Medical technology company Becton, Dickinson and Co. (BDX) reported higher-than-expected profit for the first-quarter ended December 31, 2009, thanks to revenue growth led by strong worldwide performance in BD Medical and BD Diagnostics divisions helped by flu-related sales. Upbeat on the results, the company raised its full-year guidance.
The group with a market capitalization of about $18.02 billion is engaged in the development, manufacture and sale of a range of medical supplies, devices, instrument systems and reagents to healthcare and pharma industries. It operates through three business segments: BD Medical, BD Diagnostics and BD Biosciences.
The Franklin Lakes, New Jersey-based group's quarterly net income rose to $316.38 million or $1.30 per share from $312.07 million or $1.26 per share last year.
Quarterly income from continuing operations was $315.97 million or $1.30 per share, higher than $309.41 million or $1.25 per share. On average, thirteen analysts polled by Thomson Reuters expected earnings of $1.20 per share. Analysts' estimates typically exclude special items.
First quarter revenue grew 11.6% year-over-year to $1.92 billion from prior year's $1.72 billion, surpassing Street view of $1.83 billion. Revenue improved 9% on a foreign currency-neutral basis.
Segmentally, revenue from BD Medical division were up 16.4% to $1.01 billion, or 12.7% higher on a foreign exchange basis, from $875.19 million. Strong sales of Medical Surgical Systems and Pharmaceutical Systems products, including about 7 percentage points from flu-related products, as well as Diabetes Care products contributed to revenue growth.
In its Diagnostics division, BD saw 10.2% revenue growth to $595.47 million from $540.19 million, up 8.1% on a foreign currency-neutral basis. Sales of safety-engineered devices and infectious disease testing systems, including about 2 percentage points from flu-related products, contributed to revenue growth.
Revenues from BD Biosciences segment was up marginally to $302.67 million from $302.53 million. Revenues increased less than 1% on a foreign currency-neutral basis. Demand for clinical and research instruments were impacted by capital funding constraints.
Geographically, revenue from the U.S region was $873.22 million, 9.8% higher than last year's $795.48 million. International revenue rose 13.1% year-over-year to $1.04 billion from $922.43 million, or up 8.5% on a foreign exchange neutral basis.
Looking ahead, for fiscal 2010, BD now expects earnings per share from continuing operations to be between $5.05 and $5.15, or an increase of 2% to 4% over prior year earnings comparable figure of $4.95, on revenue growth of 7%. Earlier the group forecasted earnings increase of between 1% and 3% on revenue growth of 6%.
On a foreign currency-neutral basis, BD expects earnings to range between 8% to 10% on revenue growth of 6%. For the current fiscal, consensus estimates call for earnings of $5.09 per share on revenues of $7.97 billion.
BDX closed Wednesday's trading at $76 on the NYSE.
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