Becton Dickinson’s Guidance Tracks for Wall Street’s FY23 Reflect Foreign Currency Impact

• Becton Dickinson and Co. (NYSE: BDX) reported revenue of $4.76 billion in the fourth quarter of FY22, down 1.8% year on year (up 2.3% on a currency-neutral basis) , slightly better than the consensus of $4.72 billion.

• Revenue was driven by base revenue growth of 4.2% as reported, 8.6% excluding currency impact.

• Medical segment sales increased 5.8% year-on-year to $2.38 billion.

• Life sciences segment sales were down 15.9% year-over-year to $1.29 billion, reflecting lower COVID testing-only revenue.

• Interventional segment revenue increased 2.4% year-on-year to $1.09 billion.

• Operating profit increased from $380 million to $490 million, with margin improving from 7.8% to 10.3%.

• Adjusted EPS of $2.75, compared to $2.15 a year ago, beating the consensus of $2.74.

• Related Becton Dickinson recalls certain sterilization containers due to compromised quality.

• Tips: BD expects FY23 sales of $18.6 billion to $18.8 billion versus consensus of $19.37 billion.

• The revenue forecast assumes currency-neutral core revenue growth of 5.25% to 6.25% and approximately $125 million to $175 million in COVID-19 diagnostic testing revenue alone.

• The exchange rate would represent a reduction of about 450 basis points in the company’s total revenue growth.

• The company expects adjusted EPS of $11.85 to $12.10 versus consensus of $12.19.

• Price action: BDX stock closed down 0.55% at $218.29 on Wednesday.

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