Becton Dickinson (NYSE: BDX) reported Q3 EPS of $2.20, $0.16 better than the analyst estimate of $2.04. Revenue for the quarter came in at $3.86 billion versus the consensus estimate of $3.94 billion.

"During the third quarter, BD demonstrated our focus on execution and delivering results, even in this challenging environment," said Tom Polen, CEO and president of BD. "We enter the fourth quarter with encouraging trends in health care procedures in June and July. We have continued strong demand for our products that support the global COVID-19 response, including the recent launch of our COVID-19 rapid point-of-care antigen test and our partnerships with governments around the world to help prepare for national vaccination programs. BD is playing an essential role enabling the world's response to COVID-19, and I'm confident the steps we are taking now will put BD in the best possible position for the long term. We believe the diversity of our portfolio of leading technologies, the strength and scale of our manufacturing infrastructure and the passion and determination of our team make us a stronger partner for our customers and their patients at this consequential time."

GUIDANCE:

Becton Dickinson sees FY2020 EPS of $9.80-$10.00, versus the consensus of $10.43.

The company expects full fiscal year 2020 revenues to decrease 2.5 to 3.0 percent as reported, or 1.5 to 2.0 percent on a currency-neutral basis.

The company expects full fiscal year 2020 adjusted diluted earnings per share to be between $9.80 and $10.00. This represents a decline of approximately 14.0 to 16.0 percent, or 12.5 to 14.5 percent on a currency-neutral basis from fiscal 2019 adjusted diluted earnings per share of $11.68. Adjusted diluted earnings per share guidance includes an adverse impact of approximately 500 basis points related to the expiration of the Gore royalty.

Adjusted diluted earnings per share for fiscal 2020 excludes potential charges or gains that may be recorded during the fiscal year, such as, among other things, the non-cash amortization of intangible assets, acquisition-related charges, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking non-GAAP earnings guidance to the comparable GAAP measure because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the company believes such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of BD's financial performance.

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