FRANKLIN LAKES, N.J., Nov. 4, 2015 /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today reported quarterly adjusted revenues of $3.067 billion for the fourth fiscal quarter ended September 30, 2015, an increase of 39.3 percent over the prior-year period as reported, or 49.1 percent on a currency-neutral basis. On a comparable, currency-neutral basis, fourth quarter adjusted revenues grew 5.1 percent. As reported, fourth quarter revenues were $3.059 billion. For the full fiscal year ended September 30, 2015, BD reported adjusted revenues of $10.302 billion, an increase of 22.0 percent over the prior-year period as reported, or 29.5 percent on a currency-neutral basis. On a comparable, currency-neutral basis, full fiscal year adjusted revenues grew 5.3 percent. As reported, full fiscal year revenues were $10.282 billion.
"Fiscal 2015 was a significant year for BD with the successful completion of the largest acquisition in the Company's history," said Vincent A. Forlenza, Chairman, CEO and President. "We are very proud of our strong fourth quarter and fiscal year 2015 results, which exceeded our expectations. We enter fiscal 2016 with continued confidence in our ability to execute our strategy, deliver against our financial commitments, and return value to our shareholders."
All "comparable" basis revenue growth rates presented throughout this release include the results of CareFusion in the current and prior-year periods. For reconciliations of these revenue amounts and growth rates to the most directly comparable GAAP measures, please refer to the tables at the end of this release.
Fourth Quarter and Full Year Fiscal 2015 Operating Results
Adjusted diluted earnings per share were $1.94, compared with $1.74 in the prior-year period. This represents an increase of 11.5 percent, or 21.8 percent on a currency-neutral basis. On a reported basis, diluted earnings per share for the fourth quarter were $0.84 compared with $1.53 in the prior-year period.
For the full fiscal year ended September 30, 2015, adjusted diluted earnings per share were $7.16, compared with $6.50 in the prior-year period. This represents an increase of 10.2 percent, or 21.2 percent on a currency-neutral basis. On a reported basis, diluted earnings per share were $3.35, compared with $5.99 in the prior-year period.
Current and prior-year adjusted results exclude the impact of the non-cash amortization of intangible assets and other certain specified items. These specified items are detailed in the accompanying reconciliation of reported diluted earnings per share to adjusted diluted earnings per share.
Segment Results
In the BD Medical segment, worldwide adjusted revenues for the quarter were $2.091 billion, an increase of 75.3 percent over the prior-year period as reported, or 86.6 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted Medical revenues grew 5.2 percent, which reflects strong sales across the Medication Management Solutions, Medication and Procedural Solutions, Pharmaceutical Systems, and Diabetes Care units, partially offset by a decline in the Respiratory Solutions unit. On a reported basis, Medical revenues were $2.083 billion.
For the twelve-month period ended September 30, 2015, BD Medical adjusted revenues of $6.480 billion increased 41.7 percent over the prior-year period as reported, or 50.2 percent on a currency-neutral basis. On a comparable, currency-neutral basis, adjusted revenues grew 5.5 percent. On a reported basis, revenues were $6.460 billion.
In the BD Life Sciences segment, worldwide revenues for the quarter were $976 million, a decrease of 3.3 percent from the prior-year period, or an increase of 4.8 percent on a currency-neutral basis. The segment's results reflect solid growth in the Preanalytical Systems and Diagnostic Systems units, and moderate growth in the Biosciences unit.
For the twelve-month period ended September 30, 2015, BD Life Sciences revenues of $3.822 billion decreased 1.3 percent from the prior-year period, and increased 5.0 percent on a currency-neutral basis.
Geographic Results
Fourth quarter adjusted revenues in the U.S. of $1.640 billion represent an increase of 88.3 percent over the prior-year period as reported. On a comparable basis, adjusted U.S. revenues increased 4.6 percent. Within the BD Medical segment, growth was driven by strong sales in the Medication Management Solutions and Medication and Procedural Solutions units, partially offset by a decline in the Respiratory Systems unit. Growth in the BD Life Sciences segment was driven by strong performance in the Biosciences unit. On a reported basis, U.S. revenues were $1.632 billion.
Revenues outside of the U.S. were $1.427 billion, representing an increase of 7.2 percent over the prior-year period, or an increase of 23.4 percent on a currency-neutral basis. On a comparable, currency-neutral basis, international revenues grew 5.5 percent which reflects continued strength in Western Europe.
For the twelve-month period ended September 30, 2015, adjusted revenues in the U.S. were $5.090 billion, an increase of 49.0 percent over the prior-year period as reported. On a comparable basis, U.S. revenues grew 4.1 percent. On a reported basis, U.S. revenues were $5.069 billion. Revenues outside of the U.S. were $5.213 billion, an increase of 3.6 percent over the prior-year period as reported, or an increase of 16.2 percent on a currency-neutral basis. On a comparable, currency-neutral basis, revenues outside the U.S. grew 6.6 percent.
Fiscal 2016 Outlook for Full Year
The Company estimates that currency-neutral adjusted revenues for the full fiscal year 2016, including the accretion from the acquisition of CareFusion, will increase 24.5 to 25.0 percent. Including the impact of foreign currency, adjusted revenues are expected to increase 23.0 to 23.5 percent. On a comparable, currency-neutral basis, the Company estimates organic adjusted revenues will increase 4.5 to 5.0 percent. As reported, the Company expects full fiscal year revenues to increase 23.0 to 23.5 percent.
The Company expects adjusted diluted earnings per share to be between $8.37 and $8.44 for the full fiscal year 2016 including the estimated unfavorable impact from foreign currency. This represents growth of approximately 17.0 to 18.0 percent. On a currency-neutral basis, full-year fiscal 2016 adjusted diluted earnings per share are expected to be between $8.73 and $8.80, which represents growth of 22.0 to 23.0 percent over 2015 adjusted diluted earnings per share of $7.16. Adjusted diluted earnings per share exclude, among other specified items, the non-cash amortization of intangible assets, and include approximately 22.0 percentage points of accretion from the CareFusion acquisition. As reported, the Company expects full fiscal year diluted earnings per share to be between $6.57 and $6.64.
Conference Call Information
A conference call regarding BD's fourth quarter results will be broadcast live on BD's website, www.bd.com/investors, along with related slides, at 8:00 a.m. (ET) Wednesday, November 4, 2015. The conference call will be available for replay on BD's website, www.bd.com/investors, or at 1-800-585-8367 (domestic) and 1-404-537-3406 (international) through the close of business on Wednesday, November 11, 2015, confirmation number 51724857.
Non-GAAP Financial Measures/Financial Tables
This news release contains certain non-GAAP financial measures. Reconciliations of these and other non-GAAP measures to the comparable GAAP measures are included in the attached financial tables. Within the attached financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages and earnings per share amounts presented are calculated from the underlying amounts.
About BD
BD is a leading medical technology company that partners with customers and stakeholders to address many of the world's most pressing and evolving health needs. Our innovative solutions are focused on improving medication management and patient safety; supporting infection prevention practices; equipping surgical and interventional procedures; improving drug delivery; aiding anesthesiology and respiratory care; advancing cellular research and applications; enhancing the diagnosis of infectious diseases and cancers; and supporting the management of diabetes. We are more than 45,000 associates in 50 countries who strive to fulfill our purpose of "Helping all people live healthy lives" by advancing the quality, accessibility, safety and affordability of healthcare around the world. In 2015, BD welcomed CareFusion and its products into the BD family of solutions. For more information on BD, please visit www.bd.com.
***
This press release, including the section entitled "Fiscal 2016 Outlook for Full Year", contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding BD's performance, including future revenues and earnings per share. All such statements are based upon current expectations of BD 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. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially. These factors include, but are not limited to: risks relating to the integration of CareFusion's operations, products and employees into BD and the possibility that the anticipated synergies and other benefits of the proposed acquisition will not be realized or will not be realized within the expected timeframe; potential cuts in governmental healthcare spending, which could result in reduced demand for our product or downward pricing pressure; measures to contain healthcare costs; adverse changes in regional, national or foreign economic conditions, including any impact on our ability to access credit markets and finance our operations, the demand for our products and services as a result of reduced government funding, lower utilization rates or otherwise, or our suppliers' ability to provide products needed for our operations; changes in interest or foreign currency exchange rates; our ability to successfully integrate any businesses we acquire; the adverse impact of cyber-attacks on our information systems; competitive factors including technological advances and new products introduced by competitors; pricing and market pressures; difficulties inherent in product development, delays in product introductions and uncertainty of market acceptance of new products; increases in energy costs and their effect on, among other things, the cost of producing BD's products; efficacy or safety concerns relating to product recalls; fluctuations in costs and availability of raw materials and in BD's ability to maintain favorable supplier arrangements and relationships; new or changing laws and regulations impacting our business or changes in enforcement practices with respect to such laws; uncertainties of litigation (as described in BD's filings with the Securities and Exchange Commission); future healthcare reform, including changes in government pricing and reimbursement policies or other cost containment reforms; the effects of potential pandemic diseases; and issuance of new or revised accounting standards, as well as other factors discussed in BD's filings with the Securities and Exchange Commission. We do not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.
BECTON
DICKINSON
AND COMPANY
CONSOLIDATED
INCOME
STATEMENTS
(Unaudited;
Amounts in
millions,
except
share and
per share
data)
Three Months Ended September 30,
2015 2014 % Change
---- ---- --------
REVENUES $3,059 $2,202 38.9
Cost of
products
sold 1,630 1,099 48.2
Selling and
administrative
expense 756 561 34.8
Research and
development
expense 196 140 39.6
Acquisition-
related
costs 182 - NM
------------ --- --- ---
TOTAL
OPERATING
COSTS
AND EXPENSES 2,764 1,801 53.5
------------ ----- ----- ----
OPERATING
INCOME 296 401 (26.3)
Interest
expense (99) (36) NM
Interest
income (5) 10 NM
Other
(expense)
income, net (2) 1 NM
------------ --- --- ---
INCOME
BEFORE
INCOME
TAXES 190 376 (49.6)
Income tax
provision 9 76 (88.4)
---------- --- --- -----
NET INCOME $181 $301 (39.9)
---------- ---- ---- -----
EARNINGS PER
SHARE
Basic
Earnings
per Share $0.86 $1.56 (44.9)
Diluted
Earnings
per Share $0.84 $1.53 (45.1)
---------- ----- ----- -----
AVERAGE
SHARES
OUTSTANDING
(in
thousands)
Basic 210,985 192,332
Diluted 215,719 196,460
------- ------- -------
NM -Not
Meaningful
BECTON
DICKINSON
AND
COMPANY
CONSOLIDATED
INCOME
STATEMENTS
(Unaudited;
Amounts in
millions,
except
share and
per share
data)
Twelve Months Ended September 30,
2015 2014 % Change
---- ---- --------
REVENUES $10,282 $8,446 21.7
Cost of
products
sold 5,587 4,145 34.8
Selling and
administrative
expense 2,563 2,145 19.5
Research
and
development
expense 632 550 14.8
Acquisition-
related
costs 426 - NM
------------ --- --- ---
TOTAL
OPERATING
COSTS
AND
EXPENSES 9,207 6,840 34.6
--- ----- ----- ----
OPERATING
INCOME 1,074 1,606 (33.1)
Interest
expense (371) (135) NM
Interest
income 15 46 (67.0)
Other
income,
net 21 5 NM
-------- --- --- ---
INCOME
BEFORE
INCOME
TAXES 739 1,522 (51.4)
Income tax
provision 44 337 (87.0)
---------- --- --- -----
NET INCOME $695 $1,185 (41.3)
---------- ---- ------ -----
EARNINGS
PER SHARE
Basic
Earnings
per Share $3.43 $6.13 (44.0)
Diluted
Earnings
per Share $3.35 $5.99 (44.1)
---------- ----- ----- -----
AVERAGE
SHARES
OUTSTANDING
(in
thousands)
Basic 202,537 193,299
Diluted 207,509 197,709
------- ------- -------
NM -Not
Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Three Months Ended September 30,
(Unaudited; Amounts in millions)
A B C D=(A-B)/B E=(C-B)/B
--- --- --- --------- ---------
As Reported Adjusted % Change
----------- --------
2015 2014 2015 Reported Adjusted
---- ---- ---- -------- --------
BD MEDICAL
----------
Medication and Procedural Solutions $481 $257 $481 87.0 87.0
Medication Management Solutions 390 - 390 NM NM
Diabetes Care 130 123 130 5.7 5.7
Pharmaceutical Systems 78 76 78 2.5 2.5
Respiratory Solutions 133 - 133 NM NM
Deferred Revenue Adjustment * (8) - - NM -
TOTAL $1,203 $456 $1,211 164.1 165.8
----- ------ ---- ------ ----- -----
BD LIFE SCIENCES
----------------
Preanalytical Systems $173 $171 $173 1.5 1.5
Diagnostic Systems 146 148 146 (1.8) (1.8)
Biosciences 110 96 110 14.5 14.5
----------- --- --- --- ----
TOTAL $429 $415 $429 3.3 3.3
----- ---- ---- ---- --- ---
TOTAL UNITED STATES $1,632 $871 $1,640 87.4 88.3
------------------- ------ ---- ------ ---- ----
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United
States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C D=(A-B)/B E=(A-B-C)/B
--- --- --- --------- -----------
As Reported FX % Change
----------- --------
2015 2014 Impact Reported FXN
---- ---- ------ -------- ---
BD MEDICAL
----------
Medication and Procedural
Solutions $356 $331 $(52) 7.6 23.3
Medication Management Solutions 89 - (14) NM NM
Diabetes Care 127 141 (23) (10.2) 6.0
Pharmaceutical Systems 254 265 (39) (4.0) 10.8
Respiratory Solutions 54 - (6) NM NM
TOTAL $880 $737 $(134) 19.4 37.6
----- ---- ---- ----- ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $175 $187 $(30) (6.4) 9.8
Diagnostic Systems 196 202 (29) (2.9) 11.5
Biosciences 176 205 (22) (14.3) (3.5)
----------- --- ---
TOTAL $547 $594 $(81) (7.9) 5.8
----- ---- ---- ---- ---- ---
TOTAL INTERNATIONAL $1,427 $1,331 $(216) 7.2 23.4
------------------- ------ ------ ----- --- ----
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C D E=(A-B)/B F=(A-B-D)/B G=(C-B)/B H=(C-B-D)/B
--- --- --- --- --------- ----------- --------- -----------
% Change
--------
As Reported Adjusted FX Adjusted
-----------
2015 2014 2015 Impact Reported FXN Adjusted FXN
---- ---- ---- ------ -------- --- -------- ---
BD MEDICAL
----------
Medication and Procedural
Solutions $836 $588 $836 $(52) 42.3 51.2 42.3 51.2
Medication Management
Solutions 479 - 479 (14) NM NM NM NM
Diabetes Care 257 264 257 (23) (2.8) 5.8 (2.8) 5.8
Pharmaceutical Systems 332 341 332 (39) (2.6) 9.0 (2.6) 9.0
Respiratory Solutions 187 - 187 (6) NM NM NM NM
Deferred Revenue Adjustment * (8) - - - NM NM - -
TOTAL $2,083 $1,193 $2,091 $(134) 74.7 85.9 75.3 86.6
----- ------ ------ ------ ----- ---- ---- ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $349 $358 $349 $(30) (2.6) 5.8 (2.6) 5.8
Diagnostic Systems 342 350 342 (29) (2.4) 5.9 (2.4) 5.9
Biosciences 286 301 286 (22) (5.1) 2.2 (5.1) 2.2
----------- --- ---
TOTAL $976 $1,009 $976 $(81) (3.3) 4.8 (3.3) 4.8
----- ---- ------ ---- ---- ---- --- ---- ---
TOTAL REVENUES $3,059 $2,202 $3,067 $(216) 38.9 48.7 39.3 49.1
-------------- ------ ------ ------ ----- ---- ---- ---- ----
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for
these contracts is typically deferred and recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - UNITED STATES
Twelve Months Ended September 30,
(Unaudited; Amounts in millions)
A B C D=(A-B)/B E=(C-B)/B
--- --- --- --------- ---------
As Reported Adjusted % Change
----------- --------
2015 2014 2015 Reported Adjusted
---- ---- ---- -------- --------
BD MEDICAL
----------
Medication and Procedural
Solutions $1,483 $1,016 $1,483 46.0 46.0
Medication Management
Solutions 832 - 832 NM NM
Diabetes Care 491 481 491 2.2 2.2
Pharmaceutical Systems 304 303 304 0.3 0.3
Respiratory Solutions 297 - 297 NM NM
Deferred Revenue Adjustment * (20) - - NM -
TOTAL $3,386 $1,799 $3,407 88.2 89.4
----- ------ ------ ------ ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $689 $678 $689 1.7 1.7
Diagnostic Systems 592 573 592 3.1 3.1
Biosciences 402 366 402 9.7 9.7
----------- --- --- --- ---
TOTAL $1,683 $1,617 $1,683 4.0 4.0
----- ------ ------ ------ --- ---
TOTAL UNITED STATES $5,069 $3,417 $5,090 48.4 49.0
------------------- ------ ------ ------ ---- ----
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to
software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - INTERNATIONAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C D=(A-B)/B E=(A-B-C)/B
--- --- --- --------- -----------
As Reported FX % Change
----------- --------
2015 2014 Impact Reported FXN
---- ---- ------ -------- ---
BD MEDICAL
----------
Medication and Procedural
Solutions $1,367 $1,292 $(147) 5.8 17.2
Medication Management Solutions 201 - (34) NM NM
Diabetes Care 521 557 (69) (6.5) 6.0
Pharmaceutical Systems 863 926 (124) (6.8) 6.7
Respiratory Solutions 122 - (14) NM NM
TOTAL $3,074 $2,774 $(389) 10.8 24.8
----- ------ ------ ----- ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $701 $734 $(90) (4.5) 7.8
Diagnostic Systems 708 728 (84) (2.8) 8.7
Biosciences 730 793 (69) (7.9) 0.8
----------- --- ---
TOTAL $2,139 $2,255 $(244) (5.1) 5.7
----- ------ ------ ----- ---- ---
TOTAL INTERNATIONAL $5,213 $5,029 $(633) 3.6 16.2
------------------- ------ ------ ----- --- ----
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
REVENUES BY BUSINESS SEGMENTS AND UNITS - TOTAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C D E=(A-B)/B F=(A-B-D)/B G=(C-B)/B H=(C-B-D)/B
--- --- --- --- --------- ----------- --------- -----------
% Change
--------
As Reported Adjusted FX Adjusted
-----------
2015 2014 2015 Impact Reported FXN Adjusted FXN
---- ---- ---- ------ -------- --- -------- ---
BD MEDICAL
----------
Medication and Procedural Solutions $2,850 $2,307 $2,850 $(147) 23.5 29.9 23.5 29.9
Medication Management Solutions 1,033 - 1,033 (34) NM NM NM NM
Diabetes Care 1,012 1,037 1,012 (69) (2.4) 4.3 (2.4) 4.3
Pharmaceutical Systems 1,167 1,229 1,167 (124) (5.0) 5.1 (5.0) 5.1
Respiratory Solutions 419 - 419 (14) NM NM NM NM
Deferred Revenue Adjustment * (20) - - - NM NM - -
TOTAL $6,460 $4,573 $6,480 $(389) 41.3 49.8 41.7 50.2
----- ------ ------ ------ ----- ---- ---- ---- ----
BD LIFE SCIENCES
----------------
Preanalytical Systems $1,391 $1,412 $1,391 $(90) (1.5) 4.9 (1.5) 4.9
Diagnostic Systems 1,299 1,301 1,299 (84) (0.2) 6.3 (0.2) 6.3
Biosciences 1,132 1,159 1,132 (69) (2.4) 3.6 (2.4) 3.6
----------- ----- -----
TOTAL $3,822 $3,872 $3,822 $(244) (1.3) 5.0 (1.3) 5.0
----- ------ ------ ------ ----- ---- --- ---- ---
TOTAL REVENUES $10,282 $8,446 $10,302 $(633) 21.7 29.2 22.0 29.5
-------------- ------- ------ ------- ----- ---- ---- ---- ----
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and
recognized over the term of the contracts.
NM - Not Meaningful
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES
Three Months Ended September 30,
(Unaudited; Amounts in millions)
A B C=A+B D E F=D+E G=(C-F)/F
--- --- ----- --- --- ----- ---------
Deferred BD CFN Comparable Comparable
Reported Revenue Adjusted Reported Reported Historical Adjusted
2015 Adjustment 2015 2014 2014 2014 % Change
---- ---------- ---- ---- ---- ---- --------
BD MEDICAL
----------
Medication and Procedural Solutions $481 $ - $481 $257 $199 $456 5.4
Medication Management Solutions 390 - 390 - 346 346 12.7
Diabetes Care 130 - 130 123 - 123 5.7
Pharmaceutical Systems 78 - 78 76 - 76 2.5
Respiratory Solutions 133 - 133 - 152 152 (12.5)
Deferred Revenue Adjustment * (8) 8 - - - - -
TOTAL $1,203 $8 $1,211 $456 $697 $1,152 5.1
----- ------ --- ------ ---- ---- ------ ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $173 $ - $173 $171 $ - $171 1.5
Diagnostic Systems 146 - 146 148 - 148 (1.8)
Biosciences 110 - 110 96 - 96 14.5
TOTAL $429 $ - $429 $415 $ - $415 3.3
----- ---- --- --- ---- ---- --- --- ---- ---
TOTAL UNITED STATES $1,632 $8 $1,640 $871 $697 $1,567 4.6
------------------- ------ --- ------ ---- ---- ------ ---
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically
deferred and recognized over the term of the contracts.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C D=B+C E F=(A-D-E)/D
--- --- --- ----- --- -----------
BD CFN Comparable Comparable Comparable
Reported Reported Reported Historical FX FXN
2015 2014 2014 2014 Impact % Change
---- ---- ---- ---- ------ --------
BD MEDICAL
----------
Medication and Procedural Solutions $356 $331 $60 $391 $(52) 4.5
Medication Management Solutions 89 - 97 97 (14) 5.5
Diabetes Care 127 141 - 141 (23) 6.0
Pharmaceutical Systems 254 265 - 265 (39) 10.8
Respiratory Solutions 54 - 69 69 (6) (12.2)
TOTAL $880 $737 $226 $963 $(134) 5.4
----- ---- ---- ---- ---- ----- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $175 $187 $ - $187 $(30) 9.8
Diagnostic Systems 196 202 - 202 (29) 11.5
Biosciences 176 205 - 205 (22) (3.5)
TOTAL $547 $594 $ - $594 $(81) 5.8
----- ---- ---- --- --- ---- ---- ---
TOTAL INTERNATIONAL $1,427 $1,331 $226 $1,557 $(216) 5.5
------------------- ------ ------ ---- ------ ----- ---
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL
Three Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C=A+B D E F=D+E G H=(C-F-G)/F
--- --- ----- --- --- ----- --- -----------
Comparable
Deferred BD CFN Comparable Comparable Adjusted
Reported Revenue Adjusted Reported Reported Historical FX FXN
2015 Adjustment 2015 2014 2014 2014 Impact % Change
---- ---------- ---- ---- ---- ---- ------ --------
BD MEDICAL
----------
Medication and Procedural Solutions $836 $ - $836 $588 $258 $846 $(52) 5.0
Medication Management Solutions 479 - 479 - 443 443 (14) 11.1
Diabetes Care 257 - 257 264 - 264 (23) 5.8
Pharmaceutical Systems 332 - 332 341 - 341 (39) 9.0
Respiratory Solutions 187 - 187 - 220 220 (6) (12.4)
Deferred Revenue Adjustment * (8) 8 - - - - - -
TOTAL $2,083 $8 $2,091 $1,193 $922 $2,115 $(134) 5.2
----- ------ --- ------ ------ ---- ------ ----- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $349 $ - $349 $358 $ - $358 $(30) 5.8
Diagnostic Systems 342 - 342 350 - 350 (29) 5.9
Biosciences 286 - 286 301 - 301 (22) 2.2
TOTAL $976 $ - $976 $1,009 $ - $1,009 $(81) 4.8
----- ---- --- --- ---- ------ --- --- ------ ---- ---
TOTAL REVENUES $3,059 $8 $3,067 $2,202 $922 $3,124 $(216) 5.1
-------------- ------ --- ------ ------ ---- ------ ----- ---
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of
the contracts.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED REVENUE CHANGE - UNITED STATES
Twelve Months Ended September 30,
(Unaudited; Amounts in millions)
A B C=A+B D E=C+D F G H=F+G I=(E-H)/H
--- --- ----- --- ----- --- --- ----- ---------
Comparable
Deferred CFN Historical BD CFN Comparable Comparable
Reported Revenue Adjusted Reported Adjusted Reported Reported Historical Adjusted
2015 Adjustment 2015 1st Half 2015
** 2015 2014 2014 2014 % Change
---- ---------- ---- -------------- ---- ---- ---- ---- --------
BD MEDICAL
----------
Medication and Procedural Solutions $1,483 $ - $1,483 $427 $1,910 $1,016 $800 $1,816 5.2
Medication Management Solutions 832 - 832 843 1,675 - 1,607 1,607 4.2
Diabetes Care 491 - 491 - 491 481 - 481 2.2
Pharmaceutical Systems 304 - 304 - 304 303 - 303 0.3
Respiratory Solutions 297 - 297 333 630 - 604 604 4.3
Deferred Revenue Adjustment * (20) 20 - - - - - - -
TOTAL $3,386 $20 $3,407 $1,603 $5,010 $1,799 $3,011 $4,810 4.2
----- ------ --- ------ ------ ------ ------ ------ ------ ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $689 $ - $689 $ - $689 $678 $ - $678 1.7
Diagnostic Systems 592 - 592 - 592 573 - 573 3.1
Biosciences 402 - 402 - 402 366 - 366 9.7
TOTAL $1,683 $ - $1,683 $ - $1,683 $1,617 $ - $1,617 4.0
----- ------ --- --- ------ --- --- ------ ------ --- --- ------ ---
TOTAL UNITED STATES $5,069 $20 $5,090 $1,603 $6,693 $3,417 $3,011 $6,427 4.1
------------------- ------ --- ------ ------ ------ ------ ------ ------ ---
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term
of the contracts.
** For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE - INTERNATIONAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C=A+B D E F=D+E G H=(C-F-G)/F
--- --- ----- --- --- ----- --- -----------
CFN Comparable BD CFN Comparable Comparable Comparable
Reported Reported Historical Reported Reported Historical FX FXN
2015 1st Half 2015
* 2015 2014 2014 2014 Impact % Change
---- ------------- ---- ---- ---- ---- ------ --------
BD MEDICAL
----------
Medication and Procedural Solutions $1,367 $117 $1,483 $1,292 $240 $1,532 $(154) 6.9
Medication Management Solutions 201 208 409 - 416 416 (55) 11.6
Diabetes Care 521 - 521 557 - 557 (69) 6.0
Pharmaceutical Systems 863 - 863 926 - 926 (124) 6.7
Respiratory Solutions 122 138 260 - 267 267 (22) 5.8
TOTAL $3,074 $463 $3,536 $2,774 $923 $3,697 $(426) 7.2
----- ------ ---- ------ ------ ---- ------ ----- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $701 $ - $701 $734 $ - $734 $(90) 7.8
Diagnostic Systems 708 - 708 728 - 728 (84) 8.7
Biosciences 730 - 730 793 - 793 (69) 0.8
TOTAL $2,139 $ - $2,139 $2,255 $ - $2,255 $(244) 5.7
----- ------ --- --- ------ ------ --- --- ------ ----- ---
TOTAL INTERNATIONAL $5,213 $463 $5,675 $5,029 $923 $5,952 $(669) 6.6
------------------- ------ ---- ------ ------ ---- ------ ----- ---
* For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED REVENUE CHANGE TO COMPARABLE ADJUSTED FXN REVENUE CHANGE - TOTAL
Twelve Months Ended September 30, (continued)
(Unaudited; Amounts in millions)
A B C=A+B D E=C+D F G H=F+G I J=(E-H-I)/H
--- --- ----- --- ----- --- --- ----- --- -----------
Comparable Comparable
Deferred CFN Historical BD CFN Comparable Comparable Adjusted
Reported Revenue Adjusted Reported Adjusted Reported Reported Historical FX FXN
2015 Adjustment 2015 1st Half 2015
** 2015 2014 2014 2014 Impact % Change
---- ---------- ---- ------------- ---- ---- ---- ---- ------ --------
BD MEDICAL
----------
Medication and Procedural Solutions $2,850 $ - $2,850 $544 $3,394 $2,307 $1,040 $3,347 $(154) 6.0
Medication Management Solutions 1,033 - 1,033 1,051 2,084 - 2,023 2,023 (55) 5.7
Diabetes Care 1,012 - 1,012 - 1,012 1,037 - 1,037 (69) 4.3
Pharmaceutical Systems 1,167 - 1,167 - 1,167 1,229 - 1,229 (124) 5.1
Respiratory Solutions 419 - 419 471 890 - 871 871 (22) 4.7
Deferred Revenue Adjustment * (20) 20 - - - - - - - -
TOTAL $6,460 $20 $6,480 $2,066 $8,547 $4,573 $3,934 $8,507 $(426) 5.5
----- ------ --- ------ ------ ------ ------ ------ ------ ----- ---
BD LIFE SCIENCES
----------------
Preanalytical Systems $1,391 $ - $1,391 $ - $1,391 $1,412 $ - $1,412 $(90) 4.9
Diagnostic Systems 1,299 - 1,299 - 1,299 1,301 - 1,301 (84) 6.3
Biosciences 1,132 - 1,132 - 1,132 1,159 - 1,159 (69) 3.6
TOTAL $3,822 $ - $3,822 $ - $3,822 $3,872 $ - $3,872 $(244) 5.0
----- ------ --- --- ------ --- --- ------ ------ --- --- ------ ----- ---
TOTAL REVENUES $10,282 $20 $10,302 $2,066 $12,368 $8,446 $3,934 $12,380 $(669) 5.3
-------------- ------- --- ------- ------ ------- ------ ------ ------- ----- ---
* In accordance with U.S. GAAP business combination accounting rules, CareFusion's deferred revenue balance was written down to reflect a fair value measurement as of the acquisition date. The deferred revenue adjustment represents the amortization of this write-down which primarily relates to software maintenance contracts in the United States. Revenues for these contracts is typically deferred and recognized over the term of the contracts.
** For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL REVENUE INFORMATION
SAFETY REVENUES
(Unaudited; Amounts in millions)
Three Months Ended September 30,
--------------------------------
A B C D=(A-B)/B E=(A-B-C)/B
--- --- --- --------- -----------
As Reported FX % Change
----------- --------
2015 2014 Impact Reported FXN
---- ---- ------ -------- ---
TOTAL SAFETY REVENUES
---------------------
United States $441 $301 $ - 46.6 46.6
International 303 265 (49) 14.1 32.7
-------------
TOTAL $744 $566 $(49) 31.3 40.0
----- ---- ---- ---- ---- ----
BY SEGMENT
----------
BD Medical $468 $287 $(26) 63.3 72.4
BD Life Sciences 276 279 (23) (1.4) 6.8
----------------
TOTAL $744 $566 $(49) 31.3 40.0
----- ---- ---- ---- ---- ----
Twelve Months Ended September 30,
---------------------------------
A B C D=(A-B)/B E=(A-B-C)/B
--- --- --- --------- -----------
As Reported FX % Change
----------- --------
2015 2014 Impact Reported FXN
---- ---- ------ -------- ---
TOTAL SAFETY REVENUES
---------------------
United States $1,471 $1,207 $ - 21.8 21.8
International 1,128 1,016 (142) 10.9 24.9
-------------
TOTAL $2,598 $2,223 $(142) 16.9 23.3
----- ------ ------ ----- ---- ----
BY SEGMENT
----------
BD Medical $1,501 $1,119 $(74) 34.1 40.7
BD Life Sciences 1,097 1,104 (69) (0.7) 5.6
----------------
TOTAL $2,598 $2,223 $(142) 16.9 23.3
----- ------ ------ ----- ---- ----
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF SAFETY REVENUE CHANGE TO COMPARABLE FXN REVENUE CHANGE
(Unaudited; Amounts in millions)
Three Months Ended September 30,
--------------------------------
A B C D=B+C E F=(A-D-E)/D
--- --- --- ----- --- -----------
BD BD CFN Comparable Comparable Comparable
Reported Reported Reported Historical FX FXN
2015 2014 2014 2014 Impact % Change
---- ---- ---- ---- ------ --------
TOTAL SAFETY REVENUES
---------------------
United States $441 $301 $122 $422 $ - 4.4
International 303 265 45 311 (49) 13.4
------------- --- ---
TOTAL $744 $566 $167 $733 $(49) 8.2
----- ---- ---- ---- ---- ---- ---
BY SEGMENT
----------
BD Medical $468 $287 $167 $453 $(26) 9.0
BD Life Sciences 276 279 - 279 (23) 6.8
---------------- --- ---
TOTAL $744 $566 $167 $733 $(49) 8.2
----- ---- ---- ---- ---- ---- ---
Twelve Months Ended September 30,
---------------------------------
A B C=A+B D E F=D+E G H=(C-F-G)/F
--- --- ----- --- --- ----- --- -----------
CFN Comparable BD CFN Comparable Comparable Comparable
Reported Reported Historical Reported Reported Historical FX FXN
2015 1st Half 2015
* 2015 2014 2014 2014 Impact % Change
---- ------------- ---- ---- ---- ---- ------ --------
TOTAL SAFETY REVENUES
---------------------
United States $1,471 $252 $1,722 $1,207 $470 $1,677 $ - 2.7
International 1,128 83 1,210 1,016 172 1,188 (149) 14.4
------------- ----- --- ----- ----- --- -----
TOTAL $2,598 $334 $2,932 $2,223 $641 $2,865 $(149) 7.6
----- ------ ---- ------ ------ ---- ------ ----- ---
BY SEGMENT
----------
BD Medical $1,501 $334 $1,835 $1,119 $641 $1,760 $(80) 8.8
BD Life Sciences 1,097 - 1,097 1,104 - 1,104 (69) 5.6
---------------- ----- --- ----- ----- --- -----
TOTAL $2,598 $334 $2,932 $2,223 $641 $2,865 $(149) 7.6
----- ------ ---- ------ ------ ---- ------ ----- ---
* For the quarters ended December 31, 2014 and March 31, 2015
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
Three Months Ended September 30,
--------------------------------
Foreign Foreign
Foreign Currency Currency
Currency Neutral Neutral
2015 2014 Growth Translation Growth Growth % Growth %
---- ---- ------ ----------- ------ ------- -------
Reported Diluted Earnings per Share $0.84 $1.53 $(0.69) $(0.17) $(0.52) (45.1%) (34.0%)
----- ----- ------ ------ ------ ------ ------
Transaction Costs ($7 million or $4 million after-tax and $6 million or $4 million after-tax, respectively) (1) 0.02 0.02
Integration Costs ($40 million or $25 million after-tax) (1) 0.12 -
Restructuring Costs ($135 million or $84 million after-tax) (1) 0.39 -
Purchase Accounting Adjustments ($179 million or $125 million after-tax and $18 million or $13 million after-tax, respectively) 0.58 (2) 0.06 (3) (0.01)
Employee Termination Cost-related Amounts ($36 million or $23 million after-tax) (4) - 0.12
Research and Development Adjustment ($(4) million or $(2) million after-tax) (5) - (0.01)
Pension Settlement Charges ($3 million or $2 million after-tax) (6) - 0.01
Other Specified Items, Net ($5 million or $3 million after-tax) (7) - 0.02
Adjusted Diluted Earnings per Share $1.94 $1.74 $0.20 $(0.18) $0.38 11.5% 21.8%
----- ----- ----- ------ ----- ---- ----
(1) Represents transaction, integration and restructuring costs associated with the CareFusion acquisition.
(2) Represents non-cash amortization expense of $152 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $27 million pre-tax to reflect CareFusion's inventory, fixed assets, debt and deferred revenue balances at fair value as of the acquisition date.
(3) Represents non-cash amortization expense associated with acquisition related identifiable intangible assets.
(4) Represents amounts recorded to a liability for employee termination costs associated with workforce reduction actions taken in the fourth quarter of fiscal year 2014.
(5) Represents a revision to the estimated probable loss previously recorded as a result of the decision to terminate a research and development program in the Medical segment.
(6) Represents non-cash pension settlement charges associated with lump sum benefit payments made primarily from the Company's U.S. supplemental pension plan, as such payments exceeded the service and interest components of the plan's pension cost in each year. The charges also included settlement losses associated with certain foreign pension plans.
(7) Represents a charge resulting from the adjustment to the carrying amount of an asset that is being held for sale.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
Twelve Months Ended September 30,
---------------------------------
Foreign Foreign
Foreign Currency Currency
Currency Neutral Neutral
2015 2014 Growth Translation Growth Growth % Growth %
---- ---- ------ ----------- ------ ------- -------
Reported Diluted Earnings per Share $3.35 $5.99 $(2.64) $(0.69) $(1.95) (44.1%) (32.6%)
----- ----- ------ ------ ------ ------ ------
Financing Costs ($107 million or $65 million after-tax) (1) 0.31 -
Transaction Costs ($59 million or $39 million after-tax and $6 million or $4 million after-tax, respectively) (1) 0.19 0.02
Integration Costs ($95 million or $59 million after-tax) (1) 0.29 -
Restructuring Costs ($271 million or $167 million after-tax) (1) 0.80 -
Purchase Accounting Adjustments ($645 million or $451 million after-tax and $74 million or $51 million after-tax, respectively) 2.17 (2) 0.26 (3) (0.02)
Employee Termination Cost-related Amounts ($(5) million or $(3) million after-tax and $36 million or $23 million after-tax, respectively) (4) (0.01) 0.12
Litigation-related Charge ($12 million or $7 million after-tax) (5) 0.04 -
Dilutive Share Impact (6) 0.02 -
Research and Development Charges ($26 million or $16 million after-tax) (7) - 0.08
Pension Settlement Charges ($3 million or $2 million after-tax) (8) - 0.01
Other Specified Items, Net ($8 million or $6 million after-tax) (9) - 0.03
Adjusted Diluted Earnings per Share $7.16 $6.50 $0.66 $(0.72) $1.38 10.2% 21.2%
----- ----- ----- ------ ----- ---- ----
(1) Represents financing, transaction, integration and restructuring costs associated with the CareFusion acquisition.
(2) Represents non-cash amortization expense of $336 million pre-tax associated with acquisition related identifiable intangible assets, including CareFusion, as well as the net amortization of purchase accounting adjustments of $318 million pre-tax to reflect CareFusion's inventory, fixed assets, debt and deferred revenue balances at fair value as of the acquisition date. Also includes an acquisition-date accounting
gain on a previously held investment in CRISI Medical Systems, Inc. of $9 million pre-tax.
(3) Represents non-cash amortization expense associated with acquisition related identifiable intangible assets.
(4) Represents amounts recorded to a liability for employee termination costs associated with workforce reduction actions taken in the fourth quarter of fiscal year 2014.
(5) Represents a charge for plaintiff's attorneys' fees associated with the unfavorable verdict in the antitrust and false advertising lawsuit filed against BD by RTI.
(6) Represents the dilutive impact of BD shares issued as part of purchase consideration for CareFusion acquisition prior to the consolidation of its operating results beginning on April 1, 2015. The year-to-date adjusted diluted average shares outstanding (in thousands) is 206,833.
(7) Includes a $6 million charge associated with the decision to terminate a research and development program in the Medical segment; the charge relates to program asset write-offs and obligations. Also includes a $20 million charge associated with the write-off of capitalized product software and, to a lesser extent, fixed assets primarily resulting from the discontinuance of an instrument product development program in
the Life Sciences segment.
(8) Primarily represents non-cash pension settlement charges associated with lump sum benefit payments made primarily from the Company's U.S. supplemental pension plan, as such payments exceeded the service and interest components of the plan's pension cost in each year. The charges also included settlement losses associated with certain foreign pension plans.
(9) Represents the cost associated with the decision to early terminate a European distributor arrangement in the Life Sciences segment of $11 million pre-tax and a charge resulting from the adjustment to the carrying amount of an asset that is being held for sale of $5 million pre-tax, which were largely offset by a gain from a cash distribution received from the sale of a company, of which BD had a small
equity ownership, of $8 million pre-tax.
BECTON DICKINSON AND COMPANY
SUPPLEMENTAL INFORMATION
FY2016 OUTLOOK RECONCILIATION
FY2016 Outlook
--------------
Revenues FX Impact FXN Basis
-------- --------- ---------
Full Year FY2016 Estimated Growth on a Reported Basis 23.0% - 23.5% ~(1.5%) 24.5% - 25.0%
Deferred Revenue Adjustment NM NM NM
Adjusted Full Year FY2016 Estimated Growth 23.0% - 23.5% ~(1.5%) 24.5% - 25.0%
Full Year Full Year
FY2016 FY2015 % Increase
------ ------ ----------
(estimated)
Reported Fully Diluted Earnings per Share $ 6.57 - 6.64 $3.35 NM
Financing Costs - 0.31
Transaction Costs - 0.19
Integration Costs - 0.29
Restructuring Costs - 0.80
Purchase Accounting Adjustments 1.80 2.17
Employee Termination Cost-related Amounts - (0.01)
Litigation-related Charge - 0.04
Dilutive Share Impact - 0.02
Adjusted Fully Diluted Earnings per Share $ 8.37 - 8.44 $7.16 17.0% - 18.0%
=== =========== =====
FX Impact $(0.36) (5.0%)
Adjusted FXN Growth $ 8.73 - 8.80 22.0% - 23.0%
=== ===========
Organic Revenues Growth
Full Year Full Year
Q1 Q2 Q3 Q4 FY2015 FY2016
--- --- --- --- ------ ------
(estimated)
CareFusion Revenues, Reported 16.1% 3.0% (5.2%) 1.2% 3.3% ~2.0%
FX Impact (1.4%) (2.4%) (3.2%) (2.8%) (2.5%) ~(0.5%)
----- ----- ----- ----- ----- ------
CareFusion Revenues, FXN 17.5% 5.4% (2.0%) 4.0% 5.8% ~2.5%
CareFusion Inorganic Revenues, FXN (7.6%) - (0.2%) (0.6%) (2.0%) ~1.5%
----- --- ----- ----- ----- ----
CareFusion Organic Revenues, FXN (1) 9.9% 5.4% (2.2%) 3.4% 3.8% ~4.0%
BD Standalone Revenues, Reported 1.8% (1.0%) (4.1%) (3.1%) (1.7%) ~3.0%
FX Impact (3.5%) (5.9%) (8.7%) (8.6%) (6.8%) ~(2.0%)
----- ----- ----- ----- ----- ------
BD Standalone Revenues, FXN 5.3% 4.9% 4.7% 5.5% 5.1% ~5.0%
BD Standalone Inorganic Revenues, FXN NM NM (0.1%) NM NM NM
--- --- ----- --- --- ---
BD Standalone Organic Revenues, FXN 5.3% 4.9% 4.6% 5.5% 5.1% ~5.0%
CareFusion Organic Revenues, FXN(1) 3.8% ~4.0%
BD Standalone Organic Revenues, FXN 5.1% ~5.0%
--- ----
BD Including CareFusion Organic Revenues, FXN 4.7% 4.5%-5.0%
NM - Not Meaningful
FXN = Foreign Currency Neutral
(1) Excludes the impact from a distribution agreement change in the Respiratory Solutions business.
Contact:
Monique N. Dolecki, Investor Relations - 201-847-5453
Kristen Cardillo, Corporate Communications - 858-617-2317
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bd-announces-results-for-2015-fourth-fiscal-quarter-and-full-year-provides-fiscal-2016-guidance-300171925.html
SOURCE BD (Becton, Dickinson and Company)