News & Events
BD Announces Record $1 Billion Second Quarter Revenues
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Franklin Lakes, NJ (April 24, 2002) -- BD (Becton, Dickinson and Company) (NYSE: BDX) today reported record quarterly revenues of $1.013 billion for the fiscal second quarter ended March 31, 2002, an increase of 7 percent from the same period a year ago. At constant foreign exchange rates, revenues increased 9 percent.
"Achieving quarterly revenues of over $1 billion for the first time in the Company's history marks an important milestone for us. Our continuing revenue growth is being led by safety-engineered products, prefillable drug delivery devices and BD Biosciences products," said Edward J. Ludwig, Chairman, President and Chief Executive Officer. "The results for the quarter reflect the Company's ability to deliver revenue and earnings growth in line with the commitments we have made to our shareholders."
Diluted earnings per share were 48 cents for the second quarter, or 50 cents excluding the impact of a special charge of 2 cents per share for severance and asset impairment costs associated with a previously-announced manufacturing restructuring in the BD Medical Systems segment.
Q2 Segment Results In the BD Medical Systems segment, worldwide revenues of $530 million increased 6 percent. Included in BD Medical Systems revenues were U.S. safety-engineered product sales of $85 million, versus $58 million in the prior year's quarter. Also contributing to the growth of the segment were sales of prefillable drug delivery devices, which grew 15 percent. The overall growth rate in the segment was offset in part by reduced sales of conventional devices in the U.S. due to the transition to safety-engineered devices, and, as anticipated, by essentially flat sales in the Consumer Health Care portion of the segment, due in part to the effect of the redirection of promotional efforts in the U.S. toward branded diabetes syringe sales at the retail level. In the BD Clinical Laboratory Solutions segment, worldwide revenues increased 7 percent to $318 million. Revenue growth of 3 percent in the Preanalytical Solutions portion of the segment was attributable primarily to U.S. safety-engineered device sales, which were $50 million, versus $38 million in the prior year's quarter. These results were partly offset by reduced sales of conventional devices due, in large part, to the transition to safety-engineered devices. The revenue growth rate of Preanalytical Solutions also was adversely impacted by a voluntary recall of specific lots of the BD Vacutainer™ Safety-Lok™ blood collection set product. Revenue growth for the year for Preanalytical Solutions is not expected to be significantly impacted by this recall.
BD Clinical Laboratory Solutions segment growth also reflected an increase of 10 percent in worldwide sales of the Diagnostic Systems portion of the segment. This growth was due in part to increased sales of its molecular diagnostic platform, BD ProbeTec ET™, and to strong sales of respiratory and flu diagnostic tests compared to last year's quarter. In addition, U.S. Diagnostic Systems sales benefited from an anticipated inventory stocking by distributors in advance of the installation by Diagnostic Systems of a new enterprise resource planning system.
In the BD Biosciences segment, worldwide revenues grew 7 percent to $165 million. Revenue growth was driven primarily by strong flow cytometry instrument and immunology reagent revenues, and was offset in part by continued weaker demand for certain molecular biology products, as well as by essentially flat revenues in the U.S. Discovery Labware portion of the segment.
Q2 Geographic Results On a geographic basis, second quarter revenues in the U.S. increased 9 percent to $551 million. Revenues outside the U.S. of $462 million grew 3 percent, which were adversely affected by the Euro, Japanese Yen and Brazilian Real. At constant foreign exchange rates, revenues outside the U.S. grew 9 percent.
Six-month Results For the six-month period ended March 31, 2002, reported revenues were $1.958 billion, an 8 percent increase over a year ago, or 9 percent at constant foreign exchange rates. Diluted earnings per share for the six-month period were 85 cents, or 87 cents excluding the special charge relating to the manufacturing restructuring, and reflect an approximate 5 cent benefit from the adoption of Statement of Financial Accounting Standards (SFAS) No. 142, "Goodwill and Other Intangible Assets." For the same period in fiscal 2001, diluted earnings per share were 70 cents, before the cumulative effect of an accounting change.
Restructuring and Divestitures In connection with the manufacturing restructuring, the Company recorded a special charge of $10 million, or 2 cents per share, in the second quarter, and expects to record an additional special charge of approximately $12 million, or 4 cents per share, in the third quarter. Ongoing operating results will include other manufacturing restructuring costs to be recorded to cost of products sold, which the Company currently estimates to be one cent per share in each of the third and fourth quarters. As previously announced, on April 8, 2002 the Company entered into a non-binding letter of intent with AorTech International plc ("AorTech") to sell the Company's Critical Care product line for approximately $52 million. Approximately one-half of the purchase price is expected to be paid over 30 months following the date of closing, and is subject to adjustments based on future sales results. For the fiscal year ended September 30, 2001 and for the six months ended March 31, 2002, the Critical Care product line generated sales of approximately $47 million and $23 million. The Company estimates that fiscal 2002 diluted earnings per share would have been impacted by less than one cent, excluding the estimated loss on potential sale discussed below, assuming this divestiture had been completed as of October 1, 2001.
The transaction is subject to the execution of a definitive purchase agreement and the approval of AorTech's Board of Directors and shareholders, as well as of the Company's Board of Directors, all of which are expected to occur in the second half of the Company's fiscal year. In connection with the occurrence of these events, the Company expects to record a substantially non-cash loss on sale, which it presently estimates could be in the range of $25 to $30 million, or approximately 6 to 7 cents per share. The Company presently expects the transaction to close prior to the end of fiscal 2002.
Additionally, the Company continues to consider the divestiture of certain non-strategic product lines with combined revenues of less than $150 million, however, it does not anticipate that a transaction will be concluded during fiscal 2002.
Fiscal 2002 Outlook The Company expects diluted earnings per share to be approximately $1.88 for fiscal 2002 and approximately 48 cents for the third quarter and 53 cents for the fourth quarter, excluding the special charges and loss on the potential sale of the Critical Care product line. The following table analyzes the estimated reported earnings per share for fiscal 2002:
See footnotes on following page.
(A) These amounts include the previously announced favorable impact from the elimination of goodwill amortization under SFAS No. 142 of approximately $0.10 per share for the full year, or $0.025 per quarter. (B) To be recorded to cost of products sold. (C) Does not include estimated loss on potential sale of Critical Care product line of approximately $0.06 to $0.07 expected to be recorded in either third or fourth quarter.
BD is a medical technology company that serves healthcare institutions, life science researchers, clinical laboratories, industry and the general public. BD manufactures and sells a broad range of medical supplies, devices, laboratory equipment and diagnostic products. For the fiscal year ended September 30, 2001, BD reported total revenues of $3.8 billion.
This press release may contain certain forward-looking statements (as defined under Federal securities laws) regarding the Company's performance, including future revenues, products and income, or events or developments that the Company expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of the Company and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. Factors that could cause actual results to vary materially from any forward-looking statement include, but are not limited to: competitive factors; pricing and market share pressures; uncertainties of litigation; the Company's ability to achieve sales and earnings forecasts, which are based on sales volume and product mix assumptions, to achieve its cost savings objectives, and to achieve anticipated synergies and other cost savings in connection with acquisitions; changes in regional, national or foreign economic conditions; increases in energy costs; fluctuations in costs and availability of raw materials and in the Company's ability to maintain favorable supplier arrangements and relationships; changes in interest or foreign currency exchange rates; delays in product introductions; and changes in health care or other governmental regulation, as well as other factors discussed in this press release and in the Company's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements.
BD's news releases can be found on its website at www.bd.com or through Business Wire at www.businesswire.com. A conference call with analysts regarding this news release will be broadcast live on BD's website at 8:30 a.m. EDT Thursday, April 25, 2002. The conference call will be available for playback on BD's website or at 1-888-568-0381 through the close of business on May 2, 2002.
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
Three Months Ended March 31,
2002 2001 % Change
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REVENUES $ 1,012,971 $ 950,949 6.5
Cost of products sold 523,133 486,738 7.5
Selling and administrative 247,660 241,912 2.4
Research and development 56,314 54,497 3.3
Special charges 9,937 - NM
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TOTAL OPERATING COSTS
AND EXPENSES 837,044 783,147 6.9
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OPERATING INCOME 175,927 167,802 4.8
Interest expense, net (8,839) (15,998) (44.7)
Other income (expense), net 492 (3,200) NM
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INCOME BEFORE INCOME TAXES 167,580 148,604 12.8
Income tax provision 38,392 34,439 11.5
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NET INCOME $ 129,188 $ 114,165 13.2
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EARNINGS PER SHARE
Basic $ 0.50 $ 0.44 13.6
Diluted $ 0.48 $ 0.42 14.3
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AVERAGE SHARES OUTSTANDING
Basic 258,436 257,021
Diluted 269,709 269,172
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NM - Not Meaningful
See page 3 for Notes to Consolidated Income Statements.
Page 1
BECTON DICKINSON AND COMPANY
CONSOLIDATED INCOME STATEMENTS
(Unaudited; Amounts in thousands, except per-share data)
Six Months Ended March 31,
2002 2001 % Change
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REVENUES $ 1,957,917 $ 1,815,367 7.9
Cost of products sold 1,022,895 940,656 8.7
Selling and administrative 495,954 477,204 3.9
Research and development 111,551 107,224 4.0
Special charges 9,937 - NM
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TOTAL OPERATING COSTS
AND EXPENSES 1,640,337 1,525,084 7.6
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OPERATING INCOME 317,580 290,283 9.4
Interest expense, net (18,410) (34,562) (46.7)
Other expense, net (1,124) (5,259) (78.6)
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INCOME BEFORE INCOME TAXES 298,046 250,462 19.0
Income tax provision 69,185 62,599 10.5
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INCOME BEFORE
CUMULATIVE EFFECT OF
CHANGE IN ACCOUNTING
PRINCIPLE, NET OF TAX 228,861 187,863 21.8
Cumulative effect, net of tax - (36,750) NM
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NET INCOME $ 228,861 $ 151,113 NM
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BASIC EARNINGS PER SHARE
Before Cumulative Effect $ 0.88 $ 0.73 20.5
Cumulative Effect - (0.14) NM
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Basic Earnings Per Share $ 0.88 $ 0.59 NM
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DILUTED EARNINGS PER SHARE
Before Cumulative Effect $ 0.85 $ 0.70 21.4
Cumulative Effect - (0.14) NM
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Diluted Earnings Per Share $ 0.85 $ 0.56 NM
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AVERAGE SHARES OUTSTANDING
Basic 258,819 255,729
Diluted 270,030 267,806
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NM - Not Meaningful
See page 3 for Notes to Consolidated Income Statements.
Page 2
BECTON DICKINSON AND COMPANY
NOTES TO CONSOLIDATED INCOME STATEMENTS
Six Months Ended March 31, 2002
Fiscal 2002 revenues included hedging costs of approximately $2.3
million for the second quarter and $3.9 million for the six months.
These costs related to BD's purchased option contracts to hedge a
portion of its anticipated sales from the United States to non-U.S.
customers. In fiscal 2001, similar hedging costs of approximately $2.2
million for the second quarter and $8.1 million for the six months
were recorded in Other Expense under previous accounting guidance.
These amounts have been reclassed to revenues. Also included in
revenues were gains on purchased option and forward contracts recorded
in revenues in the fiscal 2002 of approximately $2.0 million for the
second quarter and $3.2 million for the six months, compared with $2.0
million and $4.1 million, respectively, in fiscal 2001.
BD adopted the provisions of Securities and Exchange Commission
Staff Accounting Bulletin No. 101 "Revenue Recognition in Financial
Statements," (SAB 101) in the fourth quarter of fiscal 2001,
retroactive to October 1, 2000. Prior year amounts have been restated
to reflect this adoption. A complete discussion of this accounting
change can be found in BD's 2001 annual report on Form 10-K.
Effective October 1, 2001, BD adopted the provisions of SFAS No.
142, "Goodwill and Other Intangible Assets," which, among other
things, eliminates the requirement to amortize goodwill and certain
other intangible assets. The Company currently estimates the full year
impact to earnings per share to be approximately 10 cents or 2.5 cents
per quarter.
Page 3
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY SEGMENT AND GEOGRAPHIC AREA
(Unaudited; Amounts in thousands)
Three Months Ended March 31,
2002 2001 % Change
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BD MEDICAL SYSTEMS
United States $ 269,073 $ 244,511 10.0
International 261,311 255,013 2.5
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TOTAL $ 530,384 $ 499,524 6.2
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BD CLINICAL LABORATORY
SOLUTIONS
United States $ 193,402 $ 175,725 10.1
International 124,255 121,748 2.1
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TOTAL $ 317,657 $ 297,473 6.8
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BD BIOSCIENCES
United States $ 88,496 $ 82,938 6.7
International 76,434 71,014 7.6
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TOTAL $ 164,930 $ 153,952 7.1
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TOTAL REVENUES
United States $ 550,971 $ 503,174 9.5
International 462,000 447,775 3.2
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TOTAL $ 1,012,971 $ 950,949 6.5
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Six Months Ended March 31,
2002 2001 % Change
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BD MEDICAL SYSTEMS
United States $ 519,975 $ 470,515 10.5
International 513,439 489,398 4.9
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TOTAL $ 1,033,414 $ 959,913 7.7
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BD CLINICAL LABORATORY
SOLUTIONS
United States $ 365,890 $ 335,404 9.1
International 246,516 236,672 4.2
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TOTAL $ 612,406 $ 572,076 7.0
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BD BIOSCIENCES
United States $ 165,196 $ 156,184 5.8
International 146,901 127,194 15.5
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TOTAL $ 312,097 $ 283,378 10.1
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TOTAL REVENUES
United States $ 1,051,061 $ 962,103 9.2
International 906,856 853,264 6.3
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TOTAL $ 1,957,917 $ 1,815,367 7.9
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND MAJOR PRODUCT GROUPS
Three Months Ended March 31,
(Unaudited; Amounts in thousands)
United States
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2002 2001 % Change
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BD MEDICAL SYSTEMS
Medical Surgical $ 173,068 $ 152,165 13.7
Consumer Health Care 74,903 72,704 3.0
Pharmaceutical Systems 14,635 12,422 17.8
Ophthalmic Systems 6,467 7,220 (10.4)
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TOTAL $ 269,073 $ 244,511 10.0
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BD CLINICAL LABORATORY
SOLUTIONS
Preanalytical Solutions $ 92,497 $ 86,489 6.9
Diagnostic Systems 100,905 89,236 13.1
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TOTAL $ 193,402 $ 175,725 10.1
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BD BIOSCIENCES
Immunocytometry
& Reagents $ 64,859 $ 59,365 9.3
Discovery Labware 23,637 23,573 0.3
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TOTAL $ 88,496 $ 82,938 6.7
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TOTAL UNITED STATES $ 550,971 $ 503,174 9.5
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International
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2002 2001 % Change
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BD MEDICAL SYSTEMS
Medical Surgical $ 144,177 $ 144,421 (0.2)
Consumer Health Care 46,465 48,125 (3.4)
Pharmaceutical Systems 64,301 56,359 14.1
Ophthalmic Systems 6,368 6,108 4.3
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TOTAL $ 261,311 $ 255,013 2.5
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BD CLINICAL LABORATORY
SOLUTIONS
Preanalytical Solutions $ 61,183 $ 62,353 (1.9)
Diagnostic Systems 63,072 59,395 6.2
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TOTAL $ 124,255 $ 121,748 2.1
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BD BIOSCIENCES
Immunocytometry
& Reagents $ 59,637 $ 55,115 8.2
Discovery Labware 16,797 15,899 5.6
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TOTAL $ 76,434 $ 71,014 7.6
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TOTAL INTERNATIONAL $ 462,000 $ 447,775 3.2
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND MAJOR PRODUCT GROUPS
Three Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
Total
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2002 2001 % Change
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BD MEDICAL SYSTEMS
Medical Surgical $ 317,245 $ 296,586 7.0
Consumer Health Care 121,368 120,829 0.4
Pharmaceutical Systems 78,936 68,781 14.8
Ophthalmic Systems 12,835 13,328 (3.7)
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TOTAL $ 530,384 $ 499,524 6.2
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BD CLINICAL LABORATORY
SOLUTIONS
Preanalytical Solutions $ 153,680 $ 148,842 3.3
Diagnostic Systems 163,977 148,631 10.3
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TOTAL $ 317,657 $ 297,473 6.8
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BD BIOSCIENCES
Immunocytometry
& Reagents $ 124,496 $ 114,480 8.7
Discovery Labware 40,434 39,472 2.4
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TOTAL $ 164,930 $ 153,952 7.1
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TOTAL REVENUES $ 1,012,971 $ 950,949 6.5
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FX Neutral % Growth
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International Total
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BD MEDICAL SYSTEMS
Medical Surgical 5.1 9.5
Consumer Health Care 1.7 2.5
Pharmaceutical Systems 19.3 19.0
Ophthalmic Systems 8.5 (1.8)
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TOTAL 7.7 8.8
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BD CLINICAL LABORATORY SOLUTIONS
Preanalytical Solutions 2.6 5.1
Diagnostic Systems 12.8 13.0
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TOTAL 7.6 9.1
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BD BIOSCIENCES
Immunocytometry & Reagents 14.7 11.9
Discovery Labware 13.4 5.5
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TOTAL 14.4 10.3
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TOTAL 8.7 9.1
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND MAJOR PRODUCT GROUPS
Six Months Ended March 31,
(Unaudited; Amounts in thousands)
United States
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2002 2001 % Change
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BD MEDICAL SYSTEMS
Medical Surgical $ 342,622 $ 292,205 17.3
Consumer Health Care 133,672 141,190 (5.3)
Pharmaceutical Systems 30,918 22,692 36.3
Ophthalmic Systems 12,763 14,428 (11.5)
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TOTAL $ 519,975 $ 470,515 10.5
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BD CLINICAL LABORATORY
SOLUTIONS
Preanalytical Solutions $ 179,812 $ 163,069 10.3
Diagnostic Systems 186,078 172,335 8.0
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TOTAL $ 365,890 $ 335,404 9.1
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BD BIOSCIENCES
Immunocytometry
& Reagents $ 119,294 $ 114,519 4.2
Discovery Labware 45,902 41,665 10.2
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TOTAL $ 165,196 $ 156,184 5.8
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TOTAL UNITED STATES $ 1,051,061 $ 962,103 9.2
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International
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2002 2001 % Change
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BD MEDICAL SYSTEMS
Medical Surgical $ 290,141 $ 280,333 3.5
Consumer Health Care 91,439 95,601 (4.4)
Pharmaceutical Systems 119,566 102,540 16.6
Ophthalmic Systems 12,293 10,924 12.5
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TOTAL $ 513,439 $ 489,398 4.9
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BD CLINICAL LABORATORY
SOLUTIONS
Preanalytical Solutions $ 123,251 $ 118,709 3.8
Diagnostic Systems 123,265 117,963 4.5
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TOTAL $ 246,516 $ 236,672 4.2
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BD BIOSCIENCES
Immunocytometry
& Reagents $ 114,328 $ 97,259 17.6
Discovery Labware 32,573 29,935 8.8
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TOTAL $ 146,901 $ 127,194 15.5
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TOTAL INTERNATIONAL $ 906,856 $ 853,264 6.3
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BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND MAJOR PRODUCT GROUPS
Six Months Ended March 31, (continued)
(Unaudited; Amounts in thousands)
Total
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2002 2001 % Change
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BD MEDICAL SYSTEMS
Medical Surgical $ 632,763 $ 572,538 10.5
Consumer Health Care 225,111 236,791 (4.9)
Pharmaceutical Systems 150,484 125,232 20.2
Ophthalmic Systems 25,056 25,352 (1.2)
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TOTAL $ 1,033,414 $ 959,913 7.7
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BD CLINICAL LABORATORY
SOLUTIONS
Preanalytical Solutions $ 303,063 $ 281,778 7.6
Diagnostic Systems 309,343 290,298 6.6
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TOTAL $ 612,406 $ 572,076 7.0
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BD BIOSCIENCES
Immunocytometry
& Reagents $ 233,622 $ 211,778 10.3
Discovery Labware 78,475 71,600 9.6
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TOTAL $ 312,097 $ 283,378 10.1
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TOTAL REVENUES $ 1,957,917 $ 1,815,367 7.9
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FX Neutral % Growth
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International Total
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BD MEDICAL SYSTEMS
Medical Surgical 7.9 12.7
Consumer Health Care (1.2) (3.7)
Pharmaceutical Systems 18.6 21.8
Ophthalmic Systems 14.9 (0.2)
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TOTAL 8.5 9.5
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BD CLINICAL LABORATORY SOLUTIONS
Preanalytical Solutions 6.3 8.6
Diagnostic Systems 8.2 8.1
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TOTAL 7.3 8.3
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BD BIOSCIENCES
Immunocytometry & Reagents 20.5 11.7
Discovery Labware 13.5 11.6
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TOTAL 18.9 11.6
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TOTAL 9.7 9.5
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