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BDX - Becton, Dickinson And Co.
$241.12
-0.65(-0.27%)8:00:02 PM 5/26/2023
Becton, Dickinson and Company, commonly known as BD, is an American multinational medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD also provides consulting and analytics services in certain geographies. Founded in 1897 and headquartered in Franklin Lakes, New Jersey, BD employs nearly 70,000 people in more than 50 countries throughout the world. In the fiscal year ending September 30, 2019, more than 40% of BD sales were generated from non-U.S. markets.

Financials

Quarterly financials
(USD)Mar 2023Q/Q
Revenue4.8B+5%
Gross Profit2.2B-
Cost Of Revenue2.6B+5%
Operating Income628MM+7%
Operating Expenses1.6B-
Net Income460MM-10%
R&D337MM+8%
G&A1.2B+2%
Amortization366MM+0%
Interest Expense118MM+16%

Revenue Breakdowns

The revenue breakdowns above are extracted from this specific SEC Edgar 10-Q filling, with report date as 2022-12-31 and filed on 2023-02-02. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management Discussion and Risk Factors in 10-K/10-Q filling

Positive
1.
Overall volume growth was attributable to our recent acquisitions, and to a lesser extent, strong demand for products in certain of our units.
2.
Growth attributable to demand was particularly strong within the Medical segment’s Medication Management Solutions and Pharmaceutical Systems units, as well as in the Life Sciences segment’s Biosciences unit and the Interventional segment’s Peripheral Intervention unit.
3.
International revenue growth in the first quarter of 2023 reflected strong sales in the Medical segment’s Medication Management Solutions and Pharmaceutical Systems units, as well as strong sales in the Life Sciences segment’s Biosciences unit and the Interventional segment’s Peripheral Intervention unit.
4.
We continued to return value to our shareholders in the form of dividends.
5.
As we execute this strategy, we continue to invest in research and development, strategic tuck-in acquisitions, geographic expansion, and new product programs to drive further revenue and profit growth.
6.
As exchange rates are an important factor in understanding period-to-period comparisons, we believe the presentation of results on a foreign currency-neutral basis in addition to reported results helps improve investors’ ability to understand our operating results and evaluate our performance in comparison to prior periods.
7.
Our ability to sustain our long-term growth will depend on a number of factors, including our ability to expand our core business (including geographical expansion), develop innovative new products, as well as continue to improve operating efficiency and organizational effectiveness, despite continued challenges posed by the global macroeconomic environment.
8.
We continue to pursue growth opportunities in emerging markets, which include the following geographic regions: Eastern Europe, the Middle East, Africa, Latin America and certain countries within Greater Asia.
Negative
1.
First quarter International revenues were unfavorably impacted by a decline in COVID-19-only diagnostic testing sales compared with the prior-year period, as discussed further above.
2.
25First quarter U.S. revenues were unfavorably impacted by a decline in COVID-19-only diagnostic testing sales compared with the prior-year period, as discussed further above.
3.
A stronger U.S. dollar, compared to the prior-year period, resulted in an unfavorable foreign currency translation impact to our revenues and earnings during the first quarter of fiscal year 2023.
4.
This conflict has not materially impacted our results of operations to date; however, the continuation of the Russia-Ukraine military conflict and/or an escalation of the conflict beyond its current scope may further weaken the global economy and could result in additional inflationary pressures and supply chain constraints, including the unavailability and cost of energy.
5.
Future resurgences in COVID-19 infections or other new viral outbreaks may affect the prioritization of non-acute versus acute healthcare utilization, which may temporarily weaken future demand for certain of our products and increase the demand for other of our products.
6.
This decrease reflected the following impacts:Increase (decrease) in current-period revenuesVolume1.9 %Period-over-period decline in revenues related to COVID-19-only testing (3.2)%Pricing3.0 %Foreign currency translation(4.5)%Decrease in revenues from the prior-year period(2.8)%.
7.
Changes in the ways healthcare services are delivered, including the transition of more care from acute to non-acute settings and increased focus on chronic disease management, may place additional financial pressure on hospitals and the broader healthcare system.
8.
Additionally, the adverse macroeconomic conditions noted above may worsen if governments impose future restrictions, such as lockdowns or quarantine requirements, in order to control infection rates associated with COVID-19 or other viruses.21Additionally, the pandemic escalated challenges that existed for global healthcare systems prior to the pandemic, including budget constraints and staffing shortages, particularly shortages of nursing staff.
9.
Warning LetterOn January 11, 2018, BD received a Warning Letter from the U.S. Food and Drug Administration (“FDA”) with respect to our former BD Preanalytical Systems ("PAS") unit, citing certain alleged violations of quality system regulations and of law.
10.
BD has business continuity plans in place to mitigate the impact of any additional restrictions on our operations at these facilities, although it is possible that these plans will not be able to fully offset such impact, especially considering the reduced capacity of third-party sterilization service providers and the regulatory timelines associated with transferring sterilization operations for regulated products.
11.
Three months ended December 31,(Millions of dollars)20222021Medical segment income$554 $572 Segment income as % of Medical revenues25.7 %27.0 %The Medical segment's lower income in the first quarter of 2023 compared with the first quarter of 2022 reflected the following:
12.
This increased regulation could require BD or sterilization service providers, including providers used by BD, to temporarily suspend operations to install additional fugitive emissions control technology, limit the use of ethylene oxide or take other actions, which would impact BD’s operations and further reduce the available capacity to sterilize medical devices and healthcare products, and could also result in additional costs.
13.
If any existing regulatory requirements or any such proceedings or rulemaking result in the suspension or interruption of sterilization operations at BD or at medical device sterilizers used by BD, or otherwise limit the availability of third-party sterilization capacity, this could interrupt or otherwise adversely impact production of certain of our products or lead to civil litigation or other claims against BD.
14.
Due to the significant uncertainty that exists relative to the duration and overall impact of the macroeconomic factors discussed above, our future operating performance, particularly in the short-term, may be subject to volatility.
15.
Following an inspection that began in March 2020 of our Medication Management Systems facility (CareFusion 303, Inc.) in San Diego, California, the FDA issued to BD a Form 483 Notice (the “Form 483 Notice”) that contains a number of observations of non-conformance with the FDA’s quality system regulations.
16.
The impacts of macroeconomic conditions on our business, results of operations, financial condition and cash flows are dependent on certain factors, including those discussed in Part I, Item 1A. Risk Factors of our 2022 Annual Report on Form 10-K (the “2022 Annual Report”).Overview of Financial Results and Financial ConditionFor the three months ended December 31, 2022, worldwide revenues of $4.586 billion decreased 2.8% from the prior-year period.
17.
No assurances can be given that the risk of credit losses will not increase in the future given the uncertainty around the duration of the current macroeconomic challenges and pressures.
18.
The Consent Decree authorizes the FDA, in the event of any violations in the future, to order us to cease manufacturing and distributing infusion pumps, recall products and take other actions.
19.
Additionally, staffing shortages within healthcare systems may affect the prioritization of healthcare services, which could also impact the demand for certain of our products.
20.
Healthcare institutions may take actions to mitigate any persistent pressures on their budgets and such actions could impact the future demand for our products and services.
The management discussion contents above are extracted from this specific SEC Edgar 10-Q filling, with report date as 2022-12-31 and filed on 2023-02-02. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.
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