Becton Dickinson (BDX) Tops Q4 EPS by 27c, Revenues Beat; Offers FY21 EPS Outlook

Becton Dickinson (NYSE: BDX) reported Q4 EPS of $2.79, $0.27 better than the analyst estimate of $2.52. Revenue for the quarter came in at $4.78 billion versus the consensus estimate of $4.48 billion.

• Fiscal fourth quarter revenues of $4.784 billion grew 4.4% on a reported and currency-neutral basis.
• BD's COVID-19 testing sales totaled more than $440 million in the fourth fiscal quarter.
• Fiscal fourth quarter GAAP EPS were $0.36. Non-GAAP EPS were $2.79.

"I'm extremely proud of the team for their execution this quarter, as we delivered sequential improvement across each of our segments and successfully launched our Veritor SARS-CoV-2 assay. Collectively, we drove mid-single-digit revenue growth, building on the strength of our COVID-19 diagnostics revenues to overcome headwinds from both COVID-19 and Alaris," said Tom Polen, CEO and president of BD. "Looking to fiscal 2021, BD remains focused on partnering with governments, health care systems, and health care professionals to navigate the COVID-19 pandemic, ensure access to rapid diagnostics and enable care for patients around the world. We are aligned on our priorities and steadfast in our commitments, including completing our Alaris 510(k) submission, investing in innovation and strategic growth initiatives, simplifying our processes and empowering our organization."

GUIDANCE:

Becton Dickinson sees FY2021 EPS of $12.40-$12.60, versus the consensus of $12.53.

The COVID-19 pandemic continues to impact the global economy and health care utilization trends. The company's fiscal 2021 outlook includes several assumptions, including no significant change in utilization or procedure volumes associated with COVID-19 resurgences. Management will discuss its outlook and several assumptions on its fourth quarter earnings call.

The company expects fiscal year 2021 revenues to grow high single to low double-digits on a percentage basis. This includes a contribution of approximately 100 basis points from foreign currency.

The company expects fiscal year 2021 adjusted diluted earnings per share to be between $12.40 and $12.60. This represents growth of approximately 21.5 to 23.5 percent over fiscal 2020 adjusted diluted earnings per share of $10.20, and includes a contribution of approximately 50 basis points from foreign currency.

For earnings history and earnings-related data on Becton Dickinson (BDX) click here.

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