Becton Dickinson (NYSE: BDX) reported Q1 EPS of $4.55, $1.44 better than the analyst estimate of $3.11. Revenue for the quarter came in at $5.32 billion versus the consensus estimate of $4.88 billion.

• First fiscal quarter revenues of $5.315 billion grew 25.8% on a reported basis. On a currency-neutral basis, revenues increased 24.3%.
• BD's COVID-19 testing sales of $867 million contributed 20.5 percentage points to revenue growth on a reported basis. This includes BD Veritor™ Plus System revenues of $688 million.
• First fiscal quarter GAAP diluted earnings per share (EPS) increased 285% year-over-year to $3.35.
• Adjusted EPS increased 71.7% year-over-year to $4.55.
• BD is updating its fiscal 2021 guidance, including raising its fiscal 2021 adjusted EPS guidance to $12.75-$12.85.

"BD's strong revenue and EPS growth reflect solid execution across the company and positive momentum to start fiscal 2021," said Tom Polen, CEO and president of BD. "While the market continues to be dynamic with the COVID-19 pandemic, BD has emerged as an essential partner to help the world respond to the COVID-19 pandemic from diagnostics to devices used in treatment to injection devices for vaccines and real-time surveillance and reporting. I'm proud of the worldwide BD team for their COVID-19 response efforts and support of healthcare providers around the world. We are focused on driving our BD 2025 Grow-Simplify-Empower strategic initiatives which include bringing new and exciting innovations to the health care markets, expanding access globally and creating value for our shareholders. To that end, we continue to make solid progress."

GUIDANCE:

Becton Dickinson sees FY2021 EPS of $12.75-$12.85, versus the consensus of $12.58.

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 first fiscal quarter earnings call.

The company now expects fiscal year 2021 revenues to grow 12% to 14% on an as reported basis and 10% to 12% on a currency-neutral basis. This compares to the company's prior guidance of high single to low double-digit revenue growth on a reported basis. Foreign currency is expected to contribute approximately 200 basis points to revenue growth versus the prior guidance of approximately 100 basis points.

The company expects fiscal year 2021 adjusted diluted EPS to be between $12.75 and $12.85 compared to its prior guidance range of between $12.40 and $12.60. The current adjusted EPS guidance range represents growth of approximately 25% to 26% over fiscal 2020 adjusted diluted EPS of $10.20, and includes a contribution of approximately 100 basis points from foreign currency compared to prior guidance of about 50 basis points. On a currency-neutral basis, adjusted diluted EPS are expected to grow 24% to 25%.

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