FRANKLIN LAKES, N.J. - Becton, Dickinson and Company (NYSE: BDX), a leading global medical technology firm, reported third-quarter fiscal 2024 earnings surpassing analysts' expectations.
The company announced an adjusted EPS of $3.50, which was $0.19 higher than the analyst estimate of $3.31. However, revenue for the quarter was slightly below expectations at $5.06 billion, missing the consensus estimate of $5.08 billion by a narrow margin.
Despite the earnings beat, BD's stock fell by 2.5% as the market reacted to the revenue shortfall.
Tom Polen, chairman, CEO, and president of BD, emphasized the company's strong performance across multiple portfolio areas, highlighting accelerated margin expansion and cash flow growth due to the momentum of their BD Excellence operating system. "Our teams are transforming BD into the innovative MedTech leader we set out to be with our BD 2025 strategy," Polen said.
For the third quarter, BD reported a 3.7% increase in adjusted revenue year-over-year (YoY), from $4.878 billion in the previous year to $5.057 billion. Organic revenue growth, which adjusts for foreign currency impact and acquisitions or divestitures, was 5.2% YoY.
Looking ahead, BD provided fiscal 2024 guidance, updating its GAAP revenue growth to approximately 3.7% and organic revenue growth to 5.0% to 5.25%. The company raised its adjusted diluted EPS guidance to a range of $13.05 to $13.15, with the midpoint of $13.10 aligning with analyst consensus.
BD's performance was bolstered by strong growth in the BD Medical segment, particularly in the Medication Management Solutions and Medication Delivery Solutions units. The BD Life Sciences segment saw revenue growth driven by the Integrated Diagnostic Solutions unit, while the BD Interventional segment experienced organic revenue growth across the board.
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