• | As reported, full fiscal year revenues of $17.290 billion increased 8.2 percent. |
• | On a comparable, currency-neutral basis, revenues increased 5.1 percent for the full fiscal year. |
• | As reported, full fiscal year diluted earnings per share of $3.89 increased 548.3 percent. |
• | As adjusted, full fiscal year diluted earnings per share of $11.68 increased 6.1 percent, or 11.9 percent on a currency-neutral basis. |
• | 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. |
• | As adjusted, the company expects full fiscal year 2020 diluted earnings per share to be between $12.50 and $12.65, resulting in growth of approximately 9.5 to 11.0 percent on a currency-neutral basis. This represents growth of approximately 7.0 to 8.5 percent including the estimated unfavorable impact of foreign currency. Adjusted diluted earnings per share guidance includes an adverse impact of approximately 500 basis points related to the expiration of the Gore royalty. |
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 SHAREHOLDERS | $ | 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 |
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 SHAREHOLDERS | $ | 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 |
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 |
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 and restricted cash | (12 | ) | (17 | ) | ||||
NET DECREASE IN CASH AND EQUIVALENTS AND RESTRICTED CASH | (646 | ) | (12,943 | ) | ||||
OPENING CASH AND EQUIVALENTS AND RESTRICTED CASH | 1,236 | 14,179 | ||||||
CLOSING CASH AND EQUIVALENTS AND RESTRICTED CASH | $ | 590 | $ | 1,236 |
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 |
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 |
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 |
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 |
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 |
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 |
A | B | C | D=B+C | E=(A-D)/D | |||||||||||||||||
BD Reported | BD Reported | Divestiture Adjustments (a) | Comparable | Comparable % Change | |||||||||||||||||
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. |
A | B | C | D=B+C | E | F=(A-D-E)/D | ||||||||||||||||||||
BD Reported | BD Reported | Divestiture Adjustments (a) | Comparable | FX Impact (b) | FXN % Change | ||||||||||||||||||||
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. |
A | B | C | D=B+C | E | F=(A-D-E)/D | ||||||||||||||||||||
BD Reported | BD Reported | Divestiture Adjustments (a) | Comparable | FX Impact (b) | FXN % Change | ||||||||||||||||||||
2019 | 2018 | 2018 | |||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||
Medication Delivery Solutions | $ | 988 | $ | 967 | $ | — | $ | 967 | $ | (14 | ) | 3.6 | |||||||||||||
Medication Management Solutions | 733 | 692 | — | 692 | (6 | ) | 6.8 | ||||||||||||||||||
Diabetes Care | 292 | 285 | — | 285 | (4 | ) | 3.8 | ||||||||||||||||||
Pharmaceutical Systems | 425 | 403 | — | 403 | (10 | ) | 7.8 | ||||||||||||||||||
TOTAL | $ | 2,437 | $ | 2,346 | $ | — | $ | 2,346 | $ | (34 | ) | 5.3 | |||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||
Preanalytical Systems | $ | 393 | $ | 393 | $ | — | $ | 393 | $ | (7 | ) | 1.9 | |||||||||||||
Diagnostic Systems | 409 | 384 | — | 384 | (7 | ) | 8.4 | ||||||||||||||||||
Biosciences | 332 | 331 | (29 | ) | 302 | (5 | ) | 11.4 | |||||||||||||||||
TOTAL | $ | 1,134 | $ | 1,108 | $ | (29 | ) | $ | 1,079 | $ | (19 | ) | 6.9 | ||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||
Surgery | $ | 355 | $ | 328 | $ | — | $ | 328 | $ | (2 | ) | 8.9 | |||||||||||||
Peripheral Intervention | 361 | 348 | — | 348 | (4 | ) | 4.7 | ||||||||||||||||||
Urology and Critical Care | 297 | 271 | — | 271 | (1 | ) | 9.9 | ||||||||||||||||||
TOTAL | $ | 1,013 | $ | 948 | $ | — | $ | 948 | $ | (8 | ) | 7.7 | |||||||||||||
TOTAL REVENUES | $ | 4,584 | $ | 4,402 | $ | (29 | ) | $ | 4,373 | $ | (60 | ) | 6.2 |
(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. |
A | B | C=A+B | D | E | F | G | H=D+E+F+G | I=(C-H)/H | |||||||||||||||||||||||||||||
BD Reported | Divestiture Adjustments (a) | Comparable | BD Reported | Bard Q1 (b) | Intercompany Adjustment (c) | Divestiture and Other Adjustments (a) | Comparable | Comparable % Change | |||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | 2,048 | $ | — | $ | 2,048 | $ | 1,892 | $ | 145 | $ | (3 | ) | $ | (9 | ) | $ | 2,025 | 1.2 | ||||||||||||||||||
Medication Management Solutions | 2,104 | — | 2,104 | 1,957 | — | — | — | 1,957 | 7.5 | ||||||||||||||||||||||||||||
Diabetes Care | 573 | — | 573 | 564 | — | — | — | 564 | 1.5 | ||||||||||||||||||||||||||||
Pharmaceutical Systems | 392 | — | 392 | 357 | — | — | — | 357 | 9.7 | ||||||||||||||||||||||||||||
TOTAL | $ | 5,116 | $ | — | $ | 5,116 | $ | 4,770 | $ | 145 | $ | (3 | ) | $ | (9 | ) | $ | 4,903 | 4.4 | ||||||||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||||||||||||||
Preanalytical Systems | $ | 774 | $ | — | $ | 774 | $ | 761 | $ | — | $ | — | $ | (12 | ) | $ | 749 | 3.4 | |||||||||||||||||||
Diagnostic Systems | 672 | — | 672 | 678 | — | — | — | 678 | (0.8 | ) | |||||||||||||||||||||||||||
Biosciences | 485 | (4 | ) | 481 | 475 | — | — | (39 | ) | 436 | 10.3 | ||||||||||||||||||||||||||
TOTAL | $ | 1,931 | $ | (4 | ) | $ | 1,928 | $ | 1,914 | $ | — | $ | — | $ | (51 | ) | $ | 1,862 | 3.5 | ||||||||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||||||||||||||
Surgery | $ | 1,098 | $ | — | $ | 1,098 | $ | 946 | $ | 105 | $ | — | $ | (15 | ) | $ | 1,036 | 6.0 | |||||||||||||||||||
Peripheral Intervention | 787 | — | 787 | 594 | 188 | — | — | 782 | 0.7 | ||||||||||||||||||||||||||||
Urology and Critical Care | 797 | — | 797 | 544 | 177 | — | — | 721 | 10.6 | ||||||||||||||||||||||||||||
TOTAL | $ | 2,682 | $ | — | $ | 2,682 | $ | 2,084 | $ | 470 | $ | — | $ | (15 | ) | $ | 2,539 | 5.6 | |||||||||||||||||||
TOTAL UNITED STATES | $ | 9,730 | $ | (4 | ) | $ | 9,726 | $ | 8,768 | $ | 614 | $ | (3 | ) | $ | (75 | ) | $ | 9,304 | 4.5 |
(a) | The amounts for the twelve months ended September 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business. The amounts for the twelve months ended September 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. Additionally, Medication Delivery Solutions and Preanalytical Systems results for the twelve months ended September 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018. Accordingly, to ensure comparability of revenue growth, the results for the twelve months ended September 30, 2018 have been adjusted to reflect these cumulative fees. The Company records rebate and customer incentive fees as a reduction to revenue. |
(b) | Amounts represent revenues for the quarter ended December 31, 2017. BD reported a Gore royalty amount, which was previously reported as revenues by Bard, 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. |
A | B | C=A+B | D | E | F | G=D+E+F | H | I=(C-G-H)/G | |||||||||||||||||||||||||||||
BD Reported | Divestiture Adjustments (a) | Comparable | BD Reported | Bard Q1 (b) | Divestiture Adjustments (a) | Comparable | FX Impact (c) | FXN % Change | |||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | 1,811 | $ | — | $ | 1,811 | $ | 1,752 | $ | 68 | $ | — | $ | 1,821 | $ | (101 | ) | 5.0 | |||||||||||||||||||
Medication Management Solutions | 525 | — | 525 | 513 | — | — | 513 | (26 | ) | 7.5 | |||||||||||||||||||||||||||
Diabetes Care | 538 | — | 538 | 541 | — | — | 541 | (28 | ) | 4.6 | |||||||||||||||||||||||||||
Pharmaceutical Systems | 1,073 | — | 1,073 | 1,040 | — | — | 1,040 | (47 | ) | 7.6 | |||||||||||||||||||||||||||
TOTAL | $ | 3,947 | $ | — | $ | 3,947 | $ | 3,846 | $ | 68 | $ | — | $ | 3,915 | $ | (202 | ) | 6.0 | |||||||||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||||||||||||||
Preanalytical Systems | $ | 784 | $ | — | $ | 784 | $ | 792 | $ | — | $ | — | $ | 792 | $ | (52 | ) | 5.5 | |||||||||||||||||||
Diagnostic Systems | 875 | — | 875 | 858 | — | — | 858 | (46 | ) | 7.3 | |||||||||||||||||||||||||||
Biosciences | 709 | (5 | ) | 704 | 766 | — | (67 | ) | 699 | (30 | ) | 5.1 | |||||||||||||||||||||||||
TOTAL | $ | 2,368 | $ | (5 | ) | $ | 2,363 | $ | 2,416 | $ | — | $ | (67 | ) | $ | 2,350 | $ | (129 | ) | 6.1 | |||||||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||||||||||||||
Surgery | $ | 299 | $ | — | $ | 299 | $ | 245 | $ | 49 | $ | (3 | ) | $ | 291 | $ | (13 | ) | 7.5 | ||||||||||||||||||
Peripheral Intervention | 602 | — | 602 | 451 | 146 | — | 597 | (29 | ) | 5.8 | |||||||||||||||||||||||||||
Urology and Critical Care | 342 | — | 342 | 256 | 90 | — | 347 | (12 | ) | 2.4 | |||||||||||||||||||||||||||
TOTAL | $ | 1,244 | $ | — | $ | 1,244 | $ | 953 | $ | 285 | $ | (3 | ) | $ | 1,235 | $ | (55 | ) | 5.2 | ||||||||||||||||||
TOTAL INTERNATIONAL | $ | 7,560 | $ | (5 | ) | $ | 7,555 | $ | 7,215 | $ | 353 | $ | (70 | ) | $ | 7,499 | $ | (386 | ) | 5.9 |
(a) | The amounts for the twelve months ended September 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business. The amounts for the twelve months ended September 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. |
(b) | Amounts represent revenues for the quarter ended December 31, 2017. |
(c) | 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 twelve months ended September 30, 2019. The total foreign currency translation impact above includes $22 million that was calculated by comparing local currency revenues in Argentina for the twelve months ended September 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period. |
A | B | C=A+B | D | E | F | G | H=D+E+F+G | I | J=(C-H-I)/H | ||||||||||||||||||||||||||||||||
BD Reported | Divestiture Adjustments (a) | Comparable | BD Reported | Bard Q1 (b) | Intercompany Adjustment (c) | Divestiture and Other Adjustments (a) | Comparable | FX Impact (d) | FXN % Change | ||||||||||||||||||||||||||||||||
2019 | 2019 | 2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||||||
BD MEDICAL | |||||||||||||||||||||||||||||||||||||||||
Medication Delivery Solutions | $ | 3,859 | $ | — | $ | 3,859 | $ | 3,644 | $ | 213 | $ | (3 | ) | $ | (9 | ) | $ | 3,845 | $ | (101 | ) | 3.0 | |||||||||||||||||||
Medication Management Solutions | 2,629 | — | 2,629 | 2,470 | — | — | — | 2,470 | (26 | ) | 7.5 | ||||||||||||||||||||||||||||||
Diabetes Care | 1,110 | — | 1,110 | 1,105 | — | — | — | 1,105 | (28 | ) | 3.0 | ||||||||||||||||||||||||||||||
Pharmaceutical Systems | 1,465 | — | 1,465 | 1,397 | — | — | — | 1,397 | (47 | ) | 8.2 | ||||||||||||||||||||||||||||||
TOTAL | $ | 9,064 | $ | — | $ | 9,064 | $ | 8,616 | $ | 213 | $ | (3 | ) | $ | (9 | ) | $ | 8,817 | $ | (202 | ) | 5.1 | |||||||||||||||||||
BD LIFE SCIENCES | |||||||||||||||||||||||||||||||||||||||||
Preanalytical Systems | $ | 1,558 | $ | — | $ | 1,558 | $ | 1,553 | $ | — | $ | — | $ | (12 | ) | $ | 1,541 | $ | (52 | ) | 4.5 | ||||||||||||||||||||
Diagnostic Systems | 1,547 | — | 1,547 | 1,536 | — | — | — | 1,536 | (46 | ) | 3.8 | ||||||||||||||||||||||||||||||
Biosciences | 1,194 | (9 | ) | 1,185 | 1,241 | — | — | (106 | ) | 1,135 | (30 | ) | 7.1 | ||||||||||||||||||||||||||||
TOTAL | $ | 4,300 | $ | (9 | ) | $ | 4,291 | $ | 4,330 | $ | — | $ | — | $ | (118 | ) | $ | 4,212 | $ | (129 | ) | 4.9 | |||||||||||||||||||
BD INTERVENTIONAL | |||||||||||||||||||||||||||||||||||||||||
Surgery | $ | 1,397 | $ | — | $ | 1,397 | $ | 1,192 | $ | 153 | $ | — | $ | (18 | ) | $ | 1,327 | $ | (13 | ) | 6.3 | ||||||||||||||||||||
Peripheral Intervention | 1,389 | — | 1,389 | 1,045 | 334 | — | — | 1,379 | (29 | ) | 2.9 | ||||||||||||||||||||||||||||||
Urology and Critical Care | 1,140 | — | 1,140 | 800 | 267 | — | — | 1,068 | (12 | ) | 7.9 | ||||||||||||||||||||||||||||||
TOTAL | $ | 3,926 | $ | — | $ | 3,926 | $ | 3,037 | $ | 755 | $ | — | $ | (18 | ) | $ | 3,774 | $ | (55 | ) | 5.5 | ||||||||||||||||||||
TOTAL REVENUES | $ | 17,290 | $ | (9 | ) | $ | 17,281 | $ | 15,983 | $ | 968 | $ | (3 | ) | $ | (144 | ) | $ | 16,803 | $ | (386 | ) | 5.1 |
(a) | The amounts for the twelve months ended September 30, 2019 and 2018 include adjustments for BD's divestiture of its Advanced Bioprocessing business. The amounts for the twelve months ended September 30, 2018 also include adjustments for BD's divestitures of its soft tissue core needle biopsy product line and Bard's divestiture of its Aspira® product line. Additionally, Medication Delivery Solutions and Preanalytical Systems results for the twelve months ended September 30, 2019 included a total of $21 million in cumulative customer rebate and incentive fees relating to fiscal year 2018. Accordingly, to ensure comparability of revenue growth, the results for the twelve months ended September 30, 2018 have been adjusted to reflect these cumulative fees. The Company records rebate and customer incentive fees as a reduction to revenue. |
(b) | Amounts represent revenues for the quarter ended December 31, 2017. BD reported a Gore royalty amount, which was previously reported as revenues by Bard, 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) | 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 twelve months ended September 30, 2019. The total foreign currency translation impact above includes $22 million that was calculated by comparing local currency revenues in Argentina for the twelve months ended September 30, 2019, translated using the prior-period exchange rate, to the reported U.S. dollar revenues for this same period. |
Three Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | Growth | Foreign Currency Translation | Foreign Currency Neutral Growth | Growth % | Foreign Currency Neutral Growth % | ||||||||||||||||||||
Reported Diluted Earnings (Loss) per Share | $ | 0.41 | $ | (0.64 | ) | $ | 1.05 | $ | 0.02 | $ | 1.03 | 164.1 | % | 160.9 | % | |||||||||||
Purchase accounting adjustments ($364 million and $374 million pre-tax, respectively) (1) | 1.32 | 1.39 | — | |||||||||||||||||||||||
Restructuring costs ($81 million and $57 million pre-tax, respectively) (2) | 0.30 | 0.21 | — | |||||||||||||||||||||||
Integration costs ($118 million and $88 million pre-tax, respectively) (2) | 0.43 | 0.33 | — | |||||||||||||||||||||||
Transaction gain/loss and product-related matters ($585 million pre-tax) (3) | 2.13 | — | — | |||||||||||||||||||||||
Impacts of debt extinguishment ($1 million pre-tax) (4) | 0.01 | — | — | |||||||||||||||||||||||
European regulatory initiative-related costs ($22 million pre-tax) (5) | 0.08 | — | — | |||||||||||||||||||||||
Net impact of gain on sale of investment and asset impairments ($63 million pre-tax) (6) | — | 0.23 | — | |||||||||||||||||||||||
Hurricane-related (insurance proceeds) recovery costs ($(14) million and $2 million pre-tax, respectively) | (0.05 | ) | 0.01 | — | ||||||||||||||||||||||
Transaction costs ($(5) million pre-tax) (2) | — | (0.02 | ) | — | ||||||||||||||||||||||
Dilutive Impact (7) | — | (0.07 | ) | — | ||||||||||||||||||||||
Income tax benefit of special items and impact of tax reform ($(359) million and $398 million, respectively) (8) | (1.31 | ) | 1.48 | — | ||||||||||||||||||||||
Adjusted Diluted Earnings per Share | $ | 3.31 | $ | 2.93 | $ | 0.38 | $ | 0.02 | $ | 0.36 | 13.0 | % | 12.3 | % |
(1) | Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt. |
(2) | Represents restructuring, integration and transaction costs associated with acquisitions. |
(3) | Primarily includes amounts recorded to Other operating expense, net to record product liability reserves, including related legal defense costs, of $582 million. |
(4) | Represents the impacts recognized upon the extinguishment of certain long-term senior notes. |
(5) | Represents initial costs required to develop processes and systems to comply with emerging regulations such as the European Union Medical Device Regulation ("EUMDR") and General Data Protection Regulation ("GDPR"). |
(6) | Includes $58 million of charges to write down the value of fixed assets primarily in the Diabetes Care unit. |
(7) | The amount in 2018 represents the exclusion of share equivalents associated with share-based plans from the reported diluted shares outstanding calculation because such equivalents would have been antidilutive due to the net loss incurred during the period. The adjusted diluted average shares outstanding (in thousands) were 274,693. |
(8) | The amount in 2018 includes additional tax expense, net, of $365 million relating to new U.S. tax legislation. |
Twelve Months Ended September 30, | ||||||||||||||||||||||||||
2019 | 2018 | Growth | Foreign Currency Translation | Foreign Currency Neutral Growth | Growth % | Foreign Currency Neutral Growth % | ||||||||||||||||||||
Reported Diluted Earnings per Share | $ | 3.89 | $ | 0.60 | $ | 3.29 | $ | (0.62 | ) | $ | 3.91 | 548.3 | % | 651.7 | % | |||||||||||
Purchase accounting adjustments ($1.499 billion and $1.733 billion pre-tax, respectively) (1) | 5.46 | 6.55 | (0.01 | ) | ||||||||||||||||||||||
Restructuring costs ($180 million and $344 million pre-tax, respectively) (2) | 0.66 | 1.30 | — | |||||||||||||||||||||||
Integration costs ($323 million and $344 million pre-tax, respectively) (2) | 1.18 | 1.30 | (0.01 | ) | ||||||||||||||||||||||
Transaction gain/loss and product-related matters ($646 million pre-tax) (3) | 2.35 | — | — | |||||||||||||||||||||||
Impacts of debt extinguishment ($54 million and $16 million pre-tax, respectively) (4) | 0.20 | 0.06 | — | |||||||||||||||||||||||
European regulatory initiative-related costs ($51 million pre-tax) (5) | 0.19 | — | — | |||||||||||||||||||||||
Net impact of gain on sale of investment and asset impairments ($30 million and $(151) million pre-tax, respectively) (6) | 0.11 | (0.57 | ) | — | ||||||||||||||||||||||
Hurricane-related (insurance proceeds) recovery costs ($(24) million and $17 million pre-tax, respectively) | (0.09 | ) | 0.07 | — | ||||||||||||||||||||||
Transaction costs ($1 million and $56 million pre-tax, respectively) (2) | — | 0.21 | — | |||||||||||||||||||||||
Financing impacts ($49 million pre-tax) (7) | — | 0.19 | — | |||||||||||||||||||||||
Dilutive Impact (8) | — | 0.30 | — | |||||||||||||||||||||||
Income tax benefit of special items and impact of tax reform ($(622) million and $265 million, respectively) (9) | (2.26 | ) | 1.00 | — | ||||||||||||||||||||||
Adjusted Diluted Earnings per Share | $ | 11.68 | $ | 11.01 | $ | 0.67 | $ | (0.64 | ) | $ | 1.31 | 6.1 | % | 11.9 | % |
(1) | Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt. The amount in 2018 also included a fair value step-up adjustment of $478 million recorded relative to Bard's inventory on the acquisition date. |
(2) | Represents restructuring, integration and transaction costs associated with acquisitions. |
(3) | Includes amounts recorded to Other operating expense, net to record product liability reserves, including related legal defense costs, of $914 million and the estimated cumulative costs of a product recall of $75 million. Also includes the pre-tax gain of $336 million recognized in Other operating expense, net related to BD's sale of its Advanced Bioprocessing business. |
(4) | Represents the impacts recognized upon the extinguishment of certain long-term senior notes. |
(5) | Represents initial costs required to develop processes and systems to comply with emerging regulations such as the EUMDR and GDPR. |
(6) | The amount in 2019 represents a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit. The amount in 2018 included the net amount recognized in the period related to BD's sale of its non-controlling interest in Vyaire Medical, partially offset by $81 million of charges recorded to write down the carrying value of certain intangible and other assets in the Biosciences unit as well as $58 million of charges to write down the value of fixed assets primarily in the Diabetes Care unit. |
(7) | Represents financing impacts associated with the Bard acquisition. |
(8) | Represents the dilutive impact of BD shares issued in May 2017, in anticipation of the Bard acquisition and BD shares issued as consideration transferred to acquire Bard. The adjusted diluted average shares outstanding (in thousands) was 260,758. |
(9) | The amount for the twelve months ended September 30, 2018 included additional tax expense, net, of $640 million, relating to new U.S. tax legislation. |
FY2019 | FY2020 Outlook | ||||||||||
Revenues | % Change | FX Impact | % Change FXN | ||||||||
BDX Revenue | $ | 17,290 | 4.0% to 4.5% | ~1.0% | 5.0% to 5.5% | ||||||
FY2020 Outlook | |||||||||||
Full Year FY2019 | Full Year FY2020 Outlook | % Increase | |||||||||
Reported Diluted Earnings per Share | $ | 3.89 | |||||||||
Purchase accounting adjustments ($1.499 billion pre-tax) (1) | 5.46 | ||||||||||
Restructuring costs ($180 million pre-tax) (2) | 0.66 | ||||||||||
Integration costs ($323 million pre-tax) (2) | 1.18 | ||||||||||
Transaction gain/loss and product-related matters ($646 million pre-tax) (3) | 2.35 | ||||||||||
Impacts of debt extinguishment ($54 million pre-tax) (4) | 0.20 | ||||||||||
European regulatory initiative-related costs ($51 million pre-tax) (5) | 0.19 | ||||||||||
Impact of asset impairment ($30 million pre-tax) (6) | 0.11 | ||||||||||
Hurricane-related insurance proceeds ($(24) million pre-tax) | (0.09 | ) | |||||||||
Income tax benefit of special items and impact of tax reform ($(622) million) | (2.26 | ) | |||||||||
Adjusted Diluted Earnings per Share | $ | 11.68 | $12.50 to 12.65 | 7.0% to 8.5% | |||||||
Estimated FX Impact | ~2.5% | ||||||||||
Adjusted FXN Growth | 9.5% to 11.0% |
(1) | Includes amortization and other adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt. |
(2) | Represents restructuring, integration and transaction costs associated with acquisitions. |
(3) | Includes amounts recorded to Other operating expense, net to record product liability reserves, including related legal defense costs, of $914 million and the estimated cumulative costs of a product recall of $75 million. Also includes the pre-tax gain of $336 million recognized in Other operating expense, net related to BD's sale of its Advanced Bioprocessing business. |
(4) | Represents the impacts recognized upon the extinguishment of certain long-term senior notes. |
(5) | Represents initial costs required to develop processes and systems to comply with emerging regulations such as the EUMDR and GDPR. |
(6) | Represents a charge recorded to write down the carrying value of certain intangible assets in the Surgery unit. |