FRANKLIN LAKES, N.J., May 1, 2014 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly revenues of $2.072 billion for the second fiscal quarter ended March 31, 2014, representing an increase of 3.6 percent from the prior-year period, or 5.1 percent on a foreign currency-neutral basis.
"We are pleased with our solid second quarter and year-to-date results," said Vincent A. Forlenza, Chairman, CEO and President. "Revenues were driven by the Medical segment and continued improvement in our Biosciences segment. This consistent performance demonstrates the breadth of the growth drivers across our businesses and regions, and highlights the diversity of our portfolio."
Second Quarter and Six-Month Fiscal 2014 Operating Results
Reported diluted earnings per share from continuing operations for the second quarter were $1.45 compared with $1.39 in the prior-year period, representing a 4.3 percent increase. On a foreign currency-neutral basis, diluted earnings per share from continuing operations for the second quarter increased by 10.1 percent. Current quarter results include pre-tax charges for asset write-offs of $20 million, or $0.06 diluted earnings per share from continuing operations, and contract termination costs of $11 million, or $0.04 diluted earnings per share from continuing operations, partially offset by a pre-tax gain on investment of $8 million, or $0.03 diluted earnings per share from continuing operations. Excluding the net impact of these items, adjusted diluted earnings per share from continuing operations were $1.53. This represents an increase of 10.1 percent, or 15.8 percent on a currency-neutral basis.
For the six-month period ending March 31, 2014, diluted earnings per share from continuing operations were $2.82, compared with $2.74 in the prior-year period. This represents growth of 2.9 percent, or 9.1 percent on a currency-neutral basis. Excluding the first quarter incremental impact of the medical device excise tax, which went into effect in January 2013 under the U.S. Patient Protection and Affordable Care Act, adjusted diluted earnings per share from continuing operations were $2.94 compared with $2.74 in the prior-year period. This represents growth of 7.3 percent, or 13.5 percent on a currency-neutral basis.
Segment Results
In the BD Medical segment, worldwide revenues for the quarter were $1.116 billion, representing an increase of 5.1 percent compared with the prior-year period, or an increase of 6.3 percent on a foreign currency-neutral basis. The segment's revenue growth reflects strong sales in the Diabetes Care unit and solid sales in the Medical Surgical Systems and Pharmaceutical Systems units.
For the six-month period ended March 31, 2014, BD Medical revenues increased 6.6 percent, or 7.4 percent on a currency-neutral basis.
In the BD Diagnostics segment, worldwide revenues for the quarter were $653 million, representing a decrease of 0.9 percent compared with the prior-year period, or an increase of 1.0 percent on a foreign currency-neutral basis. Solid sales in the Preanalytical Systems unit were partially offset by ongoing softness in Women's Health and Cancer in the U.S.
For the six-month period ended March 31, 2014, BD Diagnostics revenues increased 1.1 percent, or 2.6 percent on a currency-neutral basis.
In the BD Biosciences segment, worldwide revenues for the quarter were $302 million, representing an increase of 8.2 percent compared with the prior-year period, or an increase of 10.2 percent on a foreign currency-neutral basis. The segment's growth was driven by continued strength in emerging markets, solid instrument placements, a favorable comparison to the prior year and a timing of orders.
For the six-month period ended March 31, 2014, BD Biosciences revenues increased 6.8 percent, or 8.0 percent on a currency-neutral basis.
Geographic Results
Second quarter revenues in the U.S. of $826 million represent an increase of 0.2 percent over the prior-year period. Revenues outside of the U.S. were $1.246 billion, representing an increase of 5.9 percent compared with the prior-year period, or an increase of 8.5 percent on a foreign currency-neutral basis. International revenues reflected continued strength in emerging markets and sales of safety-engineered products.
For the six-month period ended March 31, 2014, revenues in the U.S. were $1.675 billion, representing an increase of 1.3 percent compared with the prior-year period. Revenues outside of the U.S. were $2.412 billion, representing an increase of 7.3 percent when compared with the prior-year period, or 9.2 percent on a foreign currency-neutral basis.
Fiscal 2014 Outlook for Full Year
The Company reaffirms its previously communicated currency-neutral revenue guidance range of 4.5 to 5.0 percent. On a reported basis, the Company expects revenue growth of 4.0 to 4.5 percent. The Company is raising its previous guidance for diluted earnings per share from continuing operations for the full fiscal year 2014 to be between $6.14 and $6.17, or $6.22 and $6.25 excluding the impact of the previously mentioned second quarter adjustments. This represents growth of 7.0 to 7.5 percent over 2013 adjusted diluted earnings per share of $5.81. On a foreign currency-neutral basis, adjusted diluted earnings per share are expected to grow about 10.0 to 10.5 percent, or 11.0 to 11.5 percent excluding the incremental impact of the medical device tax. The Company plans to repurchase, subject to market conditions, about $450 million of its common stock in fiscal year 2014.
Conference Call Information
A conference call regarding BD's second quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Thursday, May 1(st), 2014. The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Thursday, May 8(th), 2014, confirmation number 24652897.
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.
About BD
BD is a leading medical technology company that partners with customers and stakeholders to address many of the world's most pressing and evolving health needs. Our innovative solutions are focused on improving drug delivery, enhancing the diagnosis of infectious diseases and cancers, supporting the management of diabetes and advancing cellular research. We are nearly 30,000 associates in 50 countries who strive to fulfill our purpose of "Helping all people live healthy lives" by advancing the quality, accessibility, safety and affordability of healthcare around the world. For more information, please visit www.bd.com .
***
This press release, including the section entitled "Fiscal 2014 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 from any forward-looking statement. These factors include, but are not limited to: potential cuts in healthcare spending by the U.S. government as part of deficit reduction measures which could result in reduced demand for our product or downward pricing pressure; the unknown consequences of healthcare reform in the United States, including the impact of the reduction in Medicare and Medicaid payments to hospitals, pharmaceutical companies and other customers, which could reduce demand for our products and increase downward pricing pressure; adverse changes in regional, national or foreign economic conditions, including any impact that may result from the current global economic conditions on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems; competitive factors; pricing and market pressures; difficulties inherent in product development and delays in product introductions; increases in energy costs and their effect on, among other things, the cost of producing BD's products; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
Contact:
Monique N. Dolecki, Investor Relations - 201-847-5453
Alyssa J. Zeff, Corporate Communications - 201-847-4358
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in millions, except share and per share data)
Three Months Ended
March 31,
2014 2013 % Change
---- ---- --------
REVENUES $2,072 $2,000 3.6
Cost of products
sold 1,019 982 3.7
Selling and
administrative 525 515 2.0
Research and
development 147 122 20.0
------------ --- --- ----
TOTAL OPERATING
COSTS
AND EXPENSES 1,690 1,619 4.4
------------ ----- ----- ---
OPERATING INCOME 381 381 0.1
Interest income 10 12 (18.4)
Interest expense (33) (35) (4.7)
Other income, net 5 2 NM
----------------- --- --- ---
INCOME FROM
CONTINUING
OPERATIONS
BEFORE
INCOME TAXES 363 360 0.8
Income tax
provision 76 84 (9.9)
---------- --- --- ----
INCOME FROM
CONTINUING
OPERATIONS 287 276 4.0
INCOME (LOSS)
FROM
DISCONTINUED
OPERATIONS
NET OF INCOME TAX
PROVISION
(BENEFIT) OF
$0 AND $(1), RESPECTIVELY - - NM
------------------------- --- --- ---
NET INCOME $287 $276 4.2
---------- ---- ---- ---
EARNINGS PER
SHARE
Basic:
Income from
continuing
operations $1.48 $1.42 4.2
Income (loss)
from
discontinued
operations $ - $ - -
Net income $1.48 $1.42 4.2
Diluted:
Income from
continuing
operations $1.45 $1.39 4.3
Income (loss)
from
discontinued
operations $ - $ - -
Net income $1.45 $1.39 4.3
AVERAGE SHARES
OUTSTANDING (in
thousands)
Basic 193,609 194,609
Diluted 197,488 198,143
------- ------- -------
NM -Not
Meaningful
BECTON DICKINSON
AND COMPANY
CONSOLIDATED
INCOME
STATEMENTS
(Unaudited; Amounts in millions, except share and
per share data)
Six Months Ended
March 31,
2014 2013 % Change
---- ---- --------
REVENUES $4,086 $3,901 4.8
Cost of products
sold 1,999 1,876 6.5
Selling and
administrative 1,056 1,010 4.5
Research and
development 273 241 13.4
------------ --- --- ----
TOTAL OPERATING
COSTS
AND EXPENSES 3,327 3,127 6.4
------------ ----- ----- ---
OPERATING INCOME 759 773 (1.8)
Interest income 24 20 19.4
Interest expense (67) (70) (4.5)
Other income, net 6 3 NM
----------------- --- --- ---
INCOME FROM
CONTINUING
OPERATIONS
BEFORE
INCOME TAXES 722 726 (0.6)
Income tax
provision 164 180 (9.0)
---------- --- --- ----
INCOME FROM
CONTINUING
OPERATIONS 558 546 2.2
INCOME FROM
DISCONTINUED
OPERATIONS
NET OF INCOME TAX
PROVISION OF
$0 AND $215, RESPECTIVELY - 355 NM
------------------------- --- --- ---
NET INCOME $558 $901 (38.0)
---------- ---- ---- -----
EARNINGS PER
SHARE
Basic:
Income from
continuing
operations $2.88 $2.79 3.2
Income from
discontinued
operations $ - $1.81 NM
Net income $2.88 $4.61 (37.5)
Diluted:
Income from
continuing
operations $2.82 $2.74 2.9
Income from
discontinued
operations $ - $1.78 NM
Net income $2.82 $4.53 (37.7)
AVERAGE SHARES
OUTSTANDING (in
thousands)
Basic 193,909 195,528
Diluted 197,998 199,068
------- ------- -------
NM -Not
Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC
AREA
(Unaudited;
Amounts in
millions)
Three Months Ended
March 31,
2014 2013 % Change
---- ---- --------
BD MEDICAL
----------
United States $434 $412 5.2
International 682 650 5.0
------------- --- ---
TOTAL $1,116 $1,062 5.1
----- ------ ------ ---
BD DIAGNOSTICS
--------------
United States $301 $322 (6.4)
International 352 337 4.5
------------- --- ---
TOTAL $653 $659 (0.9)
----- ---- ---- ----
BD BIOSCIENCES
--------------
United States $90 $89 1.4
International 212 191 11.4
------------- --- ---
TOTAL $302 $279 8.2
----- ---- ---- ---
TOTAL REVENUES
--------------
United States $826 $824 0.2
International 1,246 1,177 5.9
------------- ----- -----
TOTAL $2,072 $2,000 3.6
----- ------ ------ ---
BECTON DICKINSON
AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC
AREA
(Unaudited;
Amounts in
millions)
Six Months Ended
March 31,
2014 2013 % Change
---- ---- --------
BD MEDICAL
----------
United States $875 $838 4.5
International 1,304 1,208 8.0
------------- ----- -----
TOTAL $2,180 $2,045 6.6
----- ------ ------ ---
BD DIAGNOSTICS
--------------
United States $622 $643 (3.2)
International 703 668 5.2
------------- --- ---
TOTAL $1,325 $1,311 1.1
----- ------ ------ ---
BD BIOSCIENCES
--------------
United States $177 $173 2.3
International 404 371 8.9
------------- --- ---
TOTAL $581 $544 6.8
----- ---- ---- ---
TOTAL REVENUES
--------------
United States $1,675 $1,654 1.3
International 2,412 2,247 7.3
------------- ----- -----
TOTAL $4,086 $3,901 4.8
----- ------ ------ ---
BECTON DICKINSON
AND COMPANY
SUPPLEMENTAL
REVENUE
INFORMATION
REVENUES BY
BUSINESS
SEGMENTS AND
UNITS
Three Months
Ended March 31,
(Unaudited;
Amounts in
millions)
United States
-------------
2014 2013 % Change
---- ---- --------
BD MEDICAL
----------
Medical
Surgical
Systems $240 $236 1.9
Diabetes Care 118 107 10.3
Pharmaceutical
Systems 76 70 8.8
TOTAL $434 $412 5.2
----- ---- ---- ---
BD DIAGNOSTICS
--------------
Preanalytical
Systems $163 $162 0.7
Diagnostic
Systems 138 160 (13.6)
---------- --- ---
TOTAL $301 $322 (6.4)
----- ---- ---- ----
BD BIOSCIENCES $90 $89 1.4
-------------- --- --- ---
TOTAL UNITED
STATES $826 $824 0.2
------------ ---- ---- ---
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
International
-------------
% Change
--------
2014 2013 Reported FXN FX Impact
---- ---- -------- --- ---------
BD MEDICAL
----------
Medical Surgical
Systems $311 $303 2.6 6.3 (3.7)
Diabetes Care 133 125 6.2 10.5 (4.3)
Pharmaceutical
Systems 238 221 7.6 5.9 1.7
---
TOTAL $682 $650 5.0 7.0 (2.0)
----- ---- ---- --- --- ----
BD DIAGNOSTICS
--------------
Preanalytical
Systems $179 $168 6.7 10.2 (3.5)
Diagnostic Systems 173 169 2.3 6.0 (3.7)
------------------
TOTAL $352 $337 4.5 8.1 (3.6)
----- ---- ---- --- --- ----
BD BIOSCIENCES $212 $191 11.4 14.3 (2.9)
-------------- ---- ---- ---- --- ----
TOTAL
INTERNATIONAL $1,246 $1,177 5.9 8.5 (2.6)
-------------- ---- ---- --- --- ----
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
Total
-----
% Change
--------
2014 2013 Reported FXN FX Impact
---- ---- -------- --- ---------
BD MEDICAL
----------
Medical Surgical
Systems $551 $539 2.3 4.4 (2.1)
Diabetes Care 251 232 8.1 10.4 (2.3)
Pharmaceutical
Systems 314 291 7.9 6.6 1.3
TOTAL $1,116 $1,062 5.1 6.3 (1.2)
----- ---- ---- --- --- ----
BD DIAGNOSTICS
--------------
Preanalytical
Systems $342 $330 3.7 5.5 (1.8)
Diagnostic Systems 311 329 (5.5) (3.6) (1.9)
------------------
TOTAL $653 $659 (0.9) 1.0 (1.9)
----- ---- ---- ---- --- ----
BD BIOSCIENCES $302 $279 8.2 10.2 (2.0)
-------------- ---- ---- --- --- ----
TOTAL REVENUES $2,072 $2,000 3.6 5.1 (1.5)
-------------- ---- ---- --- --- ----
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31,
(Unaudited; Amounts in millions)
United States
-------------
2014 2013 % Change
---- ---- --------
BD MEDICAL
----------
Medical Surgical Systems $502 $485 3.6
Diabetes Care 239 219 9.3
Pharmaceutical Systems 133 134 (0.4)
TOTAL $875 $838 4.5
----- ---- ---- ---
BD DIAGNOSTICS
--------------
Preanalytical Systems $335 $329 1.7
Diagnostic Systems 288 314 (8.3)
------------------ --- ---
TOTAL $622 $643 (3.2)
----- ---- ---- ----
BD BIOSCIENCES $177 $173 2.3
-------------- ---- ---- ---
TOTAL UNITED STATES $1,675 $1,654 1.3
------------------- ---- ---- ---
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
International
-------------
% Change
--------
2014 2013 Reported FXN FX Impact
---- ---- -------- --- ---------
BD MEDICAL
----------
Medical Surgical
Systems $627 $590 6.4 9.2 (2.8)
Diabetes Care 275 256 7.5 11.0 (3.5)
Pharmaceutical
Systems 402 362 11.0 8.5 2.5
TOTAL $1,304 $1,208 8.0 9.4 (1.4)
----- ---- ---- --- --- ----
BD DIAGNOSTICS
--------------
Preanalytical
Systems $355 $336 5.7 8.2 (2.5)
Diagnostic Systems 348 332 4.7 8.0 (3.3)
------------------
TOTAL $703 $668 5.2 8.1 (2.9)
----- ---- ---- --- --- ----
BD BIOSCIENCES $404 $371 8.9 10.6 (1.7)
-------------- ---- ---- --- --- ----
TOTAL
INTERNATIONAL $2,412 $2,247 7.3 9.2 (1.9)
-------------- ---- ---- --- --- ----
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in millions)
Total
-----
% Change
--------
2014 2013 Reported FXN FX Impact
---- ---- -------- --- ---------
BD MEDICAL
----------
Medical Surgical
Systems $1,130 $1,075 5.2 6.7 (1.5)
Diabetes Care 514 475 8.3 10.2 (1.9)
Pharmaceutical
Systems 535 496 7.9 6.1 1.8
TOTAL $2,180 $2,045 6.6 7.4 (0.8)
----- ---- ---- --- --- ----
BD DIAGNOSTICS
--------------
Preanalytical
Systems $690 $665 3.7 5.0 (1.3)
Diagnostic Systems 636 646 (1.6) 0.1 (1.7)
------------------
TOTAL $1,325 $1,311 1.1 2.6 (1.5)
----- ---- ---- --- --- ----
BD BIOSCIENCES $581 $544 6.8 8.0 (1.2)
-------------- ---- ---- --- --- ----
TOTAL REVENUES $4,086 $3,901 4.8 5.9 (1.1)
-------------- ---- ---- --- --- ----
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in millions)
Three Months Ended March 31,
----------------------------
% Change
--------
2014 2013 Reported FXN FX Impact
---- ---- -------- --- ---------
TOTAL SAFETY
REVENUES
------------
United States $287 $287 - - -
International 244 227 7.3 11.2 (3.9)
------------- --- --- --- ----
TOTAL $531 $514 3.2 4.9 (1.7)
----- ---- ---- --- --- ----
BY SEGMENT
----------
BD Medical $263 $256 2.7 4.4 (1.7)
BD Diagnostics 268 258 3.7 5.5 (1.8)
-------------- --- --- --- ----
TOTAL $531 $514 3.2 4.9 (1.7)
----- ---- ---- --- --- ----
Six Months Ended March 31,
--------------------------
% Change
--------
2014 2013 Reported FXN FX Impact
---- ---- -------- --- ---------
TOTAL SAFETY
REVENUES
------------
United States $602 $578 4.1 4.1 -
International 486 447 8.7 11.6 (2.9)
------------- --- --- --- ----
TOTAL $1,088 $1,026 6.1 7.3 (1.2)
----- ---- ---- --- --- ----
BY SEGMENT
----------
BD Medical $548 $508 7.8 9.1 (1.3)
BD Diagnostics 540 517 4.4 5.6 (1.2)
-------------- --- --- --- ----
TOTAL $1,088 $1,026 6.1 7.3 (1.2)
----- ---- ---- --- --- ----
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2014 Quarter-to-Date Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Three Months Ended March 31,
----------------------------
2014 2013 Growth Foreign Foreign Growth % Foreign
Currency Currency Currency
Translation Neutral Neutral
Change Growth %
------ -------
Reported Diluted Earnings per Share $1.45 $1.39 $0.06 $(0.08) $0.14 4.3% 10.1%
from Continuing Operations
Write-off of capitalized product software and, to a
lesser extent, fixed assets primarily resulting from the
discontinuance of an instrument product development
program in the Biosciences segment ($20 million or $12
million after-tax) 0.06 -
Cost associated with the decision to early terminate a
European distributor arrangement in the Diagnostics
segment ($11 million or $8 million after-tax) 0.04 -
Gain from a cash distribution received from the sale of
company, in which BD had a small equity ownership ($8
million or $5 million after-tax) (0.03) -
Adjusted Diluted Earnings per Share from Continuing
Operations $1.53 $1.39 $0.14 $(0.08) $0.22 10.1% 15.8%
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2014 Year-to-Date Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Six Months Ended March 31,
--------------------------
2014 2013 Growth Foreign Foreign Growth % Foreign
Currency Currency Currency
Translation Neutral Neutral
Change Growth %
------ -------
Reported Diluted Earnings per Share from Continuing
Operations $2.82 $2.74 $0.08 $(0.17) $0.25 2.9% 9.1%
Write-off of capitalized product software and, to a
lesser extent, fixed assets primarily resulting from the
discontinuance of an instrument product development
program in the Biosciences segment ($20 million or $12
million after-tax) 0.06 -
Cost associated with the decision to early terminate a
European distributor arrangement in the Diagnostics
segment ($11 million or $8 million after-tax) 0.04 -
Gain from a cash distribution received from the sale of
company, in which BD had a small equity ownership ($8
million or $5 million after-tax) (0.03) -
Adjusted Diluted Earnings per Share from Continuing
Operations $2.90 $2.74 $0.16 $(0.17) $0.33 5.8% 12.0%
The incremental impact in first quarter fiscal year 2014
of the medical device excise tax which went into effect
in January 2013 under the U.S. Patient Protection and
Affordable Care Act ($14 million or $9 million after-
tax) 0.05 0.00
Adjusted Diluted Earnings per Share from Continuing
Operations without incremental first quarter fiscal
year 2014 impact of Medical Device Excise Tax $2.94 $2.74 $0.20 $(0.17) $0.37 7.3% 13.5%
BECTON
DICKINSON AND
COMPANY
SUPPLEMENTAL
INFORMATION
FY2014 Outlook
Reconciliation
Reported
Basis FX Impact FXN Basis
----- --------- ---------
Revenues -Full
Year 2014
estimated
growth 4.0% - 4.5% (0.5%) 4.5% - 5.0%
Full Year Full Year
2014 2013 % Increase
---- ---- ----------
(estimated)
Reported Fully
Diluted
Earnings per
Share
from Continuing
Operations $ 6.14 - 6.17 $4.67 NM
Write-off of
capitalized of an
product instrument
software and, product
to a lesser development
extent, fixed program in the
assets Biosciences
primarily segment
resulting from
the
discontinuance 0.06
Cost associated
with the
decision to
early
terminate a
European
distributor
arrangement in
the
Diagnostics
segment 0.04
Gain from a
cash
distribution
received from
the sale of
company, in
which BD had a
small equity
ownership (0.03)
Charge
associated
with the
litigation
settlement
related to
indirect
purchaser
antitrust
class action
cases 0.07
Charge
associated Company by RTI
with the
unfavorable
verdict
returned in
the antitrust
and false
advertising
lawsuit filed
against the 1.06
Non-cash
pension pension plan, The charge
settlement as such also included
charge payments settlement
associated exceeded the losses
with lump sum service and associated
benefit interest with certain
payments made components of foreign
from the the plan's pension plans.
Company's U.S. pension cost
supplemental 0.02
Adjusted Fully
Diluted
Earnings per
Share
from Continuing
Operations $ 6.22 - 6.25 $5.81 7.0% - 7.5%
=========== =====
FX Impact (3.0%)
Adjusted FXN
Growth 10.0% - 10.5%
Represents the
incremental Patient
impact of the Protection and
medical device Affordable
excise tax in Care Act)
first quarter
fiscal year
2014 (tax went
into effect in
January 2013
under the U.S. (1.0%)
Adjusted FXN
Growth
(excluding the
medical device
excise tax) 11.0% - 11.5%
NM -Not
Meaningful
FXN = Foreign
Currency
Neutral
SOURCE BD (Becton, Dickinson and Company)