Becton, Dickinson and Company (BD) has reported a revenue of $4.7bn for the first quarter (Q1) of fiscal 2024, marking a 2.6% increase from the previous year's $4.5bn.
Despite this growth, the company experienced a significant decline in earnings per share (EPS), with basic EPS dropping by 43.3% to $0.97, and diluted EPS decreasing by 43.5% to $0.96, compared to Q1 2022.
In the US, revenues saw a marginal rise of 0.7% to $2.7bn while international revenues grew by 5.5% to $1.9bn.
Net income, however, fell sharply by 44.8% to $281m from the $509m reported in Q1 fiscal 2022.
Net income applicable to common shareholders also declined by 42.2% to $281m from $486m.
The BD Medical segment, which includes Medication Delivery Solutions, Medication Management Solutions, and Pharmaceutical Systems business units, reported revenue growth driven by the latter two units.
Conversely, the BD Life Sciences segment saw a decline in Integrated Diagnostic Solutions, partially offset by growth in Biosciences.
The BD Interventional segment experienced organic revenue growth in its surgery business unit, along with its urology and critical care business unit.
Looking ahead, BD has raised the lower end and midpoint of its fiscal 2024 organic revenue growth guidance range and increased its adjusted diluted EPS guidance range.
The company now anticipates fiscal year 2024 revenues to be between approximately $20.2bn and $20.4bn, a slight increase from the previously projected $20.1bn to $20.3bn.
Adjusted diluted EPS expectations have also been revised to $12.82 to $13.06, up from the earlier forecast of $12.70 to $13.00.
BD chairman, CEO and president Tom Polen said: Our Q1 results reflect our team's strong execution of our BD 2025 strategy, in particular leveraging our broad portfolio of simplification programmes to deliver both margin performance and cash flow ahead of our expectations.
“As we build on this momentum, advance our strong innovation pipeline and accelerate the adoption of our BD Excellence operating system, we are well-positioned to achieve our increased fiscal 2024 guidance and create sustained value for all stakeholders.”
