||||
Peripheral Intervention |
787 |
594 |
32.5 |
||||||||
Urology and Critical Care |
797 |
544 |
46.6 |
||||||||
TOTAL |
$ |
2,682 |
$ |
2,084 |
28.7 |
||||||
TOTAL UNITED STATES |
$ |
9,730 |
$ |
8,768 |
11.0 |
BECTON DICKINSON AND COMPANY |
||||||||||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
||||||||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL |
||||||||||||||||||
Twelve Months Ended September 30, (continued) |
||||||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2019 |
2018 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions |
$ |
1,811 |
$ |
1,752 |
$ |
(97) |
3.4 |
8.9 |
||||||||||
Medication Management Solutions |
525 |
513 |
(26) |
2.4 |
7.5 |
|||||||||||||
Diabetes Care |
538 |
541 |
(26) |
(0.5) |
4.3 |
|||||||||||||
Pharmaceutical Systems |
1,073 |
1,040 |
(47) |
3.1 |
7.6 |
|||||||||||||
TOTAL |
$ |
3,947 |
$ |
3,846 |
$ |
(196) |
2.6 |
7.7 |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Preanalytical Systems |
$ |
784 |
$ |
792 |
$ |
(46) |
(1.0) |
4.8 |
||||||||||
Diagnostic Systems |
875 |
858 |
(39) |
1.9 |
6.5 |
|||||||||||||
Biosciences |
709 |
766 |
(27) |
(7.4) |
(3.8) |
|||||||||||||
TOTAL |
$ |
2,368 |
$ |
2,416 |
$ |
(113) |
(2.0) |
2.7 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery |
$ |
299 |
$ |
245 |
$ |
(13) |
22.0 |
27.5 |
||||||||||
Peripheral Intervention |
602 |
451 |
(29) |
33.5 |
40.0 |
|||||||||||||
Urology and Critical Care |
342 |
256 |
(12) |
33.5 |
38.4 |
|||||||||||||
TOTAL |
$ |
1,244 |
$ |
953 |
$ |
(55) |
30.6 |
36.3 |
||||||||||
TOTAL INTERNATIONAL |
$ |
7,560 |
$ |
7,215 |
$ |
(363) |
4.8 |
9.8 |
BECTON DICKINSON AND COMPANY |
||||||||||||||||||
SUPPLEMENTAL REVENUE INFORMATION |
||||||||||||||||||
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL |
||||||||||||||||||
Twelve Months Ended September 30, (continued) |
||||||||||||||||||
(Unaudited; Amounts in millions) |
||||||||||||||||||
D=(A-B)/B |
E=(A-B-C)/B |
|||||||||||||||||
A |
B |
C |
% Change |
|||||||||||||||
2019 |
2018 |
FX Impact |
Reported |
FXN |
||||||||||||||
BD MEDICAL |
||||||||||||||||||
Medication Delivery Solutions |
$ |
3,859 |
$ |
3,644 |
$ |
(97) |
5.9 |
8.6 |
||||||||||
Medication Management Solutions |
2,629 |
2,470 |
(26) |
6.4 |
7.5 |
|||||||||||||
Diabetes Care |
1,110 |
1,105 |
(26) |
0.5 |
2.9 |
|||||||||||||
Pharmaceutical Systems |
1,465 |
1,397 |
(47) |
4.8 |
8.2 |
|||||||||||||
TOTAL |
$ |
9,064 |
$ |
8,616 |
$ |
(196) |
5.2 |
7.5 |
||||||||||
BD LIFE SCIENCES |
||||||||||||||||||
Preanalytical Systems |
$ |
1,558 |
$ |
1,553 |
$ |
(46) |
0.3 |
3.3 |
||||||||||
Diagnostic Systems |
1,547 |
1,536 |
(39) |
0.7 |
3.3 |
|||||||||||||
Biosciences |
1,194 |
1,241 |
(27) |
(3.8) |
(1.6) |
|||||||||||||
TOTAL |
$ |
4,300 |
$ |
4,330 |
$ |
(113) |
(0.7) |
1.9 |
||||||||||
BD INTERVENTIONAL |
||||||||||||||||||
Surgery |
$ |
1,397 |
$ |
1,192 |
$ |
(13) |
17.3 |
18.4 |
||||||||||
Peripheral Intervention |
1,389 |
1,045 |
(29) |
33.0 |
35.8 |
|||||||||||||
Urology and Critical Care |
1,140 |
800 |
(12) |
42.4 |
44.0 |
|||||||||||||
TOTAL |
$ |
3,926 |
$ |
3,037 |
$ |
(55) |
29.3 |
31.1 |
||||||||||
TOTAL REVENUES |
$ |
17,290 |
$ |
15,983 |
$ |
(363) |
8.2 |
10.5 |
BECTON DICKINSON AND COMPANY |
|||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
|||||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - UNITED STATES |
|||||||||||||||||||||
Three Months Ended September 30, |
|||||||||||||||||||||
(Unaudited; Amounts in millions) |
|||||||||||||||||||||
A |
B |
C |
D=B+C |
E=(A-D)/D |
|||||||||||||||||
BD |
BD |
Divestiture |
Comparable |
Comparable |
|||||||||||||||||
2019 |
2018 |
2018 |
|||||||||||||||||||
BD MEDICAL |
|||||||||||||||||||||
Medication Delivery Solutions |
$ |
520 |
$ |
512 |
$ |
— |
$ |
512 |
1.5 |
||||||||||||
Medication Management Solutions |
573 |
542 |
— |
542 |
5.6 |
||||||||||||||||
Diabetes Care |
151 |
149 |
— |
149 |
1.3 |
||||||||||||||||
Pharmaceutical Systems |
123 |
118 |
— |
118 |
4.2 |
||||||||||||||||
TOTAL |
$ |
1,366 |
$ |
1,322 |
$ |
— |
$ |
1,322 |
3.4 |
||||||||||||
BD LIFE SCIENCES |
|||||||||||||||||||||
Preanalytical Systems |
$ |
200 |
$ |
196 |
$ |
— |
$ |
196 |
2.0 |
||||||||||||
Diagnostic Systems |
162 |
159 |
— |
159 |
1.8 |
||||||||||||||||
Biosciences |
140 |
125 |
(6) |
119 |
16.9 |
||||||||||||||||
TOTAL |
$ |
502 |
$ |
481 |
$ |
(6) |
$ |
475 |
5.7 |
||||||||||||
BD INTERVENTIONAL |
|||||||||||||||||||||
Surgery |
$ |
279 |
$ |
259 |
$ |
— |
$ |
259 |
7.8 |
||||||||||||
Peripheral Intervention |
207 |
201 |
— |
201 |
3.3 |
||||||||||||||||
Urology and Critical Care |
207 |
186 |
— |
186 |
11.3 |
||||||||||||||||
TOTAL |
$ |
693 |
$ |
646 |
$ |
— |
$ |
646 |
7.4 |
||||||||||||
TOTAL UNITED STATES |
$ |
2,562 |
$ |
2,448 |
$ |
(6) |
$ |
2,442 |
4.9 |
||||||||||||
(a) |
Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business. |
BECTON DICKINSON AND COMPANY |
|||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
|||||||||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE REVENUE CHANGE - INTERNATIONAL |
|||||||||||||||||||||||||
Three Months Ended September 30, (continued) |
|||||||||||||||||||||||||
(Unaudited; Amounts in millions) |
|||||||||||||||||||||||||
A |
B |
C |
D=B+C |
E |
F=(A-D- |
||||||||||||||||||||
BD |
BD |
Divestiture |
Comparable |
FX Impact |
FXN % |
||||||||||||||||||||
2019 |
2018 |
2018 |
|||||||||||||||||||||||
BD MEDICAL |
|||||||||||||||||||||||||
Medication Delivery Solutions |
$ |
468 |
$ |
454 |
$ |
— |
$ |
454 |
$ |
(14) |
6.0 |
||||||||||||||
Medication Management Solutions |
161 |
149 |
— |
149 |
(6) |
11.4 |
|||||||||||||||||||
Diabetes Care |
141 |
135 |
— |
135 |
(4) |
6.6 |
|||||||||||||||||||
Pharmaceutical Systems |
302 |
285 |
— |
285 |
(10) |
9.3 |
|||||||||||||||||||
TOTAL |
$ |
1,071 |
$ |
1,025 |
$ |
— |
$ |
1,025 |
$ |
(34) |
7.8 |
||||||||||||||
BD LIFE SCIENCES |
|||||||||||||||||||||||||
Preanalytical Systems |
$ |
193 |
$ |
197 |
$ |
— |
$ |
197 |
$ |
(7) |
1.9 |
||||||||||||||
Diagnostic Systems |
247 |
224 |
— |
224 |
(7) |
13.2 |
|||||||||||||||||||
Biosciences |
192 |
206 |
(23) |
183 |
(5) |
7.7 |
|||||||||||||||||||
TOTAL |
$ |
632 |
$ |
627 |
$ |
(23) |
$ |
604 |
$ |
(19) |
7.8 |
||||||||||||||
BD INTERVENTIONAL |
|||||||||||||||||||||||||
Surgery |
$ |
76 |
$ |
69 |
$ |
— |
$ |
69 |
$ |
(2) |
13.3 |
||||||||||||||
Peripheral Intervention |
154 |
148 |
— |
148 |
(4) |
6.7 |
|||||||||||||||||||
Urology and Critical Care |
90 |
85 |
— |
85 |
(1) |
6.8 |
|||||||||||||||||||
TOTAL |
$ |
319 |
$ |
302 |
$ |
— |
$ |
302 |
$ |
(8) |
8.3 |
||||||||||||||
TOTAL INTERNATIONAL |
$ |
2,022 |
$ |
1,954 |
$ |
(23) |
$ |
1,931 |
$ |
(60) |
7.9 |
||||||||||||||
(a) |
Amounts include adjustments for BD's divestiture of its Advanced Bioprocessing business. |
(b) |
Under U.S. generally accepted accounting principles and as a result of Argentina's highly inflationary economy, the functional currency of the Company's operations in Argentina was the U.S. dollar for the quarter ended September 30, 2019. The total foreign currency translation impact above includes $4 million that was calculated by comparing local currency revenues in Argentina for the quarter ended September 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period. |