Connect with us

Company News

BD reports Q2 fiscal 2024 financial results

BD announced results for its second quarter of fiscal 2024, which ended March 31, 2024.

“Second quarter performance reflects our strategy in action and the strength of our diverse portfolio,” said Tom Polen, chairman, CEO and president of BD. “Our focus on BD Excellence and execution enabled strong operating margin and cash flow within the quarter. We enter the back half of fiscal 2024 with continued momentum giving us the confidence to again raise our fiscal 2024 earnings guidance as we deliver on our BD 2025 commitments.”

Second quarter fiscal 2024 operating results

Geographic results

Segment results

The BD medical segment includes the Medication Delivery Solutions (MDS), Medication Management Solutions (MMS), and Pharmaceutical Systems (PS) business units. BD Medical revenue growth was driven by MMS and MDS.

  • MDS performance reflects growth across the portfolio including Vascular Access Management, hypodermic products and non-dedicated infusion sets that was partially offset by market dynamics in China.
  • MMS performance reflects double-digit growth in Infusion driven by progress bringing the BD Alaris™ Infusion System up to the cleared version of the device and higher utilization of dedicated infusion sets. Performance in Dispensing and Pharmacy Automation was impacted by prior year comparisons and market dynamics including the timing of capital installations.
  • PS performance reflects continued strong demand for Pre-fillable solutions for biologics. PS growth was tempered by transitory market dynamics including customer inventory de-stocking.

The BD Life Sciences segment includes the Integrated Diagnostic Solutions (IDS) and Biosciences (BDB) business units. BD Life Sciences revenue growth was driven by IDS.

  • IDS performance reflects high single-digit growth in our Microbiology platforms including Blood Culture, TB and ID/AST and volume strength across the BD Vacutainer™ portfolio.
  • BDB performance reflects a decline in Research and Clinical Solutions instruments revenues that was primarily driven by the comparison to the prior year including licensing revenue, and market dynamics in select customer segments. Partially offsetting these impacts was high-single digit growth in Clinical Reagents driven by our growing FACSLyric™ Clinical Cell Analyzer and FACSDuet™ Sample Preparation System installed base.

The BD Interventional segment includes the Surgery, Peripheral Intervention (PI), and Urology & Critical Care (UCC) business units. BD Interventional organic revenue growth was driven by performance across the segment.

  • Surgery performance reflects double-digit growth in both the Phasix™ hernia resorbable scaffold, driven by continued worldwide adoption, and ChloraPrep™ Infection Prevention products that was driven by strong US demand and timing of customer orders. The unit’s performance also reflects the impact from the divestiture of the Surgical Instrumentation platform.
  • PI performance reflects double-digit growth in the Peripheral Vascular Disease portfolio driven by global penetration of the Rotarex™ Atherectomy System and Venclose™ RF Ablation System.
  • UCC performance reflects licensing revenue and strong double-digit growth in the PureWick™ franchise driven by continued adoption in both acute care and home care settings.

Assumptions and outlook for full year fiscal 2024
The company provided the following guidance with respect to fiscal 2024.

The company affirmed its fiscal 2024 organic revenue growth guidance range and increased its adjusted diluted earnings per share guidance range which reflects an increase of 11 cents at the midpoint.

BD’s outlook for fiscal 2024 reflects numerous assumptions about many factors that could affect its business, based on the information management has reviewed as of this date. Management will discuss its outlook and several of its assumptions on its second fiscal quarter earnings call.

The company’s expected adjusted diluted EPS for fiscal 2024 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, spin-related costs, and certain tax matters. BD does not attempt to provide reconciliations of forward-looking adjusted diluted non-GAAP EPS 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. We also present our estimated revenue, organic revenue growth and adjusted diluted EPS growth for our 2024 fiscal year after adjusting for the anticipated impact of foreign currency translation. BD believes that this adjustment allows investors to better evaluate BD’s anticipated underlying earnings performance for our 2024 fiscal year in relation to our underlying 2023 fiscal year performance.
MB Bureau

Copyright © 2024 Medical Buyer maintained by Fullstack development